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.
Course Topics & Objectives
Week One: Principles Of Economics
Explain how the principles of economics affect decision-making, interaction, and the workings of the economy as a whole.
Compare and contrast market systems and the role of an economist within these systems.
Describe how the necessity of a good and the availability of substitutions impact price elasticity.
Determine how changes in price and quantity influence market equilibrium.
Week Two: Markets and Types of Goods
Explain how labor market equilibrium is affected by the supply and demand of labor.
Summarize the factors that affect labor supply and demand.
Compare and contrast public goods, private goods, common resources, and natural monopolies.
Describe the characteristics of competitive markets, monopolies, and oligopolies.
Week Three: Measuring Economic Health and Fiscal Policy
Describe the use of Gross Domestic Product (GDP) to measure the business cycle.
Describe the roles of the government bodies that determine national fiscal policies.
Explain the effects of fiscal policies on the economy’s production and employment.
Week Four: The Federal Reserve
Describe the purpose and function of money.
Explain how the central bank manages a nation’s monetary system.
Explain the effects of monetary policies on the economy’s production and employment....