A. Identify Fundamental Concepts in Economic Analysis, Define Economic Scarcity

ECONOMICS 1

A. Identify fundamental concepts in economic analysis, define economic scarcity

and opportunity cost, distinguish the two major branches of economics and

describe the factors of production.

B. Explain major criteria used by economists to evaluate economic systems.

C. Identify the assumptions of the production-possibilities model and calculate

opportunity costs on a production-possibilities schedule or curve.

D. Identify, explain the importance of and - where appropriate - critically evaluate

national product and employment measures and price indexes.

E. Explain the meaning of demand, supply, and equilibrium price; identify the

characteristics of a perfectly competitive market; conventionally analyze the

market effects of changes in buyers' incomes or other such factors; and identify

the ways in which markets and the U.S. economy may diverge from the

characteristics of a purely competitive model.

F. Identify and describe major characteristics of the private and public sectors in

the U.S. economy.

G. Explain the measurement of gross domestic product; distinguish between the

expenditure approach and the income approach of viewing GDP; and identify

the major income account categories.

H. Identify the main conclusions of Classical Macroeconomic Theory concerning

the long-run prospects for growth and stability in a capitalistic economy.

I. Explain the historical patterns of short-term fluctuations in output and

employment and in price movements together with the long-run trends.

J. Identify the main conclusion of Keynesian macroeconomic theory concerning

short-run behavior of aggregate output and the full-employment level of output

in a capitalist economy.

K. Explain the meaning of aggregate demand and aggregate supply; use the model

to predict short-run changes and long-run trends in prices, output and

employment.

L. Identify and describe the tools of government fiscal policy and analyze the

effects of their use to achieve macroeconomic goals.

M. Explain the functions of money and the nature and role of financial

intermediaries in the U.S. economy.

N. Explain the basic nature of a fractional reserve banking system and the role of

commercial banks in the creation of money.

O. Explain the role of the Federal Reserve System in the U.S. economy; identify

and describe the major tools of monetary policy; and analyze the potential

effects of the use of such tools on the economy.

P. Explain the relationships between monetary policy and interest rates and output

and employment.

Q. Describe broadly the performance of the U.S. macroeconomy and trends

towards globalization in the postwar period and identify and evaluate recent

macroeconomic policy in the U.S.

ECONOMICS 3

A. Identify fundamental concepts in economic analysis, define economic scarcity and

opportunity cost, distinguish the two major branches of economics and describe

the factors of production.

B. Identify the major institutions of a capitalist economic system and the major

characteristics shared by all modem industrialized economies.

C. Explain major criteria used by economists to evaluate economic systems.

D. Identify the assumptions of the production-possibilities model and calculate

Opportunity costs on a production-possibilities schedule or curve.

E. Explain the meaning of demand, supply, and equilibrium price; identify the

characteristics of a perfectly competitive market; conventionally analyze the

market effects of changes in buyers; incomes or other such factors; and identify

the ways in which markets and the U.S. economy may diverge from the

characteristics of a purely competitive model.

F. Identify and describe major characteristics of the private and public sectors in the

U.S. economy.

G. Define price elasticity of demand and supply; identify the five types of elasticity;

calculate the elasticity coefficient from to points on a demand or supply curve;

and explain the determinants of price elasticity.

H. Explain the use of marginal utility analysis to describe consumer equilibrium and

the use of these concepts to derive a downward sloping demand curve.

I. Interpret indifference curves and the meaning of a budget constraint; indicate

graphically and explain in words the identification of consumer equilibrium; and

utilize these concepts to explain in the derivation of downward sloping demand

curve.

J. Explain the concepts of production function and diminishing returns; distinguish

betwe~n the notions of normal profit and economic profit; define short run and

long run and fixed and variable costs; and the define marginal cost.

K. Explain the characteristics of competitive and non-competitive market Structures

(monopoly, oligopoly, and monopolistic competition); describe The neoclassical

analysis of the nature of firm behavior and market outcomes upon the criteria

used to evaluate economic systems and outcomes; analyze the use of government

policy in such market structures.

L. Identify, describe and critically discuss major theories concerning the

determination of factor prices including the alternative views of marginal

productivity theory and labor segmentation theory; and discuss the development

and role of labor unions in the U.S. economy.

M. Apply the economic concepts developed in the class to some modem Economic

conditions and problems such as poverty, pollution, health care, and

discrimination.

