百花视频

Economics is the study of how people make choices when faced with scarcity. It is therefore the study of the process of decision-making by individuals, businesses, governments, or any other group that must make such choices, and the study of the institutional context in which these decisions are made.

Students will learn the following: 1) the economic problem of scarcity and its consequences for marginal decision making by individuals, firms and society; 2) Basic economic modeling, mathematical and graphical analysis will evaluate resource allocation and changes within markets and the economy; and 3) Government policies for solutions to market failure will assess advantages and disadvantages of government policy on markets and the economy.

Program Student Learning Outcomes

Upon successful completion of this program, students will be able to:

Define and explain the fundamental economic problem of scarcity and its consequences relating to opportunity cost and marginal decision making of individuals, firms, and society.

Use the basic tools of economic modeling and graphing to evaluate the market system, the efficiency of resource allocation, and to predict changes within the market and economy.

Identify government policies with an emphasis on solutions to market failures and assess the impact, advantages, and disadvantages of government policies on market outcomes and the economy.