ECON 611 Foundations of Economic Analysis

General

• Explain the factors that affect economic growth.
• Understand concepts in economics: scarcity, opportunity cost, efficiency.
• Understand fiscal policy and monetary policy.
• Understand inflation and unemployment.
• Understand structure of markets, through the use of the supply-demand diagram.
• Understand the Federal Reserve System and the structure of the banking system.
• Understand the basics of international trade and trade agreement.
• Understand the national income accounting and gross domestic product
• Understand the role of the government in an economy.
• Understand concepts in elasticity and apply to market.
• Understand market failure and public goods.
• Understand positive and negative externalities.
• Understand the production and cost structure and the behavior of profit-maximizing firms.
• Understand the market structures of perfect competition and monopoly.