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
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    define economics
    distinguish between microeconomics and macroeconomics
    distinguish between positive and normative economics
    identify trade-offs between choices (opportunity costs)
    construct a production possibility curve and explain trade-offs
    define and give examples of marginal analysis

  2. Use supply and demand analysis
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    describe the concepts of supply and demand
    draw supply and demand curves
    draw and explain changes in demand, supply, quantity demanded, and quantity supplied
    analyze the effects of changes in supply and demand on equilibrium price and quantity
    identify and draw price floors and price ceilings and explain why they exist
    draw aggregate demand and supply curves showing macro equilibrium on the AD/AS model

  3. Identify the principle goals and tools of macroeconomics analysis
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    identify major macroeconomics goals, such as economic growth, full employment, and price stability
    describe the functions of economic systems and explain how the different types of systems operate
    define key measures of macroeconomics performance such as the unemployment rate and CPI
    define and explain business cycles
    evaluate the limitations and shortcomings of key macroeconomics measures
    explain the relationship between total expenditure and the GDP

  4. Explain the Macroeconomics concerns of Unemployment, Inflation and Growth
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    explain the goals of economic systems
    define unemployment
    identify types of unemployment
    explain how the unemployment rate is calculated
    define inflation
    identify the causes and types of inflation
    recognize who gains and who loses when inflation occurs
    explain economic growth
    identify how economic growth is measured
    identify factors that will create economic growth
    explain the unemployment rate and inflation trade-off

  5. Analyze the structure of fiscal policy
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    define fiscal policy
    identify goals of fiscal policy
    explain the appropriate fiscal action to curb recession
    explain the appropriate fiscal policy action to curb inflation
    identify cost and benefits of fiscal policy action
    distinguish between the budget deficit and the national debt

  6. Explain the role of money and banking practiced in the US.
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    identify the categories of money used by the Federal Reserve System
    describe the functions of money
    explain how banks create money
    identify ways the Federal Reserve System controls the quantity of money
    explain impact of interest rates

  7. Analyze the structure of Monetary Policy action
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    define monetary policy
    describe the history, organization and functions of the Federal Reserve System
    identify role the FED plays in carrying out monetary policy
    explain monetary policy actions to curb inflation
    explain monetary policy actions to curb a recession
    evaluate the advantages and disadvantages of monetary policy
    draw and explain 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
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    define economic growth
    identify how economic growth is determined
    define GDP and per capita GDP
    define productivity
    explain factors that can lead to productivity
    identify how public policy can affect economic growth

  9. Examine the implications of the global economy
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    define trade surplus and trade deficit
    explain the economic basis for trade
    define and give examples of comparative advantage in trade
    identify trade barriers and reasons for them
    provide arguments for free trade
    define exchange rates
    explain how exchange rates can affect international trade
    define balance of payments
    describe a country's balance of payments accounts and explain what determines the amount of international borrowing and lending
    identify major trading partners of U.S. and Wisconsin
    identify international economic institutions

  10. Identify the implications of poverty and unequal income distribution
    Assessment Strategies
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    distinguish between relative and absolute poverty
    explain how the government calculates the poverty threshold
    identify the poverty threshold
    recognize who are the poor in the U.S. based on census data
    identify the level of income inequality in the U.S.
    identify factors that lead to income inequality
    recognize why some inequality is good
    explain theories regarding trends in income distribution
    analyze 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
    Oral, Written, Graphic and/or Skill Assessment
    Criteria
    recognize issues in economic development
    identify strategies for economic development
    describe the effect of economic growth on living standards and the environment
    recognize the differences between renewable and nonrenewable resources
    identify methods and policies to ensure sustainable growth
    explain and evaluate the role of different organizations involved in economic growth
    identify positive and negative externalities impacting society
    identify positive and negative externalities impacting the environment caused by economic growth