Principles underlying the organization and functioning of the economic system are presented in a broad social context embracing issues that affect business, government, and the community. Particular attention is given to the theory of the determination of the general levels of income, employment, and prices. In addition, contemporary economic issues are presented to reinforce theoretical concepts. Three lecture hours per week. Competency met: Social Phenomenon (5.4) Fall, Spring, Summer
- Describe and interpret the economy in quantitative terms using employment and national statistics.
- Utilize economic models to distinguish, describe, and analyze the interrelationships among prices, income and interest rates as they affect consumption, saving, private and government investment.
- Explain and evaluate the economic challenges of unemployment, inflation, and economic growth.
- Describe the contemporary banking and monetary system, and analyze the role of money, credit, and Federal Reserve monetary policy.
- Describe the role of international trade and finance on domestic economic activity.
- Identify and analyze the factors that contribute to or hinder economic growth, development and inequality.