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.
Student Learning Outcomes
Upon successful completion of this course, students will:
- Explain the scarcity/choice problem existing throughout the world.
- Describe the economic system of the United States.
- Utilize the basic demand and supply model to predict the effects of different market forces on equilibrium price and quantity.
- Identify the four market structures and their effects on firm behavior.
- Explain the concept of market failure and the alternatives to market processes in resource allocations.
- Define and calculate gross domestic product, inflation rate, and unemployment rate.
- Use aggregate supply and aggregate demand to predict the effects of fiscal and monetary policy actions on output, unemployment, and inflation.
- Explain the benefits and costs of international trade and the role of international trade in the U.S. economy.
Required Textbooks
Frank, et. al, Principles of Economics, 8th Edition, McGraw-Hill [The WC bundled textbook with Connect Code with a special price with the college is 978-1-266-23684-6. For just the ebook/Connect code, 978-1-266-25534-2] Connect Code alone is: 9781260883008. [These ISBN numbers are not available online, only through WC or through your Canvas classroom.]
ISBN-10
9978-1-264-25048-6
Evaluation Standards
The final course grade will be calculated based upon exams, varying assignments, and quizzes that the instructor may choose to include. Instructors may include participation grades and attendance as factors in determining course grades, at their discretion.
A = 90% - 100%
B = 80% - 89%
C = 70% - 79%
D = 60% - 69%
F = less than 60%
Required Institutional Core Learning Outcomes
Communication (COM), Critical Thinking (CT), Empirical & Quantitative Reasoning (EQR), Social Responsibility (SR)
Disabilities
ADA Statement:
Any student with a documented disability (e.g. learning, psychiatric, vision, hearing, etc.) may contact the Office on the Weatherford College Weatherford Campus to request reasonable accommodations. Phone: 817-598-6350 Office Location: Office Number 118 in the Student Services Building, upper floor. Physical Address: Weatherford College 225 College Park Drive Weatherford, TX.
Academic Integrity
Academic Integrity is fundamental to the educational mission of Weatherford College, and the College expects its students to maintain high standards of personal and scholarly conduct. Academic dishonesty of any kind will not be tolerated. Academic dishonesty includes, but is not limited to, cheating on an examination or other academic work, plagiarism, collusion, and the abuse of resource materials including unauthorized use of Generative AI. Departments may adopt discipline specific guidelines on Generative AI usage approved by the instructional dean. Any student who is demonstrated to have engaged in any of these activities will be subject to immediate disciplinary action in accordance with institutional procedures.
Hope Statement
Any student who faces challenges securing basic resources such as food, clothing, or housing and believes this may affect their performance in their course of study is urged to contact the Director of Student Resources, Dr. Deborah Cregger, for support at (817) 598-6444. Her office is on the first floor of Student Services. If the student prefers, they may contact their instructor, who can reach out on their behalf. Weatherford College also provides the Coyote Pantry. The Pantry maintains boxed and canned foods for students in need. The location of the Coyote Pantry is two blocks west of the Weatherford campus at the Baptist Student Ministry (118 E. Park Ave., Weatherford). Pantry hours are Mon-Thurs. 8:30 am-4:30 pm and Fri. 8.30 am-12:00 pm (817-599-6586).
Last Modified
Wednesday, September 15, 2021, 8:34 AM
