193 Macroeconomics Course Description Provides a description and analysis of macroeconomic operations in contemporary society. Emphasis is placed on developing an understanding of macroeconomic concepts and policies. Economics defined Define economics. Economic theory and method Define economic theories, models, and assumptions. Economic approach Describe the difference between positive and normative economic theory.
Economic factors Define the factors of production.
Describe scarcity in the context of factors of production, opportunity costs, and unlimited wants. Problem of choice Describe how society chooses to produce its goods and services. Modern specialization Define the principles of specialization and comparative advantage. Supply and demand Define the principles of supply and demand and the economic forces which can change supply and demand. The economic role of government Discuss the economic functions of government.