Economics

Course Information

Course Title - Economics

Course Description

Presents students an opportunity to: develop a rationale for economics, utilize effective economic decision making, contrast economic systems and markets, analyze the role of government in regulating our economy, and assess the impact of a global economy.

Textbooks

ECONOMICS

Author:    Stephen Slavin
Publisher:    McGraw-Hill
Copyright:    2002
Edition:    6th
Pages:    924
ISBN:    0--7-237409-8
Required:    Yes

Course Prerequisite

none

Performance Expectations

Goals

1    To recognize the significance of Economics and it's importance in our everyday lives.

Competencies - Course Level

1.    Develop a rationale for economics.

Criteria - Performance will be satisfactory when:
o    learner will achieve 70% acccuracy.
Conditions - Competence will be demonstrated:
°    through a Multiple Choice / PROBLEMS Test with the use of the textbook within one class hour.   
Learning Objectives
1. Define Economics.
2.Give examples of scarcity.
3. Identify four examples of economic resources.
4. Explain opportunity cost.
5. Define full production and employment.
6. Explain and provide examples of underemployment.
7. Draw and explain a production possibility curve.
8. Explain and give examples of the law of diminishing returns.
9. Explain and give examples of the law of increasing costs.
10. Explain economies of scale.
11. Identify four economic resources and examples of each.

2.    Contrast economic systems.

Criteria - Performance will be satisfactory when:
o    learner has 100% accuracy in identifying 1. four major economic systems. 2. Ownership of the means of production. 3. What and how much is produced. 3. Price of product .
Conditions - Competence will be demonstrated:
°    Competence will be determined by drawing a graph without any reference materials.   
Learning Objectives
1. Give reasons for economic systems .
2. Define capitalism.
3. Define socialism.
4. Define communism.
5. Define fascism.
6. Compare systems for similarities and differences

3.    Apply supply and demand analysis to price determination.

Criteria - Performance will be satisfactory when:
o    learner willl achieve 70% accuracy.
Conditions - Competence will be demonstrated:
°    through a MC/ Problems test using the textbook within the class hour.   
Learning Objectives
1. Define demand .
2. Construct a demand schedule.
3. Illustrate a demand curve.
4. Explain individual and market demand.
5. Define law of demand.
6. Define supply.
7. Construct a supply curve.
8. Illustrate a supply curve.
9. Explain individual and market demand .
10. Define law of supply.
11. Explain change in quantity demanded.
12. Illustrate a movement in demand.
13. Identify factors causing a movement on a demand curve.
14. Explain a change in quantity supplied.
15. Illustrate a movement in supply.
16. Identify factors causing a movement on the supply curve.
17. Identify equilibrium price.
18. Identify equilibrium quantity.
19. Identify the impact of a movement on price and quantity.
20. Explain a change in demand.
21. Illustrate a shift in demand.
22. Identify factors causing a shift on the demand curve.
23. Explain a change in supply.
24. Illustrate a change in supply.
          25. Identify factors causing a shift on the supply curve.
26. Define elasticity and explain its importance .
27. Identify factors that impact on elasticity of demand.
28. Draw elastic and inelastic supply curves.
29. Draw elastic and inelastic demand curves.
30. Identify ways of measuring elasticity.

4.    Utilize cost /revenue analysis in economic decision making.

Criteria - Performance will be satisfactory when:
o    learner can achieve 76% accuracy.
Conditions - Competence will be demonstrated:
°    through a M/C problems test employing an index card of notes within the class hour.
Learning Objectives
1. Distinquish types of production costs.
2. Determine total revenue.
3. Calculate marginal revenue .
4. Graph production cost curves.
5. Graph marginal revenue curves.
6. Determine profit maximization output and price.
7. Identify on a graph the profit maximization level.
8. Identify business decision making in the short run.
9. Identify business decision making in the long run.

