Principles of Economics
CRN: 25705 / 25706
Course At A Glance
4 weeks, May 16 - June 10, 2016
Schedule Type: Distance Learning
Instructional Method: Online
(This section is delivered 100% online)
Format: For the most part, this course is offered online. The exams, however, are offered on-campus. If you will be living more than 50 miles away from Purdue’s West Lafayette campus, you will need to set up a proctored exam. Typically, this can easily be done at a local community college or other university that offers proctoring services. If there is a fee involved with using these proctoring services (usually ranging from free to $35 per exam). In extenuating circumstances, the course instructors will try to assist you in setting up a proctor.
Assessments: The course assignments and exams have deadlines, but you do not have to be at your computer at specific times.
About the Course
What makes a decision the right decision to make? Are there any tricks to avoiding making bad decisions? In every field, experts need to know what criteria are essential to consider in making good decisions and also what information is irrelevant. Economics can help identify those critical decision criteria.
Economic theory covers a wide range of fields: finance, accounting, human resources, and natural resource management, to name a few. Econ 210 (Principles of Economics) is intended to introduce you to economic theory and its applications in a variety of contexts and fulfills the Human Cultures: Behavioral/Social Sciences Purdue Core requirement.
The course is divided into two parts. The first half of the semester will cover topics from microeconomics. We will learn how individual consumers and producers make decisions that together determine the prices and quantities of goods available in the marketplace. Government decisions can help or hinder the performance of markets, and we will evaluate the potential role for government intervention. The second half of the semester will focus on macroeconomic theory and applications. Macroeconomic study consists of four broadly defined markets in the economy: the output market (domestic production and inflation), the labor market (wages and employment), the money market (interest rates and banking), and international trade (exchange rates and the balance of trade). We will learn what factors influence these markets and how changes in a given market affect choices in other sectors of the macroeconomy.
By the end of the course, students are expected to be able to:
- Identify costs and benefits involved in economic decision making
- Predict market equilibrium and changes in equilibrium
- Evaluate the efficiency of market equilibrium
- Express and interpret economic theory and data using various visual representations (e.g., graphs, tables, charts)
- Calculate basic measures of macroeconomic performance and the forces that influence those measures.
Economics: Survey 10th Ed. by John Barron, Gerald Lynch, and Kelly Blanchard, published by Kendall Hunt, ISBN: 978-1-4652-0296-3.
This is an e-textbook and is available on www.kendallhunt.com/blanchard. If you prefer a printed copy of the book in an older edition, you may purchase one from various online outlets.