Intermediate Economic Analysis

COURSE DESCRIPTION:
This course builds upon the foundations put into place in ECON 110 and ECON120. Economic problems facing society are studied more closely: long-run growth, structural unemployment, effects of technology, government budget deficits, national debt, inflation, deflation, trade deficits, exchange rate fluctuations. The course also includes topics of current interest and incorporates the latest research in economic modeling.

COURSE OBJECTIVES:
To provide students with the knowledge and practical methods to apply the general principles of macro and microeconomics to business problems.

EXPECTED LEARNING OUTCOMES:
Upon completion of this course, students should be able to:
- Identify and analyze the factors attributable to long-term economic growth.
- Identify and analyze the factors affecting economic stability.
- Identify and analyze the factors affecting the economic performance of an open economy.
- Evaluate the effectiveness of fiscal and monetary policies.
- Predict the direction of price and quantity changes using the supply-demand model;
- Determine the impact of a price change on total revenue using the concept of price elasticity;
- Understand the firm’s cost structure and its link to profitability;
- Distinguish between market structures (perfect competition, monopoly, monopolistic competition and oligopoly);
- Determine the profit maximizing level of output for each market structure; and
- Analyze the economic efficiency of each market structure