2 Weeks / Credit Bearing

Economic Ideas & Issues (3 credit): ECN 203

Sat. July 28 & Sun. July 29 mandatory move-in & orientation 

Class runs July 30 – August 10, 2018 

This course introduces students to the principles of economics and how these principles can be applied to current issues facing individuals and society today.

This is a regularized undergraduate course delivered through classroom-based instruction and homework.  The class may consist of both Summer College and undergraduate students.

Course Schedule

Week 1: Principles of Microeconomics

Microeconomics is the branch of economics that examines the individual choices of households and firms and the coordination of these choices in markets. Topics include:

Introduction to Economics 
Scarcity, Opportunity Cost, Economics Models, Assumptions

Modeling Individual Choice
Utility, Decision Rule, Present Value, Discount Rate, Risk

Gains from Trade
Division of Labor, Gains from Trade, Absolute Advantage, Comparative Advantage

Product Markets
Product Demand, Product Supply, Equilibrium, Demand Elasticities

Competitive Markets
Revenue and Costs of the Typical Firm, Profit Maximization, Long-Run Competitive Equilibrium, Efficiency

Markets for Factors of Production
Factor Markets, Factor Demand, Factor Supply

Market Power and Market Failures
Examples of Market Power, Externality, Public Good, Solutions to Market Inefficiency

 

Week 2: Principles of Macroeconomics

Macroeconomics is the branch of economics that studies the overall performance of the economy.

Macroeconomic Measures
Gross Domestic Product, Unemployment Rate, Consumer Price Index, Inflation Rate

Basic Macro Model
Aggregate Demand, Aggregate Supply (Short Run and Long Run)

Aggregate Demand and Components of Aggregate Expenditure
Consumption, Investment, Net Government Budget Position, Trade Balance

Macroeconomic Problems
Macroeconomic Shocks, Wage-Price Spiral, Stagflation, Role of Government

Macroeconomic Policy
Monetary Policy, Fiscal Policy, Trade Policy, Non-Interventionist’s Response

Program Costs

Please visit our program costs page for more detailed information.

*Program rates are subject to change and will be approved by the board of trustees in March.
*Students must be 15 years of age by the orientation and move-in date.

Instructor Bio

Elizabeth Ashby, Assistant Professor of Economics (Non-Tenure Track), Syracuse University

Elizabeth Ashby earned her Ph.D. in Economics from Syracuse University in 2006. Upon completion of her doctoral studies, Elizabeth chose to remain at Syracuse, where she became a full-time teaching faculty member in the Department of Economics. In 2016, she received a Meredith Teaching Award for excellence in instruction and teaching innovation. In addition, she served as the Director of Undergraduate Studies in Economics from 2011 to 2015.

Elizabeth views economics as an important component of a liberal arts education. With more than 15 years teaching experience, Elizabeth has instructed several economics courses, such as ECN 301: Intermediate Microeconomics, ECN 302: Intermediate Macroeconomics, and ECN 431: Public Economics. However, it has been ECN 203: Economics Ideas and Issues that she has taught consistently for the past several years. Introducing students to the economic way of thinking is a passion for this dedicated professor.