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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.