Graphically determine the equilibrium price and quantity within a market and explain why this price and quantity traded is equilibrium.Ħ. Describe what causes an increase and decrease in supply and express this graphically.ĥ. Define supply and derive a supply curve.Ĥ. Describe what causes an increase and a decrease in demand and express this graphically.ģ. Define demand and derive a demand curve.Ģ.
Demonstrate the use of demand and supply analysis in equilibrium price and quantity determination in any market.ġ. Describe the circular flow model of economic activity. List the ingredients for economic growth. Define opportunity cost, scarcity, productive and allocative efficiency, and economic growth, and illustrate these concepts in the context of the Production Possibilities Model.į. List economic resources and explain why they are scarce.Į. Contrast macroeconomics and microeconomics.ĭ. Contrast positive from normative economics.Ĭ. Define economics and describe what economists do.ī. Contrast floating and fixed exchange rates.Ī. Describe the balance of payments for a nation.Ĥ. Identify the role of exchange rate determination in internationalĢ. Outline the role of trade negotiations in international trade.ġ. List and describe protectionist policies.ģ. Summarize the role of specialization and comparative advantage inĢ. Contrast Keynesian and Monetarist recommendations for the use ofġ. Describe the structure and the functions of the Federal Reserveĥ. Summarize the role of commercial banks in money creation.ģ. When addressing national economic problems.Ģ. Outline alternative recommendations to the Keynesian approach Summarize Keynesian fiscal policy recommendations when addressingĢ. Summarize supply-side approaches to addressing national economicġ. Describe aggregate demand and supply analysis in national incomeģ. Contrast Classical and Keynesian approaches to the business cycle.Ģ. Outline the components of national income.Ĭ. Define economic growth and list the ingredients for economicģ. Define the different types of inflation.ģ. Define the different types of unemployment.Ģ. Summarize cause of poverty and possible remedies.ġ. Summarize the effects of labor unions in labor markets.Ģ. Describe how wages are determined in labor markets.ģ. Demonstrate the use of demand and supply analysis on the contextĢ. Describe environmental protection policies.ġ. Summarize the role of government in regulating business.Ĥ. Summarize the effects of firm behavior under different marketĬ. Describe the behavior of the profit maximizing firm within pureĬompetition, pure monopoly, oligopoly and monopolistic competition.Ħ. Outline the characteristics of the four market structures.ĥ. Define diminishing returns and production costs.Ĥ. Describe the economic functions of the firm.ģ. Define marginal utility and describe its role in effectingĢ. List and describe the market failures associated with capitalismĪnd describe governmental attempts to correct them.Ģ. List and explain the pros and cons associated with capitalism.Ģ. Outline the effects of changes in demand and supply on prices andġ. Explain the determinants of demand and supply.Ĥ.
Describe the Circular Flow of Income model.ģ. Explain how markets function using supply and demand analysis.ġ.
Describe the Production Possibilities Model.ĭ. Summarize the tradeoffs within an economy and define theĢ. Summarize the role of statistics and the use of economicġ. Describe the theorizing or model-building process.Ĥ. Summarize the methodology of economics.Ģ. Describe the fundamental economic questions.ī. Title IX - Report Sexual Harassment/Misconductġ.Web Development and Digital Media (WEB).
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