This course is designed to help beginning economics students comprehend the principles essential for understanding the basic economizing problem and specific economic issues, such as, unemployment, inflation and the process by which prices, in competitive markets, are determined. Students will also study key aspects of International Economics, it's importance and impact on the domestic economy. This course will also assist students to understand and reason accurately and objectively about economic matters.
Upon successful completion of this course, students should be able to:
Understand the meaning of key economic terms and describe the categories of economic resources.
Apply Production Possibilities Curve Analysis to explain Increasing Opportunity Cost and Economic Growth.
Describe the laws of Demand and Supply and how they interact to determine market equilibrium.
Explain how the economy can be assessed through national income accounts (GDP, NI, PI, DI).
Describe four phases of Business Cycle and different types of unemployment and how to calculate the Unemployment rate.
Describe different types of inflation and hyperinflation and their impact on economy.
Describe how Aggregate Demand and Aggregate Supply model is used to analyze economic fluctuations.
Describe comparative advantage and demonstrate how specialization and trade will increase nation's output and contribute to Economic Growth.
Describe different types of trade restrictions and arguments for and against free trade.
Identify and evaluate the economic consequences of different trade policies.
Understand how exchange currency market works and how exchange rates are determined.
Assess the significance of international trade and finance for the U.S. and world economies.
Evaluate economic instability and fiscal policy through classical Keynesian and monetarist models.
Explain how financial markets, the Federal Reserve System and the banking system interrelate in monetary policy.
College Academic Learning Goal Designation: Global Understanding (GU)