Full course description
Competency Area Objectives
The topics covered are designed to help you achieve proficiency in the economics competency objectives measured in the course competency exam. Before you take the exam, you will be able to:
- Apply the concepts of specialization, trade, and division of labor.
- Apply the supply and demand and equilibrium model to determine prices and quantity.
- Apply and interpret the costs of production.
- Explain the behavior and organization of firms in various forms of competition.
- Interpret and apply models of GDP, CPI, and unemployment to business and economic decision-making.
- Explain and apply the model of loanable funds in determining real interest rates and economic growth.
- Explain the role of the Federal Reserve in setting monetary policy and the effect on inflation.
- Apply the aggregate demand and supply model in explaining short and long term economic fluctuations due to fiscal policy.