ECN 120 - Principles of Macroeconomics

1. Analyze key economic concepts related to personal and societal decision-making
   1. Analyze the concepts of opportunity costs, efficiency, and growth through the Production Possibilities Frontier model
   2. Explain marginal analysis by computing marginal costs and marginal benefits
2. Construct supply and demand graphs to illustrate changes in price and non-price factors
   1. Examine price and non-price influences on buyer and seller behaviors
   2. Predict quantity movements and shifts in supply and demand by analyzing buyers’ and sellers’ interactions in the marketplace
3.  Examine economic measures used to report aggregate activity
   1. Examine and calculate US output (GDP)
   2. Analyze price indices to compare changes in price level over time
   3. Categorize and calculate measures of unemployment in the United States
   4. Explain factors that affect economic growth and productivity
4.  Assess the business cycle using a macroeconomic model
   1. Categorize economic fluctuations using a macroeconomic model
   2. Compare and contrast major economic theories.
   3. Analyze the role of the financial sector and its effect on the macro economy
5. Examine the role of the Federal Reserve System and monetary policy
   1. Summarize the role of the Federal Reserve System
   2. Explain the Federal Reserve’s goals and its use of monetary tools to effect the economy
6. Compare monetary and fiscal policy
   1. Explain the difference between expansionary and contractionary fiscal policy
   2. Assess the macro economic effects of using monetary and fiscal policies
7. Analyze how global trade is affected by the flow of goods and services, capital flows, and currency exchange rates
   1. Demonstrate how to calculate prices using currency exchange rates
   2. Examine the trade balance and international capital flows