ECON 103 at the University of Maryland Global Campus is a three-credit survey of basic micro- and macroeconomics, with a twist. UMGC's course description says it looks at how the economy has been affected by technology, including consumers, producers, markets, economic growth and policy.
Students often meet it as a first economics course, so the difficulty is double: learning the core vocabulary and then applying it to topics such as digital platforms, automation and information as a good. The strongest answers define the concept first and the technology example second.
Course at a Glance
| Item | Details |
|---|---|
| University | University of Maryland Global Campus (UMGC) |
| Course code | ECON 103 |
| Credits and level | 3 credits, undergraduate |
| Prerequisites | None listed in the course description |
| Subject area | Introductory economics and technology |
| Typical work | Discussions, short analyses, quizzes or exams (confirm in your syllabus) |
What ECON 103 Covers
The official description names the following. Each is a place where basic theory meets a technology question.
| Topic (UMGC) | What it asks you to do |
|---|---|
| Basic micro- and macroeconomics | Define key terms and concepts |
| Effects on consumers, producers, markets | Show how technology changes costs, prices and choices |
| Innovation and labor markets | Explain how new technology shifts demand for skills |
| Value of information | Treat information as something with a price and a cost |
| Technological change and growth | Link innovation to productivity and policy |
Key Concepts Explained
Technology Shifts Supply
A cost-saving technology lets firms produce more at each price, shifting the supply curve right. With demand unchanged, price falls and quantity rises.
Example: Cloud tools lower the cost of running a small online shop. Supply of small online retail services shifts right, so prices for these services fall and more sellers enter the market.
Information as an Economic Good
Information is costly to produce but often cheap to copy. That is why firms charge for it through subscriptions or advertising rather than per copy, and why asymmetric information, where one side knows more, can distort markets.
Productivity and Growth
Economic growth rises when output per worker rises. Technology can raise productivity, but gains may be uneven across workers and industries.
Example: If output per hour rises from $40 to $42, productivity grew by 2 / 40 = 5%. A good answer then asks who benefits: workers, owners or consumers through lower prices.
Typical Assignments and How to Approach Them
| Assignment type | What it tests | How to approach it |
|---|---|---|
| Discussion posts | Applying a concept to a real case | Define, apply, then add a source |
| Short analysis papers | Linking theory and technology | One concept, one example, one conclusion |
| Graph exercises | Supply and demand shifts | Label and explain each shift |
| Quizzes or exams | Vocabulary and reasoning | Make flashcards and practice graphs |
Writing About Technology and Markets
Most written tasks in this course ask for an economic explanation of a technology story. A simple structure keeps you on track: name the technology, name the market it affects, identify the economic mechanism, and give a short conclusion about winners and losers.
Example: Take online ride platforms. The technology lowers the cost of matching drivers with riders (mechanism: lower search costs). Supply in the local transport market rises, fares fall and quantity increases. Winners include riders and some drivers; losers may include incumbents with fixed licenses. A closing sentence can note that the long-run effect depends on regulation and competition.
Questions to Ask of Any Example
- Did the technology change costs, demand, or the information buyers and sellers have?
- Which curve shifted, and in which direction?
- What happened to jobs and skills demanded in the affected labor market?
- What role, if any, should policy play?
Use credible sources for any claim about real firms or markets, and keep personal opinion separate from analysis. If the prompt asks for your view, support it with at least one mechanism and one piece of evidence.
Where Students Get Stuck
- Vague technology talk. Name the economic mechanism, such as lower cost or a new market.
- Confusing micro and macro. Ask whether you are describing one market or the whole economy.
- Opinion without evidence. Use credible data or published research.
- Skipping definitions. Start with the term the prompt uses.
Study Tips for ECON 103
- Learn the supply and demand model first; most topics rely on it.
- Collect two or three technology examples you can reuse across tasks.
- Write a short "mechanism" sentence for each: technology, cost or demand change, outcome.
- Check your syllabus for the exact required reading and citation style.
A Simple Study Plan
| Stage | Focus |
|---|---|
| Early | Scarcity, supply and demand, markets |
| Middle | Firms, labor markets, information |
| Late | Growth, productivity, policy and review |
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Frequently Asked Questions
UMGC lists it as a three-credit course.
The official course description lists none.
It surveys both micro- and macroeconomics in one course and focuses on technology and information.
Mostly basic graphs and percentages; the focus is on explaining concepts.
The description names the value of information and its role in markets.
Yes. We check structure, accuracy and referencing and explain our edits.