An analysis of the economy as a whole including measurement and determination of Aggregate Demand and Aggregate Supply, national income, inflation, and unemployment. Other topics include international trade, economic growth, business cycles, and fiscal policy and monetary policy.

Meets NCTC Core Curriculum Requirement

Upon completion, students will be able to:

  • Explain the role of scarcity, specialization, opportunity cost, and cost/benefit analysis in economic decision-making.
  • Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
  • Define and measure national income and rates of unemployment and inflation.
  • Identify the phases of the business cycle and the problems caused by cyclical fluctuations in the market economy.
  • Define money and the money supply; describe the process of money creation by the banking system and the role of the central bank.
  • Construct the aggregate demand and aggregate supply model of the macro economy and use it to illustrate macroeconomic problems and potential monetary and fiscal policy solutions.
  • Explain the mechanics and institutions of international trade and their impact on the macro economy
  • Define economic growth and identify sources of economic growth.

Grade Basis: L
Credit Hours: 3
Lecture hours: 48.0