Mac Econ (Weekly Learning Goals)

Week Topic Learning goals and objectives
1 Introduction Of Teaching Methods And Performance’s Expectations, Rules Of Discipline And Training Philosophy
2 Chapter 1 – Economic Science

·        Introduction

·        Nature Of Economics

·        Methodology

·        Models

·        Ceteris Paribus

·        Descriptive Economics

·        Normative Economics

·        Economic Goals

·        Fallacy Of Competition

·        Post-Hoc Fallacy

·        Macroeconomics

·        Microeconomics

·        Graphs

·        Direct Relationship

·        Inverse Relationship

Chapter 2 – Economic Problem

·        Introduction

·        Unlimited Wants

·        Necessities

·        Scarce Resources

·        Labor

·        Land

·        Capital

·        Entrepreneurial Talents

·        Production Possibilities Curve

·        Law Of Increasing Costs

·        Efficiency

·        Economic Growth

  • Understand The Basic Meaning Of Economics, Methodology, Models And Ceteris Paribus Theory
  • Analyze Descriptive And Normative Economics
  • Understand Economic Goals And The Fallacy Of Competition And Compare With Post Hoc Fallacy
  • Compare Macroeconomics And Microeconomics
  • Assess The Importance Of Use Of Graph
  • Comprehend Direct And Inverse Relationship
  • Define Wants, Necessities And Scarce Resources
  • Comprehend The Curve Of Production Possibilities
  • Define The Law Of Increasing Costs
  • Determine The Earning Of Efficiency And Economic Growth
3 Chapter 3 – Demand And Supply

·        Introduction

·        Market

·        Demand

·        Law Of Demand

·        Law Of Demand Resources

·        Income Effect

·        Substitution Effect

·        Demand Graph

·        Market Demand

·        Demand Determinants

·        Inferior Goods

·        Price Of Related Goods

·        Complementary Goods

·        Substitute Goods

·        Quantity Demanded

·        Supply

·        Law Of Supply

·        Law Of Supply Reasons

·        Supply Graph

·        Supply Determinants

·        Quantity Supplied

·        Equilibrium

·        Shortage

·        Surplus

·        Indifference Curve

·        Marginal Rate Of Distribution

·        Budget Line

·        Point Of Urgency

·        Derivation Of Demand

  • Understand The Concepts Of Market And Demand Including The Law Of Demand And Demand Resources
  • Analyze The Concepts Of Income Effect, Substitution Effect, Demand Graph
  • Understand Market Demand, Demand Determinants
  • Compare Goods  Including Inferior Goods, Related Goods, Complementary And Substitute Goods And Quantity Demanded
  • Understand The Concept Of Supply
  • Assess The Importance Of Equilibrium, Shortage And Surplus
  • Comprehend The Curve Of Indifference, The Marginal Rate Of Distribution Including Budget Line, Point Of Urgency And Derivation Of Demand
4 Chapter 4 – Mixed Capitalism

·        Mixed Capitalism

·        Legal Framework

·        Antitrust Legislation

·        Income Redistribution

·        Spill Over Costs And Benefits

·        Public Goods

·        Stabilization

·        Capitalism

·        Premises Of Capitalism

·        Competition

·        Market Economy

·        Division Of Labor

·        Circular Flows

·        Invisible Hand

·        Private Sector

·        Functional Distribution Of Income

·        Personal Distribution Of Income

·        Income Disposition

·        Business Organization

·        Sole Proprietorship

·        Partnership

·        Corporations

·        Public Sector

·        Government Expenditures

·        Government Revenues

·        Tax Avoidance

·        Benefit Received

·        Ability To Pay

·        Progressive Tax

·        Tax Incidence

·        Understand Mixed Capitalism And The Legal Framework Including Antitrust Legislation

·        Analyze Income Distribution And Spill Over Costs And Benefits

·        Understand Public Goods, Stabilization And The Meaning Of Capitalism Including Its Premises

·        Compare Competition And Market Economy And Divison Of Labor

·        Assess The Importance Of Circular Flows And Invisible Hand And The Private Sector

·        Comprehend The Functional Distribution Income And Personal Distribution Income And Income Disposition

·        Define Business Organization And How Differ From Public Sector

·        Comprehend The Difference Between Government Expenditures And Revenues

·        Define The Role Of Taxes In Terms Of Tax Avoidance, Benefit Received, Ability To Pay, Progressive Tax And Tax Incidence

              5 Chapter 5 – National Income Accounting

·        Introduction

·        National Income Accounting

·        Gross National Product

·        Gross Domestic Product

·        Intermediate Goals

·        Value Added

·        Expenditure Approach

·        Personal Consumption Expenditure

·        Gross Private Domestic Investment

·        Capital Consumption Allowance

·        Net Investment

·        Government Purchases

·        Net Exports

·        Income Approach

·        Net National Product

·        National Income

·        Indirect Business Taxes

·        Personal Income

·        Transfer Payments

·        Disposable Income

·        Real GDP

·        Price Index

·        Comprehend The Terms Of National Income Accounting And The Difference Between GNP And GDP

