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
Upon successful completion of this course, students should be able to:
- 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: 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 will receive the following:
Cohen, A.J. (2020) Macroeconomics and Microeconomics for Life: Smart Choices for All? Plus
MyLab with Pearson eText (2nd ed) Toronto, ON: Pearson Canada Inc.
Type: Textbook:
ISBN: 9780136812128
The bundle contains:
- Cohen, A.J. (2020). Macroeconomics for Life: Smart Choices for All? + MyLab Economics with
Pearson eText (updated 2nd ed.). Toronto, ON: Pearson Canada Inc.
Type: Textbook: ISBN: 9780136716532 - Cohen, A.J. (2015). Microeconomics for Life: Smart Choices for You + MyLab Economics with
Pearson eText (2nd ed.). Toronto, ON: Pearson Canada Inc.
Type: Textbook: ISBN: 9780133899368
Note: The above textbooks comes bundled with MyLab Economics with Pearson eText. It is not required, however it may be helpful as a study aid.
Assessments
Please be aware that should your course have a final exam, students 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.
In order to successfully complete this course, students must complete the mandatory coursework and achieve a passing grade of 50% or higher on the overall course, and 50% or higher on the final 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% |
| Final Exam (mandatory) | 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.