Upon completion of the course, students will be able to:
1. Understand introductory economic concepts.
2. Recognize basic supply and demand analysis.
3. Recognize the structure and the role of costs.
4. Describe, using graphs, the various market models: perfect competition, monopoly, monopolistic competition, and oligopoly.
5. Explain how equilibrium is achieved, in the various market models, in both the long and short run.
6. Recognize how resource markets relate to the product markets.
7. Identify problem areas in the economy, and possible solutions, using the analytical tools developed in the course.
8. Recognize how all the parts of the economy integrate into the whole.
9. Recognize the international economy, and describe how it works.
10. Recognize the crucial use of elasticity theory in pursuit of revenue maximization, output efficiency, inter-commodity relationships and the impact of income changes.