Upon completion of the course under each topic, you will be able to:

Communication
  • Effectively communicate economic theory and concepts.  
    • Problem Solving 
  • Identify and solve macroeconomic problems using economic theory and methodology.
    • Introduction to Economics Topics: Scarcity; Choice; Opportunity Costs; Comparative and Absolute Advantage  
  • Illustrate the impact of scarcity and choice with economic models.
  • Analyze the differences between comparative and absolute advantage and demonstrate how trade can be beneficial with both.
    • Demand and Supply Topics: Demand; Supply; Market Equilibrium 
  • Apply the demand and supply model.
  • Analyze the impacts of the determinants on the demand and supply models.
  • Illustrate market equilibrium on the demand and supply model.
  • Analyze the impact of market failure on demand and supply.
    • Measurements of the Economy Topics: GDP; Unemployment; Inflation; Economic Growth  
  • Define gross domestic product, inflation, unemployment, economic growth and how they are measured.
  • Analyze the different types of GDP, inflation, unemployment and how they impact each other.
  • Analyze the impacts of inflation and unemployment on economic growth.
  • Compute statistical data to measure the status of the economy.  
  • Identify the differences in Classical, Keynesian and Austrian approaches to utilizing these metrics.
    • Aggregate Demand Aggregate Supply Model Topics: Aggregate Demand; Aggregate Supply; Equilibrium  
  • Interpret the impact of determinants of the Aggregate Demand Aggregate Supply Model.
  • Illustrate the changes on the ADAS Model.
    • Fiscal Policy Topics: Government Spending; Taxation; Changes to ADAS Model  
  • Analyze the impacts of fiscal policy on the economy.
  • Demonstrate the fiscal policy tools used to adjust the economy (government spending, taxation).
  • Illustrate the changes from fiscal policy on the ADAS Model.
  • Illustrate the impact of the fiscal multiplier on the ADAS Model.
    • Monetary Policy Topics: Money; Banking; Federal Reserve; Tools of Monetary Policy; changes to ADAS Model  
  • Analyze the impacts of monetary policy on the economy.
  • Demonstrate the monetary policy tools used to adjust the economy (open market operations, discount rate, required reserve ratio, interest on reserves, loanable funds market).
  • Illustrate the changes from monetary policy on the ADAS Model.
    • International Trade Topics: Comparative Advantage; Exchange Rates; Barriers to Trade; Trade Agreements 
  • Examine the economic principles underlying international trade.
  • Analyze exchange rates.
  • Analyze the impact of international trade on the domestic economy and purchasing power parity on GDP.
  • Illustrate the impact of international trade on the ADAS Model.
  • Illustrate the relationship between capital flows and trade deficits/surpluses.