ECON-221 Principles of Economics (Macroeconomics)

Credits 4 / 4 Contact Hours
Pre-requisite: Placement into ENGL-100 (ACSR-100), completion of ELAP-120 with a 2.0, or completion of RDNG-030, ACLT-075 or ACLT-076.
This course provides an overview of the modern market economy and how it addresses the issue of scarcity. Topics include supply and demand GDP economic growth unemployment inflation the economic role of the government fiscal policy monetary policy and other selected current topics.

Course Outcomes
1. Explain the economizing problem for an individual and for society 2. Differentiate among the various types of economic systems 3. Explain how supply and demand interact to determine market equilibrium 4. Explain how GDP and other related statistics are calculated and interpreted 5. Define and describe modern economic growth and explain the forces that create it 6. Discuss unemployment and inflation and their relationship to the business cycle 7. Describe the basic macroeconomic relationships (“income with consumption and saving” and “interest rates with investment”) 8. Describe how the Aggregate Supply-Aggregate Demand model is derived and how it is used to determine macroeconomic equilibrium 9. Explain the role of fiscal policy in the United States 10. Explain the role and importance of money and the banking system in the United States 11. Discuss the mechanism by which banks create money in the economy 12. Explain role of monetary policy in United States