Upon course completion, students will be able to:
1. Understand introductory economic concepts.
2. Identify and exemplify the difference among political systems, economic systems and economic policies.
3. Recognize the evolutionary characteristics of Capitalism or a Market Economic System; and demonstrate the ability to identify several of the alleged "virtues" and alleged "vices" of capitalism.
4. State the laws of demand and supply and define the terms: demand, quantity demanded, supply, and quantity supplied.
5. Explain the causes and predict the effects of changes in demand and supply on the equilibrium price/quantity.
6. Understand the unique peculiarities of such concepts as inflation, deflation, stagflation, economic growth, economic development, expansion, recession, employment theory and types of unemployment.
7. Describe the two approaches to determining Gross National Product (GDP) and state the relationship between GDP, Net Domestic Product (NDP), National Income (NI), Personal Income (PI), and Disposable Income (DI).
8. Define fiscal policy and demonstrate the mechanics of discretionary fiscal policy within the Keynesian framework.
9. State the fundamental objective of monetary policy, identify the three tools of monetary policy, and explain how each may be used to expand or contract the money supply.
10. State the reasons for a fractional reserve system of banking, describe the process by which the banking system creates and destroys money, and the assumptions that underlie the multiplier theory.