ECON& 202 - Macro Economics

Credits: 5
LEC hours per week: 5
Theory and policy related to organization and operation of a market economy. Topics include supply and demand theory, government spending and taxation, money and banking, analysis of employment, inflation, aggregate output and economic growth, and fiscal and monetary policy tools. Formerly: ECON 201.
Course Outcomes:

Define and explain economic terms.
Use formulas to calculate values for given data. Such as, elasticity, time value of money, costs, revenues, and Profit.
Create graphical representation of data. Such as, production function, cost curves, supply, demand, indifference curve, production possibilities curve, budget line.
Interpret graphs to detect patterns.
Interpret data to make economic decisions.
Evaluate the effects of changes in demand and supply on the market price and equilibrium quantity and explain the rationing function of prices.
Describe advantages and disadvantages of various forms of business organization.
Compare and contrast characteristics and output / pricing decisions of perfectly competitive firms to the imperfectly competitive solutions.
Explain the rationale for government regulation of business and their effects.

Course Topics:

Defining Economics
Scarcity and Trade-offs
Comparative Advantage and Trade
Demand and Supply
The Price System and Markets
The Public Sector
Taxes, Transfers and Public Spending
Business Fluctuations, Unemployment, Inflation and Deflation
Circular Flow Model of the Economy
National Income Accounting methods
Economic Growth
Aggregate Demand and Aggregate Supply
Classical versus Keynesian Macro Analysis
Consumption Function
Fiscal Policy
Deficit Spending and Public Debt
Money Creation and Banking
Monetary Policy

Course Attribute(s): Social Science