A. General
Teaching objectives:
1.
To provide students with an understanding of fundamental economic concepts.
2. To provide students with a basic
understanding of macroeconomic theory.
3. To enhance the students' comprehension
of the role economic principles play in everyday consumer and business
activities.
4. To expand the students' understanding
of the business environment and expand their versatility in the work force.
5. To provide the economics foundation
required to facilitate the students' continued studies in economics and
business-related disciplines.
6. To expand the students' basic academic
competencies by employing varied learning activities through emphasizing
thinking, writing, computing, and communicating.
7. To expand students' critical thinking
skills by focusing on the concepts of abstract reasoning and logic.
B.
Specific Teaching objectives: Upon completion of this course, students
should be able to:
1. Discuss the significance of economics
as an academic discipline and in everyday life.
2. Discuss the methodology of economic
analysis.
3. Describe the pitfalls to valid economic
reasoning.
4. Explain the economic perspectives of
"choice," "rational behavior," and "benefit-cost comparisons."
5. Analyze two-dimensional graphs.
6. Determine the general and exact
relationship existing between two sets of economic data represented in a
two-dimensional graph.
7. Discuss the "economizing problem."
8. Explain the four types of economic
resources (factors of production0>
9. Explain opportunity costs and how they
are measured.
10. Explain the Law of Increasing
Opportunity Costs.
11. Explain allocative efficiency
12. Discuss the concept of
production-possibilities.
13. Discuss the four major types of
economic systems.
14. Discuss the concept of economic
"circular flow."
15. Explain the concepts of supply and
demand, and how supply and demand interact to determine equilibrium price
and output.
16. Discuss the economic questions of
"what", "how'", and "for whom" and how a capitalist system addresses these
issues.
17. Discuss the government's role in a
mixed economy.
18. Discuss the economic functions of
government.
19. Discuss the two types of government
expenditures.
20. Describe the concept of government
taxation and spending.
21. Explain specialization and comparative
advantage.
22. Describe the foreign exchange market.
23. Explain government and trade.
24. Discuss the basis of trade agreements.
25. Explain economic "circular flow" and
the interaction of households, businesses, government, and international
trade.
26. Explain national income accounting.
27. Define the national income accounts.
28. Explain the business cycle
29. Describe the major types and causes of
unemployment.
30. Explain how to measure unemployment.
31. Explain the economic and non-economic
costs of unemployment.
32. Describe the major types and causes of
inflation.
33. Explain how to measure inflation.
34. Discuss and compare Classical Economic
Theory with Keynesian Economic Theory.
35. Discuss the aggregate expenditures
theory and the functions of consumption, savings, investment, and net
exports.
36. Discuss the determination of
equilibrium national output.
37. Explain the leakages/injections
approach to determining national income and output.
38. Explain the aggregate expenditures
function and the multiplier effect.
39. Explain aggregate demand and aggregate
supply.
40. Discuss aggregate demand/supply in
relationship to the aggregate expenditures function and the determination of
equilibrium national output.
41. Discuss the Employment Act of 1946.
42. Discuss fiscal policy.
43. Discuss the major problems associated
with fiscal policy.
44. Define "money".
45. Define the types and functions of
money.
46. Explain the supply and demand for
money.
47. Describe the money market.
48. Discuss the U.S. financial system.
50. Explain how banks "create money/"
51. Discuss monetary policy.
52. Describe the methods and effectiveness
of monetary policy.