Session 2014-1 Fall
Location: D 221
Class Meeting Times and Days:
6:00p.m.-10:00p.m-Monday
Instructor: Victor Chukwudebe
Office: D 221
e-mail:vchukwudebe@ben.edu
Cell Phone:(217)836-1669
Pre-assignment Please read Chapters 1-3 for 08-25-2014 class
meeting using the chapters study guides attached along with the
syllabus. If you have any questions, call me at the above phone
number. Thanks.
ECON 101-71
PRINCIPLES OF MACROECONOMICS
(MI-QCM)
I.COURSE DESCRIPTION: Determination of income, employment, and
the price level. Effects of fiscal and monetary policies.3
credits
II. TEXTBOOK AND MATERIALS. ECONOMICS by Campbell R. McConnell
and Stanley L. Bruce, 19th Edition. ISBN-978-0-07-351144-3
Recommended Reading: N.Y. Times (Business Section), Wall Street
Journal, Business Week, and Fortune.
III. MISSION STATEMENT:
Benedictine University is dedicated to the education of
undergraduate and graduate students from diverse ethnic, racial
and religious backgrounds. As an academic community committed to
liberal arts and professional education distinguished and guided
by our Roman Catholic tradition and Benedictine heritage, we
prepare our students for a lifetime as active, informed and
responsible citizens and leaders in the world community.
IV. GOALS, OBJECTIVES, AND STUDENT LEARNING OUTCOMES
A. Benedictine Core Goals
Benedictine University's core mission is to prepare students
for active participation in an increasingly interconnected
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world. Its Core Curriculum advances this mission by enabling
students to attain a broad range of learning goals, listed
below:
1. Demonstrate an effective level of cognitive,
communicative, and research skills;
2. Achieve a college level of computational skills and an
ability to understand and interpret numerical data;
3. Acquire a knowledge of the history and heritage of western
civilization, to include
 the contributions of religious faith and philosophical
thought to understanding the person in community,
 the relationship of the individual to society:
membership and participation in groups and institutions,
 scientific literacy through a knowledge of the history,
the methods, and the impact of science on the
individual, society, and the environment,
 artistic and literary heritage;
4. Develop an understanding of global society: cultural
diversity, mutual relationships, interdependence of peoples
and nations;
5. Apply liberal learning in problem-solving contexts as
preparation for active participation in society;
6. Make informed ethical decisions that promote personal
integrity, the legitimate rights and aspirations of
individuals and groups, and the common good.
B. Course Goals/Objectives/Outcomes
As a distribution course within the Core Curriculum, ECON
101, was designed with the above Core goals in mind. Thus,
upon successful completion of this course, the student will
be able to demonstrate mastery of the following objectives
and student learning outcomes:
1.
Define economic terminology and apply it to current
events
2.
Analyze the impact of consumer behavior and utility
maximization on economic choices
3.
Understand the normal behaviors of product and resource
markets within the context of the four market models.
4.
Consider the ramifications of market structure on
resource payments, including wages.
5.
Describe the impact of government in “correcting”
inequalities and market failure
C. Mode of Inquiry Learning Goals and Objectives (MI-QCM)
Essential Learning Goals (1a,1b,1c,6a,7a,7d)
1. Critical Thinking and Problem Solving
a. Demonstrate critical thinking and analysis
b. Identify, study, and solve problems
c. Achieve computational skills and an ability to
understand and interpret numerical data
6. Personal Growth
a. Develop intellectual curiosity and a desire for
lifelong learning
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7. Breadth of Knowledge and Integrative Learning
a. Use knowledge, theories, and methods from the arts,
humanities, natural sciences, and social sciences to
raise and address questions germane to those areas of
study
d. Explore connections between classroom knowledge and
real-world experiences
V. TEACHING METHODS/DELIVERY SYSTEM:
Combination of lecture, discussion and outside reading. Students
must read all assignments prior to class. The instructor will
cover areas deemed important to each chapter and could be tested
by unannounced quizzes prior to or after the lectures. In order
to complete the course successfully, students must come to class
and must be prepared to discuss the reading assignments and to do
the in-class work.
