ECO 203 - Macroeconomics and Literacy (3)

The successful operation of modern economies depends on the participation of economically literate citizens who can identify problems, gather relevant information, weigh costs and benefits, analyze incentives, and make choices. Students successfully completing this course will be able to: 1) apply economic concepts including opportunity costs, circular flow, production possibilities, and comparative advantage, 2) use the concepts of supply and demand to describe markets, 3) interpret major macroeconomic indicators including GDP, inflation, and unemployment, 4) use the aggregate supply/aggregate demand model to analyze macroeconomic problems and the monetary and fiscal policy options, and 5) compare different economic perspectives including capitalism and socialism.