PRINCIPLES OF MACROECONOMICS
INSTRUCTOR: Professor Dennis Roth
Education Ctr, Room 417-D, phone (304) 214-8889
Redline Bldg, Room 235, phone (304) 723-7530
EMAIL: droth@wvncc.edu
COURSE DESCRIPTION:
This course is an introduction to economic analysis, monetary theory, national income theory and international economics. It also
covers public policy arising out of the problems of the structure of industry, economic stability and monetary and banking institutions.
3 Credits ( 3 lecture/Presentation, 0 Lab)
PREREQUISITES:
Reading 095, Math 86, Eng 90 or pass Asset
COURSE FOCUS:
The focus of this course is to introduce the student to many aspects of the economy today. Many day to day activities will be
discussed and the student will gain an understanding of economic systems in our world. A main concept of this course is to enable the
student to understand macroeconomic activity as it is presented by news media and business entities.
TEXT:
“Understanding Macroeconomics”, by Edwin Dolan and Dennis Roth
Published by BVT Publishing
Study Guide to accompany the text must be brought to class each day. We will do group projects from the study guide.
TENTATIVE COURSE OUTLINE:
Chapter 1:
Chapter 2:
TEST 1:
The Economic Way of Thinking
Supply and Demand: The Basics
Chapter 3:
Chapter 4:
TEST 2:
Supply, Demand, and Elasticity
In Search of Prosperity and Stability
Chapter 5:
Chapter 6:
TEST 3:
The Circular Flow of Income and Expenditures
Measuring Economic Activity
Chapter7:
Chapter 8:
TEST 4:
The Banking System and Regulation
Money and Central Banking
Chapter 9:
Chapter 10:
TEST 5:
Prices and Real Output in the Short Run
Fiscal Policy
ATTENDANCE POLICY:
Attendance will be taken in this class. Attendance is your responsibility. Class attendance will aid you greatly in successfully
completing this course. Group exercises and quizzes are also completed in class and may be graded. If you are not here to be in a
group or take a quiz you may not receive a grade.
GRADING POLICY:
Grades will be determined from an average of the following:
5 Test Scores = 100 points each
Class projects and quizzes = 100 points
GRADING SCALE:
A = 540 to 600 points
B = 480 to 539 points
C – 420 to 479 points
D = 360 to 419 points
F = 000 to 359 points
IMPORTANT: Makeup exams are not given without prior notification of the professor, as of the date the test is to be issued. If a
makeup test is permitted, each class date that passes without making up the test will result in the outcome of the test score being
lowered by one full letter grade. If a makeup test is given, the instructor reserves the right to administer a different, yet similar, test
than the class took. IF BONUS QUIZZES ARE GIVEN, NO MAKUP QUIZZES ARE GIVEN. Cheating will result in a failing
grade and withdrawal from the course.
HOMEWORK:
The only homework that is projected is to read the chapters prior to coming to class.
COURSE GOALS:
The main goal of this course is to introduce the student to macroeconomics. The students should be able to understand what is
happening in the economic world around them. They should be able to read the paper or watch the news and understand what is being
said.
COURSE OBJECTIVES:
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grasp what economics is
define opportunity cost
interpret the production possibility frontier (curve)
define scarcity
define entrepreneurship
understand choices and trade offs
differentiate capitalism, socialism and communism
grasp supply and demand
define markets
analyze the price system
define equilibrium
differentiate shortage and surplus
understand elasticity
apply concepts of elasticity
analyze the business cycle
calculate unemployment rate
assess unemployment
understand circular flow
illustrate the planned expenditure model
illustrate the planned saving model
calculate marginal propensity to consume and save
calculate average propensity to consume and save
apply the multiplier
define gross domestic product
assess GDP for price changes
calculate GDP
compute price indexes and GDP
define money
define the money supply
examine how banks operate
complete a banks balance sheet
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define monetary policy
define the functions of the federal reserve system
explain how banks create money
calculate the velocity of money
understand aggregate supply and demand
understand fiscal policy
define budget surplus and deficit
explain the national debt
explain wage and price controls
understand the Phillips curve
analyze inflation and the quantity of money
understand income policy
explain productivity
calculate change in productivity
Revised Aug 10, 2011