VI. COURSE REQUIREMENTS
Attendance Policy, Reading Assignments, Written Assignments, and
the Academic Integrity.
This course is highly accelerated, and students will need to take
a great deal of responsibility for their own learning outcomes.
Attendance is required in each class meeting for the full period
of time. Any absence must be due to extraordinary circumstances
and will require documentation for it to be considered excused.
Documentation must be provided immediately in order to determine
what, if any, accommodations are reasonable or possible. Class
attendance will directly impact your final grade, and each
undocumented absence will be considered unexcused and will result
in a 20% reduction in the final grade for the course.
Due to the accelerated nature of the course, should you
experience
a
medical
condition
which
prevents
you
from
attending any class(es), appropriate medical documentation
must be provided immediately so it may be determined what,
if any, accommodations are reasonable or possible.
Quizzes that are missed for any reason may not be made up. If the
final exam is missed for any reason, it may not be made up. If
the absence occurred on the date an assignment is due, the late
penalty for assignments (outlined below) still applies. Again,
NOTE: This policy includes any prearranged absences. In other
words, the absence counts and all parts of the policy apply
whether the absence is prearranged or not.
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Reading Assignments
Please see the Course Outline and Calendar (Section VIII). This
includes reading the material and doing any written assignments as
may be assigned. You are expected to work on the written
assignments prior to the date indicated in the course schedule.
Note well: Once the answers have been discussed in class, credit
will not be given for late assignments. Note that the schedule of
course assignments is subject to change at the instructor's
discretion.
Written Assignments and Projects.


There will be one term paper.
The paper must be typed, double
and seven pages (1000-1200 words
and notes where necessary.
 The term paper will involve class
and each student will be allowed
spaced and be between five
minimum) with bibliography
presentation and discussion
10 minutes.
Note-Instructors Delay. I will make every effort to be prepared to
start at the regularly scheduled time.
However, there may be
situations when I may be late or unable to be present. If there
are no other instructions and I am not in the classroom by twenty
minutes after the scheduled starting time, you are to assume that
the class meeting will not be held. You are, however, responsible
for any assigned material for that class material meeting and to
continue on in your assigned reading.
Benedictine University at Springfield Academic Honesty Policy
The search for truth and dissemination of knowledge are the
central missions of a university. Benedictine University of
Springfield pursues these missions in an environment guided by
our Roman Catholic tradition and our Benedictine heritage.
Integrity and honesty are therefore expected of all University
students. Actions such as cheating, plagiarism, collusion,
fabrication, forgery, falsification, destruction, multiple
submission, solicitation, and misrepresentation are violations
of these expectations and constitute unacceptable behavior in
University community.
Student’s Responsibility
Though there is no formal honor code at Benedictine University at
Springfield, students are expected to exhibit academic honesty at
all times. Violations against academic honesty are always serious
and may result in sanctions that could have profound long-term
effects. The final responsibility for understanding the Academic
Honesty Policy of the institution, as well as the specific
policies for individual courses normally found in syllabi, rests
with students. If any doubt exists about what constitutes
academic dishonesty, students have the responsibility to talk to
4
the faculty member. Students should expect the members of their
class to be academically honest. If students believe one or more
members of the class have been deceitful to gain academic
advantage in the class, students should feel comfortable to
approach the faculty member of the course without prejudice.
Violations of the Academic Honesty Policy will be reported to the
Office of the Dean of Academic Affairs. Along with a verbal
warning, the following are consequences a student may face for
academic dishonesty:



a failing grade or “zero” for the assignment;
dismissal from and a failing grade for the course; or
dismissal from the Institution.
VII. Means of Evaluation
Your final grade will be based on assignments point Allocation
weighted as follows:







1 term paper
Quizzes
Class attendance
Class participation
Homework
Midterm Exam.
