ITT Technical Institute. ES2560 Macroeconomics Onsite and Online Course SYLLABUS

Transcription

1 ITT Technical Institute ES2560 Macrecnmics Onsite and Online Curse SYLLABUS Credit hurs: 4.5 Cntact/Instructinal hurs: 45 (45 Thery Hurs) Prerequisite(s) and/r Crequisite(s): Prerequisites: MA1210 Cllege Mathematics I r equivalent, EN1320 Cmpsitin I r equivalent. Students may nt receive credit fr bth ES2555 Survey f Ecnmics r equivalent and ES2560 Macrecnmics r equivalent. Curse Descriptin: This curse is the study f aggregate ecnmic activity. Students apply basic principles f macrecnmics t unemplyment, inflatin and ecnmic grwth.

2 COURSE SUMMARY COURSE DESCRIPTION This curse is the study f aggregate ecnmic activity. Students apply basic principles f macrecnmics t unemplyment, inflatin and ecnmic grwth. MAJOR INSTRUCTIONAL AREAS 1. Supply and Demand 2. Unemplyment 3. Inflatin 4. Output 5. Mnetary Plicy 6. Fiscal Plicy 7. Internatinal Trade 8. Rle f the Gvernment in the Ecnmy COURSE LEARNING OBJECTIVES By the end f this curse, yu shuld be able t: 1. Explain key macrecnmic terminlgy. 2. Explain and apply the theries f demand and supply. 3. Analyze the majr types f unemplyment with respect t full emplyment. 4. Analyze the impact f inflatin n purchasing pwer. 5. Analyze the appraches t determine grss dmestic prduct (GDP). 6. Analyze hw key macrecnmic indicatrs shape ecnmic plicy. 7. Describe and analyze mnetary and fiscal plicies. 8. Identify and analyze the internatinal dimensins f macrecnmic plicy with respect t trade. 1 Date: 7/17/2015

3 COURSE OUTLINE MODULE 1: ECONOMICS IN DAILY LIFE COURSE LEARNING OBJECTIVES COVERED Explain key macrecnmic terminlgy. TOPICS COVERED The Pwer f Ecnmic Analysis The Three Basic Ecnmic Questins Wants and Needs The Wrld f Trade-Offs Reading: Miller, Chapters 1 and 2. N 2 hr Multimedia: ITT Tech Virtual Library> Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> GDP: Measuring natinal incme> Intrductin t ecnmics. N 0.5 hr Lessn: Study the lessn fr this mdule. N 1.5 hr Discussin: Participate in the discussin titled Ecnmics Decisins. Yes N/A Analysis: Submit the analysis titled Ratinal Assumptin. Yes 3 hr Quiz: Prepare fr Quiz 1. N 2 hr Ttal Out-Of-Class Activities: 9 Hurs 2 Date: 7/17/2015

4 MODULE 2: DEMAND AND SUPPLY COURSE LEARNING OBJECTIVES COVERED Explain and apply the theries f demand and supply. TOPICS COVERED Laws f Demand and Supply Shifts in Demand and Supply The Price Systems and Markets Reading: Miller, Chapters 3 and 4. N 4 hr Multimedia: ITT Tech Virtual Library> Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> Aggregate demand and aggregate supply> Aggregate demand Shifts in aggregate demand Lng-run aggregate supply Shrt run aggregate supply N 2 hr Lessn: Study the lessn fr this mdule. N 2 hr Discussin: Participate in the discussin titled Demand and Price Yes N/A Relatinship. Practice Quiz: Take Practice Quiz 1. N 1 hr Essay: Submit the essay titled Laws f Demand and Supply. Yes 2.5 hr Analysis: Submit the analysis titled Factrs Affecting Aggregate Demand and Supply. Yes 3 hr Quiz: Take Quiz 1. Yes N/A Quiz: Prepare fr Quiz 2. N 2 hr Ttal Out-Of-Class Activities: 16.5 Hurs 3 Date: 7/17/2015

5 MODULE 3: UNEMPLOYMENT, FULL EMPLOYMENT, AND INFLATION COURSE LEARNING OBJECTIVES COVERED Analyze the majr types f unemplyment with respect t full emplyment. Analyze the impact f inflatin n purchasing pwer. TOPICS COVERED Unemplyment Full Emplyment Inflatin Deflatin Reading: Miller, Chapter 7. N 2 hr Multimedia: ITT Tech Virtual Library> Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> Inflatin measuring the cst f living> Measuring cst f living inflatin and the cnsumer price index> Intrductin t Inflatin Deflatin> Deflatin Inflatinary and deflatinary scenaris> Mderate inflatin in a gd ecnmy Stagflatin Hyperinflatin The Phillips curve: Inflatin and unemplyment> Unemplyment rate primer Phillips curve N 2 hr Lessn: Study the lessn fr this mdule. N 2 hr Discussin: Participate in the discussin titled Types f Yes N/A Unemplyment. Practice Quiz: Take Practice Quiz 2. N 1 hr 4 Date: 7/17/2015

