ECON2320

Meets MN Transfer Curriculum Goal Area 5 History & Social and Behavioral Sciences. Macroeconomics is the part of economic analysis that studies the behavior of the economy as a whole. The content includes economic growth, national income, measurement of economic performance, understanding of economic fluctuations, determination of output, price level, inflation, deficits, knowledge of monetary and fiscal policy, and unemployment in the United States. Economic literacy gives people the tools for understanding the nation's economic world and how to interpret events that will either directly or indirectly affect them. Nations benefit from having an economically literate population because it improves the public's ability to comprehend and evaluate critical issues. Student Learning Outcomes

• Describe the difference between microeconomics and macroeconomics.
• Describe relationships among economic efficiency, growth, and employment.
• Differentiate the laws of supply and demand and the equilibrium within a market.
• Explain the characteristics of the market system, international trade, and currency exchange.
• Calculate Gross Domestic Product.
• Compare the business cycle, unemployment, and inflation.
• Distinguish between income-consumption and income-saving relationships.
• Interpret the factors that determine aggregate expenditures.
• Analyze fiscal and monetary policies and their role within the business cycle.
• Comprehend the functions of money and the money supply.