{"id":6283,"date":"2017-06-02T23:10:17","date_gmt":"2017-06-02T23:10:17","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/macroeconomics\/?post_type=front-matter&p=6283"},"modified":"2017-06-05T17:44:21","modified_gmt":"2017-06-05T17:44:21","slug":"course-learning-outcomes","status":"publish","type":"front-matter","link":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/front-matter\/course-learning-outcomes\/","title":{"raw":"Course Learning Outcomes","rendered":"Course Learning Outcomes"},"content":{"raw":"

Macroeconomics\u00a0Learning Outcomes<\/h2>\r\nThe Learning Outcomes covered by these\u00a0Macroeconomics\u00a0course materials are:\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Module (Chapter)<\/th>\r\nLearning Outcomes<\/th>\r\n<\/tr>\r\n
Economic Thinking: Prepare for success in studying economics<\/td>\r\n\r\n
    \r\n \t
  • Explain what economics is and explain why it is important<\/li>\r\n \t
  • Explain how economists use economic models<\/li>\r\n \t
  • Use mathematics in common economic applications<\/li>\r\n \t
  • Use graphs in common economic applications<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Choice in a World of\u00a0Scarcity:\u00a0Use economic thinking to explain choice in a world of scarcity<\/td>\r\n\r\n
    \r\n \t
  • Explain the cost of choices and trade-offs<\/li>\r\n \t
  • Illustrate society's trade-offs by using a production possibilities frontier (or curve)<\/li>\r\n \t
  • Explain the assumption of rationality by individuals and firms<\/li>\r\n \t
  • Define marginal analysis<\/li>\r\n \t
  • Differentiate between positive and normative statements<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Supply and Demand: Analyze how buyers and sellers interact in a free and competitive market to determine prices and quantities of goods<\/td>\r\n\r\n
    \r\n \t
  • Describe and differentiate between major economic systems<\/li>\r\n \t
  • Explain the determinants of demand<\/li>\r\n \t
  • Explain the determinants of supply<\/li>\r\n \t
  • Explain\u00a0and graphically illustrate market equilibrium, surplus and shortage<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Elasticity: Measure how changes in price and income affect the behavior of buyers and sellers<\/td>\r\n\r\n
    \r\n \t
  • Explain\u00a0the concept of elasticity<\/li>\r\n \t
  • Explain the price elasticity of demand and price elasticity of supply, and compute both\u00a0using the midpoint\u00a0method<\/li>\r\n \t
  • Explain and calculate other elasticities using common economic variables<\/li>\r\n \t
  • Explain the relationship between a firm\u2019s price elasticity of demand and total revenue<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Government Action: Evaluate the consequences of government policies in markets<\/td>\r\n\r\n
    \r\n \t
  • Analyze the consequences of the government setting a binding price ceiling<\/li>\r\n \t
  • Analyze the consequences of the government setting a binding price floor<\/li>\r\n \t
  • Explain how the price elasticities of demand and supply affect the incidence of a sales tax<\/li>\r\n \t
  • Define progressive, proportional, and regressive taxes<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Surplus: Use the concept of producer, consumer surplus, and total surplus to explain the outcomes of markets for individuals, firms, and society<\/td>\r\n\r\n
    \r\n \t
  • Define and calculate consumer, producer and total surplus; graphically illustrate consumer, producer and total surplus<\/li>\r\n \t
  • Use the concepts of consumer, producer and total surplus to explain why markets typically lead to efficient outcomes<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Macroeconomic Measures of Performance: GDP and Unemployment:\u00a0Evaluate macro economic performance using indicators that include output measures\u00a0and unemployment<\/td>\r\n\r\n
    \r\n \t
  • Define the term \u201ceconomic indicator;\u201d identify the major economic indicators used to assess the state of the macroeconomy<\/li>\r\n \t
  • Explain the expenditure and national income approaches to calculating GDP<\/li>\r\n \t
  • Describe the relationships among GDP, net domestic product, national income, personal income, and disposable income<\/li>\r\n \t
  • Explain how the unemployment rate is calculated<\/li>\r\n \t
  • Critique the unemployment rate as a measure of the unemployment problem<\/li>\r\n \t
  • Identify and differentiate between the different types of unemployment<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Macroeconomic Measures of Performance: Inflation and Price Indexes:\u00a0Evaluate macro economic performance using indicators that include inflation<\/td>\r\n\r\n
    \r\n \t
  • Define the rate of inflation; explain how the rate of inflation is calculated<\/li>\r\n \t
