Introduction to principles of macroeconomics/Course objectives

Aims

Introduction to Principles of Macroeconomics is a free micro Open Online Course (mOOC) designed for learners who want to learn about the impact of various groups and factors on the economy. This course will help you to:

1. Outline the principles underlying effective management.
2. Explain the context, both historical and present, of management principles.
3. Connect with learners from around the world to gain broader perspectives on management around the world.

Objectives

Upon successful completion of this course, you will be able to:

• identify, describe, calculate and interpret a variety of key macroeconomic indices;
• examine how they are used to calculate the status of an economic system;
• graphically represent and interpret both short-run and long-run aggregate supply and aggregate demand curves;
• apply this knowledge to identify the impacts on economic indices and spending for government fiscal policy and budgetary decisions;
• identify and explain the use of financial security devices and how the demand for and supply of these devices impacts the national economy; and
• apply this knowledge to explain the impact governmental and private financial institutions have on fiscal and monetary policy.

(: Not sure if I can replace the list of objectives below with the one above.)

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Objectives

Upon successful completion of this course, you will be able to:

• identify the determinants of demand and supply;
• describe how changes in demand and supply lead to changes in a market's equilibrium price and quantity;
• distinguish microeconomics from macroeconomics;
• describe the circular flow model, identifying linkages between the markets for goods and resources as well as the exchanges between businesses and households;
• define nominal gross domestic product and real gross domestic product;
• compare and contrast as well as discuss various measures of output and income;
• distinguish between real and nominal values;
• analyze the problems associated with using GDP as a measure of well-being;
• identify the components of the expenditure and the income approaches to the measurement of GDP;
• explain how consumer income relates to spending and saving;
• describe the consumption and savings functions and the terms attached to their slopes;
• define automatic stabilizers, and explain changes in government spending and taxing during a macroeconomic recession and expansion;
• describe how savings and investment contribute to economic growth;
• define economic growth in terms of changes in the production possibilities curve and in real gross domestic product;
• define unemployment rate;
• calculate the unemployment rate;
• identify and distinguish between the different forms of unemployment;
• analyze the problems associated with the unemployment rate;
• describe the three types of unemployment and factors that relate to them;
• define inflation and deflation, and explain how each affects the price and economic growth of an economy;
• define, interpret, and calculate inflation rate and the consumer price index;
• describe the problems and biases associated with the consumer price index;
• articulate sources of inflation, and explain how they can affect economic stability;
• use the model of aggregate demand and aggregate supply to explain stagflation;
• explain the relationship between inflation and unemployment;
• describe and analyze the Classical as well as the Keynesian views on unemployment; and
• discuss various explanations for wage and price stickiness.