ECON 2301 - Macroeconomics

Credit Hours: 3
Contact Hours - Lecture: 3
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. CIP Code: (4506015125)
Prerequisite: College Level Readiness in Reading AND Writing, MATH 0308 OR higher level Math
Student Learning 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.
Core Category Social/Behavioral Sciences [80]