Assignment:
After watching the video clip from A Knight's Tale, consider the effect of choosing consumption today versus consumption in the future. Using the PPC as a springboard for your analysis, what effect would forgoing consumption today in order to invest for tomorrow have on future production possibilities? Now consider the choices our government faces when it has limited tax revenues to fund the unlimited wants of its citizens. Describe some of the choices the government makes between consumption today and investment for tomorrow.
Course Description:
An introduction to the study of the determination of income, output, employment, and prices in the U.S. economy. Emphasis on fundamental economic concepts, gross domestic product and its components, monetary and fiscal policy, and contemporary macroeconomic issues.
Prerequisite:
None
Textbooks:
The textbook information which appears on our Saint Leo Bookstore ordering site is as follows:
Saint Leo University. Economics Today (Custom). ISBN: 9781323789582
Your custom textbook was created from the following National text(s):
Economics Today (Complete): Miller, R. L. (2018). Economics today(19th ed.). New York, NY: Pearson Education. ISBN: 9780134478777
Learning Outcomes:
1. Explain the concepts of scarcity, opportunity cost, and the role of incentives in decision making.
2. Explain the primary statistics used to measure income, output, employment, and prices in the aggregate economy.
3. Develop the basic Aggregate Supply/Aggregate Demand (AS/AD) Model.
4. Describe Monetary and Fiscal Policy within the context of the AS/AD model.
5. Relate the concept of deficit to debt by comparing government expenditures to government revenues.
6. Recognize the importance of specialization by comparative advantage in the face of globalization.
7. Distinguish between the balance of trade and the balance of payments.
8. VALUES OUTCOME: Integrate the relevance of Responsible Stewardship in the context of macroeconomic analysis.
Core Value:
Responsible Stewardship: Our Creator blesses us with an abundance of resources. We foster a spirit of service to employ our resources to university and community development. We must be resourceful. We must optimize and apply all of the resources of our community to fulfill Saint Leo University's mission and goals.