Elements of Economics
I. Course Prefix/Number: ECO 110
Course Name: Elements of Economics
Credits: 3 (3 lecture; 0 lab)
III. Course (Catalog) Description
IV. Learning Objectives
B. Derive and graph the demand and supply curves.
C. Compute GDP and GDP per capita.
D. Critique the role of the government in markets and its impact on the markets.
E. Identify financial institution and financial markets and how they work, including the Federal Reserve and its impact on our economic growth.
F. Measure inflation and unemployment and explain how those statistics are calculated.
G. Analyze the impact of international trade, international money supply and economic development on developed and underdeveloped countries
V. Academic Integrity and Student Conduct
• plagiarism (turning in work not written by you, or lacking proper citation),
• falsification and fabrication (lying or distorting the truth),
• helping others to cheat,
• unauthorized changes on official documents,
• pretending to be someone else or having someone else pretend to be you,
• making or accepting bribes, special favors, or threats, and
• any other behavior that violates academic integrity.
There are serious consequences to violations of the academic integrity policy. Oakton's policies and procedures provide students a fair hearing if a complaint is made against you. If you are found to have violated the policy, the minimum penalty is failure on the assignment and, a disciplinary record will be established and kept on file in the office of the Vice President for Student Affairs for a period of 3 years.
Please review the Code of Academic Conduct and the Code of Student Conduct, both located online at
VI. Sequence of Topics
1. Factors of production
2. Economic payments
3. Economic questions
II. Price Theory and Application
A. Forms of Competition
1. Free Market
2. Monopolistic Competition
3. Oligopoly and Monopoly
d. Antitrust legislation
B. Costs of Production
1. Behind the supply curve
2. Profit as a function of cost
3. Determination of factor prices
a. How wages, rent, interest are determined
b. Importance of technology
III. The Role of Government
1. Historical perspective
1. Historical perspective
2. Size and nature of government spending
3. Influence upon the economy through regulation
C. Recent government policy
2. Fiscal policy
3. Monetary policy
IV. Money and Banking
2. Money creation
C. The Federal Reserve System
1. Historical development
V. Current Economic Issues
1. Importance and effects
2. Recent criticisms of economic growth
VI. International Economics
A. International Trade
2. Politics of trade
3. Current problems
4. Free v. restricted trade
5. Balance of payment
B. International Monetary System
2. Convertible currencies
3. The dollar
a. Past role
b. Current difficulties
4. The IMF
C. Economic Development
1. Underdeveloped economies
2. Development needs
3. Sources of development assistance
4. Outlook and evaluation
VII. Methods of Instruction
Course may be taught as face-to-face, hybrid or online course.
VIII. Course Practices Required
In addition, students are expected to be able to:
A. understand and use charts and graphs.
B. do graphical analysis
C. write clearly and correctly at a college level.
D. do mathematics at the level of high school algebra, such as solving linear equations.
E. Course may be taught as face-to-face, media-based, hybrid or online course.
Students will be required to write outside of class the equivalent of 12 15 typed pages of material that will be graded. This writing may take the form of a research or term paper, summaries of Journal articles, and/or a series of shorter analytical papers.
IX. Instructional Materials
X. Methods of Evaluating Student Progress
XI. Other Course Information
If you have a documented learning, psychological, or physical disability you may be entitled to reasonable academic accommodations or services. To request accommodations or services, contact the Access and Disability Resource Center at the Des Plaines or Skokie campus. All students are expected to fulfill essential course requirements. The College will not waive any essential skill or requirement of a course or degree program.
Oakton Community College is committed to maintaining a campus environment emphasizing the dignity and worth of all members of the community, and complies with all federal and state Title IX requirements.
Resources and support for
- pregnancy-related and parenting accommodations; and
- victims of sexual misconduct
Resources and support for LGBTQ+ students can be found at www.oakton.edu/lgbtq.