ECO 470 (02) - Principles of Economics

Economics is the study of how we coordinate our wants and needs as a society. The economic perspective includes three main concepts: scarcity and choice, rational behavior, and marginal analysis. Pertinent and relevant examples of current events may be used to illustrate economic principles. Students will relate international trade and trade policies to the concept of comparative advantage and the impact on production of goods and services in various countries. This survey course addresses both macroeconomic and microeconomic principles.