ECON-103

Economics is the study of how people and societies choose when they face scarce resources to produce goods and services. This course analyzes the macroeconomic concepts of scarcity, choice and opportunity costs, supply, demand, and allocative efficiency, employment, inflation, GDP growth and business cycles. On the microeconomic front, this course introduces applications of supply and demand, such as elasticity, and introduces one to examples of market structure such as perfect competition and monopoly.