DRAFT 10089 8/11/13
Office Hours:
Instructor’s Mailing Address:
WESTERN NEW MEXICO
UNIVERSITY
COLLEGE OF BUSINESS & ECONOMICS
COURSE NUMBER:
ECON 201
First Class Meeting:
WEEK #1
CRN:
10089
Date:
August 19, 2013
TITLE:
Principles of Macroeconomics
Room:
WNMU Canvas
Instructor Name:
Dr. George Muncrief, Ph.D.
Instructor’s Phone Numbers: (W) 575-538-6258
(H) 575-388-4771
(BSAD) X-6321
(FAX) 538-6264
Office: Light Hall 102.B
E-Mail: WNMU E-Mail: muncriefg@wnmu.edu
Virtual Office Hours:
Tuesday, 9-10 p.m.
Canvas: https://wnmu.instructure.com/login
Regular Office Hours: 1-2 p.m. Monday &
Wednesday, 3:30-5:30 p.m.
Dr. George Muncrief
College of Business & Economics
Western New Mexico University
P.O. Box 680
Silver City, New Mexico88062
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DRAFT 10089 8/11/13
CATALOG DESCRIPTION: The theory of national income accounting and aggregate income determination in the
American economy, monetary theory, functioning of financial institutions, monetary and fiscal policy, and international trade and payments (3 HMCCN ECON 2113).
Course Instructional Objectives:
1.
Analyze markets using supply and demand.
2.
Recognize comparative advantage as the basis for specialization and exchange.
3.
Interpret economic reporting based on and related to national income accounts such as employment, investment, economic growth, inflation, government spending, and incomes.
4.
Develop and use index numbers.
5.
Interpret unemployment statistics; describe different types of unemployment and their normative policy solutions.
6.
Utilize income and expenditure framework to discuss government spending and taxation, investment, consumption, and international trade.
7.
Discuss the impact of fiscal policies designed to address normative macroeconomic goals such as full employment, economic growth, and inflation.
8.
Compare alternative models of money supply and demand (Bonds and Money vs. quantity theory of money) and discuss their impact on government, consumer, and investment spending.
9.
Be familiar with the structure and functions of the Federal Reserve System.
10.
Propose and forecast the impact of alternative monetary policies used by the Federal Reserve in pursuit of low inflation, economic growth, and high employment.
11.
Describe the U.S. balance of payments accounts.
12.
Describe exchange rate risk and discuss the impact of macro-economic variables (interest rates, government spending, incomes, inflation, etc.) on exchange rate movements.
13.
Analyze the effects of tariffs and quotas on the macro economy and review arguments for protection.
14.
Identify and articulate normative (ethical and social) policies that reflect society’s concerns with aging, income distribution, education, and health.
15.
Read and critique media coverage of current economic events.
Text (s): ECON 201 requires the bundled Southwestern Cengage package (text, coursemate, Tomlinson Videos, and APLIA. APLIA dashboard is free until
9/8/13; enter the instructor provided course key.
A Cengage Publishing package, required for this course, may be purchased at the WNMU bookstore.
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DRAFT 10089 8/11/13
.
Required (WNMU BOOKSTORE PACKAGE)
Required (WNMU BOOKSTORE PACKAGE)
Required(WNMU BOOKSTORE PACKAGE)
Required (WNMU BOOKSTORE PACKAGE)
(Recommended)
(Recommended)
Required (Free)
Required (Free, Federal Reserve)
McEachern, William. ECON MACRO 3, 2012-2013, ,
Mason, Ohio: 2012
Aplia, Southwestern Cengage Learning, Belmont, CA:
2012 ACCESS CODE REQUIRED
Tomlinson lecture series. Aplia, Southwestern Cengage
Learning, Belmont, CA: 2012
ACCESS CODE REQUIRED
Course Mate (study guide), Cengage Learning,Mason,
Ohio: 2012. ACCESS CODE REQUIRED
Macroeconomics, Student's Guide to the Key Principles of Macroeconomics, Quick Study Academic, BarCharts,
Inc. ISBN 631-5 , www.barcharts.com
.