Final Exam.
20 pts.
10 pts.
5 pts.
5 pts.
20 pts.
20 pts.
20 pts.
100 pts.
Grade scale is as follows: A=100-90. B=89-80. C=79-70.
D=69-60. F=59-0.
No makeup exams will be given without prior permission. There
will be no quiz makeup given under any circumstances. There will
be no missed quizzes dropped in calculating your final grade.
If a student believes that an error has been made in reporting a
grade, an appeal must be made in writing to the instructor and
must be initiated within 60 calendar days after the end of the
term for which the grade in question was reported. The appeal
should contain specific information about why it is believed the
grade reported is inaccurate. See the Student Handbook for
additional details.
Add/Drop Dates
Please refer to the current Academic Calendar for add/drop dates.
Incomplete Request
To qualify for an “I” grade, a minimum of 75% of the course work
must be completed with a passing grade, and a student must submit
a completed Request for an Incomplete form to the Registrar’s
5
Office. The form must be completed by both student and
instructor, but it is the student’s responsibility (not the
instructor’s) to initiate this process and obtain the necessary
signatures.
Student Withdrawal Procedure
It is the student’s responsibility to officially withdraw from a
course by completing the appropriate form, with appropriate
signatures, and returning the completed form to the Advising
Office. Please refer to the Student Handbook for important
financial information related to withdrawals.
VIII. TOPICAL COURSE OUTLINE AND CALENDAR. The course outline is
as follows:
DATE
TOPICS
Assignments
08-25
(a) Limits, Alternatives and Choices: The unyielding Truth
that Provided the definition of economics
CH 1
(b)
The Market System and the Circular Flow: Examine the
characteristics of the market system.
CH 2
(c) Demand, Supply and Market Equilibrium: The tools that
lead to understanding specific economic issues.
CH 3
Please read Chapters 1-3 for 08-25-2014 class meeting using the
chapters study guides attached along with the syllabus. If you
have any questions, call me at the above phone number. Thanks.
09-01
(a) Market Failures: Public Goods and Externalities:
Differentiates between demand and supply-sides of
market failures.
CH 4
(b) Government’s Role and Government Failures: Explain
roles and failures and why they happen
CH 5
(c) Elasticity, Consumer Surplus and Producers Surplus:
Investigate the behaviors and decisions of consumers
and businesses.
CH 6
09-08
(a) Utility Maximization: Explain the relationship between
total utility, marginal utility and the law of
diminishing marginal utility
CH 7
(b) Behavioral Economics: Attempts to make better
predictions about human choice behavior.
6
CH 8
(c) An Introduction to Macroeconomics: The Miracle of
Modern Economic Growth.
CH 24
09-15
(d) Measuring Domestic Output and National Income:
The Language of macroeconomics and national
accounting.
CH 25
(e)
CH 1-5
Quiz 1
(a) Economic Growth: Investigates the causes and what
government policies appear to promote growth.
CH 26
(b) Business Cycle, Unemployment, and Inflation: Provides
an introductory look at macroeconomic instability CH 27
(c) Basic Macroeconomic Relationship: To analyze the
consumption and investment components of aggregate
expenditures model.
CH 28
(d) The Aggregate Expenditures Model: Analysis of
Consumption and Investment schedules, Net Export
and Government.
CH 29
09-22
(a) Aggregate Demand and Aggregate Supply: Built on
aggregate expenditure Model.
CH 30
(b) Fiscal Policy, Deficits and Debt: Examine the logic
behind fiscal policy, its current status and its
limitations.
CH 31
(c) Money, Banking, and Financial Institutions: Will
unmask the critical role of money and the monetary
system in the economy.
CH 32
(d) Money Creation: How commercial banks can create
checkable deposits by issuing loans.
CH 33
(e) Mid-term Exam.
CH 1-27
09-29 (a) Interest Rates and Monetary Policy: The goal is to
achieve and maintain price-level stability, full
employment and economic growth.
