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- Concordia University's ECON 203: Introduction to Macroeconomics explores how a nation's economy functions, from measuring economic activity (GDP) to factors affecting growth. The course examines various models to understand how short-run factors like government spending and trade impact national income and prices. It then analyzes the transition to long-run growth, driven by elements like technological advancements. The course also dives into money and banking, including the Bank of Canada's role in managing inflation and how monetary policy affects the economy. Finally, it explores international trade, exchange rates, and government debt, all of which influence a nation's economic well-being.
✔ (Summary) Main Areas of Study -
- The measurement of National Income: The central point is the methods utilized to gauge the economic activity level in a country, including the calculation of Gross Domestic Product (GDP) using expenditure and income approaches.
- The Simplest Short-Run Macro Model: This part delves into the basic short-run macroeconomic model, which helps elucidate the economy's behavior in the short run, such as the relationship between aggregate demand and aggregate supply.
- Adding Government and Trade to the Simple Macro Model: The course investigates the impact of government spending, taxation, and international trade on the simple macro model, and how these factors influence the equilibrium level of national income.
- Real GDP and the Price Level in the Short Run: This section examines the relationship between real GDP and the price level in the short run, and how changes in aggregate demand and aggregate supply can affect these variables.
- From the Short to the Long Run: The Adjustment of Factor Prices: The course focuses on the transition from the short run to the long run in macroeconomic models, emphasizing the adjustment of factor prices, such as wages and interest rates.
- Long-Run Economic Growth: The course delves into the factors that drive long-run economic growth, including the accumulation of capital stock, increases in labor inputs, and technological advancements.
- Money and Banking: This part explores the role of money in the economy, the functions of banks, and the impact of monetary policy on economic activity.
- Money, Interest Rates, and Economic Activity: The course examines the relationship between money, interest rates, and economic activity, and how changes in these variables can affect the overall economy.
- Monetary Policy in Canada: This part discusses the role of the Bank of Canada in conducting monetary policy, with the objective of preserving the value of money by keeping inflation low, stable, and predictable.
- Inflation and Disinflation: The course delves into the causes and consequences of inflation and disinflation, and how these phenomena can impact the economy.
- Government Debt and Deficits: This part examines the impact of government debt and deficits on the economy, and how these factors can influence macroeconomic stability and growth.
- Exchange Rates and the Balance of Payments: The course also covers the principles that govern trade relations among countries, the determination of exchange rates, and the analysis of the balance of payments.
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