.
Core Curriculum Narrative Template: Social and Behavioral Sciences—ECON 2301
I. Course Information
Include the following information at the top of the narrative:
· Course number: ECON 2301
· Course title: PRINCIPLES OF MACROECONOMICS
· Semester hours: Three
II. Foundational Component Area
A. Course Description: An analysis of the economy as a whole including measurement and determination
of Aggregate Demand and Aggregate Supply, national income, inflation, and unemployment. Other topics
include international trade, economic growth, business cycles, and fiscal policy and monetary policy.
In this course, students explain the role of scarcity, specialization, opportunity cost and cost benefit
analysis of economic decision-making process. Upon successful completion of this course, students will
identify, understand, and explain macroeconomic topics such as: Economizing Problem, Individual
Markets relative to Demand and Supply, The Market System, The United States in the Global Markets,
Measuring Domestic Output and National Income, Macroeconomic Model and Fiscal Policy, Money
Banking, Present and Future Value Analysis and Monetary Policy, Long Run Economic Policies
Perspectives, and Macroeconomic Debates.
B. This course involves critiques, alternative explanation of theories that affect domestic social,
political, cultural and global forces in the economic markets. The students approach this course by
“identifying the phases of business cycle and the problems caused by cyclical fluctuations in the market
economy.” The students will be exposed to the current issues facing America such as the skyrocketed
volatile Energy and the Invisible Hands self-regulatory Price Mechanism, the Labor Intensive Market, the
persistent increase of Unemployment Rate, and the rampant falling Manufacturing Sector’s Production
1
levels. Additionally, students will improve their written communication, research, and critical thinking
skills through homework and inter-net assignments. For example in class group settings, students explain
what happens during the business cycle paradigm process. Students discuss what an idealized business
cycle (phases) is and support their responses with both verbal and graphical illustrations.
III. Core Objectives
A. Critical Thinking, Aspect 2: “Students will demonstrate effective inquiry strategies.”
Students compare alternative economic systems with respect to the role of government and the
private sector. Students compare, manipulate, compute, and contrast Nominal and Real GDP for
percentage changes in Real GDP trends. Students distinguish the difference between government
price ceiling and price floor levels relative to the housing market demand and supply mechanism.
For example, students determine price floor and price ceiling impact on social cost (Dead Weight
Losses) in the metropolitan housing market. (See Appendix A, Question 7 and C, Question 1)
B. Critical Thinking, Aspect 3: “Students will analyze data information effectively to compute
market equilibrium, efficiency and profit optimization levels.”
Students in the class develop effective comparative “market systems with respect to the role of
government and the private sector.” Students use Gross Domestic Product Data, Unemployment,
Etc. to predict the strength of the Economy. For example, students will learn how to use data to
determine demand and supply of Agriculture product such as Rice to assert price variations,
quantity, and market productive and allocative efficiencies (See Appendix A Question 5, B
Questions 4 and 7, C, Question 2). Students will therefore determine market shortages, surpluses,
and equilibrium levels in the market.
C. Critical Thinking, Aspect 4: “Students will evaluate information effectively.”
Students throughout the semester, use graphs to explain theory (model) and develop prospective
policies. In the semester, students are required to use data and theoretical models to analyze
2
production with limited allocation of resources. For instance, a verbal and graphical question in
(Appendix A Questions 2 and 4, C, Question 3) requires critical manipulation of data with verbal
analytical skills. Thus, student will use the Production Possibilities Curve paradigm to determine
how a producer fully employs resources to manufacture combination of two products.
D. Communication Summation of Aspects 1, 2 & 3: “Students will demonstrate effective
development, interpretation, and expressions of ideas through written communication.”
Assist students to demonstrate graphical and verbal articulation substantive interpretation of
assigned problems. In addition, support students’ comprehension with graphical analytical power
point illustrations.
Students throughout the semester practice class group discussions using real life issues such as
higher unemployment rate and diminishing purchasing power. They will also demonstrate their
skills in written exams (See Appendix A Question 2, B, Question 8, C, Questions 1 and 4)
respectively. Students determine how minimum and maximum wage variations affect the Labor
Market Supply and Demand. They will calculate and determine free-market equilibrium wage,
quantity of labor supply and demand, and market optimization levels.
E. Empirical and Quantitative Skills, Aspect 1: “Students will demonstrate effective
manipulation of numerical data or observable facts.”
