ECON 151G Understanding the Global Economy
ECON 151G | ARTS, EDSW, EMHSS, LC | Summer School, Semester One & Two 2021 | City Campus | 15 points
Description
Economics affects our daily lives and the global environment in many ways.
Through the media we are constantly made aware of:
- Price increases
- Interest rate changes
- Exchange rate movements
- Balance of payments problems
- Growth and recessions
- Standard of living comparisons
- Regional trading agreements
This course covers these issues and the basics of economics.
Learning outcomes
By the end of this course, you should be able to:
- Understand and apply the basic tools of demand and supply
- Apply the basic theory of demand and supply to a range of economic issues
- Understand the concepts of GDP (Gross Domestic Product) and CPI (Consumer Price Index)
- Understand the interaction between savings and investment and their impact on interest rates
- Understand movements in exchange rates and the benefits of international trade
- Understand trends and current issues in the globalisation debates
- Understand the role of monetary and fiscal policies in addressing recessions
- Broadly understand the workings of the economy, and read critically and interpret articles on economic issues published in the popular press
Topics covered
- Introduction to thinking like an economist
- Demand and supply and the concept of market equilibrium
- The concept of elasticity and its applications
- Measuring a nation’s income and the cost of living
- Saving, investment and the financial system in an economy
- Unemployment
- Monetary system and inflation
- Open economy, nominal and real exchange rates
- Aggregate demand and aggregate supply
- Fiscal policy and economic growth
- Monetary policy to give direction to the economy
For more information
View the Digital Course Outline (UOA login required to view)