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COURSE NUMBER: ECON 203
COURSE TITLE: Principles of Economics I
NAME OF INSTRUCTOR: Dr Gerda Kits
CREDIT WEIGHT AND WEEKLY TIME DISTRIBUTION: credits 3 (hrs lect 3 - hrs sem 0 - hrs lab 0)
CALENDAR DESCRIPTION: An introduction to the Canadian economy and to concepts and tools that can help us understand how the economy works and the roles that we play in it. This course will examine economic goals, activities, structures and institutions; tools for making economic decisions; markets and market failures; economic measurement; economic fluctuations; growth and development; and globalization.
REQUIRED TEXTS: Goodwin, Harris, Nelson, Roach and Torras. Principles of Economics in Context. Armonk, New York: M.E. Sharpe, 2014.
MARK DISTRIBUTION IN PERCENT:
Tutorial quizzes & case study preparation 10%
"Economic report card" assignment 10%
"Economic policy" assignment 10%
Test 1 10%
Test 2 15%
Test 3 15%
Comprehensive final exam20%
Participation10%
Total 100%

COURSE OBJECTIVES: Economics studies one of life’s most basic questions: how can we use the resources we have been given to improve our lives and the lives of those around us? This question has applications in areas as diverse as marketing, welfare policy, carbon taxes, labour strikes, and backyard gardening. All of us make economic decisions daily, as consumers, workers, entrepreneurs, and citizens. This course is intended to equip you with knowledge and skills that are necessary to make such decisions in an informed and faithful way, that honours God’s commands to care for our neighbour and for Creation.

By the end of the course, you will be able to:
  • Recognize the economic aspect of a variety of real-life situations and issues, and use economic decision-making tools to guide decisions in such situations.
  • Use economic theory to explain how markets coordinate economic activity, predict the effects of changes, and identify situations where government intervention can improve outcomes.
  • Locate and interpret data to assess how well the economy is functioning.
  • Explain the causes of long- and short-term changes in the economy, and make recommendations for the future.
  • Draw on biblical perspectives to inform all of the analysis above.
COURSE OUTLINE:
  • Sept. 6  Welcome & introduction to course
  • Sept. 9  Strategies for success in this and other courses
  • Sept. 11-18 The nature and purpose of the economy
  • Sept. 20 No class - I.S. Conference
  • Sept. 22-Oct. 2 Dealing with the problem of scarcity
  • Oct. 4  Test #1
  • Oct. 6-23 Long-run economic growth, trade, and measurement (GDP and alternatives)
  • Oct. 10  No class - Thanksgiving Day
  • Oct. 25  Test #2
  • Oct. 27-Nov. 1 The business cycle
  • Nov. 3  Economic report card assignment due
  • Nov. 3-17 Modelling markets: Supply and demand
  • Nov. 10  No class – Fall Break
  • Nov. 20  Test #3
  • Nov. 22-Dec. 8 Policy interventions and market failures
  • Dec. 6 Economic policy assignment due
  • TBA Final exam


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