Fall 2016-2017
SYLLABUS
ECO 231 Principles of Macroeconomics
3 Semester Credit Hours A 3 Contact Hours
I.Course Description
This course is an introduction to macroeconomic theory, analysis, and policy applica-
tions. Topics include: scarcity, demand and supply, national income analysis, major
economic theories concerning monetary and fiscal policies as stabilization measures,
the banking system, and other economic issues or problems including international
trade.
II.Prerequisite
None
III.Course, Textbook, Manuals, or Other Required Materials
Tucker, Irvin B. Economics for Today. 9th ed. Mason, OH: South-Western Cengage Learning, 2015.
IV.Course Learning Outcomes
The student should be able to successfully understand and apply the following course
objectives:
A.The role of scarcity and how it plays out in today’s economics.
B.The concepts of supply and demand and market equilibrium.
C.The major goals of macroeconomic policy and the tools measuring economic
performance.
D.The concepts of aggregate demand and aggregate supply and how these are used
within theories of macroeconomic problems.
E.The major economic theories and policies and how they address macroeconomic
goals.
F.The American banking system and the functions of the Federal Reserve System.
G.The impact of macroeconomic policies on international trade and economic
development.
V.Activities Promoting General Education Outcomes
A.Communication
1.Reading textbook material is required.
2. Classroom discussion will require students to use and improve their
listening and speaking skills.
B.Cognition
1.Creative thinking is encouraged through classroom discussions where
students confront hypothetical economic issues.
2.Skills relating to quantitative reasoning are enhanced by studying macro-
economic equations, i.e., GDP = C + I + G + (X-M);
real GDP = nominal GDP______x 100;
GDP chain price index
unemployment rate = unemployed______x 100;
civilian labor force
CPI; annual rate of inflation, etc.
3.Problem solving abilities are used when working with equation as
mentioned in 2 above.
VI.Outline of Course Topics
A.Scarcity
B.Factors of production
C.Production possibilities
D.Supply and demand
E.Market equilibrium
F.Opportunity costs
G.Economic measurements
H.GDP
I.Classical vs. Keynesian Employment Theories
J.Aggregate demand and aggregate supply
K.Multiplier
L.Money, banking and monetary policy
M.Fiscal policy
N.International trade
O.Average and marginal propensities
P.Basic math skills for economics
Q.Other relevant macroeconomic issues and problems
VII.Methods of Instruction
Exams
In-class assignments
VIII. Evaluation and Assessment
A.Course Grade Assessment
1.All exams will incorporate communication and cognition general education outcomes.
2.One hundred per cent of the student’s grade will come from in-class exams andin-class assignments.
3.Grades will be earned based upon: A = 90-100%
B = 80-89%
C = 70-79%
D = 60-69%
F = below 60%
B.Departmental Assessment of General Education Outcomes
Exams will test on material from text, lectures and classroom discussions so
students will need to read textbook material as well as listen and participate
in classroom discussion. Also, creative thinking, quantitative reasoning and
problem solving will be included in each test through the use of macroeconomic
equations and hypothetical situations. Every five years all ECO 231 instructors (day, evening, internet, and dual enrollment) will conduct an assessment of the course. The appropriate forms will becompleted by each instructor and submitted to the division chair.
C.Use of Assessment Findings
During the Fall In-service of the year following the scheduled review of ECO
231, a committee will review all course assessment materials submitted by the
instructors and division chair. The committee will send a report of any recom-
mended curriculum changes to the division chair who will then submit them to the
Curriculum Committee, a copy will be filed with the Office of Instructional
Effectiveness.
IX.Attendance
Students are expected to attend all classes for which they are registered. Students who
are unable to attend class regularly, regardless of the reason or circumstance, should
withdraw from that class before poor attendance interferes with the student’s ability to
achieve the objectives required in the course. Withdrawal from class can affect eligibility
for federal financial aid.
X.Statement on Discrimination/Harassment
The College and the Alabama State Board of Education are committed to providing both
employment and educational environments free of harassment or discrimination related
to an individual’s race, color, gender, religion, national origin, age, or disability. Such
harassment is a violation of State Board of Education policy. Any practice or behavior
that constitutes harassment or discrimination will not be tolerated.
XI.Statement of Adherence to ADA Guidelines
Instructors will adhere to the Americans With Disabilities Act and/or Section 504 of the
Rehabilitation Act (1973) and will publish the following statement on course outlines
given to students at the beginning of each semester: “Any individual who qualifies for
reasonable accommodations under the Americans With Disabilities Act or Section 504 of
the Rehabilitation Act (1973) should notify the instructor immediately.”
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