Study Guide and Syllabus(Rev. 7/12)

Principles of Economics 2301

Study Guide and Syllabus(rev. 7/12)

R. Foster, MBA

CM 214 Conference: 7th period

281-245-3000, ext. 4234

Twitter: @alvinmsfoster-start following me

Supplies for class:

Book and Notebook for notes

Calculator, colored pencils

Book:

Macroeconomics; Krugman and Wells 2nd Ed.

Publisher: Worth

ISBN-13: 978-0-716-77161-6

ISBN-10: 0-7167-7161-6

Course Description (3 credits)

This course is an analysis of economic aggregates. Aggregates describe the economy as a whole: economic basics, inflation, unemployment, economic growth, money and monetary policy, economic indicators, and current policies and problems. This course presents problems of fiscal and monetary policy and places primary emphasis on critical understanding of the economy’s ability to meet the needs of its people participating as workers, consumers and citizens.

General Objectives:

1. The fundamental goals of this course are as follows:

a. Understand the basic theories, concepts, and ideas used by all economists to discuss and explain economic phenomenon.

b. Understand the methods and techniques to analyze data and events.

c. Understand the development of economic analysis by comparing past economic thought to current economic thought.

d. Understand the use and purpose of fiscal and monetary policies.

e. Understand the problems associated with inflation and unemployment, the goal and objective of economic growth, and related current issues in macroeconomics.

f. Understand the interdependence of the United States to the world.

g. Evaluate and analyze current events related to economic theory.

2. Once the course is completed the student should be able to:

a. Understand the logic of the basic theories and concepts used to explain economic events.

b. Analyze government policies designated to achieve certain goals and objectives to deal with specific problems.

c. Read and understand current economic conditions as they relate to past and present individual and world circumstances.

Student Objectives:

1. This is a college level course for which you will receive high school credit.

2. Students must read the book chapters and outside readings assigned for each unit. These readings are imperative to class discussion.

Grades-Grading format (per semester)

Your final grade is based on your capacity to demonstrate your ability to perform the objectives and required skills for each unit. Your college grade will be converted to your Alvin High School grade at the end of the semester.

Type of evaluation / Percentage % Value
Summative assessments (including unit exams, research papers and presentations, individual and group projects / 60%
Formative assessments and homework (quizzes, essays, worksheets, simulations and case studies) / 40%

There will be due dates and deadlines for all assignments. No work is accepted late as this is a college course. Work is accepted during your class period only.

Essays:

From time to time, you will be given an essay to complete at home that critiques a subject of discussion. Sometimes the assignment will be given as a handout or other times it will be posted on twitter, or come from a companion website.

Worksheets:

These assignments will normally be due the next day of class. Unless specifically noted by the teacher, the assignment is an individual obligation. Collaboration with other classmates will not help you learn the material and will be considered cheating. Cheating is a serious offense and all parties will receive a zero (0), without exception.

Quizzes:

It can be argued that your greatest tool for success in this course is the textbook. It is for this reason you will be quizzed weekly over material in the book. Quizzes may be given in any format and can vary in duration. Each reading assignment will be one or more chapter in length. You are highly encouraged to read each chapter more than once in order to help you understand and retain large amounts of information in each chapter.

Research and presentation:

You will be given an assignment to research, write a paper and create a visual presentation. Guidelines, due dates and grading rubric will be given out when assigned. All research papers must be typed and double spaced in no larger, or smaller, in size to a 12 point, “Times New Roman”. Late Research work will not be accepted. A minimum of six (6) sources will be required, and Wikipedia is not considered a valid source. You will be expected to give a short presentation on the findings of your paper. You are expected to find an interesting and unique way to present your findings to the class. Understand that I am very internet savvy and I do check for plagiarism is illegal and unethical!!! A paper with any degree of plagiarism will receive a grade of a zero (0). All research topics must be approved by me.

Projects:

You will be given an assignment to complete outside of class. It is your responsibility to make sure you have a current and active school computer password. If you do not have an active password now, you need to register for one before or after school with in a week of the start of class.

Class Discussion/Seminars:

It is critical that everyone participate in class discussions and class activities in order to get a variety of viewpoints on the subjects that we are covering. Class discussions are an integral part of this course and every student is required to respond when questioned and encouraged to give input to class discussion.

Reassessment:

This is a college course and there is no re-testing.

Extra Credit: none

Absences: You are responsible for all work when you are absent. A quiz or test missed due to absences MUST be made up within 5 days of the absence or a grade of zero(0) will be posted for that assignment. Make-up tests/quizzes are your responsibility. It is also your responsibility to collect and complete any assignments/notes you missed. Class time will not be used to re-teach or ‘catch-up’ on material missed when you were absent.

