ECON111 Principles of Economics - Macro

Department of Social & Behavioral Science: Economics

I. Course Number and Title
ECON111 Principles of Economics - Macro
II. Number of Credits
3 credits
III. Minimum Number of Instructional Minutes Per Semester
2250 minutes
IV. Prerequisites
V. Other Pertinent Information
VI. Catalog Course Description
An introduction to the basic principles of economics, with emphasis upon macroeconomic theory and analysis. Among topics considered are the scope and nature of economics, ideology and structure of the American economy, national income and employment theory, business fluctuations, money and banking, fiscal and monetary policies, and economic growth.
VII. Required Course Content and Direction
  1. Learning Goals:

    Students will:
    1. demonstrate knowledge of macroeconomic concepts and their importance in every day life;
    2. analyze, synthesize, and apply macroeconomic concepts and principles.

    Core Learning Goals and Objectives:
    Category I: Social Perspectives
    Learning Goals:

    Students will:
    1. be aware of and sensitive to the social, economic, political and ideological diversity of society.
    1. be knowledgeable about various methods of analysis employed in the social sciences.

    Category I: Social Perspectives:
    Learning Objectives

    Students will be able to:
    1. identify and explain the methods of analysis used to examine and evaluate group and individual attitudes and behavior in society.
    2. read, interpret, and evaluate local or global events with a view toward their interrelatedness.

    Category III: Critical Thinking/Problem Solving
    Learning Objectives:

    Students will be able to:
    1. understand and express the meaning and significance of a variety of communications. (Interpretation)
    2. use methods, concepts and theories in new situations. Application Skills)
    3. identify the explicit and implied features of a communication, especially in arguments that put forth a conclusion. (Analysis Skills)
    4. integrate and/or combine knowledge from multiple sources to create new knowledge. (Synthesis)
    5. assess the credibility of a communication and the strength of claims and arguments. (Evaluation Skills)

    Category III: International, Gender, and/or Minority Perspectives
    Learning Objectives:

    Students will be able to:
    1. identify prejudice, stereotypes, and misuses of power that affect the lives of women and/or minorities in areas, such as education, business, politics, religion, or industry.

    Category III: Responsible Citizenship
    Learning Objectives:

    Students will be able to:
    1. demonstrate an understanding of major ethical concerns.
    2. demonstrate familiarity with contemporary environmental issues.
  2. Planned Sequence of Topics and/or Learning Activities:

    1. Introduction to Economics
      1. Scarcity and the Allocation of Resources
      2. Economic Systems
      3. Production Possibilities Frontier
      4. The Market System

    2. The Macroeconomy
      1. Measuring the National Economy
        1. National Income Accounting
        2. Price Indexes
        3. Unemployment Rates and the Labor Force
      2. Macroeconomic Problems
        1. Business Fluctuations
        2. Inflation
        3. Unemployment
      3. Macroeconomic Theory
        1. Aggregate Demand
          1. Long Run
          2. Short Run
        2. Aggregate Supply
          1. Long Run
          2. Short Run
      4. Fiscal Policy
        1. Instruments
        2. Applications

    3. Money, Banking, and Monetary Policy
      1. The Money Supply
      2. The Banking System
      3. Monetary Theory
      4. The Federal Reserve and Monetary Policy

    4. The Budget Process
      1. Constructing the Budget
      2. Deficits and Surpluses
      3. National Debt

    5. Economic Growth
      1. Nature and Determinants of Growth
      2. Productivity and Technology
      3. Economics of Development

    6. International Economics
      1. International Trade
      2. International Finance
  3. Assessment Methods for Core Learning Goals:

    Students in ECON111 will be assessed by:
      Discipline Specific Learning Goals:
      1. Students will be assessed by essay questions to demonstrate understanding and application of the macroeconomic course learning objectives.

      Category I: Social Perspectives
      1. Students will write an analysis paper that examines various demographic groups employing usual forms of economic analysis.

      Category III: Critical Thinking/Problem Solving
      1. Students will write an analysis paper that critically examines the social, political, and ideological frameworks that coexist and influence the economic system.

      Category III: International, Gender, and Minority Perspectives
      1. Students will demonstrate in a written analysis the ability to identify prejudice, stereotypes, and misuses of power that affect the lives of women and /or other minorities and their impact on the U.S./World economy through the analysis of a local/regional news story (e.g., the impact on the production possibilities curve and the U.S. economic competitiveness or the impact of the entry of women into the workforce and the prejudice they faced on doing this).

      Category III: Responsible Citizenship
      1. Students will write an analysis paper where an array of ethical and environmental issues are discussed and documented recommendations for the resolution of these issues are offered.
  4. Reference, Resource, or Learning Materials to be used by Students:

    See course format.
VIII. Teaching Methods Employed
Lecture, discussion, and writing exercises.

Review/Approval Date - 1/04; Core Goals/Objectives added 2/07