·        Clarify The Intermediate Goals And Value Added Concepts Together With The Understanding Of Expenditure Approach

·        Identify The Role Of Personal Consumption Expenditure And The Meaning Of GPDI And GCA

·        Assess The Meaning Of CCA And Net Investment Along With Government Purchases And Net Exports

·        Determine The Significance Of Income Approach, NNP And National Income And Its Difference With Other Types Of Incomes (Personal, Disposable And Others) And The Concept Of Indirect Business Taxes

·        Explain The Difference Between Real GDP And PI

6 Chapter 6 – Business Cycle

·        Introduction

·        Business Cycle

·        Recession

·        Postponable Durable

·        Unemployment

·        Frictional Unemployment

·        Structural Unemployment

·        Cyclical Unemployment

·        Rate Of Unemployment

·        Discouraged Workers

·        Natural Rate Of Unemployment

·        Costs Of Unemployment

·        Inflation

·        Deflation

·        Demand-Pull Inflation

·        Cost-Push Inflation

·        Measuring Inflation

·        Inflation Redistribution Effect

·        Real Income

·        Anticipated Inflation

·        Inflation Output Effect

·        Hyperinflation

·        Understand The Cycle Of Business And Recession

·        Assess The Meaning On Postponable Durable

·        Explain The Concept Of Unemployment And The Difference Of Frictional, Structural And Cyclical Unemployment

·        Identify The Reason Why Workers Are Discouraged And The Meaning Of Natural Rate Of Unemployment Along With Costs Of Unemployment

·        Identify The Role Of Inflation In The Economy  Along The Terms Of Inflation, Deflation, Demand Pull Inflation, Cost Push Inflation

·        Know How To Measure Inflation And Its Redistribution Effect

·        Understand The Meaning Of Real Income, Anticipated Inflation And The Output Effect On Inflation And The Reasons Of Hyperinflation

7 Chapter 7 – Classical Keynesian Controversy

·        Classical Theory

·        Say’s Law

·        Classical Money Market

·        Price And Wage Flexibility

·        Involuntary Unemployment

·        Classical Keynesian Controversy

·        Keynesian Saving-Oriented Plans

·        Keynesian Price-Wage Rigidity

·        Aggregate Demand

·        Real Balance Effect

·        Aggregate Supply

·        Classical Range

·        Keynesian Range

·        Intermediate Range

·        Aggregate Demand Policies

·        Supply Side Policies

·        Identify The Classical Theory Of Keynes And Compare The The Say’s Law

·        Explain The Difference Between Classical Money Market, Price And Wage Flexibility And Involuntary Unemployment

·        Identify The Reason Of Classical Keynesian Controversy And The Difference Between Keynesian Saving Oriented Plans And Price Wage Rigidity

·        Determine The Meaning Of Aggregate Demand, Real Balance Effect And Aggregate Supply

·        Analyze The Concept Of Classical Range, Keynesian Range And Intermediate Range

·        Value The Meaning On Aggregate Demand Policies And Supply Side Policies

8 Week 8 Mid Term Written Test Quiz 20% (Covering academic program covered from Week 1 to 7)
9 Chapter 8 – Keynesian Employment Theory

·        Keynesian Employment Theory

·        Aggregate Expenditures

·        Aggregate Expenditure Components

·        Consumption

·        Consumption Determinants

·        Consumption Stability

·        Average Propensity To Consume

·        Saving

·        Average Propensity To Save

·        Investment Determinants

·        Investment Stability

·        Aggregate Output

·        Keynesian Equilibrium

·        Leakage

·        Injection

·        Leakage-Injection Equilibrium

·        Multiplier Effect

·        Multipliers

·        Complex Multiplier

·        Paradox Or Thrift

·        Recession Gap

·        Inflationary Gap


Chapter 9 – Fiscal Policy

·        Fiscal Policy

·        Government Spending Increase

·        Balanced Budget Multiplier

·        Keynesian Fiscal Policy

·        Fiscal Policy Effectiveness

·        Crowding Out Effect

·        Fiscal Policy Lags

·        Non-Discretionary Fiscal Policy

·        Automatic Stabilizer

·        Full-Employment Budget

·        Fiscal Drag

·        Budget Deficit

·        Budget Philosophy

·        Public Debt

·        Fiscal Policy And Politics

·        Net Export Effect

·        Index Of Leading Indicators

·        Understand The Theory Of Unemployment Of Keynes

·        Define The Terms Of Aggregate Expenditure And The Components Of Expenditures

·        Determine The Terms Of Consumption And Determinants And Stability Of Consumption Along With Consumption Stability

·        Evaluate The Difference Between Average Propensity To Consume Or To Save

·        Assess The Determinants Of Investment And Investment Stability

·        Clarify The Aggregate Output And How It Can Be Linked To The Keynesian Equilibrium

