Learning Outcomes
- Evaluate the role of demand and supply in a market economy in allocating resources and shaping income distribution.
- Assess the determinants of aggregate output, unemployment, inflation, and evaluate the impact and uses of monetary and fiscal policy as related to aggregate economic activity.
- Assess the role that different market systems play in achieving allocative and productive efficiency.
- Identify the sources and consequences of market failures and the appropriate scope of government regulations to address them.
- Assess the role of government economic policies from the perspective of efficiency and distributional equity.
- Interpret economic data, draw appropriate inferences from economic studies, and critically evaluate claims based on empirical evidence.
- Apply economic theory to the framing and analysis of both individual and societal economic problems using graphs, algebra, and statistical methods.