Wall Street Journal
Economics U$A, http://www.learner.org/series/econusa/
“The Story of Money,” http://archive.org/stream/gov.frb.ny.comic.money#page/ n7/mode/2up
“The Story of Inflation,” http://archive.org/details/gov.frb.ny.comic.inflation
“The Story of Banks,” http://archive.org/details/gov.frb.ny.comic.banks
“The Story of Checks,” http://archive.org/details/gov.frb.ny.comic.checks
“The Story of the Federal Reserve System,” http://www.newyorkfed.org/education/addpub/Comic_F
RS.pdf
“Too Much, Too Little,” Movie and Comics http://archive.org/details/gov.frb.ny.toomuch
http://archive.org/details/gov.frb.ny.comic.much
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DRAFT 10089 8/11/13
“The Story of Monetary Policy.” http://www.newyorkfed.org/education/addpub/comic_m onetary.pdf
“The Story of Foreign Trade,” http://archive.org/details/gov.frb.ny.comic.foreign
Required for ECON 201 online:
The following materials and equipment are needed to fulfill the objectives of this course:
Calculator, graph paper, text, Aplia, Tomlinson Videos, Course Mate, access to business sections of major metropolitan newspapers or the Wall Street Journal, syllabus, Economics
U$A, and a personal computer.
Assessment means Outcomes Assessed Point Total
Reaction Paper, Supply & Demand
Learning Activities
Discussion Session
1, 15
1-15
1-15
5
1 each
APLIA Quizzes
Final Exam
1-15
1-15 100
TOTAL
Grade Scale: A= 90-100, B= 80-89, C= 70-79, D= 60-69, F= 59 or below.
(Signature of Instructor) (Date)
Percentage of final grade
10%
30%
20%
20%
20%
100%
July 29, 2013
Course Expectations and WNMU Policies for Students
Attendance:
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DRAFT 10089 8/11/13
Attendance will be measured by course participation, engagement tracker (cengage coursemate) and assignment completion. Students accumulating three hours (one week of work for online) or more of unexcused absences may be administratively dropped from the class. Students who miss class are responsible for makeup work when the instructor approves makeup work. Study time for undergraduate classes a minimum of two hours of outside work for each hour in class.
Canvas Down Time and Inclement Weather:
In the event of Canvas down time or WNMU weather closings or delay students should continue to work on assigned material. It is the responsibility of the WNMU administration to determine when to close and to notify the public of weather related closings or delays. The instructor’s responsibility in case of official closings is to assist students with makeup work, exams, and individual assistance as needed in order to fulfill course objectives.
CANVAS:
Some uses of ECON 201 Canvas WEB Site:
1.
Gradebook. Students see only their own grades and are responsible for monitoring the site to verify that grades are accurately recorded.
2.
Announcements.
3.
E-mail between the student and instructor
4.
Course Modules, weekly assignments.
5.
Assignment Due Dates
6.
Handouts
7.
Submission of Reaction Papers, written assignments, and quizzes as required.
8.
Calendar function including changes in due dates.
9.
Syllabus: Learning Objectives, Evaluation Criteria, Reading and Viewing Assignments, & Instructions.
10.
Discussion Forums .
11.
Instructor feedback
12.
Power Point slides.
13.
Links to Web resources: videos, readings, directions.
Posting Assignments and Discussions:
Post discussions on the Discussion Board and upload assignments to the Assignments posting area.
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DRAFT 10089 8/11/13
FALL 2013
Quick Guide:
Location
APLIA http://www.youtube.com/watch?v=srg-Ca6r33U
Course Mate (course access code required)
Features
Registering and Getting Started
E text
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DRAFT 10089 8/11/13 https://login.cengagebrain.com/cb/login.htm
Tomlinson Videos (course access code required) https://login.cengagebrain.com/cb/login.htm
Aplia Quizzes(course access code required) https://login.cengagebrain.com/cb/login.htm
Learning Activities https://wnmu.instructure.com/login
Economics U$A(Free) http://www.learner.org/series/econusa/
Discussion Forums https://wnmu.instructure.com/login
Power Point Slides https://wnmu.instructure.com/login
Interactive Quizzing (measure of class participation, assigned in weekly modules)
Graphing Workshops (assigned in weekly modules)
Course Lectures (as assigned in weekly modules)
Chapter Quizzes and Experiments (for credit as assigned in weekly modules).