Extra Help and communications:

Grades are posted online, if you need help attend tutoring. E-mail me or send a ‘tweet”.

Electronic devices: Put them away, they are not more important than your grade in class. You will be allowed to use electronic device in class when allowed.

Economics 2301 Scope and Sequence

Unit 1: Basic Economic Concepts

11 days

Unit 2: Markets

11 days

Unit 3: Measuring Economic Performance

11 days

Unit 4: Determining National Income

11 days

Unit 5: Stabilization Policy and Economic Growth

8 days

Research project: Posted on website with deadline

Up to 10 for presentations

Final Exams: 1 week

Dual Credit classes cannot exempt finals.

Economics 2301-Scope and Sequence © Robin Foster

Unit 1-Basic Economic Concepts
Objective (SWBAT) / Agenda / Reading / Assessment
1 / Understand course expectations and syllabus / Introduction
Go over syllabus
2 / Define and explain trade-offs and opportunity costs / Powerpoint: Scarcity, Opportunity Cost, PPF
Economic goals worksheet / Mayer pg. 1-8
M&B-Ch 1 w/appendix
M&B-Ch 2 pg. 22-25
5/5-Ch 1 pg. 39-42
5/5-2-Ch 5 pg. 49-53 / Unit 1 Exam
3 / Understand and use the PPF model to evaluate opportunity cost and the level of employment in the economy. / NCEE workbook activity pp 5-8
PPF Gallery Walk / M&B-Ch 2 pg. 25-34
5/5 Ch 1 pp 42-44; 47-49
5/5-2 Ch 5 pg. 53-55; 58-59 / Unit 1 Exam
4 / Distinguish between absolute and comparative advantage; apply the principle of comparative advantage to determine mutually beneficial terms of trade, identify comparative advantage from differences in opportunity cost / Powerpoint-Comparative advantage
NCEE Workbook pg. 12-14
Practice trade FRQ in small groups / Mayer pg. 9-19
M&B-Ch 6
5/5 Ch 1. Pg. 45-47
5/5-2 Ch. 5 pg 55-57 / Unit 1 Exam
Trade FRQ
5 / Identify the functions formed by an economic system / Trade FRQ
Trade barriers worksheet
Powerpoint-Economic systems
Compare/contrast Command and Market Economies / Mayer pg. 21-28 / Unit 1 Exam
6 / Define money, identify characteristics and functions of money, classify money as either M1 or M2 / Read Trade FRQ
Powerpoint-Money
NCEE workbook activity pg. 184-189 / Mayer pg. 29-36
M&B Ch 13. Pg 244-254
5/5 Ch 12 pg. 212-217
5/5-2 Ch 16 pg. 232-238 / Unit 1 Exam
7 / Understand and calculate the time value of money, understand the difference between nominal and real interest rates (Fisher effect) / Powerpoint-Money
Practice FRQ’s-Nominal vs. Real interest rates / Mayer pg. 37-39
M&B-Ch 13 pg. 244-254
5/5-Ch 12 pg. 212-217
5/5-2-Ch 16 pg. 232-238 / Unit 1 Exam
8 / Understand how fractional reserve banking functions to create money in the economy. Calculate the money multiplier. Determine the effects of Federal Reserve policy decisions on bank balance sheets, loans in the banking system and the money supply. / Powerpoint-Multiple Deposit Expansion
NCEE Workbook pg. 195
Practice FRQ’s in pairs / Mayer pg. 39-47
M&B Ch. 14
5/5 Ch 12 pg. 218-220
5/5-2 Ch 16 pg. 239-241 / Unit 1 Exam
Multiple deposit expansion-FRQ
9 / Understand how fractional reserve banking functions to create money in the economy. Calculate the money multiplier. Determine the effects of Federal Reserve policy decisions on bank balance sheets, loans in the banking system and the money supply. / Powerpoint-Multiple Deposit Expansion
NCEE Workbook pg. 195
Practice FRQ’s in pairs / Mayer pg. 39-47
M&B Ch. 14
5/5 Ch 12 pg. 218-220
5/5-2 Ch 16 pg. 239-241 / Unit 1 Exam
Multiple deposit expansion-FRQ
10 / Review prior lessons in preparation for the exam. / Read Multiple Deposit FRQ
Practice AP MC
