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ECON 1010 Macroeconomics

This course is designed to aid in the development of an economically aware citizenry. Discussion and analysis are focused on aggregate economic behavior or the "big picture." Students taking the course can expect to learn 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. Students will also learn the basic analytical tools of macroeconomics, primarily the aggregate demand and aggregate supply model and its application in the analysis and determination of national income, as well as evaluating the effectiveness of fiscal policy and monetary policy in promoting economic growth and stability. Prerequisite: Completion of MATH 0920 or test into MATH 0930 or higher. (3 lect.) SOC

Credits

3 credits

Transfer Status

Equivalent to UW.

Major Topics

  • Introduction to Macroeconomics and the Economy
  • National Income
  • Employment
  • Fiscal Policy
  • Money
  • Banking
  • Monetary Policy
  • Long-run Perspectives
  • Macroeconomic Debates

Outcomes

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

1. Contrast economic theory to other social sciences;

2. Describe how economics relates to political systems;

3. Investigate how economists apply the methods of science;

4. Employ mathematical tools to formulate or validate political arguments;

5. Apply the economic perspective;

6. Reason accurately and objectively about economic topics.

7. Analyze the role of the Federal Reserve in developing monetary policy and evaluate the impact of those policies on society’s and individual’s well-being;

8. Analyze the role of the federal government in development and implementation of fiscal policy and evaluate the policy implications on related systems, society and on individuals;

9. Compare and contrast the roles of financial intermediaries in an economic system;

10. Examine the role of economics in government’s policy formulation.

11. Construct time lines charting how economic systems develop and change;

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

13. Apply the theory of comparative advantage to everyday life and national policy;

14. Examine the short-term and long-term impacts of changing prices on demand and supply;

15. Compare alternate governmental policies and their impacts on productivity growth;

16. Consider how government budget deficits affect the U.S. economy;

17. Analyze the impact of unemployment, investigate its causes and consequences;

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

19. Explore the meaning of classical dichotomy and monetary neutrality.

20. Graph supply and demand schedules;

21. Calculate elasticities

22. Investigate the major economic indicators including GDP, CPI, PPI, and the unemployment rate, learn how to calculate them, and apply these indicators to the student’s own life;

23. Calculate comparative advantage and absolute advantage in international trading relationships;

24. Compare the CPI to the GDP deflator as measures of the overall price level;

25. Calculate price indices to compare dollar figures from different times;

26. Construct a model of the supply and demand for loanable funds in financial markets;

27. Construct a model of a nation’s production possibilities;

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

29. Analyze the impact of government intervention in the market system and how this intervention impacts diverse populations.

30. Specifically describe the effects of minimum wage laws, rent control, crop subsidies, and other government imposed price ceilings and floors on diverse socioeconomic groups.

Other Information

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

Course articulated with UW. Contact Instructor for articulated textbook.