Causes and effects of changes in economic aggregates, including gross domestic product, personal income, unemployment, and inflation. The role of economics in contemporary society and the effect of monetary and fiscal policy on the functioning of a free market system are explored.
Consumer demand, supply, and price in a free-market system. The economics of the firm is presented within the context of different market structures.
Concepts of probability, probability distributions, and sampling theory.
Methods of statistical inference, including additional topics in hypothesis testing, linear statistical models, and time series analysis.
History, structure, functions and operations of the American commercial and central banking system. Emphasis is placed on the influence and operations of the Federal Reserve System.
Survey of international economic issues and institutions, including trade and protectionism, global and regional trade agreements, trade balances and exchange rates.
Nature and causes of major economic problems facing the nation and its communities and policy alternatives designed to solve them, including the philosophy and methodology of economics in social problem solving.
Classical, Keynesian, and post-Keynesian models. These models provide a framework for monetary and fiscal policy prescriptions to economic problems.
Application of the economic theory of profits, competition, demand, and costs to the analysis of problems arising in the firm and in decision making.