Course Description

BASIC ECONOMIC PRINCIPLES

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Economics defined

Define economics.

Modern specialization

List economic impacts of modern specialization.

Increasing production and consumption

Differentiate between and define gross national product, national income, and disposable personal income.

ECONOMIC FORCES AND INDICATORS

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Economic forces and indicators

List economic forces.

List and explain the major economic indicators.

Economic effects

Describe the Fiscal Policy of the Federal Government

Functions of government

Discuss government budgets and the budget Process.

Discuss taxation theory and policy.

Analysis of government spending

Discuss Federal budget deficits and surplus and the Federal revenue sources of government.

Financing government spending

Outline and discuss use of Federal and State revenue through taxation.

Explain individual and corporate income tax.

Explain government funding through the sale of Treasury Bonds to manage expenditures.

CAPITAL AND LABOR

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Capital tools

State the importance of saving and investment.

Large scale enterprise

Describe the necessity for markets.

Labor

List labor population characteristics.

Define vocational choice.

Unemployment

Identify the four types of unemployment.

List the causes of each of the four types of unemployment.

The function of money

List bank sources of deposits.

The nation's money supply

Define the reserve ratio.

Bank organization and operation

Discuss expansion of bank reserves.

The Federal Reserve System

Identify sources of bank reserves.

The Federal Deposit Insurance Corporation

Describe the service functions of the Federal Reserve System.

Discuss the impact of Federal control of the money supply.

Discuss the strengths and weaknesses of the F.D.I.C.

Research and identify predicted and current effects of automation on production, employment, and income.

PRICE, COMPETITION, AND MONOPOLY

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Function of prices

Describe price as an indicator of supply.

Price determination

Describe the role of competitive cost of product in determination of price.

Benefits and consequences of competition

Evaluate the interactions between supply and demand in determining product price.

The extent of competition in the United States and global economies

Define and differentiate between the terms monopoly and oligopoly.

Identify the forces that modify and reduce competition.

Outline the history of government regulation of competition.

Increasing real income

Differentiate between and define wages, interest, rents, and profits.

Income distribution today

Explain supply/demand, income/production, and distribution relationships.

MONEY AND BANKING

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Functions of money

Explain the meaning of money in economic terms.

Nation's money supply

Discuss the establishment and control of the nation's money supply.

Organization and operation of a bank

Describe sources of deposits and reserves, including reserve ratio and expansion of bank deposits.

The Federal Reserve System

Discuss the service functions and method of control of money supply by the Federal Reserve System.

Federal Deposit Insurance Corp (F.D.I.C.)

Explain the function and purpose of the F.D.I.C.

GOVERNMENT EXPENDITURES, FEDERAL AND LOCAL

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Economic effect

Discuss effects of federal and local government expenditures on the economy.

Functions of government

List the major functions of government.

Analysis of government spending

Analyze and discuss pros and cons of government spending.

Future outlook

Discuss possibilities for future changes in government spending.

Financing government spending

Explain criteria for sound taxation and describe the various taxes now used to finance government.

FLUCTUATIONS IN PRODUCTION, EMPLOYMENT, AND INCOME

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Changes in aggregate spending

Discuss how changes in aggregate spending affect production, employment, and income.

Output and employment

Explain the relationship between output and employment.

Other factors affecting economic fluctuations

Describe effect of factors such as: supply and demand; war; technology and automation; and cost-price relationship as they affect the economy.

Government debt

Describe how the national debt affects the economy.

UNITED STATES ECONOMY IN PERSPECTIVE

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Recent economic changes

Explain effects of inflation and recession.

Present economic problems of U.S. economy

Discuss effects of trade imbalances.

Communism

Explain the nature of the Soviet State and contrast it to the U.S. economy.

Common problems

List economic problems common to all forms of government.

Special economic problems of the U.S.

List and describe major problems which affect the American economy today.