ECO 108 - Principles Of Economics

Institution:

University of Rochester

Subject:

Description:

Individuals act with purpose. In a world where there is not enough "stuff" to go around, individuals face tradeoffs. We model how individuals make economic choices: how much to work, when to marry, how much to clean, etc. We also examine (and measure) the consequences, intended and unintended, of these choices and the government policies crafted to influence them - such as the impact of rent controls, taxing cigarettes, or outlawing drugs. In particular, how does order emerge in a large, impersonal commercial society when market institutions are permitted to flourish? The course explains how supply and demand determine the prices of goods and services, and how prices guide production and consumption decisions. We examine the incentive structure in market systems as compared to alternative economic arrangements and the important role played by profits and losses. We also examine the sources of wealth, the role of trade and the economic analysis of undesirable social outcomes such as pollution.

Credits:

4.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

www.rochester.edu

Phone Number:

(888) 822-2256

Regional Accreditation:

Middle States Association of Colleges and Schools

Calendar System:

Semester

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