Presents a survey of basic macro- and microeconomic principles and concepts. Reviews the economic dynamics of market forces affecting competition, different economic systems, the role of government in the economy, and economic aspects of international trade.
Discusses the labor market, interest rates and the supply of money, and performance of a national economy.
Examines the use of economics in business decisions, considering such principles as opportunity costs, diminishing returns, and the marginal principle.
Required Resources
O'Sullivan, A., Sheffrin, S., & Perez, S. (2014). Survey of economics: Principles, applications, and tools (6th ed.). Upper Saddle River, NJ: Pearson-Prentice Hall.
1. Explain the basic functioning of markets for products in a capitalist economy.
2. Analyze the dynamics of supply and demand to anticipate market equilibrium.
3. Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies.
4. Analyze an individual firm's costs to make output decisions in the short term and long term.
5. Describe the impact of various forms of competition on business operations with emphasis on perfect competition.
6. Analyze imperfectly competitive markets - monopoly, monopolistic competition, and oligopoly - to understand their profit-maximizing decisions.
7. Explain basic macroeconomic terms and concepts required to study the economy as a whole.
8. Analyze key macroeconomic phenomena: GDP, unemployment, inflation.
9. Analyze the basic operation of a national economy to explain the fluctuations in aggregate supply and demand, economic performance, and interest rates.
10. Explain how governments use monetary and fiscal policy to manage the economy.
11. Explain how monetary policy affects the economy in the short run.
Write a three to four (3-4) page paper in which you:
1. Identify at least four (4) key points of a relevant economic article from either the Strayer Library or a newspaper. The article must deal with any course concepts covered in Weeks 1-8.
2. Apply one (1) of the following economic concepts (supply, demand, market structures, elasticity, costs of production, GDP, Unemployment, inflation, aggregate demand, and aggregate supply) to the key points that you highlighted in Question 1.
3. Explain how the concept that you identified in Question 2 could affect the U.S. economy.
4. In your concluding paragraph, state whether you agree or disagree with the economic article identified in Question 1. Provide a rationale for the response.
5. Use at least three (3) quality resources in this assignment with one (1) being your article.