This course introduces the fundamental theories of microeconomics and macroeconomics. The economic principles studied in this course apply to everyday life as students research an industry, debate issues with trade agreements, discuss the effects of a shift in labor supply and demand, and discuss the strengths and weaknesses of the Consumer Price Index calculation. In particular, students research an industry affected by the economy and perform an economic analysis of the chosen industry.
Explain how the principles of economics relate to decision making and the workings of the economy as a whole.
Compare and contrast economic systems.
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.
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 economy's production and employment.
The Federal Reserve
Describe theÂ purpose and functionÂ of money.
Explain how the central bank manages a nation's monetary system.
Explain the effects of monetary policies on the economy's production and employment.
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.
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Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.