Basic economic theory is the foundation of this course, as students learn how fundamental decisions about the four factors of production are made. Key topics covered include the law of supply and demand; saving, borrowing, and spending; the Federal Reserve System and the money supply; and the role of government in an open market economy.
Students will be provided with the textbook Economics
When you have completed this course, you will be able to:
- Define economic laws and concepts.
- Apply economic laws and concepts from a variety of perspectives, including those of a typical consumer and producer.
- Compare the characteristics of prevalent economic systems as well as how each addresses basic economic questions.
- Describe how various markets function.
- Explain how and why labor unions were established as well as the role of labor in various economic systems.
- Analyze the role of government in the United States economy.
- Discuss methods of measuring economic growth and performance.
- Outline various economic developments from a global perspective.
- Explain the role of trade from a global perspective.
- Demonstrate an understanding of saving and investment principles.
TOPIC 1.1: Fundamentals of Economics
TOPIC 1.2: Economic Systems
TOPIC 1.3: Free Enterprise
TOPIC 2.1: Demand
TOPIC 2.2: Supply
TOPIC 2.3 Equilibrium and Price Controls
TOPIC 2.4: Competition and Market Structures
TOPIC 3.1: Forms of Business Ownership
TOPIC 3.2: Money, Banking, and Financial Markets
TOPIC 3.3: Money and Banking
TOPIC 3.4: Financial Markets
TOPIC 4.1: Gross Domestic Product
TOPIC 4.2: Economic Challenges
TOPIC 5.1: Taxes and Spending
TOPIC 5.2: Fiscal and Monetary Policy
TOPIC 5.3: The Federal Reserve System
TOPIC 6.1: International Trade
TOPIC 6.2: Economic Development