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Course Description

This course introduces foundational concepts of economic principles, such as opportunity costs, supply, and demand. However, the course focus is to explore primary macroeconomic principles, including measurement, real economy in the long run, money economy in the long run, macroeconomic fluctuations, and policy issues. You will be presented with real world contemporary examples that apply theory to practice, demonstrating the relevance of macroeconomic thought.

Course Outcomes

At the end of this course, students will be able to:

  • Analyze the economic way of thinking
  • Explain how free and competitive markets allocate resources efficiently through the interaction of supply and demand
  • Evaluate the different effects caused by changes in demand and supply conditions
  • Analyze the measurements of gross domestic product and inflation as key indicators of aggregate economic performance
  • Explain the significant relationships between employment and output in the short and long runs
  • Analyze the differences in growth rates over time and between economies
  • Explain how the financial markets function to allocate loanable funds and determine interest rates
  • Outline the key components of the U.S. monetary system
  • Analyze changes in the supply of and demand for money
  • Explain how changes in aggregate supply and aggregate demand result in business cycles
  • Analyze economic policy using the aggregate expenditure multiplier
  • Analyze the relationship between inflation and unemployment in the short run
  • Analyze the demand and supply effects of fiscal policy on employment and gross domestic product
  • Analyze the objectives and tools of the Federal Reserve's monetary policy
  • Analyze the effects of government policies in international markets

Course Materials

Foundations of Macroeconomics Book Cover
Title: Foundations of Macroeconomics
Edition: 8
Author: Bade and Parkin
ISBN: 9780134492001