xeco212 | undergraduate
Principles Of Economics
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Price and Income Elasticity of Demand
- Describe the effect that the availability of substitutes has on price elasticity of demand.
- Explain the factors that affect supply and demand.
- Describe the effect that the necessity of a good has on price elasticity of demand.
Principles of Economics and Supply and Demand
- Explain the effects of the principles of economics on decision-making, interaction, and the workings of the economy.
- Determine the influence of price and quantity on market equilibrium.
- Compare and contrast positive and normative statements in economics.
Inputs to the Production Process and Costs
- Summarize the factors that affect labor supply and demand.
- Explain how firms determine whether or not to invest in additional capital or labor.
- Explain the effect of supply and demand of labor on labor market equilibrium.
Markets and Types of Goods
- Compare and contrast public goods, private goods, common resources, and natural monopolies.
- Describe the characteristics of competitive markets, monopolies, and oligopolies.
- Explain how firms determine the output and price that maximizes profits.
The Economy and Decision Making
- Analyze the effects of the principles of economics on decision-making, interaction, and the workings of the economy.
Measuring Economic Health
- Describe the use of Gross Domestic Product (GDP) to measure the business cycle.
- Define inflation, unemployment, and the interest rate.
- Describe the roles of the government bodies that determine national fiscal policies.
The Federal Reserve
- Describe the purpose and function of money.
- Explain the effect of monetary policies on the economy’s production and employment.
- Explain how the central bank manages a nation’s monetary system.
- Explain the effects of fiscal policies on the economy’s production and employment.
- Compare the impact of government spending and taxes on the economy.
- Define absolute and comparative advantage.
- Describe the influences affecting foreign exchange rates.
- Debate issues surrounding international trade.
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