{"id":8104,"date":"2018-01-22T18:32:09","date_gmt":"2018-01-22T18:32:09","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/?post_type=chapter&#038;p=8104"},"modified":"2024-04-26T17:36:13","modified_gmt":"2024-04-26T17:36:13","slug":"learning-outcomes","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/chapter\/learning-outcomes\/","title":{"raw":"Learning Outcomes","rendered":"Learning Outcomes"},"content":{"raw":"<img class=\"aligncenter wp-image-254\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2018\/01\/22172641\/outcomes.jpg\" alt=\"icon of a magnifying glass over a list\" width=\"200\" height=\"201\" \/>\r\n\r\nThe content, assignments, and assessments for this course are aligned to the following learning outcomes. A full list of course learning outcomes can be viewed here: <a href=\"https:\/\/docs.google.com\/spreadsheets\/d\/1RlTEWhnA0IEZd_PrTlu-2QTxuFGm_1YU8CwBJ2tSLNg\/edit#gid=0\">Macroeconomics\u00a0Course Learning Outcomes<\/a>.\r\n<h2>Module 1: Economic Thinking<\/h2>\r\n<ul>\r\n \t<li>Explain what economics is and explain why it is important<\/li>\r\n \t<li>Use mathematics in common economic applications<\/li>\r\n \t<li>Use graphs in common economic applications<\/li>\r\n<\/ul>\r\n<h2>Module 2:\u00a0Choice in a World of Scarcity<\/h2>\r\n<ul>\r\n \t<li>Explain the cost of choices and trade-offs<\/li>\r\n \t<li>Illustrate society's trade-offs by using a production possibilities frontier, or curve<\/li>\r\n \t<li>Explain the assumption of rationality by individuals and firms<\/li>\r\n<\/ul>\r\n<h2>Module 3:\u00a0Supply and Demand<\/h2>\r\n<ul>\r\n \t<li>Describe and differentiate between major economic systems<\/li>\r\n \t<li>Explain the determinants of demand<\/li>\r\n \t<li>Explain the determinants of supply<\/li>\r\n \t<li>Explain and graphically illustrate market equilibrium, surplus and shortage<\/li>\r\n<\/ul>\r\n<h2>Module 4:\u00a0Applications of Supply and Demand<\/h2>\r\n<ul>\r\n \t<li>Analyze the economic effect of government setting price ceilings and floors<\/li>\r\n \t<li>Define, calculate, and illustrate consumer, producer, and total surplus<\/li>\r\n \t<li>Examine ways that supply and demand apply to labor and financial markets<\/li>\r\n<\/ul>\r\n<h2>Module 5:\u00a0Elasticity<\/h2>\r\n<ul>\r\n \t<li>Explain the concept of elasticity<\/li>\r\n \t<li>Explain the price elasticity of demand and price elasticity of supply, and compute both using the midpoint method<\/li>\r\n \t<li>Explain and calculate other elasticities using common economic variables<\/li>\r\n \t<li>Explain the relationship between a firm's price elasticity of demand and total revenue<\/li>\r\n<\/ul>\r\n<h2>Module 6: Macroeconomic Measures: GDP and Economic Growth<\/h2>\r\n<ul>\r\n \t<li>Define macroeconomics and explain how economic indicators like GDP are used to assess the state of the economy<\/li>\r\n \t<li>Differentiate between and calculate nominal and real GDP<\/li>\r\n \t<li>Describe economic growth<\/li>\r\n \t<li>Understand that economic growth is a relatively recent phenomenon, and identify key institutional factors that contribute to economic growth<\/li>\r\n<\/ul>\r\n<h2>Module 7: Macroeconomic Measures: Unemployment and Inflation<\/h2>\r\n<ul>\r\n \t<li>Describe and calculate unemployment<\/li>\r\n \t<li>Examine causes and types of unemployment, including cyclical, frictional, structural, and natural unemployment<\/li>\r\n \t<li>Define inflation and explain how the rate of inflation is calculated<\/li>\r\n \t<li>Identify the consequences of inflation<\/li>\r\n<\/ul>\r\n<h2>Module 8: The Aggregate Demand-Aggregate Supply Model<\/h2>\r\n<ul>\r\n \t<li>Use the AD-AS model to explain the equilibrium levels of real GDP and price level<\/li>\r\n \t<li>Examine factors that shift aggregate supply and aggregate demand<\/li>\r\n \t<li>Illustrate economic growth, unemployment, and inflation using the AS\/AD model<\/li>\r\n<\/ul>\r\n<h2>Module 9: Keynesian and Neoclassical Economics<\/h2>\r\n<ul>\r\n \t<li>Describe the tenets of Keynesian Economics<\/li>\r\n \t<li>Explain policy implications of Keynesian economics<\/li>\r\n \t<li>Understand the tenets of Neoclassical Economics<\/li>\r\n \t<li>Describe how the neoclassical model responds to fluctuations in the economy and explain policy recommendations<\/li>\r\n \t<li>Compare and contrast the Keynesian and Neoclassical perspectives<\/li>\r\n<\/ul>\r\n<h2>Module 10: The Income-Expenditure Model<\/h2>\r\n<ul>\r\n \t<li>Use the expenditure output model to explain periods of recession and expansion<\/li>\r\n \t<li>Explain and find macro equilibrium in the income-expenditure model<\/li>\r\n \t<li>Explain why the expenditure multiplier happens and how to calculate its size<\/li>\r\n<\/ul>\r\n<h2>Module 11: Fiscal Policy<\/h2>\r\n<ul>\r\n \t<li>Identify the major spending categories and major revenue sources in the U.S. Federal budget<\/li>\r\n \t<li>Explain fiscal policies, including automatic, expansionary, and contractionary fiscal policies<\/li>\r\n \t<li>Compare neoclassical and Keynesian approaches to Fiscal Policy<\/li>\r\n<\/ul>\r\n<h2>Module 12: Money and Banking<\/h2>\r\n<ul>\r\n \t<li>Define money, explain the functions of money, and define liquidity<\/li>\r\n \t<li>Describe\u00a0the role financial markets play in an economy<\/li>\r\n \t<li>Explain what a bank does<\/li>\r\n \t<li>Describe how money is created by lending<\/li>\r\n<\/ul>\r\n<h2>Module 13: Monetary Policy<\/h2>\r\n<ul>\r\n \t<li>Explain the structure, functions, and responsibilities of the Federal Reserve System<\/li>\r\n \t<li>Describe monetary policy and the Fed's three main policy tools<\/li>\r\n \t<li>Explain how monetary policy affects GDP and the interest rates<\/li>\r\n<\/ul>\r\n<h2>Module 14: Policy Applications<\/h2>\r\n<ul>\r\n \t<li>Compare viewpoints on government spending and taxes between the Keynesian and Neoclassical perspectives<\/li>\r\n \t<li>Explain the reasoning behind the theory of the Phillips Curve and why it may not hold<\/li>\r\n \t<li>Describe the basic tenets of new classical economics, including Ricardian equivalence<\/li>\r\n \t<li>Identify appropriate macro policy options in response to the state of the economy<\/li>\r\n<\/ul>\r\n<h2>Module 15: Globalization and Trade<\/h2>\r\n<ul>\r\n \t<li>Define and calculate comparative advantage, and understand how countries choose which goods and services to trade internationally<\/li>\r\n \t<li>Explain how barriers to trade (like tariffs, quotas and non-tariff barriers) affect businesses, consumers and workers in the economy<\/li>\r\n \t<li>Differentiate between alternative international trade regimes and how they impact global trade<\/li>\r\n<\/ul>\r\n<h2>Module 16: Exchange Rates and International Finance<\/h2>\r\n<ul>\r\n \t<li>Define currency exchange rates and explain how they influence trade balances<\/li>\r\n \t<li>Analyze how supply and demand affects foreign currencies and exchange rates<\/li>\r\n \t<li>Explain how the balance of trade (surplus or deficit) affects the domestic economy<\/li>\r\n<\/ul>","rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-254\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2018\/01\/22172641\/outcomes.jpg\" alt=\"icon of a magnifying glass over a list\" width=\"200\" height=\"201\" \/><\/p>\n<p>The content, assignments, and assessments for this course are aligned to the following learning outcomes. A full list of course learning outcomes can be viewed here: <a href=\"https:\/\/docs.google.com\/spreadsheets\/d\/1RlTEWhnA0IEZd_PrTlu-2QTxuFGm_1YU8CwBJ2tSLNg\/edit#gid=0\">Macroeconomics\u00a0Course Learning Outcomes<\/a>.