Survey of Economics

Western Texas College
Department of Social Sciences

  1. Basic Course Information
    1. Course description - A survey of microeconomic and macroeconomic principles for non-business majors. Microeconomic topics will include supply and demand, consumer behavior, price and output decisions by firms under various market structures, factor markets, market failures, international trade, and exchange rates. Macroeconomic topics will include national income, unemployment, inflation, business cycles, aggregate supply and demand, monetary and fiscal policy, and economic growth.
  2. Student Learning Outcomes
    1. Explain the scarcity/choice problem existing throughout the world.
    2. Describe the economic system of the United States.
    3. Utilize the basic demand and supply model to predict the effects of different market forces on equilibrium price and quantity.
    4. Identify the four market structures and their effects on firm behavior.
    5. Explain the concept of market failure and the alternatives to market processes in resource allocations.
    6. Define and calculate gross domestic product, inflation rate, and unemployment rate.
    7. Use aggregate supply and aggregate demand to predict the effects of fiscal and monetary policy actions on output, unemployment, and inflation.
    8. Explain the benefits and costs of international trade and the role of international trade in the U.S. economy.
  3. Major Course Requirements
    1. Exams. There will be three major exams spaced throughout the semester. Exam questions may include any combination of the following:  true/false, multiple choice, fill in the blanks, short answer, graphs, and essay.
    2. Writing Assignments. There will be multiple writing assignments spaced throughout the semester.
    3. Collaborative Exercises. There will be several collaborative exercises spaced throughout the semester. Each of these assignments will require you to work with your peers analyzing
      documents, articles, and other information relating to the study of economics.
    4. Forums: There will be several discussion forums spaced throughout the semester. Each
      discussion will take place online, making use of the college’s online platform—Moodle.
  4. Information on Books and Other Course Materials
    1. Essentials of Economics 6th Edition by R. Glenn Hubbard, Columbia University
      Anthony Patrick O'Brien, Lehigh University ISBN-13: 9780134797731, or 9780134797960 (Unbound Edition)
  5. Other Policies: Please refer to the Western Texas College Course Catalog for the following:
    1. Campus Calendar
    2. Final Exam schedule
    3. How to drop a class
    4. Withdrawal information
    5. Student Conduct/Academic Integrity
    6. Students with disabilities
  6. Course Organization

Unit One

Chapter 1: Economics: Foundations and Models
Chapter 2: Trade-offs, Comparative Advantage, and the Market System

Chapter 3: Where Prices Come From: The Interaction of Demand and Supply   
Chapter 4: Market Efficiency and Market Failure

Unit Two

Chapter 6: Firms, the Stock Market, and Corporate Governance
Chapter 7: Consumer Choice and Elasticity
Chapter 8: Technology, Production, and Costs
Chapter 9: Firms in Perfectly Competitive Markets

Unit Three

Chapter 14: Economic Growth, the Financial System, and Business Cycles
Chapter 16: Money, Banks, and the Federal Reserve System   

Chapter 17: Monetary Policy   
Chapter 18: Fiscal Policy

*The above schedule, policies, procedures, and assignments in this course are subject to change.


Last Modified: November 14, 2018