Economics
1. Understand the basic principles of economics: - Define economics as the study of how individuals, businesses, and societies make choices about allocating scarce resources to meet their needs and wants. 2. Differentiate between microeconomics and macroeconomics: - Explain the distinction between microeconomics, which focuses on individual agents and markets, and macroeconomics, which examines the economy as a whole, including issues like inflation, unemployment, and economic growth. 3. Analyze the concept of supply and demand: - Understand the laws of supply and demand, and how they interact to determine market prices and quantities in competitive markets. 4. Explore the role of government in the economy: - Discuss the various ways in which government intervenes in the economy, including regulation, taxation, and public goods provision, and evaluate the effects of these interventions. 5. Examine the importance of economic indicators: - Identify key economic indicators (e.g., GDP, inflation rate, unemployment rate) and understand how they are used to assess the health of an economy and inform policy decisions. 6. Understand the concept of opportunity cost: - Define opportunity cost and explain its significance in decision-making and resource allocation. 7. Analyze market structures and competition: - Differentiate between various market structures (e.g., perfect competition, monopolistic competition, oligopoly, monopoly) and understand how they affect pricing and output decisions. 8. Explore international economics: - Understand the basics of international trade, exchange rates, and the impact of globalization on domestic economies. 9. Examine the principles of economic growth and development: - Discuss the factors that contribute to economic growth, including capital accumulation, technological advancement, and human capital development. 10. Apply economic theories to real-world situations: - Use case studies and examples to illustrate how economic concepts can be applied to analyze current events, business decisions, and public policies.
