Introductory inquiry into the workings and interrelationships of the aggregate economic system. The primary focus is on total production and its distribution, employment and price levels, and the forces influencing them. Other considerations are the roles of government, the monetary sector, and related areas. 3 units. (CAN ECON 002)
Scope and Objectives
Macroeconomics is the branch of economics that deals with the economy as a whole. This is the broad field that focuses on economic issues you've seen discussed in the media: unemployment, GDP, inflation, and interest rates. Macroeconomics is often at the heart of political debates and affects our everyday lives. Changes in macroeconomic conditions affect various gender, ethnic, and socio-economic groups differently. Policy decisions have important implications for these groups and the economy as a whole. These choices influence business cycles and long-term economic growth.
At the end of this course, you should have a general understanding of macroeconomics and how to apply economic thinking to everyday decisions. You should be able to use models developed this semester to:
- understand how key macroeconomic variables are measured,
- identify the sources of economic growth and explain differences in standards of living across countries,
- examine potential causes of short-run economic fluctuations, and
- analyze how policy affects the economy as a whole.