Introduction to Macroeconomics

    An "Introduction to Macroeconomics" course typically aims to equip students with the ability to: define and measure key macroeconomic aggregates like GDP, understand the circular flow of income, analyze economic growth, explain the causes and effects of inflation and unemployment, interpret the role of government policy in managing the economy, and critically evaluate macroeconomic models to analyze current economic situations; essentially, providing a foundational understanding of how an entire economy functions at a large scale. 
     
    Key learning outcomes include:
    • Understanding core concepts:
      • Defining and calculating Gross Domestic Product (GDP) 
         
      • Explaining the circular flow of income model 
         
      • Identifying the components of aggregate demand and aggregate supply 
         
      • Differentiating between nominal and real GDP 
         
    • Analyzing economic fluctuations:
      • Identifying the causes and effects of economic growth 
         
      • Explaining the concept of business cycles and recessions 
         
      • Understanding the relationship between unemployment and economic activity 
         
    • Interpreting macroeconomic indicators:
      • Analyzing inflation rates and their impact on purchasing power 
         
      • Understanding the role of interest rates in the economy 
         
      • Interpreting balance of payments data 
         
    • Evaluating government policies:
      • Explaining the use of fiscal policy (taxes and government spending) to manage the economy 
         
      • Understanding the role of monetary policy (interest rates) in influencing economic activity 
         
    • Applying economic models:
      • Using the Aggregate Demand/Aggregate Supply (AD/AS) model to analyze economic fluctuations 
         
      • Applying Keynesian economic theory to explain economic downturns 
         
      • Critically evaluating the assumptions and limitations of different macroeconomic models 
    Skill Level: Beginner