Economics is a comprehensive survey of the ways in which human decisions impact the world every day. Microeconomic concepts including supply and demand, business transactions, the fundamentals of work, and others offer students a glimpse into the effect of personal economic decisions upon the world. Macroeconomic concepts such as the fiscal policy of governments, trade, natural resource use, and other big picture topics offer a more broad view of the world’s economic systems. In its entirety, this course illuminates the ways in which people from around the world are connected to one another and their natural surroundings every day.
- Overview of key economic concepts
- The laws of supply and demand
- Market equilibrium and disequilibrium
- Economic decision making
- Labor and wages Economic systems
- Types of business
- The role of the entrepreneur
- Market failures
- Government intervention in the economy
- Investment strategies
- Explain that economics is about the allocation of scarce resources, that scarcity forces choice, that tradeoffs exist, and that every choice has an opportunity cost.
- Analyze how demand and supply for a good in a competitive market are determined and explain how demand and supply together determine equilibrium price.
- Analyze the roles and decisions of producers and consumers in a market.
- Formulate a Return on Investment Portfolio related to the cost of postsecondary education and training. Assess the role of prices in allocating scarce resources in market economies and explain the consequences of price controls.
- Explain how prices and outputs are determined in markets characterized by just one seller (monopolies), a few sellers (oligopolies), or many sellers of unique but similar products (monopolistic competition).
- Analyze the role of market failure in government decisions.
- Design a comprehensive investment strategy in order to meet personal short-term, mid-term, and long-term goals.