ECON 103 - Principles of Macroeconomics

1. Explain the notions of scarcity, opportunity cost, and resource allocation.
2. Explain how supply and demand operate in a market economy to address issues of resource allocation.
3. Understand why economic growth, high employment, and price stability are major macroeconomics concerns.
4. Demonstrate an understanding of the relationship between income, GDP, and employment.
5. Understand the various forms of unemployment and the resulting economic consequences.
6. Understand inflation and its various forms and the affect upon the consumer.
7. Understand and demonstrate knowledge of the macroeconomic equilibrium of aggregate supply and demand and differentiate between long and short run AS and AD curves.
8. Understand and demonstrate knowledge of the nature of the U.S. banking system and its relation to the conduct of monetary policy.
9. Demonstrate and understand fiscal policy and its relationship to monetary policy.