Principles of Economics I

Course Code: 
ECON1000

The objective of the course is to introduce both majors and non-majors to the basic tools and concepts of economics.  Students will be exposed to the core principles of economics: the role of incentives, the idea of scarcity, how to really measure the cost of a choice, what is a market, and the purpose of prices.  The course will also introduce the toolkit of methods used by economists.  Thus, the course covers how markets work (and when they do not work) and how consumers and producers make decisions.  Finally, the course applies these tools and concepts to explain the determination of economic outcomes and in so doing introduces and explains common economic variables, such as GDP, inflation, the unemployment rate, and the balance of payments.

At the end of this course students will be able to engage the core principles of the methodology of economics in everyday use, evidenced by an ability to assess and interpret public issues and events with the mindset of the economist.

The course outlines: Introduction to the Study of Economics, Fundamentals: an Intuitive Introduction to the Core Principles, Introducing the Economist's Toolkit, Measuring and Counting Economic Variables, and the World Around Us: Examples of Economic Applications

Semester: 
Semester 1
Semester 2
Pre-Requisites: 
CSEC/CXC Math or GCE Math or ECON0001 or GOVT0100