Learning Goals

Our students can expect to become proficient in the following topics with a major in economics:

  • Demand
  • Supply
  • Market equilibrium
  • Shortage
  • Surplus
  • Price elasticity of demand
  • Marginal cost
  • Average cost
  • Profit maximization
  • Marginal analysis
  • Marginal revenue
  • Perfect competition
  • Imperfect competition
  • Diminishing marginal returns
  • Increasing returns to scale
  • Decreasing returns to scale
  • Consumer surplus
  • Cost-benefit analysis
  • Environmental economics
  • Long run of perfect competition
  • Invisible hand
  • Resource allocation
  • Market failure
  • External costs
  • External benefits
  • Taxes
  • Subsidies
  • Government in the economy
  • Explicit costs
  • Implicit costs
  • Economic profit
  • Opportunity cost
  • Exit decision
  • Real prices
  • Nominal prices
  • Price indexes
  • Definition of unemployment
  • Underemployment
  • Labor force participation
  • Economic growth
  • Real GDP
  • Nominal GDP
  • Price indexes
  • Keynesian macroeconomics
  • Classical macroeconomics
  • Open market operations
  • The discount rate
  • Required reserve ratios
  • Money supply changes
  • The Federal Reserve Bank
  • Banking
  • Demand deposits
  • Loans
  • Balance sheets
  • Assets, liabilities
  • Foreign exchange
  • Appreciation of currencies
  • Exports
  • Imports
  • Functional representation of economics
  • Econometrics
  • R-squared
  • T-statistic
  • Durbin-Watson statistic
  • F-test
  • Standard errors
  • Serial correlation