Econ 2: Principles of Macroeconomics:
- Using employment and national income statistics students will be able to describe and analyze the economy in quantitative terms.
- Students will be able to utilize a simple contemporary economic model such as the aggregate supply/aggregate demand model and describe the interrelationships among prices, income and interest rates as they affect consumption, saving and investment.
- Students will be able to explain and evaluate the economic challenges of unemployment, inflation, and economic growth.
- Students will be able to describe the contemporary banking and monetary system, and analyze the role of money, credit, and Federal Reserve monetary policy.
- Students will be able to assess the historical and contemporary use of monetary and fiscal policy.
- Students will be able to describe the role of international trade and finance on domestic economic activity.
- Students will be able to identify and analyze the factors that contribute to or hinder economic growth and development.
Econ 4: Principles of Microeconomics:
- Define scarcity, and show how it relates to the concepts of choice and cost;
- Outline the role of comparative advantage in exchange;
- Identify the key elements of the demand and supply model and use the model to critically analyze real world examples.
- Explain the role of prices in allocating goods, services and factors of production;
- Define and apply the concept of elasticity;
- Explain the economic behavior of individual firms in the short run and long run;
- Use microeconomic models to illustrate how prices and output are determined in various market structures (perfect competition, monopoly, imperfect competition);
- Define economic efficiency and compare the implications for economic efficiency under different market structures; and
- Identify instances of market failure and evaluate alternative strategies to improve outcomes.