Economics studies how rational people make choices trying to satisfy their unlimited wants with limited resources.  Macroeconomics studies how the economy operates. What determines prices of goods and services? Are we going not have another recession? Is budget deficit a problem? Who is in charge of interest rates? This course offers answers to these and many other questions. You will learn to think like an economist and to better understand current real world events.

TextbookMacroeconomics – OpenStax free pdf.  A different textbook may be used with instructor’s approval. Supplemental Khan Academy video course: Macroeconomics

The Economy – core

Grades: HWs 50%, tests 30%, participation & presentation 20%

Course schedule, Readings, HWs

1.    Choices, costs & benefits, production possibilities (ch 1, 2)

2. Comparative advantage (ch 20)

3. How are prices, wages and interest rates determined? (ch 3)

4.  GDP: Total production and real income  (ch 6)

5.   Economic growth  (ch 7)

6.    Unemployment  (ch 8)  

 7. Inflation  (ch 9)

8. AS-AD model  (ch 11,12,13)  Midterm test due

9.  Fiscal policy (ch.17)

10.    Money and banking (ch 14) 

11.    Monetary policy (ch 15)  

12. Exchange rates  (ch 10, 16)

13.   Final test

For further study:

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