A-to-Z Index


ECON 201/GECON 200


GECON 200 Macroeconomics and ECON 201 Microeconomics

learning objectives

 

Upon completing principles of microeconomics, students should be able to do the following.

  • Describe the basic economic problem of scarcity and to identify opportunity costs.
  • Explain how prices allocate scarce resources and to predict price changes from changes in demand and supply.
  • Measure and interpret elasticity and its relationship to total revenue changes.
  • Describe consumer choice through utility theory and to understand its strengths and limitations.
  • Characterize and identify economic costs of production.
  • Identify different market structures and the consequent differences in firm behavior.
  • Describe how markets can fail to achieve the optional allocation of scare resources and to identify alternative allocating mechanisms.
  • Explain how wages, interest, rent and profits are determined and measured.
  • Identify comparative advantages of nations and explain the patterns of internationaltrade.

Upon completing introduction to macroeconomics, students should be able to do the following.

  • Define and measure major macroeconomic variables and describe their behavior over time.
  • Use models of aggregate economic activity to characterize changes in aggregate prices and output.
  • Evaluate the degree to which the various aggregate models fit the observed facts.
  • Distinguish between conventional models and real business cycle models.
  • Explain how government policies could be used in an effort to stabilize aggregate prices and output, and the limitations of these efforts.
  • Describe how monetary policy is transmitted through credit markets to affect aggregate prices and output.
  • Explain the effects of government debt on investment, capital formation, growth and the wealth of future generations.
  • Identify the causes and cures for inflation and the effects of anti-inflation policies.
  • Account for the sources of economic growth and differentiate between exogenous and endogenous theories of economic growth.
  • Explain the role of international flows of goods, services and capital, and the effects of changes in exchange rates on imports and exports.
  • Explain the interdependence of international economies and how disturbances in economic activity are transmitted across national boundaries.
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