COURSE TITLE:
Principles of Macroeconomics
COURSE NUMBER:
ECON – 205
CREDIT HOURS:
(3)
INSTRUCTOR:
Carolyn Nelson
OFFICE LOCATION:
Weinberg Hall Room 121
OFFICE HOURS:
As Posted
TELEPHONE:
620-251-7700, ext. 2063
E-MAIL:
nelson.carolyn@coffeyville.edu
REQUIRED TEXT:
Economics, 19th Edition, McConnell/ Brue/Flynn, McGraw-Hill/Irwin
Publishing
COURSE DESCRIPTION:
Macroeconomic analysis. Topics include contemporary issues such as
inflation, unemployment, economic growth and how public policy
deals with them.
EXPECTED LEARNER
OUTCOMES:
1. Explain the economic way of thinking by applying the
following: scarcity, specialization, opportunity cost, marginal
analysis, and production possibility.
2. Apply the supply and demand model for economic analysis.
3. Define the key macroeconomic indicators used to measure the
performance of the aggregate economy including output, price
level, and employment.
4. Utilize the aggregate demand and aggregate supply model to
explain the amount of goods/services produced, the level of
unemployment, and price level.
5. Define fiscal policy, budget deficits, and the national debt and
explain their impact on the macroeconomy.
6. Define money, banking, and monetary policy and explain their
impact on the macroeconomy.
LEARNING TASKS &
ACTIVITIES:
This is a traditional lecture course. Effective student note taking is
necessary for success. This course cannot be passed without your
doing the assigned reading. Exams are based on the text, classroom
lectures, and handouts.
ASSESSMENT OF
OUTCOMES:
ATTENDANCE is important, because class concepts build on each
other.
ABSENCES: Regular attendance is expected. Any student who has
7 unexcused absences will be dropped from the class for excessive
absences and non-participation in the class. Refer to College
catalog – “Withdrawal from Classes for Non-Attendance/NonParticipation”.
College sponsored events will be counted as excused absences
provided students complete all necessary assignments as designated by
the instructor. Excused absences are to include academic competition,
judging team competition, music events, official athletic events, field
trips, and other College-sponsored events as approved by the Vice
President for Learning.
TARDY: You are counted tardy anytime that you come in after the
attendance has been taken. Three tardies make an unexcused absence.
ELECTRONICS: Cell phones, iPods, and/or any other electronic
devices are not allowed to be turned on during class time and should
be out of sight. If you are caught using one of these devices you will
be counted an unexcused absence for the class.
SLEEPING: You must be more that just physically present in class.
You must pay attention—not talking to your neighbor, appearing to
sleep, or doing work not related to this class. You must bring to class
and use the assigned text. Uncooperative students will be dismissed
from class for the day and counted as an unexcused absence.
Be courteous to the class. If lecture has started and the door is closed,
do not stand at the door and knock. Consider yourself absent for the
class. You will be counted absent. If the door is still open, come in
quietly. You will be counted tardy.
Once class begins, you cannot get up and leave without specific
permission from the instructor. If you have to leave without
permission, do not return. You will be counted absent.
Be respectful to yourself, your classmates and your instructor. We can
all work towards a good semester.
DAILY WORK will be assigned and students will be held responsible
for completion. Students should come to class prepared to discuss
exercises and problems.
CLASSROOM EXPERIMENTS are demonstrations worked in class
to emphasize a subject.
EXAMS use conceptual questions to test the student’s comprehension
and application of economic concepts. While there is some new
vocabulary to master, the emphasis of the course is on analytical
thinking and conceptual understanding. The exam format will be
multiple choice questions.
GRADES will be based on the following:
Daily Work
35%
Classroom Experiments 15%
Major Exams
40%
Final
10%
Total
100%
Grade
A
B
C
D
F
Additional Information:
Percentage
100 – 90%
89 – 80%
79 – 70%
69 – 60%
59 - 0 %
Disabilities that require any accommodation or other assistance should
make an appointment to speak with me as soon as possible.
Academic Honesty:
Each student is to do his or her own work. Appropriate action will be
taken on any student who is found borrowing another student’s work:
this may include receiving a failing grade, being dropped from the
class or being placed on academic probation.
