ECON 201/GECON 200
GECON 200 Macroeconomics and ECON 201 Microeconomics
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.