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ECON 1010 Macroeconomics

This course is designed to aid the student in understanding the basics of macroeconomics and how it applies in the community and nation. Discussion and analysis are focused on aggregate economic behavior or the “big picture.” The student will explore how the measures of economic performance, such as GDP, inflation, and unemployment are constructed, and how to apply them to evaluate the macroeconomic conditions of an economy. The student will also evaluate basic analytical tools of macroeconomics, primarily the aggregate demand and aggregate supply models, as well as evaluating the effectiveness of fiscal policy and monetary policy in promoting economic growth and stability. Recommended completion of or placement into MATH 0920 or higher. (3 lect.) SOC

Credits

3 credits

Transfer Status

Equivalent to UW

Major Topics

  • Introduction to macroeconomics and the economy
  • Employment

  • Fiscal policy

  • Gross domestic product

  • Money

  • Banking

  • Monetary policy

  • Macroeconomic debates

Outcomes

In order to successfully complete this course, the student will:

1. Define key economic terms: scarcity, opportunity cost, utility, externality, and comparative advantage.

2. Construct a model of the flow of factors of production and their outputs.

3. Graph supply and demand schedules including government-set prices.

4. Calculate gross domestic product (GDP) by both the expenditure and income approach.

5. Compare inflation and unemployment in terms of their effect on the economy.

6. Express the relationship of aggregate supply and demand and their effects in the immediate short run, short run, and long run.

7. Compare monetary and fiscal policy.

8. Describe the nature of money, its functions, and its place in an economic system.

9. Describe how the development of international trade benefits individuals and groups.

10. Describe how economics relates to political systems and other social sciences and disciplines.

Other Information

Any information placed here must be adhered to by all instructors:

Course articulated with UW. Contact Instructor for articulated textbook.