ECO 112 - Principles of Macroeconomics
Course focuses on the on-going concerns of the United States economy, unemployment, inflation, and gross domestic product. International economics is woven throughout the course helping to explain the impact of the globalization of our economy and your economic future. To illustrate and aid the student's understanding of these concepts and topics, the course makes extensive use of current events. Students will gain a full view of the current United States economic environment and macroeconomic theory. This course explores macroeconomic models and approaches, such as national income accounting, circular flow, aggregate demand and aggregate supply, and fiscal and monetary policy.
Prerequisite: ECO 111 with a grade of C or higher.
SUNY General Education: SUNY-SS - Social Sciences (SSCS)
MCC General Education: MCC-CT - Critical Thinking (MCT), MCC-SCI - Scientific Reasoning (MSCI), MCC-SSD - Social Science and Diversity (MSSD)
Course Learning Outcomes
1. Compute gross domestic product (GDP) using national income accounting.
2. Discuss GDP’s importance in determining economic policy.
3. Forecast potential change in a constructed business cycle.
4. Measure unemployment.
5. Differentiate between various types of unemployment.
6. Apply remedies to address unemployment.
7. Contrast the two separate causes of inflation.
8. Explain how fiscal policy is used to regulate the economy.
9. Use the Federal Reserve’s three tools to recommend a remedy for an inflation or recession.
10. Contrast Keynesian and classical economic theories.
11. Explain different ways to stimulate the economy using Keynesian economic theory.
12. Explain the classical economic theory of monetarism.
13. Construct aggregate supply and demand models.
14. Manipulate aggregate supply and demand models based on changes in supply or demand. .
Course Offered Fall, Spring