A student in economics should be able to:
Define economics and distinguish between microeconomics and macroeconomics - Handout 01
Know what the larger issues within the study field of economics are and explain the appropriate policy directions to resolve these. Handout 04: The issues
Explain the key ideas that define the economic way of thinking
Define the production possibilities frontier and explain the concept of opportunity cost
Distinguish between production possibilities and preferences and describe how the efficient allocation of resources takes place within a normal market economy
Explain how current production choices expand future production possibilities
Explain how specialization and trade expand our production possibilities
Explain how and why property rights and markets have evolved and defend the moral position on which it is based.