10-809-144Macroeconomics
Course Information
Description
Macroeconomics is an introductory course. Basic social choices regarding economic systems, basic economic aggregates , fiscal policy, the banking system, monetary policy, and international trade are the principle topics discussed in the course. Balance is drawn between theory, analysis, and a critique of the institutions that characterize modern mixed-capitalist economies. Conflicting social goals, economic constraints, and environmental concerns provide the framework through which the macroeconomy is analyzed.
Total Credits
3
Course Competencies
  1. Develop a rationale for Economics
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussions
    by utilizing graphical analysis
    Criteria
    learner defines economics
    learner distinguishes between microeconomics and macroeconomics
    learner distinguishes between positive and normative economics
    learner identifies trade offs between choices (opportunity costs)
    learner constructs a production possibility curve and explains trade offs
    learner defines and gives examples of marginal analysis

  2. Use supply and demand analysis
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussion
    by utilizing graphical analysis
    Criteria
    learner describes the concepts of supply and demand
    learner draws supply and demand curves
    learner draws and explains changes in demand, supply, quantity demanded, and quantity supplied
    learner analyzes the effects of changes in supply and demand on equilibrium price and quantity
    learner identifies and draws price floors and price ceilings and explains why they exist
    learner draws aggregate demand and supply curves showing macro equilibrium on the AD/AS model

  3. Recognize and define the principle goals and tools of macroeconomics analysis
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussions
    By utilizing graphical analysis
    Criteria
    learner identifies major macroeconomics goals, such as economic growth, full employment, and price stability
    learner describes the functions of economic systems and explains how the different types of systems operate
    learner defines key measures of macroeconomics performance such as the unemployment rate and CPI
    learner defines and explains business cycles
    learner evaluates the limitations and shortcomings of key macroeconomics measures
    learner explains the relationship between total expenditure and the GDP

  4. Explain the Macroeconomics concerns of Unemployment, Inflation and Growth
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussion
    by utiilizing graphical analysis
    Criteria
    learner explains the goals of economic systems
    learner defines unemployment
    learner identifies types of unemployment
    learner explains how the unemployment rate is calculated
    learner defines inflation
    learner identifies the causes and types of inflation
    learner recognizes who gains and who loses when inflation occurs
    learner explains economic growth
    learner identifies how economic growth is measured
    learner identifies factors that will create economic growth
    learner explains the unemployment rate and inflation trade off

  5. Analyze the structure of fiscal policy
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussion
    by utilizing graphical analysis
    Criteria
    learner defines fiscal policy
    learner identifies goals of fiscal policy
    learner explains the appropriate fiscal action to curb recession
    learner explains the appropriate fiscal policy action to curb inflation
    learner identifies cost and benefits of fiscal policy action

  6. Explain the role of money and banking practiced in the US.
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    by utilizing graphical analysis
    through class discussions
    Criteria
    learner identifies the categories of money used by the Federal Reserve System
    learner describes the functions of money
    learner explains how banks create money
    learner identifies ways the Federal Reserve System controls the quantity of money
    learner explains impact of interest rates

  7. Analyze the structure of Monetary Policy action
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussion
    by utilizing graphical analysis
    Criteria
    learner defines Monetary policy
    learner describes the history, organization and functions of the Federal Reserve System
    learner identifies role the FED plays in carrying out Monetary policy
    learner explains monetary policy actions to curb inflation
    learner explains monetary policy actions to curb a recession
    learner distinguishes between the budget deficit and the national debt
    learner evaluates the advantages and disadvantages of monetary policy
    learner draws and explains the effects of monetary policy on the aggregate demand and aggregate supply model

  8. Critique specific macroeconomics issues and principles affecting economic growth and productivity
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussions
    by utilizing graphical analysis
    Criteria
    learner defines economic growth
    learner identifies how economic growth is determined
    learner defines GDP and per capita GDP
    learner defines productivity
    learner explains factors that can lead to productivity
    learner identifies how public policy can affect economic growth

  9. Examine the implications of the global economy
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussions
    by utilizing graphical analysis
    Criteria
    learner defines trade surplus and trade deficit
    learner explains the economic basis for trade
    learner defines and gives examples of comparative advantage in trade
    learner identifies trade barriers and reasons for them
    learner provides arguments for free trade
    learner defines exchange rates
    learner explains how exchange rates can affect international trade
    learner defines balance of payments
    learner describes a country's balance of payments accounts and explains what determines the amount of international borrowing and lending
    learner identifies major trading partners of U.S. and Wisconsin
    learner identifies international economic institutions

  10. Identify the implications of poverty and unequal income distribution
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussions
    by utilizing graphical analysis
    Criteria
    learner distinguishes between relative and absolute poverty
    learner explains how the government calculates the poverty threshold
    learner identifies the poverty threshold
    learner recognizes who are the poor in the U.S. based on census data
    learner identifies the level of income inequality in the U.S.
    learner identifies factors that lead to income inequality
    learner recognizes why some inequality is good
    learner explains theories regarding trends in income distribution
    learner analyses government policies and their effect on income distribution and poverty

  11. Analyze the economics of developing countries and the conflict between sustainable growth and the environment
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussions
    by utilizing graphical analysis
    Criteria
    learner recognizes issues in economic development
    learner identifies strategies for economic development
    learner describes the effect of economic growth on living standards and the environment
    learner recognizes the differences between renewable and nonrenewable resources
    learner identifies methods and policies to ensure sustainable growth
    learner explains and evaluates the role of different organizations involved in economic growth
    learner identifies positive and negative externalties impacting society
    learner identifies positive and negative externalitites impacting the environment caused by economic growth