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.
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 Demand, Product Supply, Equilibrium, Demand Elasticities
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.
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 Shocks, Wage-Price Spiral, Stagflation, Role of Government
Monetary Policy, Fiscal Policy, Trade Policy, Non-Interventionist’s Response
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.
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.