ECN 221W - Principles of Macroeconomics

1. Demonstrate an understanding of the basic economic models with their assumptions.
   1. Use the production possibilities frontier to discuss scarcity, opportunity costs, factors of production, limitations on production, gains from trade and limitations of simple economic models.
   2. Use supply and demand to determine market changes in price and quantity.
2. Analyze macroeconomic theory with statistical data.
   1. Describe the significance of Gross Domestic Product.
   2. Describe the significance of unemployment.
   3. Describe the significance of inflation.
3. Demonstrate understanding of basic macroeconomic models.
   1. Assess the economy status by using aggregate demand/aggregate supply model and Keynesian theory.
   2. Demonstrate graphically an economy's moving to full employment and the impacts of the labor and funds markets in these transitions.
   3. Demonstrate the impacts of fiscal and monetary policy on the economy through the various macroeconomic models.
   4. Demonstrate an understanding of the U.S. economy’s place in the global economy.
4. Identify the special role of the financial sector in economic activity.
   1. Describe the role of financial institutions in the U.S. banking system and their links to monetary policy.
   2. Describe and analyze the role of central banks and the unique nature of the Federal Reserve System in terms of their potential impact on the economy as a whole.
   3. Compare and contrast the strengths and weaknesses of monetary policy and fiscal policy.
5. Write effectively for a specific purpose.
   1. Practice critical writing skills within the subject.
   2. Analyze course content in written form.
   3. Explain the subject matter in a coherent writing style.