Instructor designed experiential learning exercises
(included in weekly modules, for credit).
U.S. Economic History presented as a documentary
(as assigned in weekly modules).
Discussion of weekly assignments and related media topics (as assigned in weekly forums, for credit).
Instructor Power Points (weekly modules, as assigned)
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Assignments and Due Dates
Week Dates Topic
1
2
3
4
5
6
Chapters Instructor
Power Point
8/19 Course
Introduction
Graphing and
Data
8/26 Intro to Macro,
Comparative &
Absolute
Advantage
9/3 Economic
Aggregates
(Consumers,
Businesses,
Government,
Trade)
9/9 Supply,
Demand, &
Equilibrium
C1 &
Appendix
C1
C2, C18, pp. 270-
273
C3
C4
PPT I.
Introduction
9/16 Business Cycle
& Aggregate
Demand &
Aggregate
Supply
9/23 National
Income and
C5
C6
PPT II.
Measuring
Economic
Activity
4.1
4.2
4.4
4.5
5.2
Tomlinson
Lecture
Videos
1.1
1.2
Course Mate Learning
Activities
C.1 Graphing
Workshop
C1 Quiz
Data Set:
Graphing&
Data Analysis
18.1
2.3
2.4
6.2
6.3
C. 2 Graphing
Workshop
C2 Quiz
C3 Quiz
C.4 Graphing
Workshop
C4 Quiz
C5 Quiz
C6 Quiz
Comparative
Advantage,
Specialization and Trade
Progressive, regressive, proportional income taxes.
Market
Efficiency
Game
NIPA
Aplia
Quizzes
(LOG IN TO
APLIA)
ECONOMICS
U$A
Discussion
Forums
Unit 14:
Scarcity
Unit 16:
Booms &
Busts
8
Unit 15:
GDP, GNP
Forum 1
Forum 2
Forum 3
Forum 4
Forum 5
Forum 6

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DRAFT 10089 8/11/13
7
Product
Accounting
9/30 Index
Numbers,
Inflation &
Unemployment
8 10/7 Aggregate
Expenditure
C6, C7
C9
10
11
6.4
7.1
7.2
10/14 Aggregate
Expenditure,
Keynesian
Expenditure
Model
10/21 Aggregate
Supply,
Economic
Growth
10/28 Fiscal Policy
Federal Budget
C9, C10 PPT III.
Expenditure
Model
C11, C8
C12, C13,
10.1
10.2
10.3
8.1
8.2
11.1
11.2
13.3
12 11/4 Financial
System
Banks Create
Money
C14, C15 PPT IV.
Monetary
Theory
&
14.1
14.2
15.1
15.3
C7 Quiz
C9 Quiz
Indices and
Fixed vs.
Chained weights
C10 Quiz
C10 Graphing
Workshop
Expenditure
Model and
Fiscal Policy
C11 Graphing
Workshop
C11 Quiz
C8 Quiz
C12 Graphing
Workshop
C12 Quiz
C13 Quiz
C14 Quiz
C15 Quiz
Aggregate
Demand and
Aggregate
Supply
Bank Balance
Sheet
Unit 19:
Inflation
Forum 7
Unit 17:
The Great
Depression
Forum 8
Unit 18:
Fiscal Policy
Forum 9
Unit 22:
Stagflation
Forum 10
Unit 26:
Stabilization
Policy
Forum 11
Unit 20: The
Banking
System
Forum 12
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DRAFT 10089 8/11/13
Policy
16
13
14
15
11/11 Monetary
Theory &
Policy, Bonds &
Money
11/18 Quantity
Theory of
Money,
International
Finance
12/2 International
Trade
12/9 Finals Week
C 16, C17
C18, C19
16.1
16.2
16.3
17.1
17.3
C16, C19 PPT V.
