Course Description / Outline:

With the basics of microeconomics in place, “Foundations of Macroeconomics” gives the learner the opportunity to explore the wider issues examined in the field of macroeconomics. Government policies, unemployment and inflation, economic growth and stability, economic indicators are explained, as is the role of the Federal Reserve Bank in the US.

Learn To

• Describe the relationship between inflation and unemployment.
  
• Outline the role of government policy in macroeconomics.
  
• Recognize how to interpret the CPI.
  
• Explain how gains from trade are made.
  
• Recognize how the Federal reserve implements monetary policy.
  
• Describe the effects on inflation of adjusting the money supply.

• Explain how unemployment is measured.
  
• Explain how inflation is measured.
  
• Describe the relationship between inflation and unemployment.
  
• Recognize the causes of business cycles of expansion and contraction.
  
• Outline the role of government policy in macroeconomics.
  
• Name some key government policymaking tools.
  
• Simulation Overview:
  
• In this simulation, you will meet with Elizabeth Thomas, a senior Economics Consultant with Icon International, to discuss issues in macroeconomics. You are applying for the position of assistant in the Economics department. Elizabeth will be asking you some questions about unemployment, inflation, and government policies to explore your knowledge of macroeconomic issues.

• Identify the factors that stimulate economic growth.
  
• Differentiate between real and nominal GDP.
  
• Outline the main categories of economic indicators.
  
• Recognize how to interpret the CPI.
  
• Interpret a key investment indicator.
  
• Identify key areas of government spending.
  
• Show the impact of imports and exports on the US open economy.
  
• Simulation Overview:
  
• In this simulation, you will meet Drew Canfield, a Director of Finance with Icon International, to discuss how economics is measured using key U.S. indicators. Drew will be asking you some questions about Consumption, Investment, Government, and trade to test the level of knowledge you have acquired to date on each area.

• Identify how modern economic policy is impacted by historical schools of thought.
  
• Observe the Keynesian model in action.
  
• Recognize how the Federal reserve implements monetary policy.
  
• Recognize how influencing spending can impact on economic activity.
  
• Recognize how taxation can influence economic activity.
  
• Describe the effects on inflation of adjusting the money supply.
  
• Describe how unemployment can be adjusted by adjusting the money supply.
  
• Simulation overview:
  
• In the simulation, you will meet with Elizabeth Thomas, Icon’s Economics Consultant, to review issues relating to the Federal Reserve’s planning and implementation of monetary and fiscal policies.

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