CH 34
(b) Financial Economics: Studies investor preferences and
how they affect the trading and pricing of financial
assets.
CH 35
(c) Extending the Analysis of Aggregate Supply:
Distinguishing between short–run and long-run of the
aggregate supply.
CH 36
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10-06
(a) Current Issues in Macro Theory and Policy:
Contrasting classical and Keynes theories and recent
disagreement.
CH 37
(b) International Trade: Deeper analysis of the benefits
of International trade.
CH 38
(c) The Balance of Payments, Exchange Rates, and Trade
Deficits:
Examine the causes and consequences of the large U.S
trade deficits.
CH 39
(d) Quiz 11
CH 28-34
(e) Term Paper Due
10-13
IX.
Final Exam.
CH 28-39
AMERICANS WITH DISABILITIES ACT (ADA)
Benedictine University at Springfield provides individuals with
disabilities reasonable accommodations to participate in
educational programs, activities, and services. Students with
disabilities requiring accommodations to participate in campussponsored programs, activities, and services, or to meet course
requirements, should contact the Resource Center as early as
possible: springaccess@ben.edu or (217)717-9253.
X.
ASSESSMENT
Goals, objectives, and learning outcomes that will be
assessed in the class are stated in this syllabus in Sections IV
and VI. Instructor will use background knowledge probes, oneminute papers, reflective essays and/or other Classroom
Assessment Techniques as deemed necessary in order to provide
continuous improvement of instruction.
Special note for Economics 101: Introduction to Economics
(3 semester credits).
Provides an overview of the following:
 Macroeconomic analysis through examination of the
economic problem of scarcity.
 Analysis of economic activity in a modern state.
 Economic activity such as consumption, investment,
government and foreign trade.
 The role of prices, money and banking system.
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


Explaining current, future and historical
happenings.
Behavior of the public and business enterprises
with any change in government policies.
Consider the influence of Market structure and the
government.
JR 8/9/14
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Chapter 1
Limits, Alternatives and Choices
Economic resources explained:
Economics:
Scarce economic resources:
Opportunity Costs:
Utility:
3 participants in the economy(decision makers):
1.
2.
3.
Purposeful Behavior:
Marginal Analysis: Benefits & Costs:
Types of Economics:
(a)
(b)
Individual economizing problems:
1.
2.
10
Budget Line (Budget Constraint)defined
Attainable and unattainable combinations:
Trade-off and opportunity cost:
Society’s Economizing problems:
Scare Resources:
Resource categories:
1.
2.
3.
4.
Capital versus Consumer goods:
11
Entrepreneurial Ability:
1.
2.
3.
4.
Factors of Production:
1.
2.
3.
4.
Production Possibilities Model:
1. Assumptions:
1.
2.
3.
4.
2. Production Possibilities Table:
3. Production Possibilities Curve:
Law of Increasing Opportunity Cost:
12
Chapter 2
The Market System and the Circular Flow
The Economic System:
1.
2.
Characteristics of the Market System:
1.
2.
3.
4.
5.
Division of Labor:
Specialization:
Money and its use:
Businesses
1.
2.
3.
The Circular Flow Model:
-
Resource Market
Product Market
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Chapter 3
Demand, Supply and Market Equilibrium
Market defined:
Demand defined:
Law of Demand:
The Demand Curve:
Why inverse relationship according to Law of demand:
-
Determinants of Demand(Shifters)
1.
2.
3.
4.
-
5.
Change in Demand v’s Change in Quantity Demanded:
14
Supply Defined:
Law of Supply:
Supply Curve:
Market Supply:
Determinants of Supply(Shifters)
Changes in Supply:
1.
2.
3.
4.
5.
6.
Changes in Quantity Supplied:
Market Equilibrium:
Efficient Allocation:
1.
2.
15
Changes in Supply, Demand and Equilibrium:
Complex cases for changes in Supply & Demand, & Equilibrium:
16