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ECON1001 Macroeconomics (Thralls): Syllabus & Open Textbook

Content Outline

CONTENT OUTLINE

1)Economics and the Economy (Course Objectives 1 through 4)

a)The economic perspective

i)Scarcity and choice

ii)Purposeful behavior

iii)Marginal analysis

b)The economizing problem

i)Economic resources

ii)Unlimited material wants

iii)Production possibilities analysis

c)Pure capitalism and the market system

i)Alternative economic systems

ii)Characteristics of market systems

d)Supply, demand and market equilibrium

i)Law of demand and determinants of demand

ii)Law of supply and determinants of supply

iii)Equilibrium

iv)Changes in demand and supply and effects on market price and market quantity

v)Government-set prices

e)The mixed economy:  private and public sectors

i)Households

ii)Businesses

iii)Government

2)Macroeconomic Measurement and Basic Concepts (Course Objectives 5 through 7)

a)Measuring domestic output and national income

i)Gross domestic product

ii)Other national accounts

iii)Nominal GDP and real GDP

b)Macroeconomic instability

i)Economic growth

ii)Business cycles

iii)Unemployment

iv)Inflation

3)“Money, Banking, and Monetary Policy” (Course Objectives 10 through 12)

a)Money and banking

i)Function of money

ii)Components of the money supply

b)How banks create money

i)A single commercial bank

ii)The banking system

c)The federal reserve banks and monetary policy

i)Structure and functions of federal reserve banks

ii)Tools of monetary policy

4)Economic Theories and Applications (Course Objectives 8 through 9)

a)Classical theory

i)History

ii)Characteristics

b)Keynesian Theory

i)History

ii)Aggregate demand, aggregate supply and aggregate equilibrium

c)Fiscal policy

i)Changes in government spending

ii)Changes in taxes