BLACK RIVER TECHNICAL COLLEGE
Course Name:
Principles of Macroeconomics
Course Number: ECON 2313
Course Credit: 3 credit hours
Instructor: R. Schaa
Office Hours: As posted on my office window (AC109)
Phone: (870) 248-4000 ext. 4137. You may leave a voice mail if I am not in my
office.
Email: ruths@blackrivertech.org
Textbook:
Macroeconomics, fifteenth edition, by Campbell R. McConnell and Stanley L Brue. McGraw Hill.
Course Description:
Covers how economic systems operate, with much emphasis placed on the laws of supply and demand, the creation of money, the banking system, fiscal management, and national income. This course is designed to increase awareness of economic problems and encourage the student to analyze alternative solutions. A student whose placement score requires DVED0023 Reading is strongly advised against enrollment in this reading intensive course, prior to completion of DVED0023 Reading.
Course Objectives:
Upon completion of the course the student should be able to:1. Define economics and discuss how economic theory is derived.
2. List the goals of economic policy.
3. Discuss the economizing problem and how the factors of production affect the economic problem.
4. State the law of demand.
5. State the law of supply.
6. List and define the characteristics of pure capitalism.
7. Define market system.
8. Define mixed economy.
9. Discuss the circular flow model and relate it to a mixed economy.
10. Explain the importance of the global economy and how it relates to the United States' economy.
11. Describe the relationship of the circular flow model and international trade.
12. Define Gross Domestic Product and list its components.
13. Calculate GDP using the expenditure approach or the income approach.
14. Define price and price indexes.
15. Explain the business cycle and its related economic activities.
16. Define inflation.
17. Explain the aggregate expenditure theory.
18. Explain the multiplier effect as it relates to GDP.
19. Explain how net exports and government affect the aggregate expenditure model.
20. Define aggregate supply and aggregate demand. List the determinants of aggregate demand and aggregate supply.
21. Analyze the fiscal policy of the United States and relate the policy's effects on GDP, employment, inflation, and taxation.
22. Define money and the functions of money.
23. Describe how money is created.
24. Calculate the results of reserve ratios and monetary multipliers on the money supply.
25. Explain the tools of the Federal Reserve and how they affect the supply of money.
26. Contract the alternative views of macroeconomics.
27. Define end of chapter terms.
Course Requirements and Methods of Assessment:
Attendance
: Students are expected to attend class regularly and to be punctual in order to complete satisfactorily this course. If a student is absent, the student is responsible for contacting the instructor on the first day back to make up work missed. Excessive absenteeism may result in loss of credit for the course. Excessive is defined as two times the number of times the class meets per week.To ensure attendance in class, pop quizzes, which cannot be made up, may be given.
Class Participation and Behavior: Class participation is a vital part of the learning environment. Therefore, each student is expected to participate in classroom discussions, answer questions, and offer input. Students are also expected to behave in a professional manner while in class. In accordance with college rules, food and beverages are not permitted in the classroom.
Students are requested to turn off the ringers and/or music to their cell phones and pagers. Cell phones have the bad habit of ringing at inopportune times, such as during an exam.
Homework Assignments and Measures of Student Assessment:
Students should read each chapter before the lecture and/or discussion.
Students should listen to local, state, national, and international news broadcasts and read state and national newspapers and magazines. Students will be responsible for class discussions. The students’ critical analysis of the news broadcast will serve as the students’ assessment of their knowledge of macroeconomics; the students are encouraged to identify political bias and any reporter’s bias.
Students will summarize economic business news articles. The short summaries (300 to 500 words) will be turned in on the second Wednesday of each month and the last class meeting for each month. Summaries are due on the assigned dates; however, summaries, with applicable penalty, will be accepted within one week of the assigned date. Late assignments are assessed a 20 percent penalty; after one week from the due date, late assignments will not be accepted. The grades of the summaries will be averaged and will be worth the equivalency of a test grade. Each summary will be graded for content, grammar, spelling, and appearance. They must be typed or computer generated. Summaries must be in the MLA format; if the student doesn’t know the MLA, the student is encouraged to use the library for research. The article must be attached as the last page to the summary.
The last paragraph of the summary will include how the article’s thesis impacted the student and his/her family.
Articles will be graded as follows:
current article, within the past 30 days -20 points
spelling errors -10
repeated spelling error -3
grammatical error -3
format error -5
punctuation errors -1
not an economic business article -10
plagiarism -30
The students’ summary of the article and comments will serve the instructor as an assessment of the students’ knowledge of macroeconomics.
Students will answer any supplementary problems or assigned questions in the textbook. These may be collected and graded for a homework grade. Assigned homework is due on the assigned date; however, homework, with applicable penalties, will be accepted within one week of the assigned date. A twenty percent penalty will deducted from the score. The students’ oral or written responses will serve the instructor as an assessment of the students’ knowledge of macroeconomics.
Exams and Make-ups: The exams consist of true/false, multiple choice, short answer, or essay question. The instructor reserves the right to deviate from the described test format. Test results and scores will only be distributed in class after the tests have been graded; usually, this is the next scheduled class period.
Do not call the college or the instructor for your grades. At mid-term and finals, grades are posted on Campus Connect. If you ask the instructor for your final grade, your final grade will be reduced by a letter grade.
If a student misses a scheduled exam, the instructor and the student will schedule a date for the make-up exam. Only one missed exam will be permitted per semester per subject. Emergencies and sudden illnesses will be taken into consideration.
Students will not be allowed to retake an exam for any reason.
Assessment Points: 100 points each exam
50 points collected and graded homework
100 points each news articles
Grading Scale: 90-100 A
80-89 B
70-79 C
60-69 D
Below 60 F
Academic Dishonesty Policy: Cheating will not be tolerated. The first offense will result in an "F" for that grade and the second offense may result in dismissal from the course.
Black River Technical College seeks to be in compliance with both the spirit and the letter of the law as stated in Section 504 of the Rehabilitation Act, as amended, and the Americans with Disabilities Act.
Students seeking ADA accommodations must contact Mr. Jim Ulmer, Director of Disability Support Services, P. O. Box 468, Pocahontas, AR 72455. Phone 870-248-4000 X4011 or Fax 870-248-4100 or jamessu@blackrivertech.org. Contact must be made two weeks prior to beginning date of each enrollment period.
Course Schedule
Activity Subject
Chapter 1 The Nature and Method of Economics
Chapter 2 The Economizing Problem
Chapter 3 Understanding Individual Markets: Demand and Supply
Unit Test
Chapter 4 The Market System
Chapter 5 The U.S. Economy: Private and Public Sectors
Chapter 6 The United States in the Global Economy
Unit Test
Chapter 7 Measuring Domestic Output, National Income, and the Price Level
Chapter 8 Introduction to Economic Growth, Unemployment, and Inflation
Unit Test
Chapter 9 Building the Aggregate Expenditures Model
Chapter 10 Aggregate Expenditures: The Multiplier, Net Exports, and Government
Chapter 11 Aggregate Expenditures
Chapter12 Fiscal Policy
Unit Test
Chapter 13 Money and Banking
Chapter 14 How Banks Create Money
Chapter 15 The Federal Reserve
Unit Test
Chapter 16 Alternative Views
Chapter 17 The Inflation-Unemployment Relationship
Chapter 18 Budget Deficits and the Public Debt
Chapter 19 Economic Growth
Unit Test
**This syllabus is tentative and is subject to change, if necessary.