International
Economics
19.1
19.2
18.1
18.3
C7 Graphing
Workshop
C16 Graphing
Workshop
C16 Quiz
C17 Quiz
C19 Graphing
Workshop
C19 Quiz
Fed Policies and Money
Supply, Bonds
& Money
Foreign
Exchange
Rate Risk
C18 Graphing
Workshop
C18 Quiz
Tariffs
Unit 21: The
Federal
Reserve
Unit 25:
Monetary
Policy
Unit 28:
Foreign
Exchange
Forum 13
Forum 14
Unit 27:
International
Trade
Forum 15
Forum 16
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Grade Components: Learning Activities, Aplia Quizzes, Reaction Paper, Discussion Sessions, and Final Exam.
1.
Exams and Quizzes. a.
Aplia Quizzes. 20% of final grade. : Late APLIA will not be accepted; plan ahead of time, the instructor does not “reset”
Aplia assignments.
b.
Final Exam, 20 % of final grade. A comprehensive final exam evaluates the success of the student and instructor in realizing the academic outcomes of the course. The final may include multiple choice, true-false (if false, explain why it is false), and short answer/analysis.
2.
Learning Activities, 30 percent of final grade:
Evaluation of homework and exams will be based on process, content, accuracy, completeness and organization. Performance can be enhanced by carefully reading questions and instructions, and following suggested formats. For clarification, always consult with the instructor.
Learning activities specific to each module promote learning by doing. Learning Activities received after the “cut off date” will not be graded. See the following evaluation criteria. a. Learning Activity Due Dates: provided for each Learning Activity. b. Learning Activity Cut Off Date: A later date provided as a “grace period.” c. Excused Absences: Cut off date provides time for illness, travel, family emergencies. For all other situations consult the instructor.
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DRAFT 10089 8/11/13 d. Activity and homework grading criteria: Learning Activities’ major sections are are graded S/U. S= satisfactory and receives full credit. U= unsatisfactory and receives no credit. A major section that is only partially completed is unsatisfactory.
# of Questions
Responsible party
Shows Work
PASS
Attempts all questions
Original Work
Shows a repeatable solution process (for example, equations, outline of solution, etc)
Due dates Timely Submission
Legible Readability
Graphs when required or useful
Complete Graphs including labels
Completeness of responses Complete Responses
Content of responses Substantive Responses
FAIL
Missing responses
May have been copied
Does not show work, answer only.
A “Little too Late”
Can’t be read
Incomplete or no graphs
Too brief to determine if concept is understood or mastered
Responses not related to the question or concepts or learning activity objectives.
3.
Reaction Paper (1) , 10 percent of final grade. Students use the supply and demand model to analyze a newspaper article. See grading criteria below. Articles must be dated August 1, 2013 or later.
ELEMENTS SCORING THE
REACTION PAPER
Pass/Fail
1= P, 0=F
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3
2.
DRAFT 10089 8/11/13
0
1 CITATION
SUMMARY
ANALYSIS a. qualitative
Article selection
AUTHOR, TITLE, SOURCE,
DATE, PUBLISHER
Copy of the article required
If Internet also include:
Complete URL a. Article description b. topic sentence for the selected application
1
1 c. Normative information d. Elements that match theory e. Impact of changes
1. explain summarized info with appropriate econ model and terminology
2. describe a result or give a prediction
3. Identify and describe changes that shift or modify a relationship, such as a change in a “ceteris paribus” condition.
1. graph
2.
correctly label the graph
3.
show changes on graph
4.
show old and new equilibriums
1
5
1
1 b. graphical
TOTAL
6. Discussion Forums, 15 one for each week.
(20 percent of final grade): Students use economic concepts to discuss ideas and applications covered in the weekly module and in doing so students generalize concepts to broader application. Modules require substantive participation. See evaluation criteria below. Commentary and responses must be completed before or on the due date.
However, if the forum has not been locked, late postings are possible. Forums are “class” and are impossible to make up; for those anticipating class absences, please complete forums ahead of time. Cutting and pasting from Web sites results in a grade of “0.”
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COMPETENCY
Participation
Quality of Contributions
Content Knowledge
Integration of the Readings
RUBRIC FOR ASSESSING CANVAS DISCUSSION PARTICIPATION
BEGINNING
1
Dr. Barbara Taylor (Revised 7/8/12)
DEVELOPING
2
ACCOMPLISHED
3
May miss discussion altogether without explanation; displays little evidence of following discussion; rarely participates freely.
