ECN 120 - Principles of Macroeconomics

1. Develop an awareness of the nature of economics and the economic problem facing society
   1. Describe the economic problem
   2. Develop an awareness of the methodology behind economic thinking
   3. Apply the concept of scarcity to decision making
2. Apply the Production Possibilities Model to illustrate key economic concepts
   1. Explain the concept of increasing costs
   2. Relate the concept of opportunity cost to as part of a decision making methodology
   3. Relate the concept of marginalism as part of a decision making methodology
3. Analyze the market model
   1. Examine price and non price influences on buyer and seller behavior
   2. Construct the market model
   3. Apply the market model to explain and predict outcomes of buyer-seller interactions
4. Comprehend the nature of public and private sectors of the economy
   1. Examine economic sectors and assess their relationships to one another
   2. Explore attributes of private sector behavior
   3. Explore attributes of public sector behavior
5. Assess fluctuations in aggregate economic activity
   1. Identify and describe business cycle characteristics
   2. Introduce macroeconomic terms and concepts relative to economic fluctuations
   3. Describe macroeconomic performance parameters
6. Measure aggregate economic activity
   1. Develop alternate performance measures of aggregate production and income
   2. Develop sub accounts of the alternate measures of aggregate economic activity
   3. Critique performance measures of aggregate economic activity
7. Evaluate price change in the aggregate economy
   1. Develop measures of price level change
   2. Apply measures of price level change
   3. Assess characteristics of price level change
8. Evaluate employment in the aggregate economy
   1. Develop measures of unemployment in the aggregate economy
   2. Apply measures of unemployment
   3. Assess the measures of unemployment
9. Analyze macroeconomic equilibrium
   1. Develop alternative models of aggregate economic behavior
   2. Apply the models to predict and explain macroeconomic outcomes
   3. Assess the strengths and weaknesses of alternative models of macroeconomic behavior
10. Assess fiscal policy
    1. Identify alternative fiscal policy approaches
    2. Describe the impact of fiscal policy on macroeconomic equilibrium
    3. Assess the performance of fiscal policy
11. Evaluate the occurrence of budgetary deficits and the public debt
    1. Examine government budgeting and its implications for macroeconomic performance
    2. Examine the public debt and its implications for macroeconomic performance
    3. Assess the concerns regarding deficits and debt
12. Evaluate the role and functions of money for the macroeconomy
    1. Describe alternative definitions of money
    2. Examine the characteristics and functions of money
    3. Assess the implications of money on aggregate economic activity
13. Examine the function and role of banking in the macroeconomy
    1. Describe the nature and characteristics of financial institutions
    2. Comprehend banking institutions impact on liquidity
    3. Assess the implications of money creation and destruction
14. Examine the function and role of the Federal Reserve System
    1. Describe the structure of the Fed
    2. Comprehend and apply the tools of monetary control
    3. Assess the impact of monetary policy on liquidity
15. Assess the effects of monetary policy on macroeconomic activity
    1. Develop alternative theories describing the implications of monetary policy on the macroeconomy
    2. Apply monetary theory for purposes of predicting and explaining aggregate economic activity
    3. Compare and contrast the alternative theories regarding money and the economy
16. Assess international financial considerations’ relevant to macroeconomic performance
    1. Develop international currency exchange concepts
    2. Develop balance of payments concepts
    3. Assess the implications of currency exchange and balance of payments on aggregate economic activity
17. Students shall be exposed to applications chapters per the discretion of individual instructors serving to embellish the core theory objectives described in the above listed competencies. No testing items shall be included for the applications chapters o