Students will be able to describe how prices reflect the answers to the basic economic questions, and illustrate, interpret, and predict changes to equilibrium using the demand and supply model. Students will be able to illustrate and explain the costs of production, identify the differences between market structures, and analyze the control the firm has over price. Students will be able to identify situations of market failure and evaluate the costs and benefits of government intervention when market failure is present. The BIG picture. Students will be able to interpret the economy's macroeconomic performance by evaluating macroeconomic measurements of output, prices and employment.
Money makes the world go round.
Students will be able to evaluate the impact of monetary policy actions on the economy's macroeconomic performance. Students will be able to compare and contrast fiscal and monetary policy actions and illustrate and predict the impact these actions may have on the macroeconomy using the aggregate demand and aggregate supply model. Students will be able to discuss the rationale for international trade, evaluate the impact of policies that restrict trade, and analyze the effects on trade of a change in exchange rates. Lecture, discussion and group activities will be used. Academic dishonesty includes, but is not limited to plagiarism, fabrication, and cheating.