<\/p>\n<h2>Module 1: Economic Thinking<\/h2>\n<ul>\n<li>Explain what economics is and explain why it is important<\/li>\n<li>Use mathematics in common economic applications<\/li>\n<li>Use graphs in common economic applications<\/li>\n<\/ul>\n<h2>Module 2:\u00a0Choice in a World of Scarcity<\/h2>\n<ul>\n<li>Explain the cost of choices and trade-offs<\/li>\n<li>Illustrate society&#8217;s trade-offs by using a production possibilities frontier, or curve<\/li>\n<li>Explain the assumption of rationality by individuals and firms<\/li>\n<\/ul>\n<h2>Module 3:\u00a0Supply and Demand<\/h2>\n<ul>\n<li>Describe and differentiate between major economic systems<\/li>\n<li>Explain the determinants of demand<\/li>\n<li>Explain the determinants of supply<\/li>\n<li>Explain and graphically illustrate market equilibrium, surplus and shortage<\/li>\n<\/ul>\n<h2>Module 4:\u00a0Applications of Supply and Demand<\/h2>\n<ul>\n<li>Analyze the economic effect of government setting price ceilings and floors<\/li>\n<li>Define, calculate, and illustrate consumer, producer, and total surplus<\/li>\n<li>Examine ways that supply and demand apply to labor and financial markets<\/li>\n<\/ul>\n<h2>Module 5:\u00a0Elasticity<\/h2>\n<ul>\n<li>Explain the concept of elasticity<\/li>\n<li>Explain the price elasticity of demand and price elasticity of supply, and compute both using the midpoint method<\/li>\n<li>Explain and calculate other elasticities using common economic variables<\/li>\n<li>Explain the relationship between a firm&#8217;s price elasticity of demand and total revenue<\/li>\n<\/ul>\n<h2>Module 6: Macroeconomic Measures: GDP and Economic Growth<\/h2>\n<ul>\n<li>Define macroeconomics and explain how economic indicators like GDP are used to assess the state of the economy<\/li>\n<li>Differentiate between and calculate nominal and real GDP<\/li>\n<li>Describe economic growth<\/li>\n<li>Understand that economic growth is a relatively recent phenomenon, and identify key institutional factors that contribute to economic growth<\/li>\n<\/ul>\n<h2>Module 7: Macroeconomic Measures: Unemployment and Inflation<\/h2>\n<ul>\n<li>Describe and calculate unemployment<\/li>\n<li>Examine causes and types of unemployment, including cyclical, frictional, structural, and natural unemployment<\/li>\n<li>Define inflation and explain how the rate of inflation is calculated<\/li>\n<li>Identify the consequences of inflation<\/li>\n<\/ul>\n<h2>Module 8: The Aggregate Demand-Aggregate Supply Model<\/h2>\n<ul>\n<li>Use the AD-AS model to explain the equilibrium levels of real GDP and price level<\/li>\n<li>Examine factors that shift aggregate supply and aggregate demand<\/li>\n<li>Illustrate economic growth, unemployment, and inflation using the AS\/AD model<\/li>\n<\/ul>\n<h2>Module 9: Keynesian and Neoclassical Economics<\/h2>\n<ul>\n<li>Describe the tenets of Keynesian Economics<\/li>\n<li>Explain policy implications of Keynesian economics<\/li>\n<li>Understand the tenets of Neoclassical Economics<\/li>\n<li>Describe how the neoclassical model responds to fluctuations in the economy and explain policy recommendations<\/li>\n<li>Compare and contrast the Keynesian and Neoclassical perspectives<\/li>\n<\/ul>\n<h2>Module 10: The Income-Expenditure Model<\/h2>\n<ul>\n<li>Use the expenditure output model to explain periods of recession and expansion<\/li>\n<li>Explain and find macro equilibrium in the income-expenditure model<\/li>\n<li>Explain why the expenditure multiplier happens and how to calculate its size<\/li>\n<\/ul>\n<h2>Module 11: Fiscal Policy<\/h2>\n<ul>\n<li>Identify the major spending categories and major revenue sources in the U.S. Federal budget<\/li>\n<li>Explain fiscal policies, including automatic, expansionary, and contractionary fiscal policies<\/li>\n<li>Compare neoclassical and