ECN550 - Economics: An Overview

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Last revision date 2018-09-24 00:16:48.451
Last review date 2018-11-07 06:23:36.692

Subject Title
Economics: An Overview

Subject Description
This course introduces economic principles relating to Canada's mixed market economy and uses these principles to examine current economic issues including the nature of markets, employment, the level of economic activity, the structure of industry, international trade, and the appropriate role of government in the Canadian economy.

Credit Status
Economics 550 is a required credit subject in the Marketing Program. Where it is not a required subject, it may be taken as a General Education elective credit in the Sciences and Social Sciences category.

Students who must take either BUS400 of BUS401 are NOT permitted to take ECN550 for credit.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Describe the significance of economic concepts, understand the terminology used in economics, and apply economic procedures and methodology.

2. Understand the essence of the economizing problem, economic efficiency and economic growth.

3. Explain the laws of supply and demand, how they interact, and how equilibrium is achieved.

4. Discuss how markets function and how prices and output levels are determined.

5. Understand the features of institutions in a market economy, the use of economic resources, specialization and the use of money.

6. Discuss the twin problems of macroeconomics: unemployment and inflation and explain the main aspects of the business cycle.

7. Demonstrate an understanding of the importance of the ability to measure economic performance and outline the methods used to measure the level of domestic output, national income and prices.

8. Describe and understand how government fiscal policy is formulated and applied for the purpose of achieving macroeconomic stability.

9. Describe the functions of money, the Bank of Canada's definition of the money supply, and the tools and objectives of monetary policy.

10. Understand the significance of economic growth, and the policies used to achieve it.

11. Understand the meaning of debt and deficit and assess their impact on domestic investment and international trade.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on for further information regarding cheating and plagiarism policies and procedures.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.