Course Description
This course in economics provides a common sense approach to economics, covering basic economic laws and how they apply to our world and everyday life. The course is designed to give students a basic grounding in the terminology, basic concepts, and issues of contemporary economic theory, with an emphasis on macroeconomic issues.
Objectives/Goals
- Acquire a knowledge of economic structure and behavior
- Understand commonly-accepted measures and theoretical models used to organize the concepts of economic structure and behavior
- Develop an ability to use those measures and models, and the relevant quantitative data to describe and analyze macroeconomic structure, behavior, and events
- Approach macroeconomics in a collective point of view through relating main macro variables to fiscal and monetary policies, national debt, and the world economy
Topics Covered
- National accounting and value added, price index
- Consumption, saving, and investment
- Money and inflation, closed economy and open economy
- Unemployment, growth and fluctuations, aggregate supply and demand, Keynesian Cross and IS-LM analysis
- Relationship between the government budget deficit and the trade deficit
Supply-side economics and the government spending deficit