Fall and spring. The fundamental concepts and approaches used in economics for analyzing problems involving the use of scarce productive resources to satisfy wants. The roles and limitations of both markets and government-directed forms of resource allocation are studied. The methodology of economics is compared to that of other social sciences. Methods of forecasting economic variables are explored.
Special emphasis is placed on the study of the macroeconomy.
Topics include business cycles, the determination of national output and the price level, and the effects of monetary and fiscal policies. Explores the economic dimensions of environmental topics such as air and water pollution, deforestation, non-renewable resource depletion, recycling, global warming. The course studies the extent of environmental problems and alternative solutions. Develops economic tools used to analyze government expenditures and taxation. Discussion of public policy issues such as welfare reform, health care, Social Security, tax reform, and fiscal problems of state and local governments.