How the Learning Materials in Economics Class Relate to Personal Life

Please prepare a journal entry utilizing the "Journaling Assignment Template".Preview the document

The purpose of this assignment is for you to think inward about how the material so far in this course relates to your personal and/or professional lives. Your journal entry should be at least one-page double spaced and related to the chapter readings in this course.

Note: Summary of this course:

Welcome to ECON 620. This course studies how economic forces can affect a business. Topics from both micro-and macroeconomics are included: the basic supply and demand model, market fluctuations, the elasticity of demand and a firm’s revenues, production costs and profits, measures of economic performance, national output and income, inflation and unemployment, fiscal policy and the government's budget, money and monetary policy, and special topics in economic policy.

The course focuses on principles-level economy models, with an emphasis on the business applications of these basic models. While economic analyses oftentimes look highly intuitive, it always requires logical consistency and rigor. Math and logic are thus major skills that are needed in this course.

Objectives

This course is designed to provide the student with the conceptual tools needed to understand everyday economic issues facing households and businesses. The student will learn how to use a few basic theoretical models to analyze such economic issues as price fluctuations, price controls, managing revenues and profits, fluctuations in national output, inflation, unemployment, recessions, budget deficits, changes in money supply and interest rates.

More specifically, this course aims to help students learn how to:

I, Correctly interpret and use economic terms or phrases.

ii, Correctly interpret, use, and transform economic data.

iii, Describe and explain the basic relationships in fundamental economic models such as supply and demand; elasticity and revenues; output, income, and employment; aggregate demand and aggregate supply.

iv, Correctly apply economic models in analyzing specific economic issues, or in assessing economic opinions.

v, Correctly apply economic models in appraising or synthesizing economic policies or decisions.