1. Recognize the sources of the central economic problem.
2. Define the role of supply and demand in determining prices and quantities of goods and services.
3. Discuss how various national economic indicators relate to economic growth.
4. Discuss the effects of unemployment and inflation on the economy.
5. Differentiate the aggregate expenditure and demand model of the macro economy from the supply and demand model at the micro level.
6. Discuss the interaction of the federal government and the Federal Reserve Bank in controlling the U.S. economy.
7. Illustrate monetary theory using the supply and demand model.
8. Interpret the international economy through trade interdependences and financial interactions.