This is a Principles of Macroeconomics Course developed through the Ohio Department of Higher Education OER Innovation Grant. This work was completed and the course was posted in January 2019. The course is part of the Ohio Transfer Assurance Guides (TAGs) as OSS 005. For more information about credit transfer between Ohio colleges and universities, please visit: www.ohiohighered.org/transfer.Team LeadAmyaz Moledina College of WoosterContent ContributorsRosemarie Emanuele Ursuline CollegeKenneth Fah Ohio Dominican UniversityDarcy Hartman Ohio State University – NewarkLibrarianNathan Wolfe Kenyon CollegeReview TeamSeth Kim Central Ohio Technical CollegeJoe Nowakowski Muskingum University
This topic is not often covered explicitly in a principles of macroeconomics course. Nonetheless, the topic of economic systems might lead to coverage of efficiency and government intervention.
A study of inflation, its measures, and consequences. Students will understand how price information is collected and used to construct an index of the price level. It is important that households and economic agents have a good understanding of the impacts of general price level changes on various economic units. Policy makers use inflation information to understand the consequences of policy changes and as a guide to current and future policy.
This lesson concerns how economic growth is measured and defined, the benefits of economic growth over time, and the determinants of a nation’s economic growth, including policy. Students will examine the importance of sustained economic growth over time. Students will understand the meaning and determinants of economic growth. Comparative information and data for different economies over time will be utilized to examine the importance of policy and several factors as economic growth drivers. Students will examine the aggregate production function as a tool to understand the relationship between inputs and aggregate output. The importance of technological progress will be emphasized.
This is a lesson on the basic economic tools of supply and demand. Students will use be introduced to the potential results of the interactions of buyers and sellers in a market using basic supply and demand data. Students will be asked to explore different examples of the use of market information to determine market price and the reasons for changes in market price.
This topic is considered optional as it would primarily be part of a principles of microeconomics course. If microeconomics is a prerequisite for macroeconomics, this topic can either be skipped entirely, or could be reviewed briefly. In some macroeconomics principles courses, this may need to be presented as new information. Learning objectives of particular interest for a macro course are 1, 2, 7, and 8. Please note that some of the learning objectives contained in this section may overlap with the International Trade unit.