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ECON 321 Principles of Macroeconomics (3 Credits)

This course includes the aspect of economics that deals with principles that apply to economy as a whole. This includes general price levels, output and income as well as interrelations among different sectors of the economy.

Learning Outcomes:

  • Understand how people make rational decisions in the market place; interact to organize economic activity; how our macro-economy works.
  • Analyze production possibilities; comparative advantage; opportunity costs; specialization.
  • Comprehend the effects of government policies that place a ceiling on prices; the effects of government policies that put a floor under prices; how a tax on a good affects its price and the quantity sold; how the burden of a tax is split between buyers and sellers.
  • Analyze determinants of trade; gains and losses from trade; arguments for open trade; arguments for restricting trade.
  • Comprehend the classical theory of inflation; the effects of monetary policy.
  • Perform debates over Macroeconomic Policy.