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This class will give you a solid understanding of economic science and reasoning.
After the course, you should be very familiar with the laws of supply and demand, prices, markets, intervention, trade, business, central planning, the effects of government intervention, some of the main issues and controversies in contemporary economic thought, the major “schools” of economics and the key players, and much more.
This class will also provide and introduction monetary theory, banking, monetary history, central banking, currency, fractional-reserve banking, the Federal Reserve and the various institutions involved in money, the international monetary system and the global economy.
You will use a range of materials including articles, documentaries, essays, the required textbooks and more to become familiar with the basics of economics and money, as well as the central role they play in politics, society and world affairs.
An introduction to the myriad “ schools ” of economic thought including but not limited to the Austrian school, the Keynesian school and the Chicago school will be heavily emphasized.
After the course, you should be familiar with fundamental economic principles, the history of economics and the basics of money, banking, monetary theory and the range of economic thought.
1) Study a glossary of economic terms until you are very familiar with basic economic terminology.
2) Read and study “Ten Key Elements of Economics”
3) Read Lesson 1 in Lessons for the Young Economist and provide brief answers to all study questions.
1) Read Lesson 2 in Lessons for the Young Economist and provide brief answers to all study questions.
2) Read An Introduction to Economic Reasoning - Introduction and Chapter 1
3) Write a brief essay about the importance of economics (500-800 words) incorporating at least 15 of the terms you just familiarized yourself with. Use as many sources as you feel are necessary. Suggested topic: What is economics and why does it matter?