100-150: Boundless Economics

The study of economics makes individuals cognizant of their environment and better decision makers.” This course explains how the study of economics provides knowledge to understand the system and policies that guide life. Economics allows individual agents to balance expectations, it provides distilled frameworks to analyze complex societal interactions, as in the case of consumer and firm behavior. Being knowledgable about economics foundations allows an individual to be an active and aware participant rather than a passive economic agent. Economics and business studies are social sciences. This means that they have two important attributes. They both study human activities and constructions in environments with scarce resources, and use the scientific method and empirical evidence to build its base of knowledge. The evaluation of human interactions as it relates to preferences, decision making, and constraints is a significant foundation of economic theory. The complexity of the dynamics of human motivation and systems has led to the establishment of assumptions that form the basis of the theory of consumer and firm behavior, both of which are used to model circular flow interactions within the economy. The above forms the basis of this introductory course.