ECO/372T Course Guide
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Course Overview
The COVID-19 pandemic impacted the U.S. economy in several
ways. The U. S. GDP declined 3.5 percent on an annual basis in
2020. This is the largest contraction for any full year since 1946.
Unemployment reached historically high levels; however,
annualized disposable personal income increased at the fastest rate
since 1984. How could this happen? Government stimulus checks,
supplements to unemployment insurance, and support for some
small businesses grew, while the Federal Reserve lowered interest
rates. Together, this fueled increased spending on new homes,
recreational vehicles, and durable goods, while spending on
services decreased. Macroeconomics refers to such increases or
decreases in GDP as the business cycle.
“Microeconomics is about money you don’t have, and
macroeconomics is about money the government is out
of.”
– P. J. O’Rourke
About Principles of Macroeconomics
This course provides students with the basic theories, concepts, terminology, and uses of
macroeconomics. Students learn practical applications for macroeconomics in their personal and
professional lives through assimilation of fundamental concepts and analysis of actual economic events.
Textbook
Asarta, C. J., Butters, R. (2022). . McGraw-Hill. Connect master principles of economics
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ECO/372T Course Guide
Copyright 2022 University Phoenix. All rights reserved. by of
Career Relevance
C Learning
O
I -D Skill
W Example
Explain how
macroeconomic
problems relate to
income,
employment,
inflation, and
money.
Macroeconomics
While the business cycle can be compared to waves in
an ocean, always present but never exactly the same