During the semester, students calculate prices and quantities. Additionally, they calculate Gross
Domestic Products, Money, Unemployment, and Present and Future Values Capital Investment
decisions. In the semester, assign students data in the form of contest, to compute and analyze
the data for investment decisions. For example, questions 1 and 5 in Appendix A and question 5
in Appendix C, require students to determine Present and Future Values lump sum and
annuity investment strategic decisions.
3
F. Empirical and Quantitative Skills, Aspect 2: “Students will demonstrate effective analysis
of numerical data or observable facts.”
Students use sales and expense data to determine a corporation’s Income Statement, Balance
Sheet and the markets operations. For example in writing, computing, and interpreting skills
exams, students are assigned financial statement data problems to determine Operating income,
Net Income and Economic Profit of an enterprise’s solvency. For example in Appendix A
questions 3 and 6, C, Questions 6 and 7, students are challenged to determine the True Profit
Margin (Economic Profit) of MacDonald Corporation’s Income Statement, and Starbucks
Corporation Balance Sheet’s Net Worth position.
G. Empirical Quantitative Skills, Aspect 3: “Students will demonstrate effective use of
numerical data or observable facts to reach informed conclusions.”
During the semester, the students define and measure national income, employment,
unemployment rates, and inflations. See Appendix A Questions 1, 6, and 7.
H. Social Responsibility, Aspect 1: “Students will demonstrate intercultural competence.”
During the semester students, interact by discussing real life activities. For example, level of
poverty and unemployment rates in different core countries and less develop countries (U.S. and
Ghana). Students identify more developed countries as core and poor countries as periphery. In
some cases, students are assigned to different subgroups for interaction and discussions. Students
assigned to study such terms as trade surplus and deficit, globalization, and trade barriers to
enhance their international trade enlightenment. (See Appendix D Questions A, B, C & D)
I. Social Responsibility, Aspect 3: “Students will demonstrate the ability to engage effectively
in regional, national, and global communities.”
4
Students sub groups use various markets in different countries to examine economic policies
such as Protectionism and Trade Barriers (Tariffs). Students analyze how a severe economic
policy creates scarcity, price and tariff wars, and international trade market disruptions. For
example Appendix A Question 1, B Questions 4 and 8, D Question D challenge students to
determine why Protectionism attracts national support in the U.S. In the semester, students are
encouraged to compare and contrast the economic policy levels of different countries at different
group’s settings. For example, students in sub-groups are engaged to discuss effects of tariffs on
a country’s exports and imports (international trade) trade.
5
APPENDIX A--SAMPLE TEST QUESTIONS---FROM VARIOUS TESTS
1) Look at the following data: Total populations==230million; employed
persons==80 million; unemployed persons==8million. The unemployment
rate is approximately____ and the employment rate is
approximately________
a. 9.1 percent; cannot be determined
b. 10 percent; is 90 percent
c. 8.2 percent; is 34 percent
d. 11 percent; is 38 percent
e. 13 percent; is 88 percent
2) Jerry has $50,000.00 in his savings account and the average price of a new
car is $23,000.00. Will Jerry buy a new car?
a) Yes, since Jerry can afford a new car
b) Not necessarily, Jerry has the ability to buy a new car, but we do not
know if he has the willingness, too.
c) No, since the question only identifies the average new car price and
does not say anything about the particular car that Jerry might want to
buy.
d) Yes, since Jerry savings is more than double the average price.
e) Yes, Jerry will buy two cars since he has enough people.
6
3) In the City of Corinth, Cell Phones are used to produce Snickers Bars.
Graphically show the market for Snickers bars if the price of Cell phones
increased. Show the New Equilibrium.
4) According to the Law of Demand, when the price of Economics Books
increased then;
a) Qd decreased and Qs increased
b) No change in demand and no change in Supply
c) Qd decreased
d) Both b & c
e) Both a & b
5) An economy produces 10X, 20Y, and 30Z in a year. Base-year prices for
these goods are $1, $2 and $3, respectively. Current-year prices for these
goods are $2, $3, and $4 respectively. What is the real GDP?
a) $180
b) $200
c) $140
d) $240
e) None of the above
7
6) Supposed the Demand and Supply of Economics Books at UT-Austin is
given as :
Qd==300-50P & Qs== -75 + 75P, What is the Pe? And Qe?
a) Pe==$3 Qe==150
b) Pe==$30 Qe==300
c) Pe==$75 Qe==300
d) Pe==$50 Qe==75
e) None of the Above.
