ECON 2100: Introduction to Economics – Course Syllabus and Study Guide

Course Overview

Introduction to Economics

This course provides a foundational understanding of economic principles and their application to real-world issues. It covers both microeconomic and macroeconomic concepts, including supply and demand, market structures, inflation, unemployment, and economic policies. The course is designed for non-business majors and emphasizes critical thinking, ethical reasoning, and global perspectives.

Course Objectives and Outcomes

Fundamental Economic Concepts

Students will learn to define and apply core economic terms and concepts:

• Scarcity: The fundamental economic problem of having limited resources to meet unlimited wants.

• Opportunity Cost: The value of the next best alternative foregone when making a decision.

• Marginal Analysis: Examining the additional benefits and costs of a decision.

• Microeconomics vs. Macroeconomics: Microeconomics studies individual markets and agents; macroeconomics examines the economy as a whole, including aggregate indicators.

Supply and Demand Models

Students will analyze market outcomes using supply and demand models:

• Supply Curve: Shows the relationship between price and quantity supplied.

• Demand Curve: Shows the relationship between price and quantity demanded.

• Equilibrium: The point where supply equals demand, determining market price and quantity.

• Shifts in Curves: Changes in factors other than price (e.g., income, tastes, technology) shift supply or demand, affecting equilibrium.

Example: If consumer income increases, the demand curve for normal goods shifts right, raising equilibrium price and quantity.

Macroeconomic Indicators and Trends

Students will interpret key macroeconomic indicators:

• Gross Domestic Product (GDP): Measures the total value of goods and services produced in a country.

• Unemployment Rate: Percentage of the labor force that is unemployed and actively seeking work.

• Inflation Rate: The rate at which the general level of prices for goods and services rises.

Formula for GDP:

$GDP = C + I + G + (X - M)$ Where: C = Consumption I = Investment G = Government Spending X = Exports M = Imports

Economic Reasoning and Real-World Applications

Students will apply economic models to assess current events and decision-making:

• Trade-offs: Evaluating the costs and benefits of different choices.

• Critical Thinking: Using economic reasoning to predict outcomes and explain phenomena.

Example: Analyzing the impact of government policy changes on unemployment and inflation.

International Trade and Policy

Students will explain the basics of international trade:

• Comparative Advantage: The ability of a country to produce a good at a lower opportunity cost than another country.

• Trade Restrictions: Tariffs, quotas, and their effects on domestic and global markets.

• Exchange Rates: The value of one currency relative to another, affecting imports and exports.

Example: If the U.S. dollar appreciates, U.S. exports become more expensive for foreign buyers, potentially reducing export volumes.

Course Structure and Assessment

Grading and Assignments

• Homework: 25% (12 assignments, two lowest grades dropped)

• Quizzes: 15% (12 assignments, two lowest grades dropped)

• Attendance: 15% (10 random attendances)

• Exams: 45% (Three exams, 15% each)

• Extra Credit: 10%-12% (optional assignments/projects)

Grading Scale:

• A: 90%-100%

• B: 80%-89%

• C: 70%-79%

• D: 60%-69%

• F: 59% and below

Course Outline

• Week 1-2: Foundations and Foundational Concepts

• Week 3-4: Demand and Supply

• Week 5: Exam 1

• Week 6-9: Microeconomic Topics (Market for Oranges, Production, Competition)

• Week 10: Exam 2

• Week 11-14: Macroeconomic Topics (Measuring Economy, Unemployment, Inflation, Big Picture)

• Week 15: Exam 3

Academic Integrity and Policies

Academic Integrity

• Cheating: Prohibited during exams and assignments.

• Plagiarism: Proper citation required for all sources.

• Collusion: Unauthorized collaboration is not allowed.

• AI Use: Only permitted when explicitly allowed by assignment instructions.

Attendance and Absences

• Attendance is required and tracked randomly.

• Excused absences require documentation submitted to the Dean of Students.

Learning Resources and Support

Academic Enhancement Center

• Tutoring (in-person and online)

• Peer Supplemental Instruction (PSI)

• Academic coaching

Kaufman Library

• Access to articles, e-books, reports, statistics, and videos

• Research assistance

Disability Services

• Reasonable accommodations for permanent or temporary disabilities

• Contact Disability Services for support

Health and Wellness

• Medical Services

• Counseling and Psychological Services (CAPS)

• Wellness and Recreation

Equal Opportunity and Title IX

Non-Discrimination Statement

Georgia Gwinnett College prohibits discrimination based on race, color, sex, sexual orientation, gender identity, ethnicity, religion, age, disability, and other protected statuses. The college is committed to providing equal access and opportunity in all programs and activities.

Sexual Misconduct Statement

Title IX prohibits sex-based discrimination and violence. Faculty are required to report disclosures of such incidents to the Title IX Coordinator. Confidential support is available for affected students.

Important Dates

• Semester Start: Jan. 12

• Final Exams: May 6-12

• Commencement: May 15

Recommended Course Materials

• Principles of Economics by Openstax (ISBN-13: 978-1-951693-63-3)

Summary Table: Key Macroeconomic Indicators

Indicator	Definition	Formula	Application
GDP	Total value of goods/services produced	$GDP = C + I + G + (X - M)$	Measures economic output
Unemployment Rate	Percent of labor force unemployed	$\text{Unemployment Rate} = \frac{\text{Number Unemployed}}{\text{Labor Force}} \times 100$	Indicates labor market health
Inflation Rate	Percent change in price level	$\text{Inflation Rate} = \frac{\text{CPI}_{\text{current}} - \text{CPI}_{\text{previous}}}{\text{CPI}_{\text{previous}}} \times 100$	Measures price stability

Additional info: The syllabus covers both microeconomic and macroeconomic topics, aligning with the college-level macroeconomics curriculum. The inclusion of supply and demand, macroeconomic indicators, and international trade ensures relevance for exam preparation and foundational study.