What are the best ways to prepare for a macroeconomic education and training course?

1 Review the basics

Before you dive into the advanced topics of macroeconomics, you need to refresh your memory on the basic principles and concepts of economics. These include supply and demand, opportunity cost, scarcity, trade-offs, production possibilities, comparative advantage, market equilibrium, elasticity, consumer and producer surplus, market failures, and externalities. You also need to be familiar with the basic tools of economic analysis, such as graphs, equations, and data. You can review these basics by reading a textbook, watching online videos, or taking a refresher course.

2 Learn the terminology

Macroeconomics has its own language and jargon that you need to learn and understand. You will encounter terms such as GDP, CPI, PPP, AD, AS, LRAS, SRAS, aggregate demand, aggregate supply, potential output, output gap, inflation, deflation, disinflation, hyperinflation, unemployment, natural rate of unemployment, cyclical unemployment, frictional unemployment, structural unemployment, labor force participation rate, economic growth, productivity, human capital, physical capital, technological progress, endogenous growth, exogenous growth, Solow model, convergence hypothesis, business cycle, recession, depression, expansion, peak, trough, recovery, boom, fiscal policy, monetary policy, budget deficit, budget surplus, public debt, crowding out, multiplier effect, automatic stabilizers, discretionary fiscal policy, expansionary fiscal policy, contractionary fiscal policy, money supply, money demand, interest rate, nominal interest rate, real interest rate, Fisher equation, money market, loanable funds market, central bank, open market operations, reserve requirement, discount rate, federal funds rate, Taylor rule, inflation targeting, exchange rate, foreign exchange market, balance of payments, current account, capital account, financial account, net exports, net foreign investment, trade balance, trade deficit, trade surplus, absolute advantage, comparative advantage, terms of trade, gains from trade, tariffs, quotas, subsidies, protectionism, free trade, trade agreements, globalization, and many more. You can learn these terms by reading glossaries, flashcards, or summaries of macroeconomic concepts.

4 Follow the news and trends

Macroeconomics is not just about theory and models, but also about real-world events and issues. You need to be aware of the current state and trends of the global and national economy, such as the GDP growth rate, the inflation rate, the unemployment rate, the interest rate, the exchange rate, the trade balance, the budget balance, the public debt, and the major economic policies and challenges. You also need to be able to relate the macroeconomic concepts and theories to the actual economic situations and outcomes. You can follow the news and trends by reading newspapers, magazines, blogs, podcasts, or newsletters that cover economic topics and analysis.