Review / Mayer pg. 1-47 / Unit 1 Exam
11 / Demonstrate mastery (70%) of all content learned in Unit 1 / Unit 1 exam / Mayer pg. 1-47
Unit 2- Markets
Date / Objective (SWBAT) / Agenda / Reading / Assessment
1 / Understand and graph demand. Know the determinants of demand and demonstrate the effects of changes in determinants on demand. Differentiate between movement along and movement of the demand curve. / Debrief Unit 1 exam
Powerpoint-Supply and Demand
Video Lesson: Supply and Demand
NCEE workbook-pg. 19 / Mayer g. 49-55
M&B Ch. 3 pg. 40-49
5/5-Ch 2 pg. 52-61
5/5-2 Ch 6 pg. 63-72 / Unit 2 Exam
S&D FRQ
2 / Understand and graph supply. Know the determinants of supply and demonstrate the effects of changes in determinants on supply. Differentiate between movement along and movement of the supply curve. Determine how equilibrium price and quantity are determined in a competitive market / Powerpoint-Supply and Demand
Video Lesson: Supply and Demand
NCEE workbook-pg 25, 29-31 / Mayer pg. 56-62
M&B Ch 3 pg. 49-55
5/5 Ch 2 pg. 61-66
5/5-2 Ch 6 pg. 72-77 / Unit 2 Exam
S&D FRQ
3 / Evaluate how changes in supply and demand determinants affect equilibrium price and quantity in a competitive market / Powerpoint-Supply and Demand
Video Lesson-Supply and Demand
S&D practice
Begin Supply and Demand forced march!! / Mayer pg. 49-62
M&B Ch 3 pg. 49-55
5/5 Ch 2 pg. 61-66
5/5-2 Ch 6 pg. 72-77 / Unit 2 Exam
S&D FRQ
4 / Evaluate how changes in supply and demand determinants affect equilibrium price and quantity in a competitive market / Begin forced march, single file lines please!!! / Mayer pg. 49-62
M&B Ch 3 pg. 49-55
5/5 Ch 2 pg. 61-66
5/5-2 Ch 6 pg. 72-77 / Unit 2 Exam
S&D FRQ
5 / Demonstrate the effects of price floors and price ceilings on competitive markets and understand the development of “black markets”. / S&D FRQ
Powerpoint-Supply and Demand / Mayer pg. 87-96 / Unit 2 Exam
Price Floor/ceiling FRQ
6 / Understand the loanable funds theory of interest rate determination in an open, competitive market. Connect changes in saving and borrowing behaviors to changes in the loanable funds market in and the real interest rate / Read S&D FRQ
Price Floors/Ceilings FRQ
Powerpoint-Loanable Funds
Loanable Funds worksheet / Mayer pg. 97-99
M&B Ch 9 pg. 166-172
5/5 Ch 9 pg. 174-177
5/5-2 Ch. 13 pg. 191-194 / Unit 2 Exam
Loanable Funds FRQ
7 / Understand the liquidity preference theory of interest rate determination in the money market. Evaluate the effects of Federal Reserve policy on the money supply and changes in nominal GDP on the demand for money. Understand the components of money demand. Contrast the money market with the loanable funds market. / Read S&D FRQ
Read Price Floor/Ceilings FRQ
Loanable Funds FRQ
Powerpoint: Money Market
Money Market worksheet / Mayer pg. 99-107
M&B Ch 13 pg. 244-254
5/5 Ch 12 pg. 212-217
5/5-2 Ch 16 pg. 232-238 / Unit 2 Exam
Money Market FRQ
8 / Determine who exchange rates come about in the foreign exchange market. Understand the factors that affect supply and demand for currency. Connect changes in trade and financial flows with changes in the exchange rate / Read Price floors/ceiling FRQ
Money Market FRQ
Powerpoint: Foreign exchange
Foreign exchange worksheet
Video Lesson #1: The Frenchman and the Sombrero
Video Lesson #2: Let’s Buy German / Mayer pg 109-114
M&B Ch 38 pg. 756-769
5/5 Ch 13 pg. 234-237
5/5-2 Ch 17 pg. 255-258 / Unit 2 Exam
FOREX FRQ
9 / Classify and calculate the different components in the Balance of Payments… Connect changes in the balance of payments with changes in the goods, loanable funds an foreign exchange markets / FOREX FRQ