7) The economy is in a recessionary gap and government correctly estimates
the difference between current Real GDP and Natural Real GDP to be
$120 billion. Government correctly estimates MPC at 0.75. Wages are
inflexible downward, there are no fiscal policy lags and crowding out is
zero. By how much should government raise its purchases (G) to move the
economy into long-run equilibrium?
a) $120 billion
b) $40 billion
c) $80 billion
d) $30 billion
e) None of the above
8
APPENDIX B
Please write all formulas and details for all answers for full credit. Incomplete answers and
details may not get credit.
1. Suppose the supply and demand for milk is described by the following
equations: QD = 600-100P,
QS = -150+150P, where P is price in dollars. QD is quantity demanded in
millions of gallons per year.
A. Create supply and demand tables corresponding to these equations.
B. Graph supply and demand and determine equilibrium price and
quantity.
C. Confirm your answer to (b) by solving the equations mathematically.
D. Would a government set price of $4 create a surplus or a shortage of
milk? How much? Is $4 a price ceiling or a price floor.
2. Suppose the U.S. government imposes a $1 per gallon of milk tax on dairy
farmers. Using the DEMAND and SUPPLY equations from Question 1.
A. What is the effect of the tax on the supply equation? The demand
equation?
B. What is the new equilibrium price and quantity?
C. How much do dairy farmers receive per gallon of milk after the tax?
How much do demanders pay?
D. Repeat questions 2a and 2c assuring the tax is placed on the buyers of
milk. Does it matter who pays the tax?
9
3. Suppose a growth hormone is introduced that allows dairy farmer to offer
125 million more gallons of milk per year at each price. Using the
DEMAND and SUPPLY equations from question 1
A. Construct new supply and demand curves reflecting this change.
Describe with words what happened to the supply curve and to the
demand curve.
B. Graph the new curves and determine equilibrium price and quantity.
C. Determine equilibrium price and quantity by solving the equations
mathematically.
D. Suppose the government set the price of milk at $3 a gallon.
Demonstrate the effect of this regulation on the market for milk. What
is quantity demanded? What is quantity supplied?
4. Suppose the demand for cassettes is represented by QD = 16 – 4P, and the
supply of cassettes is represented by QS = 4P – 1. Determine if each of the
following is a price floor, price ceiling, or neither. In each case, determine
the shortage or surplus.
A. P = $3
B. P = $1.50
C. P= $2.25
D. P = $2.50
E. A Wall Street analyst observes the following equilibrium price-quantity
combinations in the market for soft drinks over a four-year period.
Year P Q
10
1 10 20
2 15 30
3 20 40
4 25 50
SHE CONCLUDED THAT THE MARKET DEFIES THE LAW OF DEMAND .IS SHE CORRECT? WHY OR
WHY NOT?
5. What effect will each of the following have on demand for product B?
A. Product B becomes more fashionable
B. The price substitute product falls
C. Income declines and B is an inferior good.
D. Consumers anticipate the price of B will be lower in the near future.
E. The price of complimentary product D falls.
Qty. Demanded Qty. Supplied
6. Price per Gallon millions of gals millions of gals
$1.20 170 80
$1.30 156 105
$1.40 140 140
$1.50 123 175
$1.60 100 210
$1.70 95 238
A. Graph the supply and demand curves
B. Find the equilibrium price and quantity
C. Illustrate on your graph how a rise in the price of cars would affect the gasoline market
11
D. The California state government, alarmed by recent increases in gas
prices, imposes a price ceiling of $1.20 per gallon. How will this affect the
market? Specifically, calculate the resulting shortage or surplus.
7. How will each of the following changes in demand and/or supply affect the
equilibrium price and equilibrium quantity in a competitive market that is? Do
price and quantity rise, fall, or remain unchanged, or are the answers
indeterminate because they depend on the magnitudes of the shifts? Use supply
and demand diagrams to verify your answers.
A. Supply decreases and demand is constant
B. Demand decreases and supply is constant
C. Supply increases and demand is constant
D. Demand increases and supply increases
E. Demand increases and supply constant
F. Supply increases and demand decreases
G. Demand increases and supply decreases
H. Demand decreases and supply decreases
8. A. Text page 99 # 4.17
B. Assume that demand for a commodity is represented by the equation P =
10 - .2QD and the supply equation P = 2 + .2QS , where QD and QS quantity
demanded and quantity supplied, respectively, and P is price. Using the
equilibrium condition QS = QD solve.
