ECNC 201 – Fundamentals of Macroeconomics (3)
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The macroeconomics competency compliments the “Microeconomics A” and “B” competencies, as they both study factors of the economy. Microeconomics, however, focuses on the study of individual and business level decisions, while macroeconomics focuses on behaviors within a larger-scale. Specifically, it centers on decisions made by countries and governments and the impact these outcomes have on the economy as a whole.
COMPETENCY OBJECTIVES
Upon successful mastery of this competency, you will be able to:
- Define Gross Domestic Product (GDP) and how it is applied in business.
- Explain what causes inflation and unemployment.
- Explain how various factors can change/shift the aggregate supply and demand curve and how increased productivity leads to economic growth.
- Describe the investment – savings (IS) curve and the liquidity preference – money (LM) curve and its characteristics.
- Explain what determines economic fluctuations (business cycle).
- Explain the role of monetary policy.
- Explain the role of fiscal policy.