6 Essay: Submit the essay titled Full Emplyment. Yes 2.5 hr Analysis: Submit the analysis titled Real Purchasing Pwer. Yes 3 hr Quiz: Take Quiz 2. Yes N/A Quiz: Prepare fr Quiz 3. N 2 hr Ttal Out-Of-Class Activities: 14.5 Hurs 5 Date: 7/17/2015

7 MODULE 4: COMPUTATION OF GDP COURSE LEARNING OBJECTIVES COVERED Analyze the appraches t determine grss dmestic prduct (GDP). TOPICS COVERED The Simple Circular Flw Methds f GDP Determinatin Ecnmic Grwth Output Grwth Keynesian Ecnmics Real GDP Reading: Miller, Chapters N 10.5 hr Multimedia: ITT Tech Virtual Library> Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> GDP: Measuring natinal incme> GDP and the circular flw f incme and expenditures> Circular flw f incme and expenditures Parsing grss dmestic prduct Mre n final and intermediate GDP cntributins Cmpnents f GDP> Investment and cnsumptin Incme and expenditure views f GDP Cmpnents f GDP N 2.5 hr Lessn: Study the lessn fr this mdule. N 2 hr Discussin: Participate in the discussin titled Cntributins t the GDP. Yes N/A Practice Quiz: Take Practice Quiz 3. N 1 hr Essay: Submit the essay titled GDP Determinatin. Yes 2.5 hr 6 Date: 7/17/2015

8 Analysis: Submit the analysis titled GDP Versus Grss Natinal Happiness. Yes 3.5 hr Quiz: Take Quiz 3. Yes N/A Quiz: Prepare fr Quiz 4. N 2 hr Ttal Out-Of-Class Activities: 24 Hurs 7 Date: 7/17/2015

9 MODULE 5: MONETARY AND FISCAL POLICIES COURSE LEARNING OBJECTIVES COVERED Analyze hw key macrecnmic indicatrs shape ecnmic plicy. Describe and analyze mnetary and fiscal plicies. TOPICS COVERED Discretinary Fiscal Plicy Autmatic Stabilizers Gvernment Finance The Functins f Mney The Federal Reserve System Mnetary Plicy and Inflatin Reading: Miller, Chapters N 7 hr Multimedia: ITT Tech Virtual Library> Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> The mnetary system> Mney supply> Mney supply: M0, M1, and M2 N 0.5 hr Lessn: Study the lessn fr this mdule. N 2 hr Discussin: Participate in the discussin titled Discretinary Fiscal Plicy. Yes N/A Practice Quiz: Take Practice Quiz 4. N 1 hr Essay: Submit the essay titled The Fed s Plicy Tls. Yes 2.5 hr Analysis: Submit the analysis titled Mnetary Plicy Reprt. Yes 3 hr Quiz: Take Quiz 4. Yes N/A Final Exam: Prepare fr the final exam. N 5 hr Ttal Out-Of-Class Activities: 21 Hurs MODULE 6: MACROECONOMIC POLICIES WITH RESPECT TO TRADE 8 Date: 7/17/2015

10 COURSE LEARNING OBJECTIVES COVERED Explain key macrecnmic terminlgy. Explain and apply the theries f demand and supply. Analyze the majr types f unemplyment with respect t full emplyment. Analyze the impact f inflatin n purchasing pwer. Analyze the appraches t determine grss dmestic prduct (GDP). Analyze hw key macrecnmic indicatrs shape ecnmic plicy. Describe and analyze mnetary and fiscal plicies. Identify and analyze the internatinal dimensins f macrecnmic plicy with respect t trade. TOPICS COVERED Cmparative Advantage Relatinship Between Exprts and Imprts Free Trade Versus Restrictive Trade The Balance f Payment Reading: Miller, Chapters 32 and 33. N 4 hr Multimedia: ITT Tech Virtual Library> Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> Freign exchange and trade> Balance f payments current accunt and capital accunt> Balance f payments: Current accunt Balance f payments: Capital accunt Why current and capital accunts net ut Currency reserves> Accumulating freign currency reserves Using reserves t stabilize currency Speculative attack n a currency N 1.5 hr 9 Date: 7/17/2015

11 Lessn: Study the lessn fr this mdule. N 2 hr Analysis: Submit the analysis titled Internatinal Trade. Yes 3 hr Final Exam: Take the final exam. Yes N/A Ttal Out-Of-Class Activities: 10.5 Hurs 10 Date: 7/17/2015

12 EVALUATION AND GRADING EVALUATION CRITERIA The graded assignments will be evaluated using the fllwing weighted categries: CATEGORY WEIGHT Discussin 15% Essay 25% Analysis 30% Quiz 20% Final Exam 10% TOTAL 100% GRADE CONVERSION The final grades will be calculated frm the percentages earned in the curse, as fllws: GRADE PERCENTAGE A (4.0) % B+ (3.5) 85 89% B (3.0) 80 84% C+ (2.5) 75 79% C (2.0) 70 74% D+ (1.5) 65 69% D (1.0) 60 64% F (0.0) <60% 11 Date: 7/17/2015

