Learning Outcome Statements

1. The Business Cycle and its Phases

a. describe the business cycle and its phases;

b. describe how resource use, housing sector activity, and external trade sector activity vary as an economy moves through the business cycle;

2. Theories of the Business Cycle

c. describe theories of the business cycle;

3. Unemployment

d. describe types of unemployment and measures of unemployment;

4. Inflation

e. explain inflation, hyperinflation, disinflation, and deflation;

f. explain the construction of indices used to measure inflation;

g. compare inflation measures, including their uses and limitations;

h. distinguish between cost-push and demand-pull inflation;

5. Economic Indicators

i. interpret a set of economic indicators and describe their uses and limitations.