Economics of Everyday Life

CATALOG DESCRIPTION: Economic principles and basic business operations in a market economy. Key economic concepts that help one make informed decisions as a citizen.

RATIONALE: This course helps students understand economic systems, how the economy and markets work, and what the economic role of governments is. The course also helps students understand why basic knowledge of economics is important to people as citizens. The course provides a measure of knowledge of the ethical principles underlying the market system and government intervention to address economic challenges. The course also provides a measure of understanding of sustainability issues and how they affect everyday life.

LEARNING OUTCOMES: As a result of taking this course, students should be able to:

1. Distinguish between different economic systems as they relate to contemporary social, and political contexts.

2. Apply simple mathematical methods to illustrate basic relationships between fundamental economic measures and variables.

3. Demonstrate awareness of ethical issues involved in the market system and in the role of government policy in different contexts.

4. Demonstrate understanding of sustainability issues and of how they affect every day economic life.

METHOD OF TEACHING AND LEARNING: In congruence with the learning and teaching strategy of the college, the following tools are used:

➢ Class lectures, interactive learning, class discussions, video presentations, and problems solved in class.

➢ Exercises and primary source documents, which are reviewed in class

➢ Office hours: students are encouraged to make full use of the office hours of their instructor, where they can ask questions, see their exam paper, and/or go over lecture material.

➢ Use of Blackboard, where instructors post lecture notes, online quizzes assignment instructions, required readings, timely announcements, as well as additional resources.

ASSESSMENT:

Summative:

Midterm assessment: In-class written examination (closed book) 40%

Final assessment: In class written examination (closed book, comprehensive) 60%

For grade averaging to apply, all assessments need to be sat. Grade averaging does not apply if an assessment is not taken (FA grades).

Formative: Multiple choice/problems/essay question practice sets 0%

The formative assessments prepare students for the examinations and ensure that students are actively engaged during the term. The 1 st assessment tests Learning Outcomes 1, 2. The 2 nd assessment tests Learning Outcomes 1, 2, 3, and 4. The Final assessment tests Learning Outcomes 1, 2, 3, and 4, with emphasis on 3 and 4.