ECON 1221: Introduction to Basic Economics
Students develop a basic understanding of economic principles, which allows for and encourages informed discussion of media-covered issues. Topics include contrasting macroeconomics and microeconomics; gross domestic product; economic growth and business cycles; unemployment and inflation; aggregate supply and demand; scarcity, opportunity costs, and trade; law of supply and demand; accounting versus economic profits; money and exchange rates; government choices, markets, efficiency, and equity; monopoly and competition; externalities, public goods, and free riders; and globalization and trade policy.
Learning outcomes
- Explain the differences between macroeconomics and microeconomics.
- Apply the concepts of scarcity, choice and opportunity costs for making smart choices.
- Describe how buyers and sellers compete and cooperate in markets in determining prices.
- Explain the relationship between supply, demand, and prices in an economy.
- Compare and contrast economic and accounting profits.
- Describe the important measures of aggregate performance of an economy.
- Distinguish between nominal and real economic measures.
- Discuss the economic costs of unemployment and inflation.
- Discuss the challenges in meeting macroeconomic performance targets.
- Explain the roles of money and exchange rates in influencing economic outcomes.
- Compare and contrast monopoly, perfect competition and other market structures.
- Apply the concept of marginal in economic decision-making.
- Apply the concept of externalities to real world issues.
- Explain the process of globalization and its implications for trade policy.
- Apply basic economic concepts to current events in the media.
Course topics
- Module 1: Basic Concepts in Economics
- Module 2: Introduction to Microeconomics—Demand, Supply, and the Role of Markets Demand, supply and markets
- Module 3: Accounting Profits, Economic Profits, and Economic Decision-Making
- Module 4: Macroeconomic Concepts—Gross Domestic Product, Economic Growth, and Business Cycles
- Module 5: Macroeconomic Challenges—Unemployment, Inflation, and Macroeconomic Performance
- Module 6: Money and Exchange Rates
- Module 7: Market Structures—Compare and Contrast
- Module 8: Externalities and the Role of Public Policy
- Module 9: Globalization and Trade Policy
Required text and materials
Students require the following e-textbook bundle, which can be purchased directly from the TRU bookstore site at: https://thebookstore.tru.ca/site_digital.asp
- Cohen, A. J. (2025). Microeconomics for Life: Smart Choices for You with My Lab plus Macroeconomics for Life: Smart Choices for All? with My Lab (3rd ed.). Pearson Canada.
Type: E-Text Bundle. ISBN: 9780135393406
Assessments
Please be aware that should your course have a final exam, you are responsible for the fee to the online proctoring service, ProctorU, or to the in-person approved Testing Centre. Please contact exams@tru.ca with any questions about this.
To successfully complete this course, students must achieve a passing grade of 50% or higher on the overall course, and 50% or higher on the final mandatory exam.
| Assignment 1: Module 1 and 2 | 8% |
| Quiz 1: Modules 1, 2 and 3 | 9% |
| Assignment 2: Modules 3 and 4 | 8% |
| Assignment 3: Module 5 | 8% |
| Quiz 2: Modules 4, 5 and 6 | 9% |
| Assignment 4: Modules 7, 8, and 9 | 8% |
| Mandatory Final Exam | 50% |
| Total | 100% |
Open Learning Faculty Member Information
An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of the course.
