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.