This course is intended to give the student who does not plan to take additional course work in economics a basic understanding of the operation of the American economic system. Emphasis is on production, distribution, and consumption of goods and services with special consideration of the role of money and of governmental policies in stabilizing the economy. The course is designed to give the student an understanding of the basic economic concepts, with emphasis on the role of prices and the firm in a capitalistic economy. This course is a continuation of the study of the basic economic principles, with emphasis on the aggregate concepts of economics.
Special consideration is given to monetary and fiscal policy.
An extension of the microeconomic theory developed in Economics 201, this course rigorously develops the economic theory of price determination with extensive treatment of consumer demand and production economics. This course rigorously develops and analyzes the economic theories of the forces which generate fluctuations in the level of economic activity, with extensive treatment of public policy which affects real national income, levels of employment and national growth. An investigation of the total labor picture involving unionization, bargaining processes, management, and the effect of legislative action is followed. In this study of the major economic problems of the United States, topics considered will include the rise of big business, territorial expansion, the farm problem, labor management relations, and money and banking. This is a comparative study of existing economic systems, an analysis of assumptions, underlying operation, and an appraisal of their effectiveness in solving economic problems.