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.
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.
16. The Keynesian Model in Action.

1. Describe economics as the study of scarcity and decision making.
2. Explain how equilibrium interest rate is achieved in the money market.
3. Analyze how changes in the money supply affect the interest rates.
4. Describe the relationship among quantity demanded, quantity supplied, and equilibrium.
5. Identify the components of 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. Explain how fiscal policy combats recession and inflation.
9. Describe the national debt and arguments concerning who bears the burden of the national debt.
10. Articulate 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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