Economics is the social science that studies the production, distribution, and consumption of goods and services. So generally defined, economics could be alternatively defined as the “study of human decision making” and it can be used to answer a variety of seemingly “non-economic” questions including: what causes (or reduces) crime? What makes people give to charities? Is it really dangerous to talk on your phone while driving? Economics can also be considered a methodology – a structured and consistent way of viewing and analyzing the world that allows for greater and more robust insight. Economics is considered by some to be the “hardest” social science though subject content is not always distinguishable from that studied by geographers, psychologists, anthropologists, historians, political scientists and even medical doctors and lawyers.

This specific course will familiarize the student with macro, or aggregate, economic concepts and terminology including price determination, gross domestic product, credit markets, the banking system, growth and development, unemployment and other labor market outcomes, fiscal and monetary policy, and international trade.

Course Competencies

  • Calculate Gross Domestic Product and the rate of inflation using national accounts data.
  • Compute the effect of changes in reserve requirements and other monetary policies on the money supply and inflation.
  • Compute the solution to aggregate demand/supply problems given data on changes in private sector behavior or government policy actions.
  • Compute the expected changes to the balance of payments from shocks to the trade accounts and/or monetary policy shocks.
  • Discuss macroeconomic goals, activities, and outcomes of government monetary and fiscal policies.

Course Textbooks

Macroeconomics (2nd Edition) by Daron Acemoglu (Author), David Laibson (Author), John List (Author) ISBN: 0134492056

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