Comments at this level contribute almost nothing to discussion. Attempts at lengthy responses are largely unintelligible.
Student referred to readings less than 2 times and only in a superficial manner
Shows no significant understanding of material.
Spotty participation; may disappear from discussion for long periods of time; contributes infrequently; often requires prompting.
Comments are often short, may lack relevance and seem forced; some incoherent remarks go nowhere.
Student made fewer than 4 meaningful references to the readings; references to the readings were superficial
Mostly shallow grasp of the material; rarely takes a stand on issues.
Poor language use, garbles much of the message; only an
Generally keeps up with discussion thread but will participate in some topics more than others; may need an occasional prompt from the discussion manager.
Follows discussion threads, most comments are easy to understand. Contributions are usually relevant, and there are occasional questions.
Student integrated concepts from the readings into the discussion in a meaningful way in at least 4 different messages
Shows evidence of understanding most major concepts; will offer an occasional divergent viewpoint or challenge; some signs of disorganization with
EXEMPLARY
4
Fully participates during entire period on a consistent basis; follows discussion thread; responds readily to direct questions. All responses are selfinitiated.
Follows discussion threads, comments are coherent.
Contributions demonstrate a grasp of key concepts; there are frequent questions and a willingness to challenge the thinking of others.
Student demonstrated a profound understanding of the readings by integrating numerous concepts from them across most of the messages he or she posted
Demonstrates excellence in grasping key concepts; stimulates discussion; readily offers new interpretations of
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DRAFT 10089 8/11/13 occasional idea surfaces clearly.
expression; transition wording may be faulty.
discussion material.
Ideas are expressed clearly, uses appropriate vocabulary.
Informed Consent:
As some students may disclose personal information during class, class members should not to discuss or write about such personal information (what’s done in class stays in class).
Professionalism:
Professional mature behavior demonstrates professional skills and course engagement in class discussions, completion of assignments, and meeting established deadlines.
Scholarly Writing and Quantitative Skills:
Use college level grammar, spelling, and writing for all assignments. Math 111 algebra competencies are expected for
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ECON 201. Students needing help with writing or math should consult a Smarthinking tutor: http://www.wnmu.edu/univ/smarthinkins.shtml
Communications policy statement regarding official e-mail:
WNMU policy requires Mustang Express for all official communication with the University, other than your in-class
Canvas communications, be sent via. Emails sent to you by various University departments related to your registration, financial account balance, changes in schedule, etc., will be sent to your wnmu.edu
email address. Access your
Mustang Express email periodically to check for correspondence from the University. If you receive most of your email at a different address, you can forward your messages from Mustang Express to your personal address. To forward your WNMU e-mail to a personal e-mail address:
1. Log in to Mustang Express .
2. From the My E-mail Inbox in the center of the screen, select the small E-mail hyperlink (beside the envelope icon).
3. Select Options.
4. Select Settings.
5. Below Mail Forwarding at the bottom of the screen, type in your personal e-mail address.
6. Select Save Settings.
WNMU policy on email passwords:
WNMU requires that passwords for access to all of protected software, programs, and applications be robust, including complexity in the number of characters required, the combination of characters required, and the frequency in which passwords are required to be changed. Minimum complexity includes:

Passwords shall contain at least six (6) characters

Passwords shall contain at least one capital (upper case) letter, and at least one numeral.

Passwords shall be changed at least every 90 days
Academic Integrity:
Each student shall observe standards of honesty and integrity in academic work as defined in the WNMU catalog, 2012-
2013, pp. 48-53..
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DRAFT 10089 8/11/13
Generally violations of academic integrity include cheating and plagiarism. Refer to the WNMU catalog, p.49 for definitions. Penalties for infractions are as follows:
The WNMU academic integrity policy and Dept. of Business Administration Academic Integrity Statement govern penalties for cheating and plagiarism. Standards of academic honesty and integrity, student requirements, administration of penalties, and appeal processes are described in the WNMU Catalog 2012-2013, pages 48-53, ( http://www.wnmu.edu/catalogs/12-
13%20catalog.pdf
) . Violations of academic integrity include any behavior that misrepresents or falsifies a student’s knowledge, skills or ability with the goal of unjustified or illegitimate evaluation or gain.
