Principles of Macroeconomics – College or AP Level

Why Study Economics?Economics seeks to solve the problem of scarcity, which is when human wants for goods and services exceed the available supply. A modern economy displays a division of labor, in which people earn income by specializing in what they produce and then use that income to purchase the products they need or want. The division of labor allows individuals and firms to specialize and to produce more for several reasons: a) It allows the agents to focus on areas of advantage due to natural factors and skill levels; b) It encourages the agents to learn and invent; c) It allows agents to take advantage of economies of scale. Division and specialization of labor only work when individuals can purchase what they do not produce in markets. Learning about economics helps you understand the significant world’s problems. Today prepares you to be a good citizen and helps you become a well-rounded thinker.

Microeconomics and macroeconomics are two different perspectives on the economy. The microeconomic perspective focuses on parts of the economy: individuals, firms, and industries. The macroeconomic perspective looks at the economy as a whole, focusing on goals like growth in the standard of living, unemployment, and inflation. Macroeconomics has two types of policies for pursuing these goals: monetary policy and fiscal policy.

Course Descriptor: An introduction to the economic principles of employment, money, and growth. This course will teach students about significant macroeconomic measures and policies. Students will learn how measures of unemployment, inflation, national income, inequality, and wealth shape policy. We also focus on achieving economic growth and sustainability through the effective functioning of the financial system, monetary and fiscal policies, and international trade policies.

Learning Objectives:Students will develop an understanding and basic proficiency in the theory and application of macroeconomic concepts. The text uses conversational language and ample illustrations to explore economic theories and provides many examples using fictional and real-world applications. We will explore recent developments and provide a more profound background on diverse contributors and their impacts on economic thought and analysis.

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