STANDARD COMPETENCIES:

 

 I.      Understand how economics has evolved as a social science.

 II.     Investigate economics topics such as supply and demand, national income, inflation, the Federal Reserve System, the economic system of Japan, comparative advantage and trade between nations, exchange rates¿etc.

 III.    Collect and analyze economic data using economic methods of analysis.

 IV.

 TOPICAL OUTLINE:

 

 I.      Understanding the difference between Macro and Microeconomics.

 II.     The concept of `rational` in economic analysis.

 III.    The difference between positive and normative economics.

 IV.     The meaning of opportunity cost.

 V.      The production possibilities schedule.

 VI.     The laws of supply and demand.

 VII.    The concept of comparative advantage.

 VIII.   Economic systems: Market and transition economies, and the welfare state.

 IX.     Tax systems.

 X       The economic problem.

 XI.     The concept of full employment and the different types of unemployment.

 XII.    The concept of inflation, the types of inflation, inflation measurement tools.

 XIII.   Marginal analysis: The law of increasing relative cost.

 XIV.    The law of diminishing marginal analysis.

 XV.     Price elasticity of demand, supply and income.

 XVI.    Types of business organizations.

 XVII.   The concepts of cost, revenues, and profit.

 XVIII.  Types of market structures: Competition and monopoly.

 XIX.    Government regulation of business.

 XX      Public choice theory and interest groups in the economy.

 XXI.    Fiscal policy.

 XXII.   Money and the banking function.

 XXIII.  Monetary policy.

 XXIV.   International trade and finance.

 XXV.    E-Commerce.