May 25, 2024  
2023-2024 College Catalog and Student Handbook 
2023-2024 College Catalog and Student Handbook
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ECON 1010 - Introduction to Economics

Academic Division:

Business, Industry and Technology

Academic Discipline:


Assistant Dean: Vincent Palombo PhD
3 Credit(s)
This course covers four topic areas: a) basic economic terms in microeconomics, b) basic economic terms in macroeconomics, c) a historical overview of major economic ideas and d) an exploration of a variety of economic issues. This course is recommended for students who desire a one term survey course in economics. In this course students shall be challenged to think critically and to formulate independent and well-considered conclusions about a variety of economic issues and policies at a personal level as well as at the national level. Upon completion of this course students shall be better equipped to rationally participate in current economic policy debates by understanding the historical evolution of economic system, institutions and ideologies. (OTM for Social and Behavioral Sciences TMSBS) UG
3 Lecture Hour(s);
College Wide Outcomes
College-Wide Learning Outcomes Assessments - - How it is met & When it is met
Communication – Written Written Communication VALUE Rubric Week #9
Communication – Speech  
Intercultural Knowledge and Competence  
Critical Thinking  
Information Literacy  
Quantitative Literacy  


Student Learning Outcomes for Course
Outcomes Assessments – How it is met & When it is met
1. Define basic economic terms and concepts.

Assessed by:

a) written weekly class discussion posting on Canvas LMS

b) weekly homework assignments and

c) weekly chapter quizzes.

[Weeks 2 through 15]


a) Discuss how the subjective (individual) nature of value, wealth, capital and time-preference gives rise to objective (group-determined) prices, and create specific quantities of goods and services in the marketplace.

b) Describe and graphically illustrate the concept of supply, demand & price equilibrium.

c) Describe the mechanics of shortages and surpluses resulting from price controls.

Assessed by:

a) written class discussion posting on Canvas

b) homework assignments and

c) chapter quizzes.

[Weeks 2 through 7]


a) Discover how and why one scarce commodity (called money) is utilized in virtually every transaction and illustrate how the resulting monetary exchange rate (prices) provides society with essential information for making wise personal and national economic decisions.

b) Describe the role of commercial banking and central banking in our modern economy.

c) Explore the historical role of the dollar in international trade since the Bretton Woods Conference.

d) Compare and contrast (micro) personal debt with the (macro) concept of national debt.

Assessed by:

a) written class discussion posting on Canvas

b) homework assignments and

c) chapter quizzes.

[Weeks 8 through 12]


a) Recognize the role of entrepreneurial risk-taking in their quest for economic reward through mutually beneficial transactions.

b) Explain how economic freedom (personal & national) and economic prosperity are related through the use of Adam Smith’s metaphor of the Invisible Hand in its graphical representation of Supply and Demand analysis.

c) Define, compare and contrast fiscal policy and monetary policy.

d) Discuss the differing economic policy views of Classical, Keynesian, Monetarist, Austrian and Public Choice schools of thought.

e) Explain the definition, evolution, role and importance of money and banking and its relationship to inflation and the business cycle.

Assessed by:

a) written class discussion posting on Canvas

b) homework assignments and

c) chapter quizzes.

[Weeks 4 through 15]


Standard Grading Scale
93-100      A

90 - 92      A-

87- 89       B+

83 - 86      B

80 -82       B-

77- 79       C+

73 - 76      C

70 -72       C-

67- 69       D+

63 - 66      D

60 -62       D-

00- 59       F

Statement on Diversity
North Central State College believes that every student is a valued and equal member of the community.*  Every student brings different experiences to the College, and all are important in enriching academic life and developing greater understanding and appreciation of one another. Therefore, NC State College creates an inclusive culture in which students feel comfortable sharing their experiences. Discrimination and prejudice have no place on the campus, and the College takes any complaint in this regard seriously. Students encountering aspects of the instruction that result in barriers to their sense of being included and respected should contact the instructor, assistant dean, or dean without fear of reprisal. 

*Inclusive of race, color, religion, gender, gender identity or expression, national origin (ancestry), military status (past, present or future), disability, age (40 years or older), status as a parent during pregnancy and immediately after the birth of a child, status as a parent of a young child, status as a foster parent, genetic information, or sexual orientation, 

Standard NCSC Course Policies
Important information regarding College Procedures and Policies can be found on the syllabus supplement located at this link



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