ECON 1021 - Macroeconomics

Credits: 3
Hours/Week: Lecture 3 Lab None
Course Description: This course is an introduction to macroeconomics. It emphasizes demand and supply theory, fiscal and monetary policy, national income, money and banking. Other topics include international economics, foreign exchange rates, international trade theory, and balance of trade. This course has broad general education applications but is especially appropriate for economics, accounting, and business majors.
MnTC Goals
5 History/Social/Behavioral Science

Prerequisite(s): None
Corequisite(s): None
Recommendation: None

Major Content

1. Introducing the Economic Way of Thinking
2. Production Possibilities, Opportunity Cost, and Economic Growth
3. Market Supply and Demand
4. Markets in Action
5. Gross Domestic Product
6. Aggregate Demand and Supply.
7. Fiscal Policy
8. The Public Sector: Government Tax and Regulation
9. Federal Deficits, Surpluses, and the National Debt
10. Money and the Federal Reserve System.
11. Money Creation
12. Monetary Policy
13. Business Cycles and Unemployment
14. Inflation
15. The Keynesian Model

1. describe economics as the study of scarcity and decision making.
2. explain how equilibrium interest rate is achieved in the money market.
3. identify how changes in the money supply affect interest rates.
4. differentiate the relationship among quantity demanded, quantity supplied, and equilibrium.
5. identify the components of Gross Domestic Product ( GDP).
6. interpret economic growth using the change in real GDP.
7. explain how the consumer price index (CPI) and the inflation rate are computed.
8. analyze how fiscal policy combats recession and inflation.
9. explain the national debt and arguments concerning who bears the burden of the national debt.
10. evaluate the functions of money.

05. 03. Use and critique alternative explanatory systems or theories.

05. 04. Develop and communicate alternative explanations or solutions for contemporary social issues.

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