Although divided into two main areas, all of economics pertains to one overarching problem: the ability of human wants to outstrip available resources. Topics covered under "macro" economics are national income measures, business cycles, unemployment, inflation, economic growth and development, monetary and fiscal policy, government debt: the United States banking system, and international trade and finance. "Micro" economics focuses on household, business, and some government decision-making. Topics include the functioning of markets under perfect (supply-and-demand) and imperfect competition, antitrust and regulation, environmental policy, and the distribution of personal income and wealth.
Economics Student Learning Outcomes
Econ 2: Principles of Macroeconomics:
- Using employment and national income statistics students will be able to describe and analyze the economy in quantitative terms.
- Students will be able to utilize a simple contemporary economic model such as the aggregate supply/aggregate demand model and describe the interrelationships among prices, income and interest rates as they affect consumption, saving and investment.
- Students will be able to explain and evaluate the economic challenges of unemployment, inflation, and economic growth.
- Students will be able to describe the contemporary banking and monetary system, and analyze the role of money, credit, and Federal Reserve monetary policy.
- Students will be able to assess the historical and contemporary use of monetary and fiscal policy.
- Students will be able to describe the role of international trade and finance on domestic economic activity.
- Students will be able to identify and analyze the factors that contribute to or hinder economic growth and development.
Econ 4: Principles of Microeconomics:
- Define scarcity, and show how it relates to the concepts of choice and cost;
- Outline the role of comparative advantage in exchange;
- Identify the key elements of the demand and supply model and use the model to critically analyze real world examples.
- Explain the role of prices in allocating goods, services and factors of production;
- Define and apply the concept of elasticity;
- Explain the economic behavior of individual firms in the short run and long run;
- Use microeconomic models to illustrate how prices and output are determined in various market structures (perfect competition, monopoly, imperfect competition);
- Define economic efficiency and compare the implications for economic efficiency under different market structures; and
- Identify instances of market failure and evaluate alternative strategies to improve outcomes.
Econ 11: International Political Economy:
- Identify various countries' political systems and analyze the relationship to the accompanying economic systems.
- Compare and contrast different countries' political economies.
- Identify international organizations and understand their role in the global economy and on local economies.
- Distinguish between political and economic decisions.
- Utilize game theory to analyze political economic problems.
- Explain and compare purchasing power parity.
- Evaluate the effects of tariffs and quotas on trade.
- Define and enploy the concept of Comparative Advantage.
- Solve problems within international trade.