ECON 103 - Introductory Economics

Credits: 3
Lecture Contact Hours: 3
Description: This course is a survey of the macroeconomic concerns of national income determinations, business cycles, unemployment, inflation and both fiscal and monetary policies to stabilize the aggregate economy. In addition, this course explores the microeconomic fundamentals of demand, supply, elasticity, consumer choice, the production costs of output and resource allocation of firms operating under various market structures and the international economy.

Prerequisites: MATH 047, overall high school GPA of 2.8 or higher, or a minimum score of 19 ACT-Math, 25 SAT-Math, 75 CPT-Arithmetic, 28 CPT-Elementary Algebra, 260 NGA-Arithmetic or 230 NGA-Quantitative Reasoning, Algebra and Statistics.
Corequisites: None.
Recommended: None.

Course Category: Liberal Arts | Social Science
This course counts toward Schoolcraft’s General Education Requirements.
This course counts toward a Michigan Transfer Agreement General Education Requirement.

This Course is Typically Offered: Fall, Winter
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Course Competencies

Apply basic concepts of economics.
Examine national income and its determinants.
Analyze government fiscal policy in current social and economic programs.
Explore the concepts of money and banking and how they apply to the macro economy.
Examine the basic concepts of International Trade and Finance.
Analyze consumer behavior as it relates to the product and factor markets.
Analyze producer behavior as it relates to the product and factor markets.
Identify the basic market structures both in the product and factor markets.
Apply microeconomic policy to both product and factor markets.