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The Federal Reserve
- Explain the effects of monetary policies on the economyâs production and employment.
- Describe theÂ purpose and functionÂ of money.
- Explain how the central bank manages a nationâs monetary system.
- Define absolute and comparative advantage.
- Describe the influences affecting foreign exchange rates.
- Debate issues surrounding international trade.
- Evaluate the effects of government policy on economic behavior.
Principles of Economic
- Explain how the principles of economics relate to decision making and the workings of the economy as a whole.
- Describe how the necessity of a good and the availability of substitutes impact price elasticity.
- Determine how changes in supply and demand influence price, quantity, and market equilibrium.
- Compare and contrast economic systems.
Markets and Types of Goods
- Explain how labor market equilibrium is affected by the supply and demand of labor.
- Compare and contrast public goods, private goods, common resources, and natural monopolies.
- Describe the characteristics of competitive markets, monopolies, and oligopolies.
Measuring Economic Health and Fiscal Policy
- Describe the use of gross domestic product to measure the business cycle.
- Describe the roles of the government bodies that determine national fiscal policies.
- Explain the effects of fiscal policies on the economyâs production and employment.
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