Scarcity and choice; elements of demand and supply, determinants of aggregate output, employment, inflation, growth, and international balance of payments. Prerequisite: basic algebra and graphing.
Consumers' and producers' influence on structure of output and prices and distribution of income. Social efficiency in resource allocation. Government impact on allocative efficiency and distributive equity. Prerequisite: 201.
Estimation and analysis of a variety of empirical econometric models. Descriptive statistics, univariate regression, multiple regression, simultaneous equations, and forecasting. Prerequisite: 201, 202, MATH 220, STAT 210 or higher level statistics class. All other substitutions (including AP Statistics) must be cleared through the Director of Undergraduate Studies for Economics.
The role of money, banking, and financial markets in the modern economy. Topics include: function and history of money, financial flows, evolving nature of banks and their regulation, monetary policy, modern central bank practices, effect of monetary policy on economic outcomes, and the response to financial crises. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.
Consumer behavior and the theory of demand; production, cost, supply functions; choices under uncertainty, insurance; competitive equilibrium; subsidies, taxes, price controls; monopoly and monopsony. Prerequisites: 201, 202, MATH 220.
Price discrimination and public utility pricing; monopolistic competition, oligopoly, duopoly models; game theory; factor demands; general equilibrium theory and welfare economics; information theory; externalities and public goods. Prerequisite: 310-1.
Macroeconomics and monetary policy. Behavior of economy as a whole. Income, inflation, unemployment, and growth; consumption, investment, and rate of interest; monetary and fiscal policy. Prerequisites: 201, 202, MATH 220.
Understanding of how humans make choices in economic situations. the incorporation of psychology and/or sociology into economics. Topics may include perceptions, judgment, biases, and social pressure. Prerequisites: 281, 310-1,2.
Price and efficiency performance of American industries representative of various types of market structures and practices. Prerequisites: 281, 310-1,2.
5 week early classes meet in period between June 25 to July 27 5 week late classes meet in period between July 30 and August 31 8 week classes meet in period between June 25 to August 17
For registration information contact:
Summer Session Northwestern University 405 Church Street Evanston, Illinois 60208-4220
