ECO 201 - PRINCIPLES OF ECONOMICS I

Gatton College of Business and Economics

Credit(s): 3

This course will introduce you to the economic way of thinking and provides basic tools of economic theory used to study markets, individual consumer behavior, and the behavior of firms. It employs concepts such as scarcity, opportunity costs, tradeoffs, marginal thinking, and gains from trade. This course will examine how markets work and how supply and demand interact to determine prices, explore market failure such as externalities, the tragedy of the commons and public goods and the role of the government in market activity. Students will also be introduced to theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students successfully completing this course should leave with an understanding of these basic economic principles and their applicability to real world situations. Students should also be able to incorporate the tools of economic analysis into their own decision-making processes as they weigh costs and benefits to make choices.

Approved for Distance Learning.