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The Role of Economics
- Evaluate the role economics plays in policy decisions at the Federal, state, and local levels.
- Assess the influence of economic theories and events on business and household decision making.
- Discuss the circular flow model of economic activity.
Economies and Economic Function
- Differentiate among closed, mixed, and market economies.
- Analyze the effects of government intervention on the functioning of an economy.
- Analyze the role of a central bank on an economy.
Market Structure, Competition, Production, & Pricing
- Analyze the influence of market structure on profitability and loss.
- Determine ways to create non-price barriers to entry based on market structure.
- Determine ways to increase product differentiation based on market structure.
- Determine ways to reduce costs for an organization.
- Determine the economyâs stage in the business cycle.
- Evaluate the effect of government, business, and consumer spending behavior on business cycles.
- Discuss fiscal policies available to moderate business cycle swings.
Credit Markets and Globalization
- Evaluate the monetary policy tools used by the Federal Reserve.
- Determine the contributions of international trade to the strength of the economy and worldwide business cycles.
- Differentiate among specialization, absolute, and comparative advantage.
Applying Economic Concepts to Improve Business Decisions
- Assess tools available to improve business forecasts.
- Apply economic concepts to make business decisions.
- Evaluate challenges of expanding into international markets.
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