SDG Detail

ECON 151/151G : Understanding the Global Economy

Undergraduate course

Project description

Basic knowledge of economics is essential to be informed voters and citizens and to make sense of the world around us. This is a one-semester introductory course in economics, accessible to students with no prior exposure to economic concepts or frameworks. The focus will be on the major economic issues and phenomena that are routinely encountered in daily discussion of events in the media. The course is designed to provide essential disciplinary knowledge and practice, as well as to expose you to the other graduate profile capabilities. For example, when applying the analytical tools to major developments and challenges in the global economy (such as global warming and climate change, unemployment, inflation, etc.), you learn how to think critically and why individuals and organizations should take social and environmental responsibility seriously; by seeking out solutions to open-ended questions, you are expected to make thoughtful and independent judgement; by writing essays on current issues, you practice the writing skills that are crucial in the modern-day work-place.

Year 2022

Location New Zealand

Organization University of Auckland

Project aims

Project outcome

By the end of this course, students will be able to: Apply basic economic concepts and principles including opportunity cost, correlation versus causation, absolute vs. comparative advantage, extrinsic versus intrinsic motivation (Capability 1) Analyse the economic behaviours of individuals and organizations under various circumstances and assess the related welfare implications (Capability 2 and 3) Apply the concepts of externalities and property rights to the issues of sustainability and climate change (Capability 3 and 6) Interpret basic macroeconomic concepts including gross domestic product, consumer price index, inflation and unemployment, as well as evaluate the the role of government policy in stabilising business fluctuations (Capability 1 and 2) Develop a concise and structured essay on current economic and social phenomena, synthesising different perspectives and comparing alternative approaches (Capability 4.2 and 6) Reflect your own role as active knowledge co-creator in the learning process (Capability 4.2 and 5.1)