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.
Evaluate the effects of government policy on economic behavior.
Debate issues surrounding international trade.
Describe the influences affecting foreign exchange rates.
Define absolute and comparative advantage.
The Federal Reserve
Explain the effects of monetary policies on the economy’s production and employment.
Explain how the central bank manages a nation’s monetary system.
Describe the purpose and function of money.
Measuring Economic Health and Fiscal Policy
Explain the effects of fiscal policies on the economy’s production and employment.
Describe the roles of the government bodies that determine national fiscal policies.
Describe the use of gross domestic product to measure the business cycle.
Markets and Types of Goods
Describe the characteristics of competitive markets, monopolies, and oligopolies.
Compare and contrast public goods, private goods, common resources, and natural monopolies.
Explain how labor market equilibrium is affected by the supply and demand of labor.
Principles of Economics
Determine how changes in supply and demand influence price, quantity, and market equilibrium.
Describe how the necessity of a good and the availability of substitutes impact price elasticity.
Compare and contrast economic systems.
Explain how the principles of economics relate to decision making and the workings of the economy as a whole.
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While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with a University Enrollment Advisor.
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.