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Course Objectives
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"The ideas of economists and political philosophers, both
when they are right and when they are wrong, are more
powerful than is commonly understood. Indeed, the world is
ruled by little else. Practical men, who believe themselves
to be quite exempt from any intellectual influences, are
usually the slaves of some defunct economist."
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John Maynard Keynes -
Economist 1883 - 1946
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This is an introductory level course. At the completion of this course, you should be able
to:
- Identify the basic principles involved in the economic way of thinking.
- Analyze the economic relationships that exist in a market economy.
- Identify the basic economic problem of scarcity and choice.
- Describe and give examples of traditional, command, and market systems in an economy.
- Describe the market conditions of regulation and deregulation.
- State what demand and supply schedules show.
- Explain how market prices are determined.
- Describe the behavior of buyers and sellers under different market models.
- List and describe the determinants of demand and the determinants of supply.
- Distinguish between shifts in supply and demand and changes in quantities supplied and demanded.
- Define price ceilings and price floors
- Apply marginal analysis in economic decision-making.
- Explain and give examples of the law of diminishing returns, production possibilities curves and the law of marginal productivity.
- Define key indicators of economic performance (real GDP, CPI, unemployment.
- State the principal broad goals of our economy.
- State which groups in the population gain and which groups lose from unanticipated inflation.
- Define fiscal policy, regressive, progressive, flat, and proportional taxes, budget debts, deficits and surpluses.
- Describe the Federal Reserve System and define monetary policy, open market operations, discount rate and reserve requirements.
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