C. “In the corn market, demand often exceeds supply and supply sometimes
exceeds demand.” “The price of corn rises and falls in response to changes
12
in supply and demand.” In which of these two statements are the terms
“supply” and “demand” used correctly? Explain.
D. How would you show, economic growth; i.e., an increase in the overall
productive capacity of an economy, in terms of one or more PPF curves?
9. A. Text page 126 #3.6 9.
B. Text page 126 #3.6
C. Text page 99# 4.15
D. A. Text page 129 # 4.4
13
APPENDIX C
APPLICATION EXAMS QUESTIONS
Question 1
Use the information on the market for apartments in Bay City in the table below to answer
the following questions. 20 points
Rent Quantity Demand Quantity Supplied
$500 375, 000 225,000
600 350,000 250,000
700 325,000 275,000
800 300,000 300,000
900 275,000 325,000
1,000 250,000 350,000
A. In the absence of rent control, what is the equilibrium rent, and what is the equilibrium
quantity of apartment rented? Draw a demand and supply graph of the market for apartments to
illustrate your answer. In the equilibrium, will there be any renters? In equilibrium, will there be
any renters who are unable to find a renter for an apartment?
B. Suppose, the government sets a ceiling on renters of $600 per month, what is the quantity of
apartments demanded, and what is the quantity of apartment supplied?
C. Assume that all property owners abide by the law. Use a demand and supply graph to
illustrate the impact of this price ($600) ceiling on the market for apartments. Be sure to indicate
on your graph each of the following: (i) the area representing consumer surplus after the price
14
ceiling has been imposed, (ii) the area representing producer surplus after the price ceiling has
been imposed, and (iii) the area representing deadweight loss after the ceiling has been imposed.
D. Assume that the quantity of apartments supplied is the same as you determined in question II,
but now assume that the property owners ignore the law and rent of apartments for the highest
rent they can get. Briefly explain your reasoning what this rent will be.
Question 2
Given the following demand, supply, and price per bushel of rice, determines the
equilibrium quantity demanded and supplied. Further, what is the equilibrium price?
Show on your graphical representation the surplus quantities and the shortage quantities
demanded and supplied.
Market Supply of and Demand for Rice.
What are the shortages and the surpluses in this market? All things equal, which price and
quantity demanded and supplied, can we assert the market productive and allocative efficiencies.
In this market, can we claim efficiency and profit optimization? Why and why not?
MARKET SUPPLY AND DEMAND FOR BUSHEL OF RICE-COMPUTE FOR LABEL X BELOW
TOT. QTY SUPP. PER-
PRICE PER BUSHEL
WEEK
TOT. QTY. DEM. PER-
SHORTAGE (-)/SURPLUS
WEEK
(+)
12,000
$5
2,000
X
10,000
4
4,000
X
7,000
3
7,000
X
4,000
2
11,000
X
2,000
1
16,000
X
15
Question 3
The Production Possibilities Curve (10 points)
Each point on the production possibilities curve represents some maximum combination
of two products that can be produced if resources are fully employed. When an economy is
operating on the curve, more industrial robots means less pizza, and vice versa. Limited
resources and a fixed technology make any combination of industrial robots and pizza lying
outside the curve unattainable. Points inside the curve are attainable, but they indicate that full
employment is not realized.
PRODUCTION POSSIBILITES TABLE
PRODUCTION ALTERNATIVES
Type of Product
A
B
C
D
E
Pizza ( In
0
1
2
3
4
10
9
7
4
0
Hundred
1,000’s)
Robots (In
1,000’s)
Develop Production Possibilities Curve for the above table. Use your graph to answer the
following question.
USE THE ABOVE CHART TO RESPOND TO THE FOLLOWING QUESTIONS VERBALLY
What are the production possibilities frontiers? How can we show economic efficiency in
your chart? How can we determine inefficiency, attainable and unattainable levels of production
16
on your graph? What causes a production possibilities frontier to shift outward? Locate these
points.
Question 4
Suppose that you have been hired to analyze the impact on employment from the
imposition of a minimum wage in the labor market. Further suppose that you estimate the
supply and demand functions for labor, where L stand for the quantity of labor (measured
ion thousands of workers) and W stands for the wage rate (measured in dollars per hour):
Demand: LD =100-4W
Supply: LS =16W
First, calculate the free-market equilibrium wage and quantity of labor. Second, how large will
the surplus of labor in this market be? Third, suppose the proposed minimum wage is $16. How
large will the surplus of labor in this market. Use both verbal and graphical solution we as
discussed in class.