The
College of Business Administration and Economics implementation of integrity policy is described in the COBE “Academic
Integrity Statement” posted on the course homepage.
For Plagiarism : Intentional or unintentional representation of another’s work as one’s own without proper acknowledgement of the original author or creator of the work:
The instructor’s responsibility is “to actively and consistently enforce the University rules governing scholastic dishonesty. The appropriate penalty for acts of scholastic dishonesty can range from an “F” on a particular assignment to failure of the course, depending on the instructor’s evaluation of the severity of the offense, and whether or not the student has committed prior acts of scholastic dishonesty.”
For Cheating : Using or attempting to use unauthorized materials and unauthorized collaboration with others, copying the work of another or any action that presents the work of others to misrepresent the student’s knowledge:
The instructor’s responsibility is “to actively and consistently enforce the University rules governing scholastic dishonesty. The appropriate penalty for acts of scholastic dishonesty can range from an “F” on a particular assignment to failure of the course, depending on the instructor’s evaluation of the severity of the offense, and whether or not the student has committed prior acts of scholastic dishonesty.”
Integrated Use of Technology:
You will be using Canvas to post discussions, post assignments, and take all quizzes and exams. You will need to learn how to attach documents if you don’t already know how to do this.
Disability Services at WNMU:
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DRAFT 10089 8/11/13
Services for students with disabilities are provided through the Student Health Center’s Disability Support Services office. Some examples of the assistance provided are audio materials for the blind or dyslexic, note takers, readers, audio recorders, and special tutors. In order to qualify for these services, documentation must be provided by certified health care professionals. Disability Support Services information and forms are available by calling 575.538.6014 or emailing dss@wnmu.edu
. The Disability Support Services office serves as Western New Mexico University's liaison for students with disabilities.
Need Help?

Post your question to the Discussion Board in your online course.

Send a question via Canvas email to your instructor.

For 24/7 Canvas Help call: 888.332.6994

Contact the WNMU Help Desk at helpdesk@wnmu.edu
or 575.574.4357.

Register for IPS 010, Canvas Orientation . This is a short, free, non-credit introduction to Canvas, no textbook is required. Once you complete the orientation activities, you can re-enter the course at any time during the semester to get additional help from the instructor as needed.

Consult Student Online Resources at http://learn.wnmu.edu/support/resstu.shtml
for an online readiness assessment, Technical Requirements, Canvas tutorials and Canvas Student Guide.
Course Access:
Access to online course materials will be available to students between the start and end dates listed in the class schedule.
Copyright:
The materials found in this course are only for the use of students enrolled in this course for purposes associated with this course and may not be retained by students in any electronic form or further disseminated or distributed to anyone not enrolled in this course.
CODE OF CIVILITY
In order to promote a positive, professional atmosphere among students, faculty and staff, the following Code of Civility has been developed:
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DRAFT 10089 8/11/13
Respect: Treat all students, faculty, staff and property with respect and in a courteous and professional manner. This includes all communications, whether verbal or written. Let your actions reflect pride in yourself, your university, and your profession.
Kindness: A kind word and gentle voice go a long way. Refrain from using profanity, insulting slang remarks, or making disparaging comments. Consider another person’s feelings.
Be nice.
Truth: Exhibit honesty and integrity in your dealings with fellow students, faculty and staff members. Don’t lie, don’t cheat, and don’t steal.
Responsibility: Take responsibility for your actions. This includes gracefully accepting the consequences of your behavior.
Cooperation: Exhibit a cooperative manner when dealing with students, faculty and staff so we may all work towards our common goals and mission.
Acceptance: Accept differences in others, as they accept differences in you. This includes diversity in opinions, beliefs and ideas and everything else that makes us unique individuals.
Professionalism: Always conduct yourself in a manner that will bring pride to your profession, to Western New Mexico
University, and, most importantly, to yourself.
