Offers an overview of macroeconomics and microeconomics. Discusses markets, supply and demand equilibrium, firm decision making, aggregate output, monetary and fiscal policy, and the principles of international trade.
Goals, Topics, and Objectives
- Introduction to Economics
a. Define economics. b. Differentiate between microeconomics and macroeconomics.
- Production Possibilities and Opportunity Cost
a. Explain the central economic problem using the concepts of scarcity, opportunity cost, and tradeoffs. b. Use a production possibilities frontier to illustrate the concepts of scarcity, opportunity cost, and tradeoffs.
- Supply, Demand, and Market Equilibrium
a. Define the laws of supply and demand. b. Illustrate supply curves and demand curves. c. Employ supply curves and demand curves to explain the establishment of an equilibrium market price.
- Profit Maximization
a. Solve firm profit-maximization problems using graphic or numeric cost and revenue analysis.
- Market Structure
a. Define different market structures. b. Analyze the effects of market structure on price and quantity of output.
- Aggregate Output
a. Define Gross Domestic Product (GDP). b. Select the component(s) of GDP impacted by a given market transaction. c. Interpret the stages of the business cycle as they relate to GDP.<
- Unemployment and Inflation
a. Define unemployment and inflation. b. Explain the calculation of the unemployment rate and the calculation of the rate of inflation. c. Interpret the stages of the business cycle as they relate to unemployment and inflation.
- The Federal Reserve System and Monetary Policy
a. Explain the role of the Federal Reserve System. b. List the macroeconomic goals of the Federal Reserve System. c. Define monetary policy. d. Identify the Federal Reserve's monetary policy tools. e. Explain how the tools of monetary policy can impact an economic system.
- Fiscal Policy
a. Define fiscal policy. b. Identify the federal government's fiscal policy tools. c. Explain how the tools of fiscal policy can impact an economic system.
- Trade and Comparative Advantage
a. Differentiate between absolute advantage and comparative advantage. b. Evaluate arguments in favor of and against unrestricted international trade.
Assessment and Requirements
Students will be assessed through tests, quizzes, assignments, and/or class participation.