THIS SYLLABUS IS
SUBJECT TO REVISION
WITH PRIOR NOTICE
TO THE STUDENT BY
THE INSTRUCTOR.
PRINCIPLES OF MACROECONOMICS
COMPETENCIES
I.
ECONOMIC HISTORY
DISCUSS THE AMERICAN ECONOMY FROM THE 19TH CENTURY THRU THE NEW
MILLENNIUM
1. Define the agricultural economy.
2. Discuss the Great Depression and policies that brought America out of it.
3. Discuss presidential economic policies.
II.
MACROECONOMIC FOUNDATIONS
DISCUSS RESOURCE UTILIZATION
4. Define scarcity and opportunity cost.
5. Graph production possibility curve.
DEFINE AND GRAPH SUPPLY AND DEMAND
6. Define supply and discuss the affect of price changes.
7. Define demand and discuss the affect of price changes.
8. Determine what equilibrium means.
IDENTIFY AND DISCUSS MIXED ECONOMIES
9. Discuss characteristics of the market system.
10. Identify the five fundamental questions that should be asked.
11. Define and demonstrate the “invisible hand”.
12. Discuss the Circular Flow Model.
III.
GROSS DOMESTIC PRODUCT
DISCUSS THE HOUSEHOLD-CONSUMPTION FACTOR INCLUDING PROPENSITY TO
CONSUME AND PROPENSITY TO SAVE
13. Analyze consumer spending versus consumer saving.
14. Discuss the multiplier effect and calculate spending levels.
DEFINE THE BUSINESS-INVESTMENT SECTOR
15. Discuss legal forms of business.
16. Revisit the Circular Flow Model.
IDENTIFY THE GOVERNMENT SECTOR INCLUDING TYPES OF TAXES AND THE
REDISTRIBUTION OF INCOME.
17. Discuss transfer payments and government spending.
18. Define types of taxes.
DISCUSS THE EXPORT-IMPORT FACTOR INCLUDING WORLD TRADE AGREEMENTS
19. Discuss America’s role in World Trade.
20. Define specialization and comparative advantage.
21. Discuss Free Trade Zones.
IV.
UNEMPLOYMENT AND INFLATION
COMPUTE THE UNEMPLOYMENT RATE.
22. Calculate the unemployment rate given the definition of unemployment.
DEFINE TYPES OF UNEMPLOYMENT
23. Discuss the discouraged worker.
24. Determine what is necessary to classify a worker as unemployed.
DEFINE INFLATION
.
25. Determine what factors can be changed to lower this rate.
26. Discuss who is affected by inflation.
27. Determine the affect inflation has on output.
DISCUSS THE CONSUMER PRICE INDEX
28. Define the consumer price index and discuss who keeps this index.
29. Review the index over a period of time.
.
V.
FISCAL POLICY AND THE PUBLIC DEBT
DISCUSS THE MULTIPLIER AND ITS APPLICATIONS.
30. Discuss government spending and the affect on the economy.
31. Evaluate fiscal policy by applying the multiplier.
32. Model expansionary fiscal policy to contractionary fiscal policy.
CONTRAST THE PUBLIC DEBT TO THE PUBLIC DEFICIT.
33. Define the public debt versus the public deficit.
DEFINE THE DEFICIT DILEMMA
34. Discuss ownership of the public debt.
VI.
THE FEDERAL RESERVE AND MONETARY POLICY
DEFINE THE FEDERAL RESERVE SYSTEM.
35. Discuss the Federal Reserve System
36. Define when it was established and why.
DISCUSS THE TOOLS OF MONETARY POLICY INCLUDING THE DISCOUNT RATE AND
RESERVE REQUIREMENTS
37. Discuss monetary policy and what tools are required are used to expand or contract the
money supply.
38. Define the discount rate and how it is used.
39. Discuss reserve requirements and how they are used.
IDENTIFY THE MONETARY CONTROL ACT OF 1980 AND THE BANKING ACT OF 1999
40. Discuss legislation that has changed banking in the United States.