xeco212 | undergraduate

Principles Of Economics

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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.

This undergraduate-level course is 9 weeks This course is available to take individually or To enroll, speak with an Enrollment Representative.

Course details:

Credits: 3
Continuing education units: XX
Professional development units: XX
Duration: 9 weeks

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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.

    Fiscal Policy

    • Explain the effects of fiscal policies on the economy’s production and employment.
    • Compare the impact of government spending and taxes on the economy.

    International Trade

    • Define absolute and comparative advantage.
    • Describe the influences affecting foreign exchange rates.
    • Debate issues surrounding international trade.
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