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About this courseSkip About this course
The successful operation of modern economics depends on the participation of economically literate citizens. An economically literate citizen should be able to identify problems, gather relevant information, weigh costs and benefits, analyze incentives, and make choices. Students successfully completing this course will be able to comprehend and use basic economic concepts, interpret major macroeconomic statistics, explain how both monetary and fiscal policy can be used to stabilize the economy, and discuss macroeconomic issues.
At a glance
What you'll learnSkip What you'll learn
- Comprehend and use basic economic concepts including supply and demand.
- Comprehend the variations in different economic systems.
- Calculate and interpret major macroeconomic statistics including GDP, unemployment rates, inflation rates and poverty rates.
- Analyze and evaluate the use of both monetary and fiscal policy to stabilize the economy, including taxing policies.
- Explain examples of major macroeconomic challenges and current trends as well as future trends as consumers and companies.
1. Define basic economic terminology
2. Explain and apply the concept of opportunity cost
3. Explain factors that cause economic growth and international comparative advantage using the concept of production possibilities curve
4. Describe the concept of GDP and GNP
5. Describe the various national accounting methods
1. Analyze the business cycle to determine the economy's temperature
2. Calculate and explain unemployment rate and the problems with interpreting that rate
3. Identify the types of unemployment and their relationship to full employment
4. Calculate and explain inflation rate and the problems with interpreting that rate
5. Identify the types of inflation and apply the theories of inflation
1. Compare the "isms" of economic systems
2. Analyze the circular flow
3. Describe and list the factors that led to the decline of the Soviet economic system
4. Describe and list the components and dynamics of the market system
5. Apply supply and demand analysis to real-world problems
1. Explain spending patterns using the consumption function
2. Interpret and assess the determinants of consumer spending
3. Distinguish the three types of business structures and explain the benefits and weaknesses of each
4. Interpret and assess the determinants of business spending and explain the role of inventories in business decisions
1. Analyze both graphically and arithmetically the expenditure function
2. Analyze the types of tax schemes and rationales for each
3. Explain and discuss the economic role of government
4. Examine the national debt and its impact upon the economy
5. Assess discretionary fiscal policy including lags and impacts
1. Explain the concept and functions of money
2. Analyze the demand for money
3. Explain the organization, functions and operation of the Federal Reserve
4. Explain money creation and destruction
5. Assess monetary policy and its impacts
1. Identify the three major economic philosophies of our time
2. Summarize the critiques of the major economic philosophies
3. Analyze the impact of international actors on the domestic economy
1. Describe the difference between economic growth and economic development.
2. Compare characteristics of the wealth of a nation.
3. Explain the concept of foreign investment and aid to other countries.