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Economics 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