Upon completion of this course, students should be able to:
1. Define scarcity, opportunity cost, elasticity of demand and supply, inflation, unemployment, and gross domestic product.
2. Identify a production possibility frontier and use the frontier to demonstrate the potential for growth in an economy and to illustrate the concept of opportunity cost.
3. Illustrate the process by which supply and demand for a product converge to market equilibrium.
4. Analyze price ceilings, price floors and tax burdens using the supply and demand model.
5. Define standard business organizational forms and economic profit.
6. Demonstrate with graphs the essential features of short-run and long-run production costs for firms.
7. Apply the concepts of marginal analysis and opportunity costs to consumer theory and to the profit-maximizing behavior of firms in both competitive and monopolistic markets and compare competition to monopoly on efficiency grounds.
8. Apply the model of aggregate supply and aggregate demand to make predictions about inflation and real gross domestic product.
9. Understand the necessary conditions for an economy to experience sustained, long-term growth.
10. Explain the money creation process.
11. Explain the mechanics of fiscal and monetary policies and evaluate how well various policies promote economic growth and stability.
Read more
Upon completion of this course, students should be able to:
1. Define scarcity, opportunity cost, elasticity of demand and supply, inflation, unemployment, and gross domestic product.
2. Identify a production possibility frontier and use the frontier to demonstrate the potential for growth in an economy and to illustrate the concept of opportunity cost.
3. Illustrate the process by which supply and demand for a product converge to market equilibrium.
4. Analyze price ceilings, price floors and tax burdens using the supply and demand model.
5. Define standard business organizational forms and economic profit.
6. Demonstrate with graphs the essential features of short-run and long-run production costs for firms.
7. Apply the concepts of marginal analysis and opportunity costs to consumer theory and to the profit-maximizing behavior of firms in both competitive and monopolistic markets and compare competition to monopoly on efficiency grounds.
8. Apply the model of aggregate supply and aggregate demand to make predictions about inflation and real gross domestic product.
9. Understand the necessary conditions for an economy to experience sustained, long-term growth.
10. Explain the money creation process.
11. Explain the mechanics of fiscal and monetary policies and evaluate how well various policies promote economic growth and stability.
Upon completion of this course, students should be able to:
1. Define scarcity, opportunity cost, elasticity of demand and supply, inflation, unemployment, and gross domestic product.
2. Identify a production possibility frontier and use the frontier to demonstrate the potential for growth in an economy and to illustrate the concept of opportunity cost.
3. Illustrate the process by which supply and demand for a product converge to market equilibrium.
4. Analyze price ceilings, price floors and tax burdens using the supply and demand model.
5. Define standard business organizational forms and economic profit.
6. Demonstrate with graphs the essential features of short-run and long-run production costs for firms.
7. Apply the concepts of marginal analysis and opportunity costs to consumer theory and to the profit-maximizing behavior of firms in both competitive and monopolistic markets and compare competition to monopoly on efficiency grounds.
8. Apply the model of aggregate supply and aggregate demand to make predictions about inflation and real gross domestic product.
9. Understand the necessary conditions for an economy to experience sustained, long-term growth.
10. Explain the money creation process.
11. Explain the mechanics of fiscal and monetary policies and evaluate how well various policies promote economic growth and stability.
What you'll learn
Upon completion of this course, students should be able to:
1. Define scarcity, opportunity cost, elasticity of demand and supply, inflation, unemployment, and gross domestic product.
2. Identify a production possibility frontier and use the frontier to demonstrate the potential for growth in an economy and to illustrate the concept of opportunity cost.
3. Illustrate the process by which supply and demand for a product converge to market equilibrium.
4. Analyze price ceilings, price floors and tax burdens using the supply and demand model.
5. Define standard business organizational forms and economic profit.
6. Demonstrate with graphs the essential features of short-run and long-run production costs for firms.
7. Apply the concepts of marginal analysis and opportunity costs to consumer theory and to the profit-maximizing behavior of firms in both competitive and monopolistic markets and compare competition to monopoly on efficiency grounds.
8. Apply the model of aggregate supply and aggregate demand to make predictions about inflation and real gross domestic product.
9. Understand the necessary conditions for an economy to experience sustained, long-term growth.
10. Explain the money creation process.
11. Explain the mechanics of fiscal and monetary policies and evaluate how well various policies promote economic growth and stability.
Good to know
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Activities
Economic terminology review
Show steps
Review of basic concepts and terminology will get you up to speed and prepare you to thrive within this course.
Browse courses on
Scarcity
Show steps
-
Review the dictionary definitions of key terms
-
Read articles about current economic trends
Review high school economics
Show steps
Review basic economic concepts such as supply and demand, elasticity, and opportunity cost to prepare for more advanced topics in the course.
Browse courses on
Macroeconomics
Show steps
-
Review textbook chapters on basic economic principles
-
Complete online quizzes and practice problems on economics concepts
-
Create a summary of key economic concepts and their definitions
Refresher: prior knowledge review
Show steps
Review the basics to better optimize your learning path going into this course.
Browse courses on
Scarcity
Show steps
-
Review contextual concept of scarcity
-
Review prior understanding of trade-offs
-
Consider possible connections to business
Nine other activities
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Show all 12 activities
Glossary and note compilation
Show steps
Combine materials to improve comprehension and future learning experiences.
Show steps
-
Gather notes, assignments, and quizzes
-
Review and organize materials in one location
Quizzes & Worksheets
Show steps
Take self-assessments and solve practice problems to reinforce theoretical concepts.
