MACROECONOMICS ECON Credit Hours: 3

Transcription

1 MACROECONOMICS ECON 2010 Credit Hours: 3 Catalog Course Description: A study of basic macroeconomic concepts, including gross domestic product, economic growth, unemployment and inflation. Also includes a thorough examination of both fiscal and monetary policy. How Program Site will be incorporated into the course: England, while being a market economy, has more socialist leanings than the United States. England s social safety net is more developed than the United States, including a comprehensive health care system and generous welfare benefits. During this class, we will compare and contrast the economies of the two countries. England's economy is very strong in the clothing, food, tourism, wine, agricultural, and healthcare sectors. Students will tour political and business facilities in offering exposure to the economy in England. Prerequisites: College-level mathematics Textbook(s) and Other Course Materials: Principles, Problems, and Policies (20th edition), McConnell, Campbell, Stanley L. Brue, and Sean Flynn, McGraw-Hill Education, ISBN-13: (NOTE: This ISBN is for instructor-selected, customized material and includes the access code for Connect.) I. Week/Unit/Topic Basis: WEEK/UNIT # TOPIC Chapter 1 Limits, Alternatives, and Choices Chapter 2 The Market System and the Circular Flow Chapter 4 Demand, Supply, and Market Equilibrium Chapter 7 Measuring Domestic Output and National Income Chapter 6 Unemployment and Inflation Chapter 9 Business Cycles, Unemployment, and Inflation Chapter 10 Basic Macroeconomic Relationships Chapter 11 The Aggregate Expenditures Model Chapter 12 Aggregate Demand and Aggregate Supply Chapter 13 Fiscal Policy, Deficits, and Debt Chapter 14 Money, Banking, and Financial Institutions Chapter 15 Money Creation Chapter 16 Interest Rates and Monetary Policy II. Course Goals: The course will: A. Guide students to understand and utilize the basic principles of economics in a macroeconomic context. B. Foster the ability to critically analyze economic policies from opposing theoretical perspectives. C. Enhance student knowledge of the main problems of macroeconomics, including economic growth, unemployment, and inflation/deflations. Page 1 of 5

2 D. Expand student knowledge of fiscal policy. E. Expand student knowledge of money, banking and monetary policy. III. Expected Student Learning Outcomes:* Upon successful completion of this course, the student should be able to: 1. Explain how economics is related to scarcity. A 2. Identify the four factors of production and provide examples. A 3. Construct a production possibilities curve, analyze points on and around the curve, and interpret shifts of the curve. A 4. Interpret the concepts of (1) opportunity cost and (2) the law of increasing opportunity cost. A 5. Identify and explain the fundamental characteristics of the market system. A 6. Define and graph demand and supply; state the laws of demand and supply. A 7. Be able to distinguish between a change in quantity demanded and a change in demand. A 8. Be able to distinguish between a change in quantity supplied and a change in supply. A 9. Be able to determine the amount of surplus or shortage in a market. A 10. Identify and list the factors that shift demand and supply and explain how these shifts affect equilibrium price and quantity. A 11. Define GDP and compute GDP using the components of the expenditure approach, given the appropriate information. A, C 12. Distinguish between nominal GDP and real GDP and be able to calculate both. A, C 13. Define and analyze the phases of the business cycle. A, C 14. Define full employment and the process used to measure the unemployment rate. A, C 15. Define discouraged workers and underemployed workers and explain their importance. A, C 16. Describe frictional, structural, and cyclical unemployment. A, C Page 2 of 5

3 17. Compare and contrast demand-pull and cost-push inflation and use the CPI to measure inflation rates. A, C 18. Define and discuss several historical examples of hyperinflation. A, B, C 19. Define APC, APS, MPC and MPS, and calculate both the spending and tax multiplier. A, B, C 20. Identify the non-income determinants of consumption. A, B, C 21. Identify the non-interest-rate determinants of investment. A, B, C 22. Define recessionary and inflationary gaps. A, B, C 23. Define aggregate demand and aggregate supply and construct an AD-AS diagram. A, B, C 24. Identify the factors that shift both the aggregate demand and aggregate supply curves. A, B,C 25. Calculate the spending and tax multipliers and use them to determine the effects of changes in fiscal policy. A, B, C, D 26. Explain how/when both expansionary and contractionary fiscal policies are used. A, B, C, D, 27. Explain how the automatic stabilizers work to lessen the severity of unemployment and inflation. A, B, C, D 28. Identify and define the three functions of money, and explain what backs the money supply in the U.S. economy. A, B, C, E 29. Describe the structure of the U.S. banking system. A, B, C, E 30. Calculate required and excess reserves for a bank and determine its money creating ability. A, B, C, E 31. Calculate the money multiplier and determine when it should be used. A, B, C, E 32. Diagram the money market and determine the equilibrium interest rate. A, B, C, E Page 3 of 5

4 33. Identify the tools of monetary policy and explain how they are employed by the Federal Reserve to expand or contract the money supply. A, B, C, E *Letters after performance expectations reference the course objectives listed above. IV. Evaluation: V. Policies: A. Testing Procedures (66%): A minimum of three major tests is recommended. Exams will consist of multiple-choice, true-false, and/or short answer questions B. Laboratory Expectations: N/A C. Research Paper: N/A D. Other Evaluation Methods (34%): In-class work, homework, quizzes, and other assignments will also comprise the final grade for the course. Each instructor will provide full details during the first week of class via a syllabus supplement. E. Grading Scale: Please note that some TnCIS member institutions do not accept + and - grades, therefore all TnCIS grading scales must consist of only A, B, C, D, F letter grades = A = B = C = D Below 65 A. Attendance Policy: = F Attendance is of utmost importance in study abroad courses. There are no unexcused absences permitted. Unexcused absences are grounds for removal from the program. Being in class on time is also very important. Frequent tardiness will be considered an absence and appropriate action will be taken. Absences due to illness must be reported immediately to the program director. B. Academic Dishonesty: Academic misconduct committed either directly or indirectly by an individual or group is subject to disciplinary action. Prohibited activities include but are not limited to the following practices: Cheating, including but not limited to unauthorized assistance from material, people, or devices when taking a test, quiz, or examination; writing papers or reports; solving problems; or completing academic assignments. Plagiarism, including but not limited to paraphrasing, summarizing, or directly quoting published or unpublished work of another person, including online or computerized services, without proper documentation of the original source. Page 4 of 5

5 Purchasing or otherwise obtaining prewritten essays, research papers, or materials prepared by another person or agency that sells term papers or other academic materials to be presented as one s own work. Taking an exam for another student. Providing others with information and/or answers regarding exams, quizzes, homework or other assignments unless explicitly authorized by the instructor. In addition to other possible disciplinary sanctions that may be imposed as a result of academic misconduct, the instructor has the authority to assign either (1) an F or zero for the assignment or (2) an F for the course. VI. Instructional Hours: Instructional time spent in a formal classroom setting and during excursions will total a minimum of 37.5 hours for this course. Page 5 of 5