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Center for Curriculum and Transfer Articulation
Macroeconomic Principles
Course: ECN211

First Term: 2020 Fall
Lecture   3.0 Credit(s)   3.0 Period(s)   3.0 Load  
Subject Type: Academic
Load Formula: S - Standard Load

Description: A descriptive analysis of the structure and functioning of the American economy. Emphasis on basic economic institutions and factors that determine national income and employment levels. Consideration given to the macroeconomic topics of national income, unemployment, inflation and monetary and fiscal policies.

MCCCD Official Course Competencies
1. Define the major concepts in economics and characterize key economic principles. (I)
2. Describe the determinants of supply and demand, and their effects on equilibrium price. (II)
3. Explore measures of the economy`s performance (GDP, inflation, unemployment). (III)
4. Use the aggregate demand and aggregate supply model to understand changes in the macroeconomy. (IV)
5. Identify the tools of fiscal policy, and explain their impact on the macroeconomy. (V)
6. Identify the tools of monetary policy, and explain their impact on the macroeconomy. (VI)
7. Explain the role of globalization and the impact on the global economy. (VII)
MCCCD Official Course Outline
I. Major Concepts in Economics
   A. Definition of economics
   B. Real world economics applications
   C. Economic decision making
   D. Four categories of economic resources
   E. Production possibilities curve
II. Supply, Demand, and Markets
   A. The Law of Demand
      1. Demand vs quantity demanded
      2. Factors that cause demand curves to shift
   B. The Law of Supply
      1. Supply vs quantity supplied
      2. Factors that cause supply curves to shift
   C. Market equilibrium price and equilibrium quantity
      1. Market efficiency
      2. Consumer and producer surplus
   D. Price controls on a market
      1. Deadweight loss
III. Explore Measures of the Economy`s Performance (GDP, Inflation, Unemployment)
   A. Macroeconomic goals
   B. Price Inflation
      1. Measuring inflation
      2. Hyperinflation, disinflation, and deflation
      3. Inflation and living standards
      4. Nominal vs real income
   C. Unemployment
      1. Measuring unemployment
      2. Types of unemployment
      3. Causes for unemployment
   D. Economic Growth
      1. Measuring Gross Domestic Product (GDP)
      2. Nominal vs Real GDP
      3. Modern economic growth
      4. Causes of economic growth
      5. Business cycles
      6. Standard of living
      7. Real GDP and GDP per capita
IV. Aggregate Demand and Aggregate Supply
   A. Single market demand vs aggregate demand (AD)
   B. Aggregate demand vs aggregate quantity demanded
      1. Factors that cause the AD to shift
   C. Single market supply vs aggregate supply (AS)
   D. Aggregate supply vs aggregate quantity supplied
      1. Factors that cause the AS to shift
   E. Macroeconomic equilibrium price level and macroeconomic equilibrium quantity (GDP)
   F. Changes to the price level (inflation), real GDP, and the unemployment rate in the economy
   G. Self-regulating economy
   H. Arguments for and against timely self-regulation
V. Fiscal Policy
   A. Government spending, taxes, and budgets
   B. Implementing fiscal policy
   C. Fiscal policy and the AD/AS model
   D. Fiscal policy challenges
VI. Money, Banking, and Monetary Policy
   A. The role/purpose/function of money
   B. Banks
   C. Money creation process
   D. Purpose and function of central bank
   E. Monetary policy and the AD/AS model
   F. Monetary policy challenges
VII. Globalization and the Impact on the Global Economy
   A. Benefits of free trade
   B. Comparative advantage and the natural pattern of trade
   C. Rationales for trade restrictions
   D. Foreign exchange markets
   E. Management of national currencies
   F. Current account balance
MCCCD Governing Board Approval Date: December 10, 2019

All information published is subject to change without notice. Every effort has been made to ensure the accuracy of information presented, but based on the dynamic nature of the curricular process, course and program information is subject to change in order to reflect the most current information available.