BAEC2204 - Principles of Macroeconomics
BAEC2204 Principles of Macroeconomics 3 Credit Hours
Prerequisites BAEC1203
Goal To enable the student to learn to deal with large-scale economic phenomena so, he/she will be able to evaluate national and global economic.
The course will enable the student to understand the key aspects and areas of macroeconomics to be able to develop overall knowledge of large-scale economic phenomena. The students should be able to:

  1. Describe and explain the central economic problems facing any society and the role of scarcity, choice, and opportunity cost in these problems.
  2. Explain how the following key aggregate economic variables are defined and measured: the price level, national income, employment, unemployment, the labor force, the unemployment rate, the rate of inflation, the exchange rate.
  3. Explain how national expenditure and national product are measured and how the equilibrium level of national income is achieved.
  4. Discuss the advantages and limitations of gross national product as a measure of human welfare.
  5. Explain how the price level and national income change in the short run and long run.
  6. Explain the role of monetary and fiscal policy on the economy in relation to government debt and deficits and under both fixed and flexible exchange rate systems.
  7. Explain the role of money in the economy and how banks use the money supply to influence economic activity.
  8. Explain the difference between fixed and flexible exchange rate systems, how exchange rates are determined, and what factors may cause them to change.
  9. Explain the main causes and consequences of inflation and discuss the G.C.C. Countries experience with controlling inflation.
  10. Define the different types of unemployment and explain how each affects government policy.
  11. Explain the main sources of economic growth and discuss the costs and benefits of economic growth.
  12. Recognize the features and socio-economic characteristics and functions of Oman economy