Browse courses on
Scarcity
Show steps
-
Complete warmup questions
-
Review topic definitions
-
Practice solving problems
Learn about economic models
Show steps
Follow online tutorials to understand how economic models are constructed and used to analyze economic phenomena.
Browse courses on
Economic Models
Show steps
-
Find online tutorials on economic modeling
-
Watch videos and read articles on different economic models
-
Apply the models to real-world economic scenarios
Supply, Demand, and a Day in the Park
Show steps
Draw a visual supply and demand curve for a day at the park and justify your decisions considering factors such as weather, time of day, and day of the week.
Browse courses on
Supply
Show steps
-
Plot the hypothetical lines on a graph
-
Consider factors that might shift the lines
-
Assess the equilibrium point
Solve economic problems
Show steps
Practice solving economic problems to improve analytical skills and understanding of economic principles.
Browse courses on
Economic Analysis
Show steps
-
Find practice problems and exercises online or in textbooks
-
Solve the problems independently
-
Check answers and review solutions
Entrepreneurial Endeavors
Show steps
Start or work on creating a business plan to think critically about the relationship between firms in the market from the perspective of a founder.
Show steps
-
Choose a business model to investigate
-
Evaluate goods vs. products for the idea
-
Consider branding strategies to establish a foundation
-
Prototype a plan for acquiring and retaining customers
Case Study Analysis
Show steps
Analyze real-world economic data and apply concepts to explain economic phenomena.
Browse courses on
Economic Growth
Show steps
-
Read the case study
-
Identify the economic concepts
-
Analyze the data
-
Develop a hypothesis
-
Test the hypothesis
-
Draw conclusions
Create an economic infographic
Show steps
Create an infographic that explains an economic concept or issue to enhance understanding and communication skills.
Show steps
-
Choose an economic concept or issue to focus on
-
Gather data and research to support the infographic
-
Design and create the infographic using appropriate software or tools
Money Management Simulation
Show steps
Develop a simulation to illustrate scenarios related to money creation, fiscal policy, monetary policy, economic growth, and economic stability.
Show steps
-
Establish the parameters of the simulation
-
Create a model of the economy
-
Code the simulation
-
Run the simulation
-
Analyze the results
Economic terminology review
Show steps
Review of basic concepts and terminology will get you up to speed and prepare you to thrive within this course.
Browse courses on
Scarcity
Show steps
- Review the dictionary definitions of key terms
- Read articles about current economic trends
Review high school economics
Show steps
Review basic economic concepts such as supply and demand, elasticity, and opportunity cost to prepare for more advanced topics in the course.
Browse courses on
Macroeconomics
Show steps
- Review textbook chapters on basic economic principles
- Complete online quizzes and practice problems on economics concepts
- Create a summary of key economic concepts and their definitions
Refresher: prior knowledge review
Show steps
Review the basics to better optimize your learning path going into this course.
Browse courses on
Scarcity
Show steps
- Review contextual concept of scarcity
- Review prior understanding of trade-offs
- Consider possible connections to business
Glossary and note compilation
Show steps
Combine materials to improve comprehension and future learning experiences.
Show steps
- Gather notes, assignments, and quizzes
- Review and organize materials in one location
Quizzes & Worksheets
Show steps
Take self-assessments and solve practice problems to reinforce theoretical concepts.
Browse courses on
Scarcity
Show steps
- Complete warmup questions
- Review topic definitions
- Practice solving problems
Learn about economic models
Show steps
Follow online tutorials to understand how economic models are constructed and used to analyze economic phenomena.
Browse courses on
Economic Models
Show steps
- Find online tutorials on economic modeling
- Watch videos and read articles on different economic models
- Apply the models to real-world economic scenarios
Supply, Demand, and a Day in the Park
Show steps
Draw a visual supply and demand curve for a day at the park and justify your decisions considering factors such as weather, time of day, and day of the week.
Browse courses on
Supply
Show steps
- Plot the hypothetical lines on a graph
- Consider factors that might shift the lines
- Assess the equilibrium point
Solve economic problems
Show steps
Practice solving economic problems to improve analytical skills and understanding of economic principles.
Browse courses on
Economic Analysis
Show steps
- Find practice problems and exercises online or in textbooks
- Solve the problems independently
- Check answers and review solutions
Entrepreneurial Endeavors
Show steps
Start or work on creating a business plan to think critically about the relationship between firms in the market from the perspective of a founder.
Show steps
- Choose a business model to investigate
- Evaluate goods vs. products for the idea
- Consider branding strategies to establish a foundation
- Prototype a plan for acquiring and retaining customers
Case Study Analysis
Show steps
Analyze real-world economic data and apply concepts to explain economic phenomena.
Browse courses on
Economic Growth
Show steps
- Read the case study
- Identify the economic concepts
- Analyze the data
- Develop a hypothesis
- Test the hypothesis
- Draw conclusions
Create an economic infographic
Show steps
Create an infographic that explains an economic concept or issue to enhance understanding and communication skills.
Show steps
- Choose an economic concept or issue to focus on
- Gather data and research to support the infographic
- Design and create the infographic using appropriate software or tools
Money Management Simulation
Show steps
Develop a simulation to illustrate scenarios related to money creation, fiscal policy, monetary policy, economic growth, and economic stability.
Show steps
- Establish the parameters of the simulation
- Create a model of the economy
- Code the simulation
- Run the simulation
- Analyze the results
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