Introduction to 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.

Disclaimer: Students may vary in their competency levels on these abilities. You can expect to acquire these abilities only if you honor all course policies, attend class regularly, complete all assigned work in good faith and on time, and meet all other course expectations of you as a student.

  1. Major Course Requirements
    1. Exams. There will be multiple 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. (Excludes Online Courses, Exercises may or may not be utilized based on Instructor) 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: (For Online Course Only) 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.
  2. Information on Books and Other Course Materials
    1. Essentials of Economics 6th edition by Hubbard and O’Brien ISBN-13: 9780134797731
  3. 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
  4. Course Organization

Unit One

Chapter 1: Economics: Foundations and Models
Chapter 2: Trade-Offs, Comparative Advantage, and Market System
Chapter 3: Where Prices Come From

Unit Two

Chapter 4: Market Efficiency and Market Failure
Chapter 9: Firms in Perfectly Competitive Markets
Chapter 13: Unemployment and Inflation
Chapter 15: Aggregate Demand and Aggregate Supply Analysis

Unit Three

Chapter 17: Monetary Policy
Chapter 18: Fiscal Policy
Chapter 19: Comparative Advantage, International Trade and Exchange Rates

*Two additional Chapters may be added to course based on Course progress or Instructors purview

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



Last Modified: January 16, 2019