Objective:
The course objective is to explore and interpret the behavior of economies and countries at both national and international levels. Through this exploration, students will learn how to evaluate decisions on monetary and fiscal policy. Students will also learn how to apply conceptual principles of macroeconomics in practical ways to everyday life.
Learning Outcomes:
- Upon completion of the course, the student will be able to describe economics
- Articulate market efficiency
- Analyze monetary, money, and financial systems
- And interpret international trade and aggregate demand and supply, prices and growth
General Course Topics:
- An overview of economics
- Circular flow diagram
- Economic growth (GDP)
- Types of GDP
- Business cycles--expansionary/recessionary (NBER)
- Monetary policy/fiscal policy
- Supply and demand
- Tax/subsidy
- Money supply - price level / inflation
- International trade
- Shifts in supply
- Consumer and producer surplus
- Impact of price on quantity supplied/demanded
- Deadweight loss
- Gold standard
- Fractional gold standard/fiat currency
- U.S. Central Bank: Federal Reserve
- Open market operations
- Federal funds market
- Expansionary/contractionary policy and the multiplier effect
- Funding fiscal policy
- Analyze trade barriers
- Understanding indicators
- PPI/CPI/deflator
- Labor force participation rates by gender