In this course on economic principles, students explore choices they face as producers, consumers, investors, and taxpayers. Students apply what they learn to real-world simulation problems. Topics of study include markets from historic and contemporary perspectives; supply and demand; theories of early economic philosophers such as Adam Smith and David Ricardo; theories of value; money (what it is, how it evolved, the role of banks, investment houses, and the Federal Reserve); Keynesian economics; how capitalism functions, focusing on productivity, wages, investment, and growth; issues of capitalism such as unemployment, inflation, and the national debt; and a survey of markets in such areas as China, Europe, and the Middle East. HST403: U.S. Government and Politics (or equivalent) is recommended, but not required.
