Jul 25, 2024  
2022-2023 Catalog 
2022-2023 Catalog [ARCHIVED CATALOG]

ECON 201 - Principles of Macroeconomics

PREREQUISITES: ENGL 111 - English Composition  and demonstrated competency through appropriate assessment or earning a grade of “C” or better in MATH 023 - Essentials of Algebra  or MATH 080 - Mathematical Principles  
PROGRAM: Social Sciences

A descriptive and analytical study of fundamental concepts of national economics. It includes an analysis of the determination and fluctuations in national income and employment, monetary and fiscal policy, and international trade and finance. Economic analysis of monetary and fiscal policies is stressed.

MAJOR COURSE LEARNING OBJECTIVES: Upon successful completion of this course the student will be expected to:

  1. Describe and discuss alternative measures of macroeconomics performance and their limitations.
  2. Demonstrate how supply and demand interact to determine market prices.
  3. Demonstrate how the tools of aggregate demand and aggregate supply are used to determine macroeconomics equilibrium.
  4. Describe the nature, creation, and valuation of money within the macroeconomy.
  5. Describe and evaluate the dynamics and effectiveness of fiscal and monetary policy.
  6. Describe the basis of, and gains from, international trade.
  7. Analyze the consequences of trade for international financial flows.
  8. Compare and contrast various schools of thought with regard to monetary and fiscal policy.
  9. Contrast various ways in which different economic systems allocate scarce resources within society.
  10. Differentiate between the main macroeconomic theories of the business cycle.

COURSE CONTENT: Topical areas of study include -  

  • Aggregate Demand
  • Gross domestic product
  • Aggregate Supply
  • Growth and productivity
  • Austrian School
  • International Trade
  • Balance of payment analysis
  • Interest rates
  • Business cycles
  • Keynesian School
  • Capital accumulation
  • Macroeconomic equilibrium
  • Chicago School
  • Monetary policy
  • Components of a market economy
  • Money
  • Deflation
  • Multiplier effects
  • Economic Interdependence
  • Nominal and real value
  • Exchange rate
  • Production
  • Federal Reserve Banking System
  • Unemployment
  • Fiscal policy
  • Full Employment
  • Income analysis

Course Addendum - Syllabus (Click to expand)