ECN 221W - Principles of Macroeconomics

1. Identify, generate and manipulate basic economic models and 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. Identify basic macroeconomic models, their assumptions and their policy implications.
   1. Demonstrate a historical understanding of the roots of competing macroeconomic theories.
   2. Identify, compare and contrast, and discuss the underlying assumptions, strengths, weaknesses and workings of the competing macroeconomic theories.
   3. Demonstrate an understanding of the U.S. economy's place in the global economy.
3. Demonstrate basic macroeconomic models using graphical methods.
   1. Identify, graph and manipulate macroeconomic states in aggregate demand/aggregate supply and Keynesian models of the economy.
   2. Demonstrate graphically an economy’s moving to full employment using the competing macroeconomic models 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. Derive basic macroeconomic statistics and discuss their strengths and weaknesses.
   1. Define government measures of economic activity.
   2. List the strengths and weaknesses of government measures of economic activity.
   3. Compute economic growth rates, inflation rates, and unemployment rates and compare them over time.
5. 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.
6. Write effectively for a specific audience and purpose.
   1. Articulate clearly important ideas.
   2. Select, organize, and present details to support a main idea.
   3. Employ the conventions of written, edited, standard English.
   4. Use appropriate vocabulary for the audience and purpose.
7. Utilize writing to promote learning in any or all of the above Outcomes and Objectives.