  • Explain the consequences of price instability (i.e., inflation)<\/li>\r\n \t
  • Explain the concept of a price index and explain how price indices are derived;\u00a0define the consumer price index and the producer price index; calculate a price index number given a basket of goods & services and the nominal price of each in a base year and at some later time<\/li>\r\n \t
  • Use a price index to translate between real and nominal data<\/li>\r\n \t
  • Define the GDP price index (also known as the GDP deflator or the Implicit Price Deflator)<\/li>\r\n \t
  • Differentiate between nominal GDP and real GDP<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Macro Workings: Model the macro economy over the short and long terms<\/td>\r\n\r\n
    \r\n \t
  • Describe the business cycle and its primary phases<\/li>\r\n \t
  • Define economic growth<\/li>\r\n \t
  • Identify the sources of economic growth<\/li>\r\n \t
  • Explain productivity and relate productivity growth to improvements in the standard of living<\/li>\r\n \t
  • Use the AD-AS model to explain the equilibrium levels of real GDP and price level;\u00a0define aggregate demand (AD) and explain the factors that cause it to change; define aggregate supply (AS) and explain the factors that cause it to change<\/li>\r\n \t
  • Use the AD-AS model to explain periods of growth, recession, and expansion, demand-pull inflation and cost-push inflation<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Keynesian and Neoclassical Economics: Identify, compare, and apply key features of Neoclassical and Keynesian economic models<\/td>\r\n\r\n
    \r\n \t
  • Understand the tenets of Keynesian Economics and apply the tenets through the aggregate demand and supply model;\u00a0identify the Keynesian portion of the AS curve and explain the logic for it<\/li>\r\n \t
  • Use the Income-Expenditure model to explain periods of recession and expansion; find the GDP Gap (negative or positive)<\/li>\r\n \t
  • Use the Expenditure Output model to explain periods of recession and expansion<\/li>\r\n \t
  • Understand the tenets of Neoclassical Economics;\u00a0identify the Neoclassical portion of the AS curve and explain the logic for it; differentiate between the long run and short run aggregate supply curves<\/li>\r\n \t
  • Compare and contrast the circumstances under which it makes sense to apply the Keynesian and Neoclassical perspectives<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Fiscal Policy: Understand what government budgets consist of, and how fiscal policy affects the economy<\/td>\r\n\r\n
    \r\n \t
  • Identify the major spending categories and major revenue sources in the U.S. Federal budget<\/li>\r\n \t
  • Identify the major spending categories and major revenue sources in U.S. state and local budgets<\/li>\r\n \t
  • Define fiscal policy, identifying the roles of tax rates and government spending<\/li>\r\n \t
  • Differentiate between discretionary and automatic fiscal policy;\u00a0define Automatic Stabilization Tools; define discretionary fiscal policy; differentiate between structural and cyclical budget balance<\/li>\r\n \t
  • Compare and contrast expansionary and contractionary fiscal policies<\/li>\r\n \t
  • Compare and contrast the way tax changes and government spending changes work<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Monetary Policy: Explain the role of money, banking and monetary policy in the economy<\/td>\r\n\r\n
    \r\n \t
  • Define money; explain the functions of money; define liquidity<\/li>\r\n \t
  • Define credit (or debt)<\/li>\r\n \t
  • Explain what a bank does<\/li>\r\n \t
  • Understand how money is created by lending;\u00a0calculate the lending capacity of a bank given its deposits and a required reserve ratio<\/li>\r\n \t
  • Explain the structure, functions and responsibilities of the Federal Reserve System;\u00a0define the money multiplier, explain how to calculate it, and demonstrate its relevance<\/li>\r\n \t
  • Differentiate between M1 and M2 (measures of the supply of money)<\/li>\r\n \t
  • Define monetary policy and differentiate it from fiscal policy; identify the tools of monetary policy<\/li>\r\n \t
  • Define interest rates; differentiate between the Federal funds rate, the Prime rate and the Discount rate<\/li>\r\n \t
  • Explain how the equilibrium interest rate is determined in the market for money; describe what economists mean by the demand for money<\/li>\r\n \t
  • Explain the mechanism by which market operations affect the money supply and interest rates<\/li>\r\n \t
  • Explain how monetary policy affects GDP and the price level<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Policy Application:\u00a0Use an understanding of the strengths and weakness of fiscal and monetary policy to determine an appropriate stabilization policy for a given macroeconomic situation<\/td>\r\n\r\n