N. Identify how trade affects the U.S.economy; explain the link between net exports

and GNP, define absolute and comparative advantage; analyze the arguments for

and against managed trade, protection, tariffs and quotas.

O. Identify and apply balance-of-payments concepts; analyze the foreign Exchange

market in terms of supply and demand for currency; explain how international

differences in income, inflation and interest rates affect exchange rates; analyze

the effects of monetary and fiscal policy on exchange rates and the balance of

payments.

P. Identify and contrast various economic systems and their manner of functioning.

Q. Identify and explain major problems facing developing countries and various

alternative development strategies.

ECONOMICS 5

A. Collect, summarize and present statistical data in the form of charts, graphs and

frequency distributions;

B. Use Excel to construct frequency distributions from large data sets and present the

distributions graphically;

C. Compute, analyze, compare and explain measures of central tendency such as the

mean, median, mode and the weighted mean;

CCSF, Social Sciences, ECON 5, Introductory Statistics, May 2010, Page 1 of 4

D. Compute, analyze, compare and explain measures of location such as quartiles

and percentiles;

E. Compute, analyze, compare and explain measures of dispersion such as the

standard deviation, the variance and the range;

F. Use Excel to calculate these measures on large data sets;

G. Identify the presence of and explain the nature of skewness;

H. Apply the principles of probability (Addition Law, Multiplication Law, Law of

the Complement) to evaluate probabilities and to analyze problems;

I. Apply counting techniques (permutations, combinations, etc.) in conjunction with

the principles of probability to complex problems;

J, Use Excel to simulate the results of random experiments;

K. Define and explain discrete random variables;

L. Analyze probability distributions of discrete random vari~bles in terms of the

principles of probability;

M. Evaluate the expected value and variance of a discrete random variable;

N. Use Excel to simulate the behavior of random variables;

O. Recognize the kinds of problems that can be modeled by discrete probability

distributions (particularly by the Binomial Distribution), and for such problems

perform the modeling and appropriate analysis;

P. Define and explain continuous random variables;

Q. Analyze probability densities of continuous random variables;

R. Explain the meaning of expected value and variance of a continuous random variable;

S. Explain the Normal Distribution as a particular kind of probability density;

T. Evaluate probabilities of events defined on normally distributed random variables;

U. Recognize the kinds of problems that can be modeled by the Normal Distribution

and for such problems perform the modeling and appropriate analysis;

V. Understand sampling techniques and the importance of randomness, and

differentiate between random and non-random samples;

W. Understand the concept of sampling from a normally distributed population and

apply the principles of probability to make predictions concerning the results

(frequency distributions and measures of central tendency) of such samples;

X. Understand the nature and significance of the Central Limit Theorem;

Y. Use Excel to verify that the normal distribution gives a better approximation to a

given non-normal distribution the larger that the sample size is;

Z. Estimate population parameters using large-size sampling techniques, find the

desired sample size in such estimation situations and understand errors of

estimation (confidence intervals);

AA. Understand when and how to use the t-Distribution, explain its significance and

use it for estimation;

BB. Use Excel to calculate errors of estimation (construct confidence intervals);

CC. Test hypotheses about the mean, the proportion or the difference between two

means or two proportions and identify the proper techniques to apply in a given

situation;

DD. Explain the difference between linear regression and correlation analysis,

recognize problems that can be linearly modeled and in such problems compute

CCSF, Social Sciences, ECON 5, Introductory Statistics, May 2010, Page 2 of 4

and interpret regression coefficients, and explain the difference between correlation

and causality;

ECONOMICS 6

A. Define, discuss and graphically analyze the concept of comparative advantage

and its determinants.

B. Describe, apply, and evaluate the Ricardian and Heckscher Ohlin models of

international trade, as well as other models of trade theory.

C. Calculate, and interpret the gains from Trade.

D. Summarize and evaluate the effects of international trade and of international

policies on economic welfare, and domestic goods and factor markets.

E. Discuss and evaluate the main arguments for trade restrictions.

F. Discuss, measure, and compare the distributional effects oftrade arising from

free trade versus protectionism.