Keynesian approaches to Fiscal Policy<\/li>\n<\/ul>\n<h2>Module 12: Money and Banking<\/h2>\n<ul>\n<li>Define money, explain the functions of money, and define liquidity<\/li>\n<li>Describe\u00a0the role financial markets play in an economy<\/li>\n<li>Explain what a bank does<\/li>\n<li>Describe how money is created by lending<\/li>\n<\/ul>\n<h2>Module 13: Monetary Policy<\/h2>\n<ul>\n<li>Explain the structure, functions, and responsibilities of the Federal Reserve System<\/li>\n<li>Describe monetary policy and the Fed&#8217;s three main policy tools<\/li>\n<li>Explain how monetary policy affects GDP and the interest rates<\/li>\n<\/ul>\n<h2>Module 14: Policy Applications<\/h2>\n<ul>\n<li>Compare viewpoints on government spending and taxes between the Keynesian and Neoclassical perspectives<\/li>\n<li>Explain the reasoning behind the theory of the Phillips Curve and why it may not hold<\/li>\n<li>Describe the basic tenets of new classical economics, including Ricardian equivalence<\/li>\n<li>Identify appropriate macro policy options in response to the state of the economy<\/li>\n<\/ul>\n<h2>Module 15: Globalization and Trade<\/h2>\n<ul>\n<li>Define and calculate comparative advantage, and understand how countries choose which goods and services to trade internationally<\/li>\n<li>Explain how barriers to trade (like tariffs, quotas and non-tariff barriers) affect businesses, consumers and workers in the economy<\/li>\n<li>Differentiate between alternative international trade regimes and how they impact global trade<\/li>\n<\/ul>\n<h2>Module 16: Exchange Rates and International Finance<\/h2>\n<ul>\n<li>Define currency exchange rates and explain how they influence trade balances<\/li>\n<li>Analyze how supply and demand affects foreign currencies and exchange rates<\/li>\n<li>Explain how the balance of trade (surplus or deficit) affects the domestic economy<\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-8104\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Learning Outcomes. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Magnify. <strong>Authored by<\/strong>: Eucalyp. <strong>Provided by<\/strong>: Noun Project. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/thenounproject.com\/term\/magnify\/1276779\/\">https:\/\/thenounproject.com\/term\/magnify\/1276779\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":29,"menu_order":3,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Magnify\",\"author\":\"Eucalyp\",\"organization\":\"Noun Project\",\"url\":\"https:\/\/thenounproject.com\/term\/magnify\/1276779\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Learning Outcomes\",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-8104","chapter","type-chapter","status-publish","hentry"],"part":8099,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/wp-json\/pressbooks\/v2\/chapters\/8104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/wp-json\/wp\/v2\/users\/29"}],"version-history":[{"count":4,"href":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/wp-json\/pressbooks\/v2\/chapters\/8104\/revisions"}],"predecessor-version":[{"id":11310,"href":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/wp-json\/pressbooks\/v2\/chapters\/8104\/revisions\/11310"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/wp-json\/pressbooks\/v2\/parts\/8099"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/wp-json\/pressbooks\/v2\/chapters\/8104\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/wp-json\/wp\/v2\/media?parent=8104"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=8104"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/wp-json\/wp\/v2\/contributor?post=8104"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/wp-json\/wp\/v2\/license?post=8104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}