Principles of Economics

Principles of Economics introduces students to foundational economic theories on markets and market behavior. This information is valuable to students pursuing careers involving decision making and is applicable to any industry. This course has three competencies: The Economic Way of Thinking, Microeconomics, and Macroeconomics. In the first, economics is defined, and fundamental economic principles are introduced. Microeconomics develops the supply and demand model and demonstrates how it is used to understand business interactions and to make public policy decisions. The competency includes supply, demand, elasticity, efficiency, market failure, costs, production, and market structure. Macroeconomics focuses on the measurement and performance of the nation economy. The competency includes macroeconomic variables, aggregate supply, aggregate demand, money, monetary policy, fiscal policy, and international trade.

Official catalog text — WGU-authored.