Economics

If one were to describe economics in two words, those words would be scarcity and choice. Because there is a scarcity of resources, man is forced to make choices between various resources in order to get what he wants. Economics is the study of how individuals, governments, firms and nations make choices about allocating scarce resources to satisfy their unlimited wants. Thus, economics affects each of us on a moment by moment basis. We are affected not only by the choices we make, but by the choices others make. This course will challenge you to think about the short-term and long-term consequences of the choices you and others make.

Course Outline

1. Biblical Foundation of Economics
2. Direct, Indirect Exchange and Market Prices
3. Economics as a Science
4. Exchange, Division of Labor, and Property Rights
5. Market Changes
6. Principles and Laws of Human Action
7. Entrepreneurship, Competition, and the Number of Sellers
8. Inflation and Recession
9. Interest and Profit
10. Macro - Economic Policy
11. Money and Its Purchasing Power
12. Prices of Factor of Production
13. Production, Capital, and Income Maximization
14. Production Structure and the Social Economy