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:
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: The Economic Way of Thinking
Chapter 2: Supply and Demand: The Basics
TEST 1:
Chapter 3: Supply, Demand, and Elasticity
Chapter 4: In Search of Prosperity and Stability
TEST 2:
Chapter 5: The Circular Flow of Income and Expenditures
Chapter 6: Measuring Economic Activity
TEST 3:
Chapter7: The Banking System and Regulation
Chapter 8: Money and Central Banking
TEST 4:
Chapter 9: Prices and Real Output in the Short Run
Chapter 10: Fiscal Policy
TEST 5:
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:
1) grasp what economics is
2) define opportunity cost
3) interpret the production possibility frontier (curve)
4) define scarcity
5) define entrepreneurship
6) understand choices and trade offs
7) differentiate capitalism, socialism and communism
8) grasp supply and demand
9) define markets
10) analyze the price system
11) define equilibrium
12) differentiate shortage and surplus
13) understand elasticity
14) apply concepts of elasticity
15) analyze the business cycle
16) calculate unemployment rate
17) assess unemployment
18) understand circular flow
19) illustrate the planned expenditure model
20) illustrate the planned saving model
21) calculate marginal propensity to consume and save
22) calculate average propensity to consume and save
23) apply the multiplier
24) define gross domestic product
25) assess GDP for price changes
26) calculate GDP
27) compute price indexes and GDP
28) define money
29) define the money supply
30) examine how banks operate
31) complete a banks balance sheet
32) define monetary policy
33) define the functions of the federal reserve system
34) explain how banks create money
35) calculate the velocity of money
36) understand aggregate supply and demand
37) understand fiscal policy
38) define budget surplus and deficit
39) explain the national debt
40) explain wage and price controls
41) understand the Phillips curve
42) analyze inflation and the quantity of money
43) understand income policy
44) explain productivity
45) calculate change in productivity
Revised Aug 10, 2011