Title: Credit Unit 2 Introduction
Course: SkillsCom EC 202 15.0 > Section: Credit Unit 2 Module 1 - Measuring Total Output

This Credit Unit moves the focus from the firm and household level to the national level. The material covers how the national economy is measured with a number of key indicators: gross domestic product, unemployment rate, and inflation rate. Credit Unit 2 introduces models to examine how the economy fluctuates in the short run and grows in the long run. The short run model, the aggregate demand and supply model, focuses on explaining the causes of the business cycle. The first two course outcomes will be covered.

Course Outcomes:

- Describe and use economic data to evaluate the three basic macroeconomic problems: recession, unemployment, and inflation.
- Discuss and apply the concepts of economic growth and business cycles to the macro economy.
- Demonstrate how Gross Domestic Product (GDP) and Real GDP are calculated and explain the uses and limits of both.
- Discuss and apply the aggregate-demand and aggregate-supply model to analyze short run and long run national economic conditions and the effectiveness of macroeconomic policy.