ECON 151G Understanding the Global Economy

ECON 151G | ARTS, EDSW, EMHSS, LC | Summer School, Semester One & Two 2021 | City Campus | 15 points


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  

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