ECN 211 is basically a class teaching the principles of macroeconomics. It involves A descriptive analysis of the structure and functioning of the American economy. Emphasis on basic economic institutions and factors that determine national income and employment levels.
1. The major concepts in economics
ECN 211 is a general economics course which includes most of the macroeconomics and somewhat microeconomics. Economics has an impact on every moment of our lives because, at its heart, it is a study of choices and why and how we make them. In this class, you’ll look at some basic economic concepts that everyone should understand.
2. Supply and Demand
The economics market completely depends upon Supply and Demand. For eg: If a good’s demand in the market increases, the supply will also increase. This simple example above can give you a general idea of the balancing act Supply and demand. The market is generally much more responsive in real life, and true supply shocks are rare.
3. Identify measures of the national economy
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted national income (NNI* adjusted for natural resource depletion). This is something you will be studying in ECN 211.
4. Keynesian income/expenditure model.
According to CliffsNotes, Keynes’s theory of the determination of equilibrium real GDP, employment, and prices focuses on the relationship between aggregate income and expenditure. Keynes used hisincome‐expenditure model to argue that the economy’s equilibrium level of output or real GDP may not corresPond to the natural level of real GDP.
This Keynesian model is something very important throughout the course. In the starting, you may find it boring but afterwards, this is something which may interest you a lot and help you boost your GPA.
5. Economics through equilibrium
Economics equilibrium is a state in which all the economic forces are balanced. Its technical definition states that, the state in which the supply and demand of a product are similar to each other and we can imagine that by plotting the graph of supply and demand where the supply curve intersects with the demand curve.
Above are the 5 objectives which you accomplish after completion of the ECN 211 course. ECN 211 can be useful for most of the business majors, and also to the business minor. Economics is very important for a person as it helps to know the economy of the nation and the globe. Hope this blog convinces you to register for ECN 211. Happy Studying 🙂