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General topics covered are elasticity of demand and supply, pricing and production decisions of firms, concepts of marginal analysis and opportunity costs to consumer theory, and to the profit-maximizing behavior of firms. The course also reviews standard business organizational forms, stocks and bonds, and economic profit. Students will be introduced to necessary conditions for an economy to experience sustained, long-term growth, as well as the role of government in the economy.
Upon completion of this course, students should be able to:
1. Define scarcity, opportunity cost, elasticity of demand and supply, inflation, unemployment, and gross domestic product.
2. Identify a production possibility frontier and use the frontier to demonstrate the potential for growth in an economy and to illustrate the concept of opportunity cost.
3. Illustrate the process by which supply and demand for a product converge to market equilibrium.
4. Analyze price ceilings, price floors and tax burdens using the supply and demand model.
5. Define standard business organizational forms and economic profit.
6. Demonstrate with graphs the essential features of short-run and long-run production costs for firms.
7. Apply the concepts of marginal analysis and opportunity costs to consumer theory and to the profit-maximizing behavior of firms in both competitive and monopolistic markets and compare competition to monopoly on efficiency grounds.
8. Apply the model of aggregate supply and aggregate demand to make predictions about inflation and real gross domestic product.
9. Understand the necessary conditions for an economy to experience sustained, long-term growth.
10. Explain the money creation process.
11. Explain the mechanics of fiscal and monetary policies and evaluate how well various policies promote economic growth and stability.
Upon completion of this course, students should be able to:
1. Define scarcity, opportunity cost, elasticity of demand and supply, inflation, unemployment, and gross domestic product.
2. Identify a production possibility frontier and use the frontier to demonstrate the potential for growth in an economy and to illustrate the concept of opportunity cost.
3. Illustrate the process by which supply and demand for a product converge to market equilibrium.
4. Analyze price ceilings, price floors and tax burdens using the supply and demand model.
5. Define standard business organizational forms and economic profit.
6. Demonstrate with graphs the essential features of short-run and long-run production costs for firms.
7. Apply the concepts of marginal analysis and opportunity costs to consumer theory and to the profit-maximizing behavior of firms in both competitive and monopolistic markets and compare competition to monopoly on efficiency grounds.
8. Apply the model of aggregate supply and aggregate demand to make predictions about inflation and real gross domestic product.
9. Understand the necessary conditions for an economy to experience sustained, long-term growth.
10. Explain the money creation process.
11. Explain the mechanics of fiscal and monetary policies and evaluate how well various policies promote economic growth and stability.