Question 5
Suppose you win a contest and are given the choice of the following prizes:
Prize 1: $50,000 to be received right away, with four additional payments of $50,000 to be
received each year for the next four years.
Prize 2: $175,000 to be received right away.
Calculate the present value of each prize. Prize 2 consists of one payment of $175,000 received
right away, so its present value is $175, 000. Prize 1 consists of five payments spread out over
time. Compute the present value of Prize 1 based on estimated interest rate of 10 percent.
17
Explain which prize you would choose and the basis for your decision. Make sure to show me all
your computational process.
Question 6
Use the information in the following table for calendar year 2008 to prepare MacDonald’s
Corporation Income Statement. Be sure to include entries for Operating Income (Income
Before Taxes), Net Income (Accounting Profit) and Economic Profit (True Profit) 20
points.
Revenue from company restaurants $16,561 million
Revenue from franchised restaurants 6,961 million
Cost of operating company-owned restaurants 13,653 million
Forgone interest 1,000 million
Forgone rent 5,000 million
Forgone wages 22,000 million
Forgone entrepreneurial income 5,000 million
Income taxes 1,845 million
General and administrative cost 2,344 million
Cost of restaurant leases 1,230 million
Question 7
Use the information in the following table on the financial situation of Starbucks
Corporation as of fiscal year September 28, 2008, (Hint: The fiscal year is from October 1,
18
2007 through September 28, 2008), to prepare for the firm's Balance Sheet. Be sure to
include an entry for Stockholders Equity.
Current Assets $1,748 million
Current Liabilities $2,188 million
Property and Equipment $2,956 million
Long Term Liabilities $992 million
Goodwill $267 million
Other Assets $261 million
Source: Starbucks Corporation, Fiscal 2008 Annual Report
19
APPENDIX D
HOMEWORK ASSIGNMENTS
FOR SOCIAL INTERACTION AND RESPONSIBILITY
(A) Compare briefly the differences between trade deficit and trade surplus. On your graph
sheet, you may support your analysis with a trade Surplus/Deficit table.
(B) Define the term Globalization and list two core countries as well as three periphery
countries.
(C) List and discuss the four types of trade barriers for a sustainable economy. Also, account
for the two major free trade zones discussed in class.
(D) What is Protectionism? Justify why protectionism at tracts national support
20
NORTH CENTRAL TEXAS COLLEGE
COURSE SYLLABUS
§
The North Central Texas College (NCTC) Course Syllabus provides the following as required by the Texas
Higher Education Coordinating Board (THECB): (1) a brief description of the course including each major
course requirement, assignment and examination; (2) the learning objectives for the course; (3) a general
description of the subject matter of each lecture or discussion; and (4) any required or recommended
readings. Contact information for the instructor is also provided. The Course Syllabus also provides
institutional information to indicate how this course supports NCTC’s purpose and mission. Information
specific to a particular section of the course will be included in the Class Syllabus and distributed to
enrolled students.
Course Title: Principles of Macroeconomics :TR 8:00 AM-09:20 AM
Course Prefix & Number: Econ 2301
Section Number: 502
Term Code: 131S
Semester Credit Hours: 3
Lecture Hours: 3
Lab Hours: N/A
Course Description: An analysis of the economy as a whole including measurement and determination of
Aggregate Demand and Aggregate Supply, national income, inflation, and unemployment. Other topics
include international trade, economic growth, business cycles, and fiscal policy and monetary policy.
Course Prerequisite(s): None
Course Type:
- Academic General Education Course (from Academic Course Guide Manual but not in NCTC
Core)
X Academic NCTC Core Curriculum Course
- WECM Course
Name of Instructor:
Moses Omane-Boateng
Campus/Office Location:
Econ & Govt. Dept.: Corinth (RM 331) & Graham
21
Telephone Number:
Corinth:940-498-6295 & Graham 940-521-0720 Ext.7109
E-mail Address:
Momane-boateng@nctc.edu/kwadwo@yahoo.com
Name of Chair/Coordinator:
Donna Hooper
Office Location:
Corinth Campus, Room 209
Telephone Number:
940-498-6266
E-mail Address:
dhooper@nctc.edu
REQUIRED OR RECOMMENDED COURSE MATERIALS
Hubbard, R. Glenn, and Anthony Patrick O’Brien Economics. 4th Ed. With MyEconLab code ISBN
#0138016151
Other online purchasing options include: an e-text option w/MyEconLab (REQUIRED); or another cost
effective solution is to select MyEconLab (REQUIRED) online, THEN select a 3-hole-punch add-on of
the textbook which will be sent directly to you for 1 price available online at www.myeconlab.com.