Powerpoint-Balance of Payments
Balance of Payments Worksheet
NCEE pg. 302
Video Lesson: Balance of Payments
Powerpoint: Self Correcting Balance of Trade / Mayer pg. 114-119
M&B skim Ch. 37, read Ch 38 pg. 752-756
5/5 Ch. 13 pg. 228-234; 237-239
5/5-2 Ch 17 pg. 249-255; 258-260 / Unit 2 Exam
Balance of Payments FRQ
10 / Review prior lessons in preparation for exam / Read FRQ’s
Practice AP MC / Mayer pg. 49-62; 87-119 / Unit 2 Exam
11 / Demonstrate mastery of all content learned in Unit 2 / Unit 2 Exam
Unit 3-Measuring Economic Performance
Date / Objective (SWBAT) / Agenda / Reading / Assessment
1 / Relate the private, public, foreign and financial sectors of the economy using the circular flow model / Powerpoint-circular flow
3D circular flow / Mayer pg. 121-128
M&B Ch 2 pg. 34-35
5/5-Ch 8 pg. 153-154
5/5-2 Ch. 12 pg. 169-171 / Unit 3 Exam
2 / Define real Gross Domestic Product and calculate real GDP using the expenditure and income approach. Classify expenditures and income / Powerpoint-GDP
Counted or not?
NCEE Workbook pg. 71-73 / Mayer pg. 129-137
M&B Ch. 7
5/5 Ch 8 pg. 155-160
5/5-2 Ch 12 pg. 171-176 / Unit 3 Exam
GDP FRQ
3 / Differentiate between real and nominal GDP. Deflate nominal GDP to arrive at real GDP. / Powerpoint-GDP
NCEE Workbook pg. 68-70 / Mayer pg. 137-141
M&B Ch. 7
5/5 Ch 8 pg. 155-160
5/5-2 Ch 12 pg. 171-176 / Unit 3 Exam
GDP FRQ
4 / Define, classify various labor force measures / GDP-FRQ
Students figure out unemployment activity
Powerpoint-Business Cycle and Unemployment
Classifying Unemployment
NCEE Workbook pg. 85,87 / Mayer pg. 143-149
M&B Ch 8 pg. 136-146
5/5 Ch 8 pg. 160-161; 165-166
5/5-2 Ch 12 pg. 176-177; 181-183 / Unit 3 Exam
Unemp. FRQ
5 / Differentiate between actual unemployment and natural rate of unemployment and the factors that influence each. Understand criticisms of unemployment statistics. / Real GDP FRQ
Powerpoint-Business Cycle and Unemployment / Mayer pg. 149-152
M&B Ch 8 pg. 136-146
5/5 Ch. 8 pg 160-161; 165-166
5/5-2 Ch 12 pg. 176-177; 181-183 / Unit 3 Exam
Unemp FRQ
6. / Understand inflation and how it is measured. Evaluate the cost of inflation by constructing price indices. Know the difference between various inflation measures and the criticisms of each / Read GDP FRQ
Unemployment FRQ
NCEE Workbook pg. 68, pg 75-76 / Mayer pg. 153-163
M&B Ch 8 pg. 146-154
5/5 Ch 8 pg. 161-164
5/5-2 Ch 12 pg 177-181 / Unit 3 exam
Inflation FRQ
7 / Determine the beneficiaries and victims of unanticipated inflation / Read Unemployment FRQ
Inflation Monster
Winners and losers from inflation / Mayer pg. 158-160
M&B Ch 8 pg. 146-154
5/5-Ch 8 pg. 161-164
5/5-2 Ch 12 pg. 177-181 / Unit 3 Exam
Inflation FRQ
8 / Review prior lessons in preparation for exam / Read Unemployment FRQ
Inflation FRQ
Practice AP MC / Mayer pg. 121-160 / Unit 3 exam
9 / Demonstrate mastery of Unit 3 content / Unit 3 exam / Mayer pg. 121-160
Unit 4-Determining National Income
Date / Objective (SWBAT) / Agenda / Reading / Assessment
1 / Describe the determinants of consumption and savings. Calculate both average and marginal propensities to consume. / Debrief unit 3 exam
Read Inflation FRQ
Powerpoint Consumption and Savings
NCEE Workbook pg 111-112 / Mayer pg. 132-134
M&B Ch 9 pg. 159-166
5/5 Ch 9 pg. 170-174
5/5-2 Ch 13 pg. 187-191 / Unit 4 Exam
2 / Understand the determinants of gross private investment. Combine net investment and depreciation to arrive at gross investment. Graph the investment demand model / Powerpoint-Investment Demand
