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Principles of Macroeconomics (ECON 2000)

Credits: 3
Lecture Credits: 3.00

Description: In this course, you will examine economic problems by focusing on national income, employment, inflation, the banking system, monetary and fiscal policy, international economics and growth.

Topical Outline:

1. Basic Concepts
2. Measures of Macroeconomic Performance
3. Modeling the Macroeconomy
4. Money and Banking
5. Demand Management Policies
6. International Economics


Learning Outcomes:
1. Explain the basic economic problem (scarcity, opportunity cost, choice) as well as markets and price determination (determinants of supply and demand)
2. Explain measurements of aggregate economic performance (GDP and its components, real vs. nominal values, unemployment, inflation, income and expenditure approaches to GDP, and limitations)
3. Apply the model of aggregate supply and aggregate demand. (potential GDP, economic growth and productivity, determinants and components of AS and AD, the multiplier effect)
4. Explain money and financial markets (money, money creation, financial institutions, financial instruments)
5. Explain monetary and fiscal policies (tools of monetary policy, automatic and discretionary fiscal policies, public debt) as well as policy debates (policy lags and limitations, rules vs. discretion, long run vs. short run, expectations, sources of macroeconomic instability)
6. Explain elements of International Economics (balance of payments, exchange rate systems, open-economy macroeconomics)  

Prerequisites:

Placement score into READ 0200 or placement score into ESOL 0052 or completion of READ 0100 or ESOL 0042 with faculty recommendation into ESOL 0052. It is highly recommended that students also complete ADED 0060.

MnTC:
  • Goal 5
  • Goal 8