Low-function (11 functions or less) calculator for use during exams.
SUPPORTING BOOKS-NOT REQUIRED
 “MACROECONOMICS”. (2008). By McConnell Bruce. The McGraw-Hill Companies Inc. ISBN-13:
978-0-07-721845-4.
COURSE REQUIREMENTS, EVALUATION METHODS AND GRADING CRITERIA
NOTE: TOTAL POINTS FOR SEMESTER DISTRIBUTION IS 600 POINTS
22
DISTRIBUTION# of
Graded Course
Elements
Graded Course Elements
Percentage or
Points Values
3
Two Midterm and Final Exams
300 Points
3
Three Pre-Exam Quizzes
100 Points
10
Optional Internet and Homework Assignment
100 Points
3 PHASES
Investment Portfolio SIMULATION PROJECT:2 Mid-term
Reports:25 Points Each and Final Paper 50 points
100 Points
TOTAL POINTS EARNED TRANSLATED INTO PERCENTILE LEVELS WILL BE:
 100-90=A, 89-80=B, 79-70=C, 69-60=D, 59-0=F
INSTITUTIONAL LEARNING GOALS
X
A quality general education curriculum in all associate degree programs.
Quality freshman and sophomore level courses in arts and sciences which parallel the lower
division offerings of four-year colleges and universities.
Quality technical programs leading directly to careers in semi-skilled and skilled occupations,
and quality technical education programs up to two years in length leading to certificates and
associate degrees.
Quality programs and services in support of adult literacy and basic skills development as a
mean of workforce enhancement and expanding access to higher education.
PROGRAM PURPOSE STATEMENT
NCTC seeks to implement its goal of offering quality general education curriculum in all associate
degrees by offering a core of general education courses designed to help students achieve academic,
career and lifelong goals. Acquiring knowledge, thinking critically, and utilizing the methodologies of
various disciplines exposed students to experiences that serve to advance their personal growth. The
chief focus of the General Education Core Curriculum at NCTC is to emphasize Exemplary Educational
Objectives and Basic Intellectual Competencies.
DEPARTMENTAL PURPOSE STATEMENT
23
The NCTC Government and Economics Department provides students at NCTC a strong foundation in
the liberal arts that is essential for career success, leadership, global citizenship, and a lifetime of
learning. The department provides students with a broad knowledge and understanding of the world;
significant of the world; significant intellectual, critical thinking and practical skills; and a strong sense of
civic responsibility for enriching their lives and making a difference in society.
STATEMENT OF SKILLS AND KNOWLEDGE EXPECTED OF NCTC GRADUATES
The NCTC seeks to implement its goal of offering a core of general education courses designed to help
students achieve academic, career and lifelong goals. The chief focus of the General Education Core
Courses at NCTC is to emphasize basic intellectual competencies and broad intellectual perspectives.
FOUNDATION COMPONENT AREA
1) The course focuses on the application of empirical and scientific methods that contribute to the
understanding of what makes us human.
2) The course involves the exploration of behavior and interactions among individuals, groups,
institutions, and events, examining their impact on the individual, society, and culture.
SOCIAL & BEHAVIORAL SCIENCE: CORE OBJECTIVES
Critical Thinking Skills

To include creative thinking, innovation, inquiry, and analysis, evaluation and synthesis of
information
Communication Skills

To include effective development, interpretation and expression of ideas through written, oral and
visual communication
Empirical and Quantitative Skills

To include the manipulation and analysis of numerical data or observable facts resulting in
informed conclusions
Social Responsibility

To include intercultural competence, knowledge of civic responsibility, and the ability to engage
effectively in regional, national, and global communities.
STUDENT LEARNING OUTCOMES
24
Explain the role of scarcity, specialization, opportunity cost, and cost/benefit
analysis in economic decision-making.