13 LEARNING MATERIALS AND REFERENCES REQUIRED RESOURCES COMPLETE TEXTBOOK PACKAGE Miller, R. L. (2012). Ecnmics tday: The macr view (16th ed.). Upper Saddle River, NJ: Prentice Hall. RECOMMENDED RESOURCES ITT Tech Virtual Library (accessed via Student Prtal Basic Search> Chamley, C. (2014). When Demand Creates its Own Supply: Saving Traps. Review Of Ecnmic Studies, 81(2), Hldren, A. E. (2014). Grss Dmestic Prduct and Grss Dmestic Incme: Revisins and Surce Data. Survey Of Current Business, 94(6), 1. Hrnstein, A. (2011). Intrductin t the Special Issue n Mdern Macrecnmic Thery. Ecnmic Quarterly ( ), 97(3), Kahn, L. M. (2015). Skill Shrtages, Mismatches, and Structural Unemplyment: A Sympsium. Industrial & Labr Relatins Review, 68(2), Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> GDP: Measuring natinal incme> Intrductin t ecnmics Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> Aggregate demand and aggregate supply> Aggregate demand Lng-run aggregate supply Shifts in aggregate demand Shrt run aggregate supply 12 Date: 7/17/2015

14 Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> Inflatin measuring the cst f living> Measuring cst f living inflatin and the cnsumer price index> Intrductin t Inflatin Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> Inflatin measuring the cst f living> Deflatin> Deflatin Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> Inflatin measuring the cst f living> Inflatinary and deflatinary scenaris> Hyperinflatin Mderate Inflatin in a gd ecnmy Stagflatin Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> Inflatin measuring the cst f living> The Phillips curve: Inflatin and unemplyment> Phillips curve Unemplyment rate primer Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> GDP: Measuring natinal incme> GDP and the circular flw f incme and expenditures> Circular flw f incme and expenditures Mre n final and intermediate GDP cntributins Parsing grss dmestic prduct Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> GDP: Measuring natinal incme> Cmpnents f GDP> Cmpnents f GDP Incme and expenditure views f GDP Investment and cnsumptin 13 Date: 7/17/2015

15 Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> The mnetary system> Mney supply> Mney supply: M0, M1, and M2 Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> Freign exchange and trade> Balance f payments current accunt and capital accunt> Balance f payments: Capital accunt Balance f payments: Current accunt Why current and capital accunts net ut Schl f Study> General Educatin Infrmatin> Tutrial links> Khan Academy> Subjects> Ecnmics and finance> Macrecnmics> Freign exchange and trade> Currency reserves> Accumulating freign currency reserves Speculative attack n a currency Using reserves t stabilize currency 14 Date: 7/17/2015

16 INSTRUCTIONAL METHODS AND TEACHING STRATEGIES The curriculum emplys a variety f instructinal methds that supprt the curse bjectives while fstering higher cgnitive skills. These methds are designed t encurage and engage yu in the learning prcess in rder t maximize learning pprtunities. The instructinal methds include but are nt limited t lectures, cllabrative learning ptins, use f technlgy, and hands-n activities. T implement the abve-mentined instructinal methds, this curse uses several teaching strategies, such as practice quizzes, tutrial vides, and real-wrld scenaris. Yur prgress will be regularly assessed thrugh a variety f assessment tls including discussin, essay, analysis, quiz, and a final exam. WORK Fr purpses f defining an academic credit hur fr Title IV funding purpses, ITT Technical Institute cnsiders a quarter credit hur t be the equivalent f: (a) at least 10 clck hurs f classrm activities and at least 20 clck hurs f utside preparatin; (b) at least 20 clck hurs f labratry activities; r (c) at least 30 clck hurs f externship, practicum r clinical activities. ITT Technical Institute utilizes a time-based ptin fr establishing ut-f-class activities which wuld equate t tw hurs f ut-f-class activities fr every ne hur f classrm time. The prcedure fr determining credit hurs fr Title IV funding purpses is t divide the ttal number f classrm, labratry, externship, practicum and clinical hurs by the cnversin ratis specified abve. A clck hur is 50 minutes. A credit hur is an artificial measurement f the amunt f learning that can ccur in a prgram curse based n a specified amunt f time spent n class activities and student preparatin during the prgram curse. In cnfrmity with cmmnly accepted practice in higher educatin, ITT Technical Institute has institutinally established and determined that credit hurs awarded fr cursewrk in this prgram curse (including ut-f-class assignments and learning activities described in the Curse Outline sectin f this syllabus) are in accrdance with the time-based ptin fr awarding academic credit described in the immediately preceding paragraph. 15 Date: 7/17/2015

17 ACADEMIC INTEGRITY All students must cmply with the plicies that regulate all frms f academic dishnesty r academic miscnduct. Fr mre infrmatin n the academic hnesty plicies, refer t the Student Handbk and the Schl Catalg. INSTRUCTOR DETAILS Instructr Name Office Hurs Cntact Details (End f ) 16 Date: 7/17/2015