(Answered) Co1define economics in general termsco2 explain how

Economics

CO1:Define economics in general terms.

CO2: Explain how economists use the scientific method to formulate economic principles.

CO3: Differentiate between microeconomics and macroeconomics.

CO4: Explain the economic problem faced by society when scarce economic resources are allocated in an effort to satisfy society's

unlimited wants.

CO5: Define Gross Domestic Product.

CO6: Distinguish Gross Domestic Product from Gross National Product.

CO7: Define economic growth and describe the determinants of economic growth.

CO8: Identify the economic costs of unemployment.

CO9: Identify the economic costs of inflation.

CO10: Identify the processes, tools, and limitations of fiscal policy.

CO11: Explain the role of built-in stabilizers in dampening business cycles.

CO12: Identify the functions and responsibilities of the Federal Reserve.

CO13: Identify the functions of money.

CO14: Explain the importance of international trade.

CO 16: Describe Adam Smith's theory of absolute advantage.

CO17: Describe the Ricardian model of trade and analyze its implications for trade.

CO18: Describe the Heckscher-Ohlin model of trade and analyze its implications for trade.

CO19: Identify tariffs and quotas in international trade.

CO20: Analyze the effects of tariffs and quotas.

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