    \r\n \t
  • Understand the Keynesian view on changes in government spending and taxation; define the multiplier effect; define the crowding out effect and explain why it occurs and how it reduces the fiscal multiplier; define the Keynesian concept of the Liquidity Trap and explain why it occurs and how it reduces the effectiveness of monetary policy<\/li>\r\n \t
  • Understand the effects of tax and spending policy from a neoclassical perspective;\u00a0define and give examples of supply-side economics; explain the types of lag times that often occur when solving economic problems; describe the\u00a0neoclassical long-run aggregate supply curve; understand and describe the emergence of New Classical Economics, along with its main tenets; define Ricardian Equivalence<\/li>\r\n \t
  • Identify appropriate macro policy options in response to the state of the economy;\u00a0understand the effectiveness and limitations of fiscal and\/or monetary policy for a given state of the economy; choose an appropriate fiscal and monetary policy for a given state of the economy<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Globalization, Trade, and Finance: Analyze the benefits and costs of international trade<\/td>\r\n\r\n
    \r\n \t
  • Define and calculate comparative and absolute advantage<\/li>\r\n \t
  • Explain how a nation's workers and consumers are affected by impact of international trade<\/li>\r\n \t
  • Understand the way government regulations (e.g. tariffs, quotas and non-tariff barriers) affect business, consumers and workers in the economy<\/li>\r\n \t
  • Differentiate between alternative international trade regimes and how they impact global trade<\/li>\r\n \t
  • Define currency exchange rates and explain how they influence trade balances<\/li>\r\n \t
  • Explain how the balance of trade (surplus or deficit) affects the domestic economy, and how the domestic economy affects the balance of trade<\/li>\r\n \t
  • Connect globalization, international trade, and international finance<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>","rendered":"

    Macroeconomics\u00a0Learning Outcomes<\/h2>\n

    The Learning Outcomes covered by these\u00a0Macroeconomics\u00a0course materials are:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    Module (Chapter)<\/th>\nLearning Outcomes<\/th>\n<\/tr>\n
    Economic Thinking: Prepare for success in studying economics<\/td>\n\n
      \n
    • Explain what economics is and explain why it is important<\/li>\n
    • Explain how economists use economic models<\/li>\n
    • Use mathematics in common economic applications<\/li>\n
    • Use graphs in common economic applications<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Choice in a World of\u00a0Scarcity:\u00a0Use economic thinking to explain choice in a world of scarcity<\/td>\n\n
      \n
    • Explain the cost of choices and trade-offs<\/li>\n
    • Illustrate society’s trade-offs by using a production possibilities frontier (or curve)<\/li>\n
    • Explain the assumption of rationality by individuals and firms<\/li>\n
    • Define marginal analysis<\/li>\n
    • Differentiate between positive and normative statements<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Supply and Demand: Analyze how buyers and sellers interact in a free and competitive market to determine prices and quantities of goods<\/td>\n\n
      \n
    • Describe and differentiate between major economic systems<\/li>\n
    • Explain the determinants of demand<\/li>\n
    • Explain the determinants of supply<\/li>\n
    • Explain\u00a0and graphically illustrate market equilibrium, surplus and shortage<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Elasticity: Measure how changes in price and income affect the behavior of buyers and sellers<\/td>\n\n
      \n
    • Explain\u00a0the concept of elasticity<\/li>\n
    • Explain the price elasticity of demand and price elasticity of supply, and compute both\u00a0using the midpoint\u00a0method<\/li>\n
    • Explain and calculate other elasticities using common economic variables<\/li>\n
    • Explain the relationship between a firm\u2019s price elasticity of demand and total revenue<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Government Action: Evaluate the consequences of government policies in markets<\/td>\n\n
      \n
    • Analyze the consequences of the government setting a binding price ceiling<\/li>\n
    • Analyze the consequences of the government setting a binding price floor<\/li>\n
    • Explain how the price elasticities of demand and supply affect the incidence of a sales tax<\/li>\n
    • Define progressive, proportional, and regressive taxes<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Surplus: Use the concept of producer, consumer surplus, and total surplus to explain the outcomes of markets for individuals, firms, and society<\/td>\n\n