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DRAFT 10089 8/11/13
Course Supplements: Power Point, Class Handouts, Economics U$A , Course Mate, Tomlinson Videos, and non graded learning activities .
1. Movies: Economics U$A , created by the Corporation for Public Broadcasting and Annenberg Foundation, interprets
U.S. economic history through the lens of economic theory in a series of 30 minute “lectures.” http://www.learner.org/series/econusa/ High Speed Internet connection required.
2. Access the following using Cengage Dashboard and Canvas:
a. Power Point Slides: See CANVAS for Power Point Slides. The slides are useful for organizing the course material emphasized by the instructor.
b. Handouts: See CANVAS for Instructor handouts and readings.
c. Learning Activities.
3. Course Mate, Aplia, and Tomlinson Videos will appear on each student’s Cengage Dashboard after registration with course keys. See How to Access your Aplia Course, last page of the syllabus.
a. Course Mate includes Graphing Workshops, interactive quizzes, games (beat the clock, crossword), econ applications, econ data, econ debates, e book, downloads, and flashcards.
b. Aplia includes experiments and Aplia quizzes.
c. Tomlinson Videos, an economic lecture series, presents “need to know” economic theory.
4. Student Note taking: Notes help you distinguish between “need to know” and “nice to know.” A good set of notes reflects structure of the course, and organizes and guides study time.
a. Outline the main points of each reading and lecture. Create a heading for each major topic and number the points under each topic as they are introduced.
b. Keep handouts organized.
c. If graphs or pages of the text are referred to, note the page and graph numbers.
d. Leave space to insert explanations and amplification that you add at a later time
e. each week, devote one hour to reviewing and expanding your notes.
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DRAFT 10089 8/11/13
Specific Academic Outcomes (What students completing assigned learning activities and weekly modules will know or be able to do).
A. Introduction
1.
Participate in discussions using a basic vocabulary of micro and macroeconomics.
2.
Utilize mathematical tools such as slope, percentages and graphical relationships.
3.
Recognize constraints of nature and their role in establishing economics as the science of choice.
4.
Use a production possibilities curve to represent opportunity cost.
5.
Apply the concepts comparative advantage and absolute advantage.
6.
State and discuss the questions an economic system must address.
7.
Distinguish between normative and positive economics.
8.
Critique the competitive price system with respect to market failure, income distribution, and market structure.
B. Know definitions of Supply and Demand.
1. Describe the ceteris paribus conditions of Demand and Supply and indicate how changes in each of the conditions affect
Supply and Demand and Equilibrium price and quantity.
2. Use supply and demand to describe behavior of sellers and buyers in individual markets including characterization of market equilibrium. a. Distinguish between a change in quantity demanded and a change in demand. b. Distinguish between a change in quantity supplied and a change in supply. c. Describe the idealized market structure: pure competition.
C. Macro Introduction
1.
Recognize the roles of Households, Government, Firms, and International Trade in the Macro Economy.
2.
Describe different forms of Business Organization.
3.
Explain the sources of Government revenue and expenditure patterns.
4.
Describe the business cycle.
5.
Define Aggregate Demand and Supply.
6.
Use the Aggregate Demand and Supply curves to represent inflationary and recessionary episodes.
7.
Define Productivity and explain its significance for the U.S. Economy and welfare of U.S. citizens.
D. Unemployment
1.
Define and calculate the unemployment rate.
2.
Describe four types of unemployment
3.
Suggest normative policies to address different types of unemployment.
E. Inflation and Recession
1.
Know definitions of inflation and recession.
2.
Be able to describe situations, events and factors that contribute to inflation and recession.
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DRAFT 10089 8/11/13
3.
Describe the impact of inflation and recession on employment, output, and interest rates.
F. Name and describe relationship of leading indicators to levels of economic activity.
G. Economic Aggregates and Macroeconomic activity
1.
Discuss the treatment of inventory accumulation as unintended investment.
2.
Distinguish between intermediate and final goods and services.
3.
Define the concept: Gross Domestic Product.
4.
Define Consumption, Investment, Inventories, Government spending, and Net Exports components of the Expenditure
Approach to measuring GDP.
5.