Identify the determinants of supply and demand; demonstrate the impact of
shifts in both market supply and demand curves on equilibrium price and
output.
Define and measure national income and rates of unemployment and inflation.
Identify the phases of the business cycle and the problems caused by cyclical
fluctuations in the market economy.
Define money and the money supply; describe the process of money creation by
the banking system and the role of the central bank.
Construct the aggregate demand and aggregate supply model of the macro
economy and use it to illustrate macroeconomic problems and potential
monetary and fiscal policy solutions.
Explain the mechanics and institutions of international trade and their impact
on the macro economy.
Define economic growth and identify sources of economic growth.
GENERAL DESCRIPTION OF SUBJECT MATTER FOR EACH LECTURE/DISCUSSION
Topic
General Description of Subject Matter
Economics Foundation
.Economic concepts and terminology, problems, models, and
graphs
Opportunity Cost & Market System
Production Possibilities Frontiers, trade-offs, types of economics
systems, and market circular flow mechanism
Price Mechanism and Market
Operation
Demand and supply mechanism and market equilibrium analysis
Economic Efficiency and the Public
Government price setting and taxes
25
Sector
Economic Policy Analysis
Fiscal, Monetary, Classical, Monetarism, and Supply-side
Economic Problems
Graphical, mathematical, theoretical analysis of GDP gaps
Private Sector
Types of firms and basics of the Stock Market
Comparative Advantage &
International Trade
Definitions, International Trade, and gains from trade
US. Monetary System
Role of the Federal Reserve, structure of the Federal Reserve, the
banking system, and banking regulations
GDP of the US.
Measuring total production and total income; determining real and
nominal GDP, GDP per capita, and evaluation the relationship
between real GDP and unemployment
Unemployment and Inflation
Recessionary Gaps, Inflationary Gaps, types of unemployment,
calculation of unemployment, and problems with the calculation of
unemployment
Economic Growth & Business Cycles
Changes in real GDP, the business cycle, savings, and loanable
funds
EXAMS
 Exams will usually be combination of essays and multiple choice questions.

The final exam will cover the last part of the course.
SPECIAL ASSIGNMENTS
 Optional assignments would be given and may involve the use of the Internet, Article readings and
Summaries.
 Class assignments: These will involve in Class Quizzes and Homework Assignments.
 Students would be guided to trade financial securities per the investment markets composites/indexes
such as the Dow Jones Industrial Average securities market. I would be assisted to students to write a
report on securities investment portfolio management.
26
TENTATIVE DATE FOR SIMULATION PROJECT REPORTS
 Portfolio Reports on Nov 19.
NOTE***LATE ASSIGNMENTS ARE UNACCEPTABLE AND DO NOT TURN IN ANY ASSIGNMENTS PER THE
INTERNET.
MAKE-UPS

Only in rare instances are make-ups given. If you know in advance you will be absent on a test
date, you may make a special arrangement with your professor WITH AN EXCUSE NOTE FROM THE
COLLEGE.
REFER TO THE ABOVE GRADING AND ASSIGNMENTS GUIDELINES FOR PROJECTS AND IMPORTANT
DATES.
TENTATIVE COURSE OUTLINE AND OUTCOMES
TEST 1: Oct 1
 Aug. 17-Economics: Foundations and Models-Chapter 1: Review/Assignments: p. 21-24 Q. 1.1 &1.2,
3.2 & 3.3.
 Sept. 3-APPENDIX: Using Graphs and Formulas: Review/Assignments: p. 33-37 Q. 1A.1 1A.4 & 1A.6
 Sept 5-Trade-offs Comparative Advantage and Market System Flow-Chapter 2:
Review/Assignments: p. 62-65 Q. 1.3, 1.8, & 2.6.
 Sept. 10- Where Prices Come From: The Interaction of Demand and Supply-Chapter 3:
Review/Assignments: p. 94-99 Q. 1.9 & Q 2.8 & Q. 4.12
 Sept. 17-Economic Efficiency, Government Price Setting, and Taxes-Chapter 4: Review/Assignments
p. 124-127 Q. 2.1, 2.2, 2.8 & 3:14.
 Sept. 24- APPENDIX: Quantitative Demand and Supply Analysis: p. 131-135 Q. 4A.5 & 4A.8
Pre-Exam Quiz#1-Sept 26
TEST 2: Oct 31
 Oct. 3-Firms, the Stock Market, and Corporate Governance-Chapter 6: Review/Assignments: p. 191
Q. 2.1 & 2.5.
 Oct. 8- APPENDIX: Tools to Analyze Firms' Financial Information: Review/ Assignments: p. 203 Q.
