ECON 151G Understanding the Global Economy

Economics affects our daily lives and the global environment in many ways. Through the media we are constantly made aware of price increases, interest rate changes, exchange rate movements and balance of payments problems, growth and recessions, standard of living comparisons, regional trading agreements. What does it all mean and how does it all work?

Restriction: ECON 101, 111, 152, 191

By the end of this course, students will be able to:

1. Apply basic economic concepts and principles including opportunity cost, correlation versus causation, absolute vs. comparative advantage, extrinsic versus intrinsic motivation.
2. Analyse the economic behaviours of individuals and organizations under various circumstances and assess the related welfare implications.
3. Apply the concepts of externalities and property rights to the issues of sustainability and climate change.
4. Interpret basic macroeconomic concepts including gross domestic product, consumer price index, inflation and unemployment, as well as evaluate the the role of government policy in stabilising business fluctuations.
5. Develop a concise and structured essay on current economic and social phenomena, synthesising different perspectives and comparing alternative approaches.
6. Reflect your own role as active knowledge co-creator in the learning process.
   

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