SHAWANO COMMUNITY HIGH SCHOOL
Macro-Economics
Dr. Grams 526-2175
Texts:
Economics of Macro Issues by Miller and Benjamin
A Basic Reader by Bettina Bien Greaves
Macroeconomics by McConnell and Brue, 17th Edition
AP Workbook
Macroeconomicslooks at the big picture (hence "macro"). Itfocuses on the national economy as a whole and provides a basic knowledge of how things work in the business world. For example, people who study this branch of economics would be able to interpret the latest Gross Domestic Product figures or explain why a 6% rate of unemployment is not necessarily a bad thing. Thus, for an overall perspective of how the entire economy works, you need to have an understanding of economics at both the micro and macro levels.
The course will consist of these major areas: Assignments and outline are subject to change.
Part 1: Grasping the Basics of Economic Thinking/Review Basic Economic Concepts
I. WHAT IS ECONOMICS? STUDENTS WILL review:
A. Thinking like an Economist
B. Scarcity and the Basic Economic Questions
C. Markets and Circular FlowArticle 1
D. Scales of Values, Opportunity Costs, and SpecializationQuiz 1
E. Supply, Demand and PricesQuiz 2
F. U.S. Economy: Private and Public Quiz 3
G. U.S. in the Global Economy Exam I
II. Gross Domestic Product and Economic Sectors
A. Overview of Gross Domestic Product
1. Household Consumption Sector Article 2
2. Business-Investment Sector
3. Government Sector
4. Export-Import Sector Quiz 4
5. Expenditure approach Y = C+I+G+NX where
Y = GDP
C = Consumption
I = Investment
G = Government Purchases
NX = Net Exports
6. Income approach (W+R+P) where
W = Compensation of Employees (wages)
R = Rental Income of Persons
P = Profits (Non-income adjustments)
b. Discuss the components of national income accounting
1. Aggregate Demand
2. Aggregate Supply
3. Four other ways to measure national income Quiz 5
other than GDP
4. Distinguish between Real GDPand current GDP
5. Macroeconomic Equilibrium
C. Introduction to Economic Growth and Stability
1. Economic Growth
2. The Business Cycle
3. UnemploymentArticle 3
4. Inflation
D. What are the Relationships within Macroeconomics?
1. Income-Consumption and Income-Savings
2. Interest Rates and Investment
3. The MultiplierExam 2
III. Economic Models and Fiscal Policy
A. Aggregate ExpendituresQuiz 6
B. Aggregate Demand and Supply
C. Deficits and Debt!!! Exam 3
IV. Money and Monetary Policy
A. Money and Banking Quiz 7
B. Money Creation Article4
C. The Federal Reserve and Monetary Policy Exam 4
V. The Long-run (We won’t all be Dead!)
A. Short-run Long-run EquilibriumsArticle 8
B. Inflation-Unemployment Relationship
C. The Phillip’s Curves
D. TaxationExam 5
VI. Macroeconomic Theories and Issues
A. Austrian Business CyclesQuiz 8
B. Classical versus Keynesian EconomicsArticle 9
C. Keynesian Consumption Function Quiz 9
D. Monetarist, New Keynesian, Neo-Classical
E. Business Cycles, unemployment, inflation, growthExam 6
VII. International Economics
A. Economic Growth and Development
B. International Trade
1. Explain absolute and comparative advantagesQuiz 10
2. Debate free trade and protectionist policies
3. Discuss the impact of trade imbalancesArticle 10
C. International Finance
1. Explain the differences of fixed and variable exchange rates
2. What is the Gold standard Exam 7
Grades: Grades are based on 5 areas 1) homework, 2) tests, 3) quizzes from daily homework, 4) class preparedness/participation, and 5) application projects.
Tests20
Homework20
Participation20
Quizzes20
Projects20
100%
Final Exam will be AP Format – 60 Multiple Choice Questions and three Free Response Questions [CR6]
93-100 A
90-92 A-
87-89 B+
83-86 B
80-82 B-
77-79 C+
73-76 C
70-72 C-
67-69 D+
63-66 D
60-62 D-
<60F
COURSE SUPPLIES:
Bring the following to class each day:
- Notebook (for Economics only)
- Folder (for study guides and handouts)
- Pen or pencil
CLASSROOM EXPECTATIONS:
- RESPECT/RESPONSIBILITY/SAFETY
- Attendance: It is your responsibility to get missing work for absences, planned absences, and school activities. You are expected to attend class, to arrive on time and remain throughout the class period. I understand that occasionally situations arise that require you to leave early or arrive late. I take it as a personal courtesy to let me know at the beginning of the class if you have to leave class early. I reward faithful attendance by awarding up to 50 extra credit points at the end of the semester.
- Tardy: Be in the room when the bell rings, 1 without penalty. Each and every one following will go against your participation grade.
- Failure to bring needed supplies will result in a tardy.
- Absolutely no eating, drinking, in the Social Studies Pod. Gum is okay until abused, and then privileges are lost.
- Assignments must be done in a neat and professional manner.
- Assignments without a name on it will receive a reduced grade.
- Discipline! Doing what you are supposed to do when you are supposed to do it. Being where you aresupposed to be when you are supposed to be there.
- I expect you to read assigned material before coming to class. I expect you to turn in assignments when they are due.
- You are expected to abide by an honor code in all you do for this course. Plagiarism is defined as “an act of academic dishonesty.” A student must not adopt or reproduce ideas, words, or statements of another person without appropriate acknowledgement.” Cheating, copying, and plagiarism on any assignment will be an automatic F (zero).
- I do not like late work! Late work is a burden on me from a grading requirement, unfair to students who discipline themselves to turn in assignments on time, and often leads to cheating. Recognizing that there may be instances when you simply cannot get work turned in, I will make the following accommodations: I will accept late assignments up to one week after the due date, but will assess you a 20% penalty for being late.Beyond one week, I will not accept late assignments.
Quizzes – We will have 10 quizzes over the course of the semester. Sometime toward the end of the semester I will declare free quiz day and award a quiz number 11 score that is equal to your highest quiz score earned during the semester to all students in attendance on that day. Of the total 11 possible quiz scores, I will count the ten highest scoring quizzes for grading purposes.
Journal Articles – The journal articles reports are due on an almost bi-weekly schedule over the course of the semester. They should be submitted electronically. I will give a due date for each report and accept it until the next article is due. Once the due date for the succeeding article arrives, no prior articles will be accepted. The following learning style assignments can be done in lieu of first article.
Myers/Briggs Learning Styles Quiz
Felder-Solomon Survey Learning Styles Quiz
Exams – We will have a total of six exams during the semester, of which five will be counted for grading purposes. I will drop your lowest exam grade. If you miss an exam and want to make it up, it will be subject to the Late Work penalty above. In addition, I will only allow you to make up one exam during the semester.
Macro Economics Syllabus, I have read and understand…….
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