ECON 1105 - Principles of Macroeconomics

Aggregate Demand–Aggregate Supply analysis as a description of short-run U.S. economic performance and policy. (12%)

Fiscal Policy, budget deficits and public debt. (15%)

U.S. economic history and perspectives. (8%)

Defining, measuring, evaluation Gross Domestic Product, unemployment, inflation, economic growth. (20%)

International Economics: trade and comparative advantage, exchange rates, balance of payments, and open economies. (15%)

Financial system, monetary policy and the Federal Reserve System (15%)

Learning Outcomes
Apply the economic way of thinking (scarcity, opportunity cost, and choice) to analyze issues that impact American citizen/voters.

-Define the concepts of money and money creation; identify, distinguish between, and explain the purposes of financial instruments, institutions and financial markets that impact American citizens.

-Apply the model of aggregate demand and aggregate supply to explain economic growth and productivity, the determinants of AD and AS and the history of U.S. business cycles and macroeconomic policies.

-Define and discuss the measures of aggregate economic performance (Gross Domestic Product and its components, real versus nominal values), unemployment, inflation, income and expenditure approaches to GDP and limitations).

-Explain the determinants of demand and supply to explain how markets work.

-Explain policy debates (short run versus long run, rules versus discretion, the lags and limitations of policy on a macroeconomy).

-Define and distinguish between monetary and fiscal (automatic and discretionary) policies (the tools of each and their potential impacts on the performance of the U.S. macroeconomy, including public debt).

-Explain the elements of international economics (exchange rate systems, balance of payments and open economy macroeconomics)

Minnesota Transfer Curriculum (MNTC) Goals
05 - Hist/Soc/Behav Sci

08 - Global Perspective