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Principles of Macroeconomics

ECN 221W

Principles of Macroeconomics

ECN 221W

Course Description

Prerequisites: Prerequisites: READING LEVEL 2 or WRITING LEVEL 2 and one of the following: MATH LEVEL 4 or MGT 110 or SKMA 111.

Studies the impact of consumer, business and government decisions on the macro economy. Includes: supply and demand analysis, measures of macroeconomic performance, money and banking, and various schools of macroeconomic thought and their policy implications. (60-0)

Outcomes and Objectives

Identify, generate and manipulate basic economic models and their assumptions.

Objectives:

  • Use the production possibilities frontier to discuss scarcity, opportunity costs, factors of production, limitations on production, gains from trade and limitations of simple economic models.
  • Use supply and demand to determine market changes in price and quantity.

Identify basic macroeconomic models, their assumptions and their policy implications.

Objectives:

  • Demonstrate a historical understanding of the roots of competing macroeconomic theories.
  • Identify, compare and contrast, and discuss the underlying assumptions, strengths, weaknesses and workings of the competing macroeconomic theories.
  • Demonstrate an understanding of the U.S. economy’s place in the global economy.

Demonstrate basic macroeconomic models using graphical methods.

Objectives:

  • Identify, graph and manipulate macroeconomic states in aggregate demand/aggregate supply and Keynesian models of the economy.
  • Demonstrate graphically an economy’s moving to full employment using the competing macroeconomic models and the impacts of the labor and funds markets in these transitions.
  • Demonstrate the impacts of fiscal and monetary policy on the economy through the various macroeconomic models.

Derive basic macroeconomic statistics and discuss their strengths and weaknesses.

Objectives:

  • Define government measures of economic activity.
  • List the strengths and weaknesses of government measures of economic activity.
  • Compute economic growth rates, inflation rates, and unemployment rates and compare them over time.

Identify the special role of the financial sector in economic activity.

Objectives:

  • Describe the role of financial institutions in the U.S. banking system and their links to monetary policy.
  • Describe and analyze the role of central banks and the unique nature of the Federal Reserve System in terms of their potential impact on the economy as a whole.
  • Compare and contrast the strengths and weaknesses of monetary policy and fiscal policy.

Write effectively for a specific audience and purpose.

Objectives:

  • Articulate clearly important ideas.
  • Select, organize, and present details to support a main idea.
  • Employ the conventions of written, edited, standard English.
  • Use appropriate vocabulary for the audience and purpose.

Utilize writing to promote learning in any or all of the above Outcomes and Objectives.