Macroeconomics - The Basics

Description

In this course, you will learn:

• Understand and apply fundamental economic concepts such as supply and demand.
• Recognize the differences between different economic systems.
• Calculate and interpret key macroeconomic indicators such as GDP, unemployment, inflation, and poverty rates.
• Analyze and assess the use of monetary and fiscal policy, especially taxation policies, to stabilise the economy.
• As consumers and businesses, give examples of important macroeconomic challenges, present trends, and future developments.
   

Syllabus:

1. Define basic economic terminology
2. Explain and apply the concept of opportunity cost
3. Explain factors that cause economic growth and international comparative advantage using the concept of production possibilities curve
4. Describe the concept of GDP and GNP
5. Describe the various national accounting methods
6. Analyze the business cycle to determine the economy's temperature
7. Calculate and explain unemployment rate and the problems with interpreting that rate
8. Identify the types of unemployment and their relationship to full employment
9. Calculate and explain inflation rate and the problems with interpreting that rate
10. Identify the types of inflation and apply the theories of inflation
11. Compare the "isms" of economic systems
12. Analyze the circular flow
13. Describe and list the factors that led to the decline of the Soviet economic system
14. Describe and list the components and dynamics of the market system
15. Apply supply and demand analysis to real-world problems
16. Explain spending patterns using the consumption function
17. Interpret and assess the determinants of consumer spending
18. Distinguish the three types of business structures and explain the benefits and weaknesses of each
19. Interpret and assess the determinants of business spending and explain the role of inventories in business decisions
20. Analyze both graphically and arithmetically the expenditure function
21. Analyze the types of tax schemes and rationales for each
22. Explain and discuss the economic role of government
23. Examine the national debt and its impact upon the economy
24. Assess discretionary fiscal policy including lags and impacts
25. Explain the concept and functions of money
26. Analyze the demand for money
27. Explain the organization, functions and operation of the Federal Reserve
28. Explain money creation and destruction
29. Assess monetary policy and its impacts
30. Identify the three major economic philosophies of our time
31. Summarize the critiques of the major economic philosophies
32. Analyze the impact of international actors on the domestic economy
33. Describe the difference between economic growth and economic development.