G. Describe and evaluate the role and practices of the World Trade Organization.

H. Describe and evaluate the economic impact of regional integration and

multilateral arrangements such as NAFTA, the European Union, the West

African Monetary Union, and the Asia Pacific Economic Cooperation (

APEC)

I. Demonstrate an understanding of the key characteristics and effects of

globalization, including the globalization growth -income poverty nexus.

J. Describe, discuss, and graphically analyze the main models of exchange rate

determination.

ECONOMICS 25

A. State the basic concepts, assumptions, and concerns of the mainstream

(neoclassical) economic theory of capitalism.

B. Summarize the basic concepts, assumptions, and concerns of the political

economy theory of capitalism.

C. State the basic concepts, assumptions, and concerns of feminists and contrast

different feminist policy approaches to women's economic inequality.

CCSF, Social Sciences, ECON 25, Women in the Economy, May 15, 2010, Page 1 of 4

D. Summarize major historical changes in the paid and unpaid productive activities

Of D.S. women from at least three different racial and ethnic groups, including the

cult of domesticity, the family wage, consumerism, and changing forms of racism.

E. Describe recent changes in U.S. family structure overall and by race.

F. Outline the current changes in U.S. household division of labor by sex, with

variations by race, family structure, and sexual orientation, and explain the

economic importance of household productive activities.

G. Explain how women's typical household activities affect their paid labor supply,

including issues of the double day and work/life balance.

H. Apply human capital, political economy, and feminist theories to explain the

typical household division of labor by sex.

I. List the main occupations of D.S. women overall and by race, and demonstrate

the existence of occupational segregation by sex and race.

J. Explain and demonstrate gender inequality in promotions and workplace authority

(the glass ceiling and sticky floors).

K. Describe gender pay inequality overall and within occupations, and apply

mainstream and political economy theories to explain it.

L. Summarize and evaluate the mainstream theory of diminishing labor market

discrimination against women and people of color.

M. Summarize and evaluate the human capital theory of women's labor supply

decisions as the cause of occupational and pay differences by sex.

N. Summarize major theories of labor market discrimination against women,

including employer/gatekeeper stereotypes, statistical discrimination, crowding,

and segmented labor markets.

O. Explain how institutions including gender-role socialization and unequal

education can lead to occupational segregation.

P. Summarize and evaluate the effects of major methods of anti-discrimination

governmental intervention in labor markets, including protective laws, equal

employment opportunity laws, the Equal Pay Act, and affirmative action.

Q. Describe the current poverty problem among women and children and its sources

in the household and the labor market.

R. Explain how major social justice movements have fought to reduce inequality

based on gender, race, and sexual orientation, and give examples of individual

women activists and achievers.

ECONOMICS 30

A. Apply the principles, terminology and methods of political economy and

traditional market economy analysis to the African American Community.

B. Identify and assess the microeconomic forces (labor markets, educational

markets, housing markets, etc.) that have influenced the current economic status

of African Americans.

C. Describe and interpret the status of African Americans in economic terms.

D. Describe and review the process of capital accumulation, and its influence on the

socio-economic formation of the African American community

E. Describe and critically analyze several alternative theories of racial economic

inequality.

F. Describe and explain the process by which black sharecroppers were transformed

into a class of "free" black wage laborers. (The main objective here is to set the

basis for the entrance of Blacks into mainstream TI of the American economy).

G. Describe and analyze the demand for black labor and specific dynamics affecting

black wage determination under advanced capitalism.

H. Identify, describe, and evaluate the mechanisms by which African Americans are

distributed among the primary and secondary job sectors, and the overall

problems of employment and unemployment facing the African American

community.

I. Describe and asses the market for black consumer goods and the strengths and

weaknesses of black capitalism.

J. Describe, diagram; and analyze the formation of socio-economic classes within

the African-American community, and public policy responses to a growing black

underclass.

K. Discuss and analyze the flows of income distribution in the U.S. and the African

American community, and the intersection between race, class, and income status.

L. Describe and explain the basic features of human capital theory, the specific

impact of education on black employment ad income outcomes, and the role of

education in advancing black economic progress.

M. Describe and analyze housing markets and their imperfections, especially the

practice and impact of housing discrimination and residential segregation.

N. Describe and analyze the causes and socio-demographics of homelessness, and

'the prospects for alleviating it through macroeconomic policy and community based

programs.

O. Describe, evaluate, and compare the theories, arguments, empirical evidence, and

policy implications that emerge from the topics below.