6A12 & 6A13.
 Oct. 15-Comparative Advantage and the Gains from Intentional Trade-Chapter 7:
Review/Assignments: p. 237 Q4.14, Q.5.3 &Q 5.4.
 Oct. 22-GDP: Measuring Total Production and Income-Chapter 8: Review/Assignments: p. 244, 254255 Read and practice exercise; Q. 3.4 p.265.
 Oct. 29-Unemployment and Inflation-Chapter 9: Review /Assignments: p. 299. Q. 4.8 & Q4. 9.
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
Pre-Exams Quiz# 2 Oct 29.
TEST 3: According to College Exams Calendar-Dec11
 Nov. 5-Economic Growth, the Financial System, and Business Cycles-Chapter 10:
Review/Assignments: p. 332 Q.1.9, &1.10.
 Nov12- Sources and Policies-Chapter 11: Review/Assignments: p. Read and Practice Solved
Problem 11.4.
 Nov. 19-Aggregate Expenditure and Output in the Short Run-Chapter 12 & 13:
Review/Assignments: p. 398,404 & 449 Practice Solved Problem 12.3 & Q. 4.5 & Appendix Q.
12A.2
 Nov. 26-Money, Banks, and the Federal Reserve System-Chapter 14: Monetary and Fiscal Policy
Practice Solved Problem 14.2 & 3 p. 463, 468-470
 Dec. 3-5- Pre-Final Quiz and Final Exams Study Guide Review.
Internet search Assignment on Key Economic Indicators such as Housing Starts.
Last day to Withdraw
For the Fall 2013 Semester, the last day to withdraw from a course with a
“W” is November 16, 2013.
Student Rights &
Responsibilities
NCTC Board policy FLB (Local) Student Rights and Responsibilities states that
each student shall be charged with notice and knowledge of the contents and
provisions of the rules and regulations concerning student conduct. These
rules and regulations are published in the Student Handbook published in
conjunction with the College Catalog. All students shall obey the law, show
respect for properly constituted authority, and observe correct standards of
conduct.
Scholastic Integrity
Scholastic dishonesty shall constitute a violation of college rules and
regulations and is punishable as prescribed by Board policies.
Scholastic dishonesty shall include, but not be limited to cheating on a test,
plagiarism, and collusion.
STUDENT SUPPORT SERVICES
Office for Students with Disabilities (OSD) provides accommodations for students who have a
documented disability. A disability is anything that can interfere with learning, such as a learning
disability, psychological challenge, physical illness or injury. Accommodations may include extra time on
tests, tests in a distraction reduced environment, volunteer note taker in class, etc.
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On the Corinth Campus, go to room 170 or call 940-498-6207. On the Gainesville Campus, go to room
110 in the Administration (100) Building or call 940-668-4209. Students on the Bowie, Graham, Flower
Mound, and online campuses should call 940-668-4209 to arrange for an intake appointment with OSD.
North Central Texas College is on record as being committed to both the spirit and letter of federal equal
opportunity legislation, including the Americans with Disabilities Act (ADA) of 1990, ADA
Amendments Act of 2009, and Section 504 of the Rehabilitation Act of 1973 (P.L. 93-112).
Financial Aid Office is responsible for administering a variety of programs for students who need
assistance in financing their education. The first step for financial aid is to complete a FAFSA. For more
information, please visit your nearest Financial Aid Office.
Student Success Center is designed to help all students at NCTC develop tools to achieve their academic
goals. The center links students to FREE tutoring, including a Writing Center, a Math Lab, and free online
tutoring in the evening. The program helps students acclimate to college by providing students free interactive
workshops about Time Management, Study Skills, Test Anxiety, and much more. For more information,
please visit your nearest Student Success Center.
As of January 1, 2012, all campuses of North Central Texas College are tobacco-free. NCTC is
committed to providing a safe and healthy environment for its employees, students and visitors. As a
result of becoming a tobacco-free campus NCTC will restrict the use of any and all tobacco products at
all NCTC campus. Click Clearing the Air for complete details.
PLEASE NOTE: DON'T BRING CELL PHONE TO THIS CLASS
ABSENTEESM AND TARDINESS ARE NOT ACCEPTABLE IN THIS CLASS
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