• Measure unemployment and list the various types of unemployment
• Explain the natural rate of unemployment and how to achieve it.
• Determine unemployment when cyclical unemployment is zero.
• Measure real GDP and per capital real GDP.
• Define and measure inflation and stagflation.
• Explain the effect of inflation on individuals and the economy.
• Explain aggregate demand (AD) and the difference between AD and the quantity of a commodity demanded.
• Explain aggregate supply curve (AS) and the quantity of a commodity supplied.
• Identify factor(s) affecting the shape and shifts of AD and AS curves.
• Define macroeconomic equilibrium.
• Elaborate the effect of shifts in AD and the short run aggregate supply curve on GDP and the price level.
• Find recessionary and inflationary gaps in GDP
• List different phases of a business cycle.
• Explain Expansionary and Contractionary shocks
• Explain the three major approaches to macroeconomics.