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ECON 2100

This is an archive of the Common Course Outlines prior to fall 2011. The current Common Course Outlines can be found at http://www.gpc.edu/programs/Common-Course-Outlines.
Credit Hours 3
Course Title Global Economics
Prerequisite(s) Exit or exemption from all Learning Support requirements and all ESL requirements except ENSL 0091
Corequisite(s) None Specified
Catalog Description
This course provides an analysis of economic decision making in a global setting. It examines the fundamental questions of economics as they relate to individuals, firms, and governments operating in an open economy. Topics covered include basic economic principles, economic systems and how they work, market and government failure, the basis for international trade, the dynamics of the global monetary system, and economic systems in transition as well as prominent economic systems around the world.  This course is for non-business majors.  

Expected Educational Results
The student should be able to understand, analyze and evaluate:
1. Introduction to the Economic Problem
2. Economic Basics ‐ Supply, Demand, and Market Equilibriums
3. The Measurement of a Nation’s Income
4. Money and Financial Markets
5. Types of Economic Systems
6. Market & Government Failure
7. Gains from Trade
8. Economics in Transition
9. Case Studies in World Economies

General Education Outcomes
1. Students will communicate effectively through oral communication, reading and writing:
a. reading comprehension will be developed by reading the text and ancillary materials;
b. listening skills will be developed through lecture and class activities;
c. reading and writing skills will be developed through the use of problems and activities, such as article summaries and papers, developed specifically to enhance student understanding of macroeconomic principles.

2. Students will demonstrate effective problem‐solving and critical thinking skills by organizing, interpreting and evaluating ideas designed to illustrate global economic principles.

3. Students will understand, interpret, and communicate quantitative data by solving problems and analyzing graphically presented material developed to illustrate global economic principles.

4. Students will develop their abilities to better understand how global, political, historical, and geographic forces shape economic theories and policies through reading, lectures, and classroom activities.

Course Content
I. The Basic Economic Problem
A. Scarcity
B. Opportunity cost
C. Choice

II. Supply, Demand, and Market Equilibriums

III. The Measurement of a Nation’s Income
A. GDP and its components
B. Real vs nominal values
C. Unemployment
D. Inflation

IV. Money and Financial Markets
A. Money
B. Money creation
C. Financial institutions
D. Present value

V. Types of Economic Systems
A. Economic Institutions
B. Rules
C. Fundamentals of Economic Systems
D. Measuring the Differences

VI. Market and Government Failure

VII. Gains from Trade
A. Production Possibility
B. Comparative Advantage

VIII. Economies in Transition
A. Stages of economic development
B. Economic growth

IX. Case Studies in World Economies

Assessment of Outcome Objectives
COURSE GRADE
The course grade will be determined by a mix of tests, homework, presentations, written assignments and other assessment techniques as well as a required final exam.

COURSE ASSESSMENT
This course will be assessed every three years in the fall semester on the cycle of 2010, 2013, 2016, etc. A writing assessment will be conducted on the same cycle and evaluated by curriculum chairs the following spring.

USE OF ASSESSMENT FINDINGS
The results of the current assessment instrument will be summarized by the curriculum committee. The curriculum chair will chair a meeting of all economics faculty to analyze the results and determine implications for curriculum and/or teaching changes. A summary of the group analysis, as well as specific detail and a timeline for implementation of changes, will be prepared as a result of the group meeting and presented to the Dean of Business.

Last Revised: May 12, 2011
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