NCEE workbook pg. 119-121 / Mayer pg. 134-135
M&B Ch 9 pg. 166-172
5/5 Ch 9 pg. 174-177
5/5-2 Ch 13 pg. 191-194 / Unit 4 Exam
3 / Calculate spending and tax multipliers
Understand balanced budget multiplier / Powerpoint –Multipliers
NCEE Workbook pg. 116-117 / Mayer pg. 172-173
M&B Ch 10 pg. 182-186; Ch 11 pg. 203-209
5/5 Ch 9 pg 177-180; Ch 10 pg 183-186
5/5-2 Ch 13 pg 194-197; Ch 14 pg 201-204 / Unit 4 Exam
Multiplier FRQ
4 / Understand and graph the aggregate demand curve / Multipliers FRQ
Powerpoint-Aggregate Demand
NCEE workbook pg. 123-125 / Mayer pg. 172-173
M&B Ch 10 pg. 182-186; Ch 11 pg. 203-209
5/5 Ch 9 pg 177-180; Ch 10 pg 183-186
5/5-2 Ch 13 pg 194-197; Ch 14 pg 201-204 / Unit 4 Exam
AD/AS FRQ
5 / Understand and graph the short run and long run aggregate supply curve. Determine national output and the average price level using the aggregate supply/aggregate demand model / Read multipliers FRQ
Powerpoint-Aggregate Supply
Powerpoint-AD/AS model
Video Lesson-AD/AS model
NCEE Workbook pg. 128-129 Part B / Mayer pg. 167-169
M&B Ch 11 pg 209-213
5/5 Ch 10 pg. 186-188
5/5-2 Ch 14 pg.. 204-207 / Unit 4 Exam
AD/AS FRQ
6 / Use the AD/AS model to illustrate demand pull and cost push inflation. Graph initial conditions for an economy in a recession, full-employment and inflationary gap / Read multipliers FRQ
Powerpoint-AD/AS model
Video Lesson-AD/AS model
NCEE workshop pg 131-134 / M&B Ch 11 pg. 214-220
5/5 Ch 10 pg. 188-194
5/5-2 Ch 14 pg. 207-212 / Unit 4 Exam
AD/AS FRQ
7 / Understand how classical and Keynesian assumptions influence the outcomes in the AD/AS model / AD/AS FRQ
Powerpoint-AD/AS model
Video lesson-self correcting economy
Keynesian/Classical Venn / Mayer pg 170-173
M&B Ch 16 pg. 306-311 / Unit 4 Exam
AD/AS FRQ #2
8 / Use the Phillips Curve to understand the inflation, unemployment trade-off that may or may not exist. Relate the AD/AS model to the Phillips Curve / Read AD/AS FRQ
AD/AS FRQ #2
Powerpoint-Phillips Curve / Mayer pg. 173-175
M&B Ch 16 pg. 311-316
5/5 Ch 10 pg. 194-197
5/5-2 Ch 14 pg. 212-215 / Unit 4 Exam
Phillips Curve FRQ
9 / Analyze the Phillips Curve o show the transition from the short run to the long run. / Read AD/AS FRQ
Read AD/AS FRQ #2
Phillips Curve FRQ
Powerpoint-Phillips Curve / Mayer pg. 173-175
M&B Ch 16 pg. 311-316
5/5 Ch 10 pg. 194-197
5/5-2 Ch 14 pg. 212-215 / Unit 4 Exam
Phillips Curve 2 FRQ
10 / Review prior lessons in preparation for exam / Read AD/AS 2 FRQ
Read Phillips Curve FRQ
Phillips Curve 2 FRQ
Practice AP MC / Mayer pg 132-175 / Unit 4 Exam
11 / Demonstrate mastery of all content in Unit 4 / Unit 4 Exam
Read Phillips Curve FRQ
Phillips Curve 2 FRQ / Mayer pg 132-175
Unit 5-Stabilization Policy and Economic Growth
Date / Objective (SWBAT) / Agenda / Reading / Assessment
1 / Analyze the impact of fiscal policy on the AD/AS model and Phillips curves. Determine the effects of fiscal policy on the government’s budget balance. Define crowding out. Differentiate between short run and long run effects / Debrief unit 4 exam
Read Phillips FRQ 2
Powerpoint-Mechanics of Fiscal Policy
NCEE Workbook pg 152-153; 156 / Mayer pg 171-173
M&B Ch 12 pg 224-226
5/5 Ch 11 pg 200-206
5/5-2 Ch 15 pg. 219-225 / Unit 5 Exam
Fiscal Policy FRQ
2 / Analyze the impact of monetary policy on the AD/AS model and Phillips Curves. Differentiate between short run and long run effects / Fiscal policy FRQ
Powerpoint-Mechanics of Fiscal Policy
NCEE Workbook pg. 203
Video Lesson-Mechanics of Monetary Policy
Video Lesson-Graphing Monetary Policy / Mayer pg. 177-187
M&B Ch 15
5/5 Ch 12 pg.220-223