ECON1: PRIN MACROECONOMICS
Introduction to the principles of macroeconomic analysis, economic institutions, and economic policy; supply and demand, determinants and distribution of output, income, and welfare through the market system; international trade and globalization. Measurement, determinants of, and policies relating to long-run economic growth, business cycle fluctuations, unemployment, and inflation. This course has the option of a letter grade or pass/no pass. (C-ID: ECON 202) PREREQUISITE: MATH 430 or MATH 205
- Use the framework of supply, demand, consumerís surplus, and producerís surplus to show how changes in economic variables affect market outcomes.
- Recognize and apply economic theory in everyday life.
- Show, using graphs and or numerical examples, how specialization and exchange can increase well-being.
- Use marginal analysis to make resource allocation decisions.
- Identify and analyze the factors that contribute to economic growth and development.
- Discuss the causes of business cycle fluctuations, and argue in favor of an appropriate policy response to a given situation.
- Gather real-world data and identify the relationships between macroeconomic variables, such as GDP, the unemployment rate, and the rate of inflation.