ECON 2301 - Macroeconomics

3 Credits (3 hrs. lec.) A study of macroeconomic principles. Analysis of the market economy; national income accounting; income determination; stabilization policies: monetary and fiscal policy; money and banking; demand and supply-side economics; monetarist vs. Keynesian view; inflation theories such as distinction between demand-pull and cost-push theories, Phillips curve analysis; labor market and determination of unemployment rate. (4506015125) Prerequisite: College Level Readiness in Reading AND Writing, MATH 0308 OR higher level Math
Course Outcomes
1 - Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making.
2 - Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
3 - Define and measure national income and rates of unemployment and inflation.
4 - Identify the phases of the business cycle and the problems caused by cyclical fluctuations in the market economy.
5 - Define money and the money supply; describe the process of money creation by the banking system and the role of the central bank.
6 - Construct the aggregate demand and aggregate supply model of the macro economy and use it to illustrate macroeconomic problems and potential monetary and fiscal policy solutions.
7 - Explain the mechanics and institutions of international trade and their impact on the macro economy.
8 - Define economic growth and identify sources of economic growth.