10809195Economics
Course Information
Description
This course is designed to give an overview of microeconomics, macroeconomics, and international economics. Concepts include scarcity, resources, alternative economic systems, growth, supply and demand, monetary and fiscal policy, inflation, unemployment and global economic issues.
Total Credits
3
Course Competencies
  1. Develop a framework of economic decision making
    Assessment Strategies
    Oral, Written or Graphic Assessment
    Criteria
    use marginal (Cost-Benefit) analysis in decision-making
    assess the effect of economics on contemporary public issues
    relate the circular flow model to production possibilities
    use economic terminology
    use economic models for analysis
    explain the relationship between scarcity and economic value
    analyze the concept of efficiency
    construct a Production of Possibilities Curve (PPC)
    analyze the Production Possibilities Curve (PPC) to identify trade offs
    evaluate opportunity cost
    compare and contrast economic systems
    analyze goals of market participants

  2. Apply supply and demand analysis
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    assess the role price plays in a market economy
    apply supply analysis to price determination
    apply demand analysis to price determination
    identify the determinants of supply
    identify the determinants of demand
    use supply and demand analysis to predict market outcomes
    analyze the impact of various institutions on economic outcomes
    examine the consequences of government intervention

  3. Analyze market failures within a capitalistic system
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    identify market failures
    determine the causes of market failures
    differentiate between positive and negative externalities
    differentiate between public and private goods
    evaluate potential solutions to market failures
    analyze accumulation of wealth
    analyze the role of government in addressing market failure

  4. Compare and contrast market structures
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    identify the characteristics for perfect competition
    identify the characteristics for monopolistic competition
    identify the characteristics of an oligopoly
    identify the characteristics of a monopoly
    analyze the similarities and differences among market structures
    analyze how market structures affect consumer decision making
    analyze how market structures affect business decision making

  5. Measure macroeconomic performance
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    define Gross Domestic Product
    define economic growth
    define unemployment
    define inflation
    predict fluctuations in the business cycle using macroeconomic variables
    identify macroeconomic outcomes using aggregate demand and aggregate supply model
    identify macroeconomic failures using aggregate demand and aggregate supply model
    describe the role of government in correcting macroeconomic failures

  6. Analyze fiscal policy
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    identify the tools of fiscal policy
    explain how fiscal policy tools affect economic growth
    explain how fiscal policy tools affect unemployment
    explain how fiscal policy tools affect inflation
    analyze pros and cons of selected fiscal policy
    apply fiscal policy tools to various real world scenarios
    compare and contrast budget deficit and national debt
    analyze the impact of fiscal policy on a country’s budget

  7. Analyze monetary policy
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    define the functions of money
    identify the tools of monetary policy
    explain how monetary policy tools affect economic growth
    explain how monetary policy tools affect unemployment
    explain how monetary policy tools affect inflation
    analyze pros and cons of selected monetary policy
    compare and contrast fiscal and monetary policy
    describe the role of the Federal Reserve system in implementing monetary policy
    explain the functions of the Federal Reserve system
    explain the composition of the Federal Reserve system

  8. Assess the impact of the globalization of economies
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    explain rationale for trade barriers
    analyze the basis for international trade
    compare alternative economic systems
    identify barriers to trade
    convert dollars to other currency(ies)