Empirical and Quantitative Skills: to include the manipulation X and analysis of numerical data or observable facts resulting in informed conclusions. Teamwork: to include the ability to consider different points of view and to work effectively with others to support a shared purpose or goal. Personal Responsibility: to include the ability to connect choices, actions and consequences to ethical Social Responsibility: to include intercultural competence, X knowledge of civic responsibility, and the ability to engage effectively in regional, national, and global communities. Student Upon successful completion of this course, students will: Learning Outcomes Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making. Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output. Define and measure national income and rates of unemployment and inflation. Identify the phases of the business and the problems caused by cyclical fluctuations in the market economy. Define money and the money supply; describe the process of money creation by the banking system and the role of the central bank. 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. Explain the mechanics and institutions of international trade and their impact on the macro economy. Define economic growth and identify sources of economic growth. Course Outline This course is divided into sixteen lessons divided into four units: Unit 1: Economic Decision Making Lesson 1: Introduction to Macroeconomics Lesson 2: Scarcity and Choice Lesson 3: Opportunity Cost and Specialization Lesson 4: Demand and Supply Unit 2: Macroeconomic Measurements and Fluctuations Lesson 5: National Income/GDP Lesson 6: Unemployment Lesson 7: Inflation Lesson 8: Economic Growth Unit 3: Aggregate Demand and Aggregate Supply Lesson 9: Aggregate Demand/Aggregate Supply Model Lesson 10: The Keynesian Perspective Lesson 11: The Neoclassical Perspective
Empirical and Quantitative Skills: to include the manipulation and analysis of numerical data or observable facts resulting in informed conclusions. X Teamwork: to include the ability to consider different points of view and to work effectively with others to support a shared purpose or goal. Personal Responsibility: to include the ability to connect choices, actions and consequences to ethical Social Responsibility: to include intercultural competence, knowledge of civic responsibility, and the ability to engage effectively in regional, national, and global communities. X Student Learning Outcomes Upon successful completion of this course, students will: Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making. Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output. Define and measure national income and rates of unemployment and inflation. Identify the phases of the business and the problems caused by cyclical fluctuations in the market economy. Define money and the money supply; describe the process of money creation by the banking system and the role of the central bank. 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. Explain the mechanics and institutions of international trade and their impact on the macro economy. Define economic growth and identify sources of economic growth. Course Outline This course is divided into sixteen lessons divided into four units: Unit 1: Economic Decision Making Lesson 1: Introduction to Macroeconomics Lesson 2: Scarcity and Choice Lesson 3: Opportunity Cost and Specialization Lesson 4: Demand and Supply Unit 2: Macroeconomic Measurements and Fluctuations Lesson 5: National Income/GDP Lesson 6: Unemployment Lesson 7: Inflation Lesson 8: Economic Growth Unit 3: Aggregate Demand and Aggregate Supply Lesson 9: Aggregate Demand/Aggregate Supply Model Lesson 10: The Keynesian Perspective Lesson 11: The Neoclassical Perspective
ECON2301_Syllabus.docx