Saint Leo University Eco 201 Principles Of Macroeconomics Co

saint Leo Universityeco 201principles Of Macroeconomicscourse Descrip

Saint Leo University ECO 201 Principles of Macroeconomics Course Description: An introduction to the study of the determination of income, output, employment, and prices in the U.S. economy. Emphasis on fundamental economic concepts, gross domestic product and its components, monetary and fiscal policy, and contemporary macroeconomic issues. Prerequisite: None. Textbooks include Economics Today by Miller, R. L. (2018), 19th edition, published by Pearson Education. Learning outcomes include understanding scarcity, opportunity costs, macroeconomic statistics, the Aggregate Supply/Aggregate Demand (AS/AD) model, monetary and fiscal policy, government deficit and debt, globalization, trade balances, responsibilities based on stewardship, and various assessment methods such as tests, homework, discussions, and a final exam.

The course schedule comprises eight modules, each focusing on specific macroeconomic topics such as the nature of economics, macroeconomic indicators, measuring economic performance, growth models, fiscal policy, money and banking, international trade, and exchange rates. Each module involves reading assigned materials, participating in discussions, completing MyEconLab homework and tests, and engaging in specific assessments like the writing assignment and the final exam.

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Macroeconomics plays a crucial role in understanding the functioning and health of an economy on a broad scale. The course at Saint Leo University introduces students to foundational concepts, models, and policy tools that analyze income, employment, inflation, and the overall economic stability of the United States. This analysis not only fosters economic literacy but also encourages responsible stewardship—aligning with the core value of responsibly managing resources bestowed by the Creator.

Fundamental to macroeconomic analysis are key concepts like scarcity, opportunity cost, and incentives, which influence individual and collective decision-making. For instance, understanding scarcity underscores why societies must make trade-offs, impacting policy decisions that influence economic growth and stability. The course emphasizes these principles early on, equipping students to interpret macroeconomic data critically.

The measurement of economic activity through gross domestic product (GDP), employment rates, and price indexes provides vital indicators of economic health. By exploring the expenditure and income approaches to GDP calculation, students learn to analyze fluctuations in the economy. The distinction between nominal and real GDP further refines this understanding, accounting for inflation's effect on economic assessment.

The classical and Keynesian models addressed in the course elucidate how aggregate supply and aggregate demand interact to determine output and prices both in the short run and long run. These models help explain phenomena such as economic recessions, expansions, and the impact of policy interventions. Understanding long-run economic growth involves analyzing factors like technological progress, labor force changes, and capital accumulation, which are essential for planning and policy formulation.

Monetary and fiscal policies stand out as primary tools for stabilizing the economy. The Federal Reserve’s actions—adjustments in interest rates, open market operations—aim to control inflation and unemployment. Conversely, fiscal policy—government spending and taxation—can stimulate or restrain economic activity. The course covers how these policies are formulated, their automatic stabilizer roles, and their limitations, especially in the context of national debt and deficits.

International trade and finance comprise pivotal topics, with a focus on comparative advantage, trade restrictions, and global markets. Understanding exchange rates and the balance of payments enables students to interpret how global economic interactions influence domestic policies and resources. Recognizing the importance of responsible stewardship, the course advocates for sustainable globalization and resource management to promote long-term prosperity.

The assessments—tests, homework, discussion posts, a writing assignment, and a final exam—serve to evaluate comprehension and analytical skills. The course’s structure aims to foster not just knowledge acquisition but also critical thinking, research-based analysis, and ethical considerations aligned with the values of responsible stewardship.

In conclusion, this macroeconomics course at Saint Leo University offers a comprehensive foundation for understanding economic principles and policies that affect individual livelihoods and societal well-being. It stresses the importance of responsible resource management and ethical considerations, ensuring that future economists and policymakers are equipped to promote sustainable economic development rooted in moral responsibility and informed decision-making.

References

• Blanchard, O. (2017). Macroeconomics (7th ed.). Pearson.
• Mankiw, N. G. (2018). Principles of Economics (8th ed.). Cengage Learning.
• Miller, R. L. (2018). Economics Today (19th ed.). Pearson Education.
• Krugman, P., & Wells, R. (2018). Macroeconomics (5th ed.). Worth Publishers.
• Board of Governors of the Federal Reserve System. (2022). The Economic Effects of Monetary Policy. Federal Reserve Bulletin.
• Congressional Budget Office. (2023). The Budget and Economic Outlook: 2023 to 2033. CBO.
• International Monetary Fund. (2020). World Economic Outlook. IMF Publications.
• World Bank. (2021). Global Economic Prospects. World Bank Publications.
• OECD. (2022). Economic Outlook. OECD Publishing.
• Understanding Economic Policy. (2021). The Economist. https://www.economist.com/economic-policy