CO1:Define economics in general terms.
CO2: Explain how economists use the scientific method to formulate economic principles.
CO3: Differentiate between microeconomics and macroeconomics.
CO4: Explain the economic problem faced by society when scarce economic resources are allocated in an effort to satisfy society's
unlimited wants.
CO5: Define Gross Domestic Product.
CO6: Distinguish Gross Domestic Product from Gross National Product.
CO7: Define economic growth and describe the determinants of economic growth.
CO8: Identify the economic costs of unemployment.
CO9: Identify the economic costs of inflation.
CO10: Identify the processes, tools, and limitations of fiscal policy.
CO11: Explain the role of built-in stabilizers in dampening business cycles.
CO12: Identify the functions and responsibilities of the Federal Reserve.
CO13: Identify the functions of money.
CO14: Explain the importance of international trade.
CO 16: Describe Adam Smith's theory of absolute advantage.
CO17: Describe the Ricardian model of trade and analyze its implications for trade.
CO18: Describe the Heckscher-Ohlin model of trade and analyze its implications for trade.
CO19: Identify tariffs and quotas in international trade.
CO20: Analyze the effects of tariffs and quotas.