| CODE | AET2902 |
| TITLE | Macroeconomics (ECON211) |
| UM LEVEL | 02 - Years 2, 3 in Modular Undergraduate Course |
| MQF LEVEL | 5 |
| ECTS CREDITS | 6 |
| DEPARTMENT | Institute of Aerospace Technologies |
| DESCRIPTION | This course is an introductory analysis of employment, inflation, recession, GDP economic growth, national income/output and international trade with an emphasis on practical policy alternatives. Macroeconomic aviation applications such as the countercyclical growth of start-up airlines and consideration of ATC privatization are incorporated. Study-unit Aims: This course is designed to give the student the necessary tools to understand the ideological framework of American capitalism, an understanding of the national banking system, as well as application of fiscal and monetary policies. In order to maintain student interest and better perform our mission, professors will utilize current aviation examples to illustrate these economic principles as frequently as possible. Learning Outcomes: Upon course completion, students will be able to: 1. Understand introductory economic concepts; 2. Identify and exemplify the difference among political systems, economic systems and economic policies; 3. Recognize the evolutionary characteristics of Capitalism or a Market Economic System; and demonstrate the ability to identify several of the alleged “virtues” and alleged “vices” of capitalism; 4. State the laws of demand and supply and define the terms: demand, quantity demanded, supply, and quantity supplied; 5. Explain the causes and predict the effects of changes in demand and supply on the equilibrium price/quantity; 6. Understand the unique peculiarities of such concepts as inflation, deflation, stagflation, economic growth, economic development, expansion, recession, employment theory and types of unemployment; 7. Describe the two approaches to determining Gross National Product (GDP) and state the relationship between GDP, Net Domestic Product (NDP), National Income (NI), Personal Income (PI), and Disposable Income (DI); 8. Define fiscal policy and demonstrate the mechanics of discretionary fiscal policy within the Keynesian framework; 9. State the fundamental objective of monetary policy, identify the three tools of monetary policy, and explain how each may be used to expand or contract the money supply; 10. State the reasons for a fractional reserve system of banking, describe the process by which the banking system creates and destroys money, and the assumptions that underlie the multiplier theory. Further information is available to students on the ERAU platform. Main Text/s and any supplementary readings: Required Course Materials Economics. Edition: 13th. Year: 2019, 2016. ISBN: 978-1337617383 -Hardcover. ISBN: 978-1337670647 – eBook. Author: Roger A. Arnold. Publisher: Cengage. Suggested Course Materials Publication Manual of the American Psychological Association. Edition: 6th. Year: 2010. ISBN: 978-1-4338-0561-5. Author: American Psychological Association. Publisher: American Psychological Association. Note: For further information, see the APA website. |
| ADDITIONAL NOTES | Prerequisite Study-units: AET1911 or equivalent and AET1905, AET1906 or equivalent |
| STUDY-UNIT TYPE | Online Learning |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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