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:
- Describe and explain the central economic problems facing any society and the role of scarcity, choice, and opportunity cost in these problems.
- 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.
- Explain how national expenditure and national product are measured and how the equilibrium level of national income is achieved.
- Discuss the advantages and limitations of gross national product as a measure of human welfare.
- Explain how the price level and national income change in the short run and long run.
- 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.
- Explain the role of money in the economy and how banks use the money supply to influence economic activity.
- Explain the difference between fixed and flexible exchange rate systems, how exchange rates are determined, and what factors may cause them to change.
- Explain the main causes and consequences of inflation and discuss the G.C.C. Countries experience with controlling inflation.
- Define the different types of unemployment and explain how each affects government policy.
- Explain the main sources of economic growth and discuss the costs and benefits of economic growth.
- Recognize the features and socio-economic characteristics and functions of Oman economy
|