Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices.

This core course aims to help freshmen in the College of Management to build solid foundations of economic decision-making and policy analysis in the global context. With an integrated framework, the students are able to understand how various participants in the world economy interact under different settings. Focus is placed on optimal choices made by both private and public sectors, market structure implications across industries and countries, and dynamic impacts of macroeconomic business cycles. In addition to an extensive review of key terms in business, economics, and finance, this course links essential models in microeconomics and macroeconomics with practical application for solving professional and personal problems.

The main text is ECONOMICS by D. Karlan and J. Morduch, McGraw-Hill, Third Edition. Lecture notes and supplemental material for in-class discussions are to be distributed following the progress of the course.