If you complete this course and do well, you will be able to:

Communication

Effectively communicate economic theory and concepts.

Problem Solving

Identify and solve problems using microeconomic 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 a 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 AD/AS Model.

Fiscal Policy

Topics: Government Spending; Taxation; Changes to AD/AS 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 AD/AS Model.
• Illustrate the impact of the fiscal multiplier on the AD/AS Model.

Monetary Policy

Topics: Money; Banking; Federal Reserve; Tools of Monetary Policy; changes to AD/AS 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 AD/AS 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.