Title: Credit Unit 1 Introduction
Course: SkillsCom EC 202 15.0 > Section: Credit Unit 1 Module 1 - Economic Foundations

This Credit Unit will introduce how households and firms make economic decisions, and how these groups interact in market settings. Key concepts covered are economic rationality, opportunity costs, marginal analysis, comparative and absolute advantage, consumer demand, producer supply, and market equilibrium. In sum, this Credit Unit examines the key components of the macro-economy (households, firms, markets).

Course Outcomes:

- Discuss the role scarcity plays in defining economic choices and how individuals, companies and nations resolve these issues.
- Describe and use economic data to evaluate the three basic macroeconomic problems: recession, unemployment, and inflation.
- Discuss and apply the concepts of economic growth and business cycles to the macro economy.
- Apply the concepts of comparative and absolute advantage to explain the benefits of trade.