·        Define The Meaning Of Leakage, Injection And Their Equilibrium

·        Verify The Concept Of Keynesian Multipliers, Its Effect On The Economy And What Is Complex Multiplier

·        Identify The Terms Of Paradox Or Thrift And The Difference Between Recession And Inflationary Gaps

·        Explain The Concept Of Fiscal Policy And Its Relation To Government Spending Increase

·        Determine The Role Of The Balanced Budget Multiplier And How It Is Applied To Keynesian Fiscal Policy To Determine Fiscal Policy Effectiveness

·        Verify The Concepts Of Crowding Out Effect And Fiscal Policy Lags Along With Non-Discretionary Fiscal Policy

·        Understand The Automatic Stabilizer And The Link With Fiscal Policy

·        Assess The Fiscal Drag And Budget Deficit And Philosophy Related To Public Debt

·        Evaluate The System And Difference Between Fiscal Policy And Politics

·        Review The Terms Of Net Export Effect And The Index Of Leading Indicators

10 Chapter 10 – Money

·        Money

·        Functions Of Money

·        Demand Of Money

·        Money Supply

·        Currency

·        M1

·        Token Money

·        Checkable Deposits

·        M2

·        M3

·        Near Money

·        Backing Of Money

·        Assess The Role Of Money And Its Function

·        Understand How Money Is Demanded And Supplied

·        Determine The Role Of Currency And What Are M1, M2 And M3

·        Define Token Money And Checkable Deposits

·        Explain The Concepts Of Near Money And Backing Of Money

11 Chapter 11 – The Federal Reserve System

·        Monetary Policy

·        Federal Reserve System Function

·        Federal Reserve System

·        Federal Reserve Banks

·        Banking

·        Understand The Role Of The FDS

·        Assess Its System And Function And Banking Network

12 Chapter 12 – Monetary Policy

·        Monetary Creation

·        Monetary Policy

·        Banks

·        Check Cashing

·        Money Creation

·        Money Cancellation

·        Required Reserves

·        Required Reserve Ratio

·        Monetary Multiplier

·        Government Securities

·        Monetary Policy Tools

·        Open Market Operations

·        Discount Rate

·        Tight Money Policy

·        Easy Money Policy

·        Minor Monetary Policy Tools

·        Understand The Concepts Of Monetary Policy And Creation, Cancellation Of Money

·        Realize The Role Of Banks And Bank Reserve And Reserve Ratio

·        Explain The Role Of Dentary Multiplier And Government Securities Along Monetary Policy Tools

·        Assess The Different Types Of Open Market Operations And Clarify The Discount Rate’s Meaning

·        Evaluate The Tight Money Policy Like Easy Money Policy And Minor Monetary Policy Tools

13  Chapter 13 – Monetary Policy Controversy

·        Keynesian View Of Monetary Policy

·        Monetary Policy Shortcomings

·        Monetary Policy Asymmetry

·        Monetary Policy Dilemma

·        Monetary View Of Monetary Policy

·        Quantity Of Money Equation

·        Velocity

·        Monetarist Critique

·        Monetarist Recommendation

·        Velocity Instability

·        Realize The Meaning Of The Keynesian Monetary Policy And Its Shortcomings, Asymmetry And Dilemma

·        Assess The Monetary View Of Monetary Policy

·        Analyze The Quantity Of Money Equation And The Velocity And Velocity Stability Of Money

·        Evaluate The Monetarist Critique And Recommendation

14 Week 14 Pre Final Exam Written Test 20% (Covering academic program covered from Week 8 to 12)


15  Chapter 14 – Unemployment Versus Inflation

·        Introduction

·        Phillips Curve

·        Phillips Curve Shift

·        Stagflation

·        Inflation Expectation

·        Acceleration Hypothesis

·        Rational Expectations

·        Labor Cost Productivity

·        Market Policies

·        Income Policies

·        Supply Side Economics

·        Laffer Curve

·        Understanding The Phillips Curve And The Curve Shift

·        Assess The Concepts Of Stagflation And Inflation Expectation

·        Verify The Hypothesis On Acceleration And Rational Expectations

·        Assess The Labor Cost Productivity And Its Relations To Market Policies And Income Policies

·        Analyze The Economics Of Supply Side And The Role Of Laffer Curve

16  Chapter 15 – Economic Growth

·        Economic Growth

·        Productivity Growth And Decline

·        Sources Of Growth

·        Savings Rate

·        Law Of Diminishing Return

·        Malthus

Economic Growth Desirability

·        Understand Economic Growth And Growth And Decline Of Productivity

·        Assess Source Of Growth And Savings Rate

·        Verify The Law Of Diminishing Return

·        Explain The Theory Of Malthus And The Concept Of Economic Growth Desirability

Week 16 Homework and research 10% (Homework 5% + Research 5%)


             17 Week 17 Pre Final Exam Written Test 20% (Covering academic program covering from Week 13 to 16)



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