5.    Compare and contrast competitive market structures.

Criteria - Performance will be satisfactory when:
o    learner can achieve 70% accuracy.
Conditions - Competence will be demonstrated:
°    through a M/C problems test.    
Learning Objectives
1. Define a market place.
2. Distinquish competitive from non competitive markets.
3. Identify perfect competition.
4. Illustrate on a graph a perfectly competitive market.
5. Define and illustrate business decisions of a perfectly competitive market in the short run and the long run.
6. Distinquish accounting and economic profit.
7. Define and illustrate a normal profit.
8. Identify monopolistic competition.
9. Illustrate on a graph a monopolistic competitive market.
10. Define and illustrate business decisions of a monopolistic competitive market in the short run and the long run.

6.    Compare and contrast non competitive market structures.

Criteria - Performance will be satisfactory when:
o    learner can achieve 70% accuracy.
Conditions - Competence will be demonstrated:
°    through a M/C problems test.   
Learning Objectives
1. Identify characteristics of a monopoly.
2. Show a monopoly model.
3. Contrast monopoly and perfect competition models.
4. Identify types of monopolies.
5. Recognize results of monopolies.
6. Identify government's role in dealing with monopolies.
7. Define and give characteristics of an oligopoly.
8. Calculate concentration ratios.
9. Define and give examples of collusion.
10. Graph an oligopolistic model.

7.    Analyze U.S. productivity through the Gross Domestic Product.

Criteria - Performance will be satisfactory when:
°    learner can achieve 70% acurracy.
Conditions - Competence will be demonstrated:
°    through a MC/ problems test   
Learning Objectives
1. Identify the GDP.
2. Illustrate methods used to determine GDP.
3. Identify problems with GDP.
4. Define consumption function.
5. Identify role of consumption as part of GDP.
6. Calculate APC and APS
7. Calculate MPC and MPS
8. Identify determinants of consumption
9. Explain permanent income hypothesis
10. Define paradox of thrift.
11. Explain why business invests.
12. Identify components of investment for GDP
13.Identify factors that determine levels of investment.
14. Assess the economic role of government.
15. Identify types of taxes.
16. Identify sources of goverment revenue.
17. Identify government expenditures.
18. Assess the government budget process.    

8.    Assess business cycles.

Criteria - Performance will be satisfactory when:
o    learner can achieve 70% accuracy
Conditions - Competence will be demonstrated:
o    MC test
Learning Objectives
1.  Define a business cycle
2.  Identify theories used to explain why business cycles occur
3.  Draw a business cycle
4.  Define unemployment
5.  Identify causes/types of unemployment
6.  Explain and calculate the unemployment rate
7.  Analyze the results of cyclical unemployment
8.  Define inflation
9.  Identify causes / types of inflation
10.  Explain the Consumer Price Index and how it is calculated
11.  Demonstrate how the CPI is used to determine the rate of inflation
12.  Analyze who are the beneficiaries and who are the losers when inflation occurs    

9.    Analyze Stabilization Policy.

Criteria - Performance will be satisfactory when:
o    learner can achieve 70% accuracy
Conditions - Competence will be demonstrated:
o    through a MC TEST
Learning Objectives
1.    Define fiscal policy
2.    Identify appropriate fiscal policy action when there is inflation
3.    Identify appropriate fiscal policy action when there is a recession
4.    Define monetary policy
5.    Identify the Federal Reserve System
6.    Explain the policy actions of the FED

10.    Assess the impact of a global economy.

Criteria - Performance will be satisfactory when:
o    learner can ahieve 70% accuracy
Conditions - Competence will be demonstrated:
o    through a MC test
Learning Objectives
a.    Define comparative advantage
b.    Explain the benefits of trade
c.    Identify major U.S. trading partners
d.    Define trade defict
e.    Define trade surplus
f.    Identify countries the U.S. has a surplus or deficit with
g.    Present arguments for trade protectionism

11.    (Optional) Research a contemporary economic issue.

Criteria - Performance will be satisfactory when:
o    learner can research and identify economic principles and concepts in a current issue
Conditions - Competence will be demonstrated:
o    through a referenced paper of no less than three pages.
Learning Objectives
a.    Identify economics concepts found within a social