      \n
    • Define and calculate consumer, producer and total surplus; graphically illustrate consumer, producer and total surplus<\/li>\n
    • Use the concepts of consumer, producer and total surplus to explain why markets typically lead to efficient outcomes<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Macroeconomic Measures of Performance: GDP and Unemployment:\u00a0Evaluate macro economic performance using indicators that include output measures\u00a0and unemployment<\/td>\n\n
      \n
    • Define the term \u201ceconomic indicator;\u201d identify the major economic indicators used to assess the state of the macroeconomy<\/li>\n
    • Explain the expenditure and national income approaches to calculating GDP<\/li>\n
    • Describe the relationships among GDP, net domestic product, national income, personal income, and disposable income<\/li>\n
    • Explain how the unemployment rate is calculated<\/li>\n
    • Critique the unemployment rate as a measure of the unemployment problem<\/li>\n
    • Identify and differentiate between the different types of unemployment<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Macroeconomic Measures of Performance: Inflation and Price Indexes:\u00a0Evaluate macro economic performance using indicators that include inflation<\/td>\n\n
      \n
    • Define the rate of inflation; explain how the rate of inflation is calculated<\/li>\n
    • Explain the consequences of price instability (i.e., inflation)<\/li>\n
    • Explain the concept of a price index and explain how price indices are derived;\u00a0define the consumer price index and the producer price index; calculate a price index number given a basket of goods & services and the nominal price of each in a base year and at some later time<\/li>\n
    • Use a price index to translate between real and nominal data<\/li>\n
    • Define the GDP price index (also known as the GDP deflator or the Implicit Price Deflator)<\/li>\n
    • Differentiate between nominal GDP and real GDP<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Macro Workings: Model the macro economy over the short and long terms<\/td>\n\n
      \n
    • Describe the business cycle and its primary phases<\/li>\n
    • Define economic growth<\/li>\n
    • Identify the sources of economic growth<\/li>\n
    • Explain productivity and relate productivity growth to improvements in the standard of living<\/li>\n
    • Use the AD-AS model to explain the equilibrium levels of real GDP and price level;\u00a0define aggregate demand (AD) and explain the factors that cause it to change; define aggregate supply (AS) and explain the factors that cause it to change<\/li>\n
    • Use the AD-AS model to explain periods of growth, recession, and expansion, demand-pull inflation and cost-push inflation<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Keynesian and Neoclassical Economics: Identify, compare, and apply key features of Neoclassical and Keynesian economic models<\/td>\n\n
      \n
    • Understand the tenets of Keynesian Economics and apply the tenets through the aggregate demand and supply model;\u00a0identify the Keynesian portion of the AS curve and explain the logic for it<\/li>\n
    • Use the Income-Expenditure model to explain periods of recession and expansion; find the GDP Gap (negative or positive)<\/li>\n
    • Use the Expenditure Output model to explain periods of recession and expansion<\/li>\n
    • Understand the tenets of Neoclassical Economics;\u00a0identify the Neoclassical portion of the AS curve and explain the logic for it; differentiate between the long run and short run aggregate supply curves<\/li>\n
    • Compare and contrast the circumstances under which it makes sense to apply the Keynesian and Neoclassical perspectives<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Fiscal Policy: Understand what government budgets consist of, and how fiscal policy affects the economy<\/td>\n\n
      \n
    • Identify the major spending categories and major revenue sources in the U.S. Federal budget<\/li>\n
    • Identify the major spending categories and major revenue sources in U.S. state and local budgets<\/li>\n
    • Define fiscal policy, identifying the roles of tax rates and government spending<\/li>\n
    • Differentiate between discretionary and automatic fiscal policy;\u00a0define Automatic Stabilization Tools; define discretionary fiscal policy; differentiate between structural and cyclical budget balance<\/li>\n
    • Compare and contrast expansionary and contractionary fiscal policies<\/li>\n
    • Compare and contrast the way tax changes and government spending changes work<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Monetary Policy: Explain the role of money, banking and monetary policy in the economy<\/td>\n\n
