ECON 151G Understanding the Global Economy

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.

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

• 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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