Standard |
ECO 191 - Principles of
Economics
Provides a description and analysis of economic operations in contemporary society. Emphasis is placed on developing an understanding of economic concepts and policies as they apply to everyday life. Topics include: basic economic principles; economic forces and indicators; capital and labor; price, competition, and monopoly; money and banking; government expenditures, federal and local; fluctuations in production, employment, and income; and United States economy in perspective.
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Competency
Areas |
Hours |
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Basic Economic Principles |
Class |
5 | |
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Economic Forces and Indicators |
D. Lab |
0 | |
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Capital and Labor |
P. Lab/O.B.I. |
0 | |
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Price, Competition, and Monopoly |
Credit |
5 | |
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Money and Banking |
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Government Expenditures, Federal and Local |
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Fluctuations in Production, Employment, and Income |
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United States Economy in Perspective |
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Prerequisite: |
Program admission | ||
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Corequisite: |
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Course Guide |
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Competency |
After completing this
section, the student will: |
Hours | ||
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Class |
D.Lab |
P.Lab/ O.B.I. | ||
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BASIC ECONOMIC
PRINCIPLES |
7 |
0 |
0 | |
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Economics defined |
Define economics. |
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Modern specialization |
List economic impacts of modern specialization. |
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Increasing production and consumption |
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ECONOMIC FORCES AND INDICATORS |
7 |
0 |
0 | |
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Economic forces and indicators |
List economic forces. List and explain the major economic indicators. |
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Economic effects |
Describe the Fiscal Policy of the Federal Government |
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Functions of government |
Discuss government budgets and the budget Process. Discuss taxation theory and policy. |
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Analysis of government spending |
Discuss Federal budget deficits and surplus and the Federal revenue sources of government. |
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Financing government spending |
Outline and discuss use of Federal and State revenue through taxation. |
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Explain individual and corporate income tax. |
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Explain government funding through the sale of Treasury Bonds to manage expenditures. |
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CAPITAL AND LABOR |
7 |
0 |
0 | |
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Capital tools |
State the importance of saving and investment. |
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Large scale enterprise |
Describe the necessity for markets. |
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Labor |
List labor population characteristics. |
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Define vocational choice. |
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Unemployment |
Identify the four types of unemployment. List the causes of each of the four types of unemployment. |
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The function of money |
List bank sources of deposits. |
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The nation's money supply |
Define the reserve ratio. |
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Bank organization and operation |
Discuss expansion of bank reserves. |
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The Federal Reserve System |
Identify sources of bank reserves. |
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The Federal Deposit Insurance Corporation |
Describe the service functions of the Federal Reserve System. |
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Discuss the impact of Federal control of the money supply. |
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Discuss the strengths and weaknesses of the F.D.I.C. |
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Research and identify predicted and current effects of automation on production, employment, and income. |
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PRICE, COMPETITION, AND
MONOPOLY |
8 |
0 |
0 | |
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Function of prices |
Describe price as an indicator of supply. |
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Price determination |
Describe the role of competitive cost of product in determination of price. |
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Benefits and consequences of competition |
Evaluate the interactions between supply and demand in determining product price. |
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The extent of competition in the United States and global economies |
Define and differentiate between the terms monopoly and oligopoly. |
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Identify the forces that modify and reduce competition. |
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Outline the history of government regulation of competition. |
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Increasing real income |
Differentiate between and define wages, interest, rents, and profits. |
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Income distribution today |
Explain supply/demand, income/production, and distribution relationships. |
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MONEY AND BANKING |
5 |
0 |
0 | |
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Functions of money |
Explain the meaning of money in economic terms. |
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Nation's money supply |
Discuss the establishment and control of the nation's money supply. |
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Organization and operation of a bank |
Describe sources of deposits and reserves, including reserve ratio and expansion of bank deposits. |
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The Federal Reserve System |
Discuss the service functions and method of control of money supply by the Federal Reserve System. |
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Federal Deposit Insurance Corp (F.D.I.C.) |
Explain the function and purpose of the F.D.I.C. |
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GOVERNMENT EXPENDITURES, FEDERAL AND
LOCAL |
5 |
0 |
0 | |
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Economic effect |
Discuss effects of federal and local government expenditures on the economy. |
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Functions of government |
List the major functions of government. |
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Analysis of government spending |
Analyze and discuss pros and cons of government spending. |
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Future outlook |
Discuss possibilities for future changes in government spending. |
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Financing government spending |
Explain criteria for sound taxation and describe the various taxes now used to finance government. |
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