Catalog Description:

Reviews national income and output; employment and prices; money and credit; government finance; monetary and fiscal policy; economics growth and development; international finance.

Course Objectives or Competencies:

Upon completion of this course the student will be able to:

1. Define economics
2. Define the economizing problem, incorporating the relationship between limited resources and unlimited wants.
3. Differentiate between demand and quantity demanded; and supply and quantity supplied.
4. List and explain six important characteristics of capitalism.
5. Understand household, businesses and governmental units as the primary decision maker in our economy.
6. Recognize why international trade is vital to the U.S.
7. Full understanding of the GDP measurement.
8. Analyze unemployment and inflation.
9. Explain the basics of the classical view that the economy would generally provide full employment levels of output.
10. Describe and define the multiple effect.
11. Define aggregate demand and aggregate supply.
12. Explain the significance of fiscal policy and its effects on the economy.
13. List and explain the three functions of money.
14. Describe fractional reserve banking.
15. Identify the goals of monetary policy.
16. Contrast the classical and Keynesian views of the aggregate supply curve.
17. Explain why economic growth is important to any economy.
18. Differentiate between deficit and debt.

Course Outline:

1. Basic Economic Concepts
2. The Economics of National Product
3. The Economics of Money: Banks, the Federal Reserve and National Income
4. The Economics of Stagflation and Growth