A.
General Teaching objectives:
1. To provide students with an
understanding of fundamental economic concepts.
2. To provide students with a basic
understanding of microeconomic theory.
3. To enhance the students'
comprehension of the role economic principles play in everyday consumer
and business activities.
4. To expand the students'
understanding of the business environment and expand their versatility
in the work force.
5. To provide the economics foundation
required to facilitate the students' continued studies in economics and
business-related disciplines.
6. To expand the students' basic
academic competencies by employing varied learning activities through
emphasizing thinking, writing, computing, and communicating.
7. To expand students' critical
thinking skills by focusing on the concepts of abstract reasoning and
logic.
B. Specific Teaching objectives: upon completion of this course,
students should be able to:
1. Discuss the significance of
economics as an academic discipline and in everyday life.
2. Discuss the methodology of economic
analysis.
3. Describe the pitfalls to valid
economic reasoning.
4. Explain the economic perspectives
of "choice," "rational behavior," and "benefit-cost comparisons."
5. Analyze two-dimensional graphs.
6. Determine the general and exact
relationship existing between two sets of economic data represented in a
two-dimensional graph.
7. Discuss the "economizing problem."
8. Explain the four types of economic
resources (factors of production)
9. Explain opportunity costs and how
they are measured.
10. Explain the Law of Increasing
Opportunity Costs.
11. Explain allocative efficiency
12. Discuss the concept of
production-possibilities.
13. Discuss the four major types of
economic systems.
14. Discuss the concept of economic
"circular flow."
15. Explain the concepts of supply and
demand, and how supply and demand interacts to determine equilibrium
price and output.
16. Explain and measure the different
elasticity’s of demand and supply.
17. Explain the relationship between
elasticity and total revenue.
18. Describe factors which influence
elasticity of demand or supply.
19. Explain cross and income
elasticity’s of demand.
20. Discuss the law of dimishing
marginal utility and total utility.
21. Determine and analyze the concept
of consumer behavior and equilibrium.
22. Explain the concept and
application of utility analysis.
23. Explain the concept and
applications of indifference curve analysis.
24. Describe the difference between
explicit and implicit costs.
25. Explain fixed/variable costs and
short-run versus long-run.
26. Explain the difference between
economic profits and accounting profits.
27. Define marginal physical product.
28. Explain and apply the law of
diminishing returns.
29. Discuss the relationship between
average variable, and average total, and marginal costs.
30. Describe production costs in the
long-run and economies and diseconomies of scale.
31. Explain the different market
structures.
32. Discuss the market characteristics
of perfectly competitive market structure.
33. Explain and determine product
price, optimum output, short-and long-run profits, and/or short-and
long-run losses for a perfectly competitive firm.
34. Discuss why perfect competition is
efficient.
35. Discuss the market characteristics
of an imperfect competitive market structure: monopoly.
36. Explain and determine product
price, optimum output, short-and long-run profits, and/or short-and
long-run losses for a monopolistically competitive firm.
37. Describe how monopolistic
competition differs from monopoly and perfect competition in the
short-run and long-run.
38. Discuss the market characteristics
of an imperfect competitive market structure: oligopoly.
39. Explain the possible price/output
behavior of oligopolies...
40. Discuss the economic efficiency
and social desirability of oligopolies.
41. Discuss the marginal productivity
theory of resource demand and factors that may alter resource demand.
42. Describe how to determine the
optimal level of resource utilization.
43. Explain and apply the "least-cost"
and "profit-maximizing" rules for determining optimum combinations of
resources.
44. Discuss the demand and supply of
labor as a resource and how wages are determined in the labor market.
45. Explain why wages differ between
individuals and types of employment.
46. Analyze different compensation
schemes which link pay to performance.
47. Discuss the types of labor unions
and their ability to influence wage rates and employment levels.
48. Describe the development of labor
unions and labor-related legislation.
49. Discuss the current state of unions
in the present economy.
50. Discuss labor market
discrimination, its dimensions and costs.
51. Evaluate the economic impact of
immigration of foreign labor to the United States.
52. Discuss the "economic returns"
associated with other resources: land, capital, and entrepreneurial
ability.
53. Discuss the important facts about
world trade.
54. Explain international trade based
on the Principle of Comparative Advantage.
55. Describe trade barriers and their
effects on the economy.
56. Evaluate the arguments and costs
of protectionism.
57. Discuss international finance and
the balance of payments.
58. Describe foreign exchange markets
and the different exchange rates.
59. Discuss the development of the
international monetary system.