      \n
    • Define money; explain the functions of money; define liquidity<\/li>\n
    • Define credit (or debt)<\/li>\n
    • Explain what a bank does<\/li>\n
    • Understand how money is created by lending;\u00a0calculate the lending capacity of a bank given its deposits and a required reserve ratio<\/li>\n
    • Explain the structure, functions and responsibilities of the Federal Reserve System;\u00a0define the money multiplier, explain how to calculate it, and demonstrate its relevance<\/li>\n
    • Differentiate between M1 and M2 (measures of the supply of money)<\/li>\n
    • Define monetary policy and differentiate it from fiscal policy; identify the tools of monetary policy<\/li>\n
    • Define interest rates; differentiate between the Federal funds rate, the Prime rate and the Discount rate<\/li>\n
    • Explain how the equilibrium interest rate is determined in the market for money; describe what economists mean by the demand for money<\/li>\n
    • Explain the mechanism by which market operations affect the money supply and interest rates<\/li>\n
    • Explain how monetary policy affects GDP and the price level<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Policy Application:\u00a0Use an understanding of the strengths and weakness of fiscal and monetary policy to determine an appropriate stabilization policy for a given macroeconomic situation<\/td>\n\n
      \n
    • Understand the Keynesian view on changes in government spending and taxation; define the multiplier effect; define the crowding out effect and explain why it occurs and how it reduces the fiscal multiplier; define the Keynesian concept of the Liquidity Trap and explain why it occurs and how it reduces the effectiveness of monetary policy<\/li>\n
    • Understand the effects of tax and spending policy from a neoclassical perspective;\u00a0define and give examples of supply-side economics; explain the types of lag times that often occur when solving economic problems; describe the\u00a0neoclassical long-run aggregate supply curve; understand and describe the emergence of New Classical Economics, along with its main tenets; define Ricardian Equivalence<\/li>\n
    • Identify appropriate macro policy options in response to the state of the economy;\u00a0understand the effectiveness and limitations of fiscal and\/or monetary policy for a given state of the economy; choose an appropriate fiscal and monetary policy for a given state of the economy<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Globalization, Trade, and Finance: Analyze the benefits and costs of international trade<\/td>\n\n
      \n
    • Define and calculate comparative and absolute advantage<\/li>\n
    • Explain how a nation’s workers and consumers are affected by impact of international trade<\/li>\n
    • Understand the way government regulations (e.g. tariffs, quotas and non-tariff barriers) affect business, consumers and workers in the economy<\/li>\n
    • Differentiate between alternative international trade regimes and how they impact global trade<\/li>\n
    • Define currency exchange rates and explain how they influence trade balances<\/li>\n
    • Explain how the balance of trade (surplus or deficit) affects the domestic economy, and how the domestic economy affects the balance of trade<\/li>\n
    • Connect globalization, international trade, and international finance<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"author":31,"menu_order":1,"template":"","meta":{"_candela_citation":"[]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"front-matter-type":[],"contributor":[],"license":[],"class_list":["post-6283","front-matter","type-front-matter","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/front-matter\/6283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/front-matter"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/wp\/v2\/types\/front-matter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/wp\/v2\/users\/31"}],"version-history":[{"count":2,"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/front-matter\/6283\/revisions"}],"predecessor-version":[{"id":6285,"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/front-matter\/6283\/revisions\/6285"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/front-matter\/6283\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/wp\/v2\/media?parent=6283"}],"wp:term":[{"taxonomy":"front-matter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/pressbooks\/v2\/front-matter-type?post=6283"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/wp\/v2\/contributor?post=6283"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-hccc-macroeconomics\/wp-json\/wp\/v2\/license?post=6283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}