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ECO/372T Course Guide
Copyright 2022 by University of Phoenix. All rights reserved.
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
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.
Asarta, C. J., Butters, R. (2022). Connect master principles of economics. McGraw-Hill.
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ECO/372T Course Guide
Copyright 2022 by University of Phoenix. All rights reserved.
Career Relevance
Course Learning
In-Demand Skill
Workplace Example
Explain how
problems relate to
inflation, and
While the business cycle can be compared to waves in
an ocean, always present but never exactly the same
nor occurring in a predictable pattern, it is possible for
a business manager to apply an understanding of
these cycles to put current business conditions for their
firm in better perspective. It is important to note that
according to the National Bureau of Economic
Research, the average business cycle lasted for
around five years. The average expansion lasted for
about four of those years, while the average recession
lasted about one year. By monitoring these business
cycle changes, a business can forecast potential
increased or decreased demand for its products or
Analyze production
costs to improve
business economic
Some people think that economic growth is the same
thing as economic development, but they’re not. You
may experience economic development when you
focus on both the qualitative and quantitative growth of
the economy. For example, when you give your
employees a raise, they then may go out and buy a
house in a better school system, which will further their
children’s education. If you are thinking long-term and
the result of a planned activity, then you are thinking
economic development.
Explain how
economic factors
influence business
operations and
Business economics integrates economic theory and
business practices. As a business professional, you
may be responsible for addressing problems affected
by external environmental factors, such as the COVID-
19 pandemic. You may be asked to forecast demand
for your firm’s products or services, which impacts the
amount of product that should be produced at the
appropriate time. This type of production and cost
analysis can impact factors of production such as raw
material, labor, and equipment. In addition, you may be
asked to evaluate your firm’s investment decisions in
order to allocate your capital effectively as you analyze
competing uses of funds. The business cycle can
impact consumer demand for your product or service,
the interest rate at which you can borrow funds, and
the amount of supplies you purchase.