List and define the components of the Incomes approach to measuring GDP.
6.
Explain the concept of value added.
7.
Define depreciation and describe how it is accounted for in national income accounting.
8.
Calculate the Gross Domestic Product using the Incomes approach and using the Expenditures approach.
H. Index Numbers
1.
Define, critique, and use the Consumer Price Index.
2.
Define, critique, and use the GDP Deflator.
3.
Define, critique, and use the GDP Chain Weighted Index.
4.
Distinguish between Real and Nominal Gross Domestic Product.
5.
Calculate price indices and use them to analyze changes in real purchasing power and output.
I. Keynesian Expenditure Model
1.
Use Keynesian Expenditure Model Expenditures Approach to estimate GDP.
2.
Use Keynesian Leakages and Injections Approach to estimate GDP.
3.
Examine Factors that shift the Consumption Function and their impact on GDP.
4.
Calculate the Simple Expenditure Multiplier using the Marginal Propensity to Consume and Marginal Propensity to Save.
5.
Review of Investment and determinants of investment in the Keynesian Model.
6.
Calculate the Tax Multiplier
7.
Utilize the Keynesian Model to examine the impact of alternative fiscal policies (taxes and government spending) on GDP.
J. Aggregate Demand and Aggregate Supply
1.
Aggregate Demand
Develop Aggregate Demand from the Keynesian Expenditure Model.
Note factors that produce movements along the aggregate demand curve.
Describe factors that shift the aggregate demand curve.
2. Aggregate Supply and Supply Side Theories
Derive the Short Run Aggregate Supply Curve
Derive the Long Run Aggregate Supply Curve
Examine Shifters of the Short Run Aggregate Supply Curve
Examine Shifters of the Long Run Aggregate Supply Curve
State supply side policies for Economic Growth
K. Use the AD and AS model to examine fiscal policies to close expansionary and contractionary gaps
L. Monetary Theory, the Federal Reserve System, and Monetary Policy
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DRAFT 10089 8/11/13
1.
Review the functions of money, types of money, monetary measurements, and functioning of financial intermediaries.
2.
Know the basic functions and organization of the Federal Reserve System
3.
Balance sheets a. Become familiar with the Federal Reserve Balance Sheet. b.
c.
Be familiar with individual bank balance sheets.
Relate the individual bank and Federal Reserve balance sheets.
4.
Describe the process through which banks create money.
5.
Calculate the Simple Deposit Multiplier
6.
Distinguish between a simple deposit multiplier and the money multiplier.
7.
Know the monetary policies of the Federal Reserve and how they can be used to affect the money supply. a.
Open Market operations b.
c.
Discount Rate
Reserve Requirements
8.
Know the Keynesian Theory of Money (indirect channel) based on the relationship between bonds and money.
9.
Quantity Theory of Money: Know the equation of exchange and assumptions to convert it into the quantity theory of money (velocity of money assumed to be constant).
10.
Use monetary theory to examine Federal Reserve policies to address inflation or recession.
M. Know the trade off between inflation and unemployment expressed by the Phillips Curve.
N. Discuss Rational vs. Adaptive Expectations.
O. Discuss the crowding out issue relative to Federal Government Deficits.
P. International Trade and Payments.
1.
Exchange Rates a. Learn the effect of exchange rate movements on exports and imports b. Discuss factors that affect exchange rate movements c. Examine attractiveness of foreign financial instruments and investment relative to exchange rate risk. d. Be able to distinguish between floating and fixed exchange rates and their consequences for the domestic economy.
2.
Balance of Payments a. Become knowledgeable about the components of the Current Account and Capital Account b. Explain the long run tendency of the Balance of Payments to balance under floating exchange rate regimes.
3.
Trade Policies a.
b.
Compare Quotas and Tariffs for their impact on consumers, producers, and resource use.
Become Knowledgeable about international organizations that facilitate trade: European Union, World Trade
Organization and NAFTA.
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DRAFT 10089 8/11/13
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DRAFT 10089 8/11/13
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DRAFT 10089 8/11/13
Instructor: George Muncrief
Start Date: 08/19/2013
Course Key: QWR3-T393-MSDX
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