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Introduction to Economics
- Explain how economic principles are related to micro decision making as well as macro workings of the economy.
- Determine how changes in supply and demand influence price, quantity, and market equilibrium.
- Compare economic models and economic systems.
- Justify the various types of elasticities.
- Describe the four different types of market structures.
- Examine American industries to the applicable market structure in which they are associated.
- Discuss the importance of competition within an economy.
- Compare public and private goods.
Microeconomics and Macroeconomics
- Discuss the power of consumer choice and the impact it has on the macroeconomy.
- Explore both positive and negative externalities and the effects on the economy.
- Examine the four main components of macroeconomics: inflation, interest rates, unemployment and GDP.
- Determine what constitutes economic growth of a country in the short term and long term.
Fiscal and Monetary Policy
- Determine the role and objective of fiscal and monetary policy on the macroeconomy.
- Explain the effects of fiscal and monetary policy on economic productivity employment.
- Discuss how government utilizes tax revenue to maximize social welfare.
- Explore how money is created, distributed and monitored by the Federal Reserve.
- Determine the factors, challenges, and gains involved in international trade.
- Discuss the effects of limitations and obstacles involved for countries involved in international trade.
- Examine specific countryâs absolute and comparative advantage and the impact it has on international trade.
- Describe the influences affecting foreign exchange rates on trade.
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