Economics Courses

Christian Leaders Institute Economics courses are often taken in conjunction with Business classes in order to prepare students with enterprise knowledge.

ECN 201 Introduction to Economics (3 credits)

This class teaches principles of economics based on the Austrian school of economics and applies these principles to practical entrepreneurship. This gives ministry-minded leaders valuable skills for reaching more people for Christ and providing for their families.

Outcomes:

  1. Apply Christian truths to economic issues and entrepreneurial calling. 
  2. Know basic economic concepts of supply, demand, market, profit, loss, and incentive.
  3. Understand the role of freedom, personal character, and vocation in entrepreneurship.
  4. Identify economic models that hamper freedom and entrepreneurship.
  5. Discern and develop one’s own capacity for starting and growing a business.

ECN 301 Microeconomics  (3 credits)

This course introduces economic analysis of individual, business, and industry choices in the market economy. Topics include the price mechanism, supply and demand, optimizing economic behavior, costs and revenue, market structures, factor markets, income distribution, market failure, and government intervention. Upon completion, students should be able to identify and evaluate consumer and business alternatives in order to achieve economic objectives efficiently.

Outcomes

Upon successful completion of the course, students will be able to: a) Understand that economics is about the allocation of scarce resources, that scarcity forces choice, trade-offs exist and that every choice has an opportunity cost. Demonstrate these concepts using a production possibility frontier diagram. b) Understand how comparative advantage provides the basis for gains through trade. c) List the determinants of the demand and supply for a good in a competitive market and explain how that demand and supply together determine equilibrium price. d) Understand the role of prices in allocating scarce resources in market economies and explain the consequences of price controls. e) Define an externality and a public good and why explain the presence of externalities and public goods make markets inefficient. Analyze various government policies aimed at solving these inefficiencies. f) Understand the costs of production and how profit-maximizing firms determine how much to produce. Be able to distinguish between long-run decisions and short-run decisions. g) Distinguish between perfect competition and imperfect competition and be able to explain the welfare loss in non-competitive markets.

ECN 302 Macroeconomics  (3 credits)

This course introduces economic analysis of individual, business, and industry choices in the market economy. Topics include the price mechanism, supply and demand, optimizing economic behavior, costs and revenue, market structures, factor markets, income distribution, market failure, and government intervention. Upon completion, students should be able to identify and evaluate consumer and business alternatives in order to achieve economic objectives efficiently.

Outcomes

  1. Understand that economics is about the allocation of scarce resources, that scarcity forces choice, trade-offs exist and that every choice has an opportunity cost. Demonstrate these concepts using a production possibility frontier diagram.
  2. Understand how comparative advantage provides the basis for gains through trade.
  3.  List the determinants of the demand and supply for a good in a competitive market and explain how that demand and supply together determine equilibrium price.
  4. Understand the role of prices in allocating scarce resources in market economies and explain the consequences of price controls. 
  5. Define an externality and a public good and why explain the presence of externalities and public goods make markets inefficient. Analyze various government policies aimed at solving these inefficiencies. 
  6. Understand the costs of production and how profit-maximizing firms determine how much to produce. Be able to distinguish between long-run decisions and short-run decisions.
  7. Distinguish between perfect competition and imperfect competition and be able to explain the welfare loss in non-competitive markets.