ECO401 Market Process Economics I

Lead Faculty: Dr. Wali I. Mondal

Course Description

This course provides a basic understanding of market process economics. Students will learn about the nature and importance of economics, capitalism, wealth and its role in human life, natural resources and the environment, the division of labor and production, the dependence of the division of labor on capitalism, the price system and economic coordination, price controls, socialism, the institutions of private property, economic inequality, economic competition, and monopoly and the freedom of competition.

Learning Outcomes

  • Apply some of the fundamental principles of market process economics to analyze world events.
  • Demonstrate a clear understanding of the link between different types of economic systems and different ethical theories.
  • Explain the cross-cultural benefits of market process economics.
  • Explain the importance of a division of labor society to human life.
  • Explain the coordinating functions of the price system.
  • Evaluate the role that wealth plays in human existence.
  • Demonstrate knowledge of the interdependence of the division of labor and capitalism.
  • Analyze the effects of price controls 9.Explain the effects of private ownership of property on human life.
  • Evaluate industries and economies based on their competitiveness.
  • Demonstrate the ability to use online resources to research and prepare written and oral assignments.