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ECON102 Macroeconomics Instructor: Shirl Smith (primary), Andrew Sears (secondary) Email: [email protected] Phone: (303) 941-0375 Course Description Students in this course will apply many of the basic tools economics use to understand the components of the U.S. economy, analyze its current performance, evaluate predictions of future performance through economic cycles, and assess how the U.S. is linked to the global economy via trade. The course explains the importance of supply and demand, economic measures such as GDP, growth, employment and inflation, and how these relate to the business cycle and the health of the economy. Students develop knowledge of aggregate expenditures and aggregate supply and demand, in the context of the macroeconomy. In order to complete this course, students will also develop basic graphic skills and learn how to interpret macroeconomic statistics. In addition to issues affecting U.S. markets, the course examines various international issues important in today's global economy. Degree Program Outcomes At the conclusion of this degree program, the student will able to: 1. Demonstrate the ability to understand and apply traditional theories and concepts of business management and the ability to do this an in depth in one area of specialty: nonprofit management, accounting, technology or general management. 2. Understand their vocation in business and their unique identity and role within their field in a way that maximizes their calling and enables 24/7 Christian ministry. 3. To be able to develop and grow businesses and nonprofit organizations in a way that is socially responsible and that reflects God’s love and purposes for the world. 4. Communicate effectively and professionally in business situations through physical or virtual presence, writing, speaking, listening, and electronic media. 5. Interpret and analyze accounting information for internal control, planning, performance evaluation, and coordination to continuously improve business processes. 6. Integrate and apply Biblical, ethical, legal, economic and business principles into effective managerial decision-making. 7. Demonstrate the ability to understand and apply traditional theories and concepts of a Christian liberal arts education, equipping students with the knowledge and skills to facilitate intellectual, spiritual, and personal growth, pursue their advanced studies, and improve the world in which they live. ECON102 helps students learn the basic accounting principles focusing on corporate accounting in order to meet program outcome 1, 4, 5, 6 and 7 above. Course Objectives After completing this course, students will be able to: LO1: Identify and apply relevant terminology and concepts to economic issues and problems. LO2: Describe the main goals and problems in macroeconomic analysis LO3: Compare and contrast the free market system with other economic systems. LO4: Analyze the public and private sectors of the U.S. economy and their relationship LO5: Compare and contrast various macroeconomic theories LO6: Analyze international economic activity, and use the results to predict the impact on U.S. macroeconomic activity LO7: Evaluate government macroeconomic policy tools, and explain how they are used to stabilize the national economy. LO8: Explore the use of models to understand and predict macroeconomic activity Required Texts McConnell, C.R., Brue, S. L. & Flynn, S.M. (2009). Macroeconomics: Principles , Problems and policies (18th ed. NY: McGraw-Hill Irwin. ISBN:13-978-0-07-556594-7 McConnell, C.R., Brue, S. L. ,Flynn, S.M & Walstad, W. B. (2009). Study guide for use with macroeconomics (18th ed.). NY: McGraw-Hill Irwin. ISBN: 978-0-07-336884-9 Writing Resources: Dalhousie University Libraries. (2009, August). APA Style (6th) quick guide. http://www.library.dal.ca/Files/How_do_I/pdf/apa_style6.pdf University of Akron. (n.d.). Paraphrasing http://gozips.uakron.edu/~mfjohan/module3/apahandout.pdf Guide for Using References: Use references in the following situations: 1. for documenting facts and data 2. for supporting comments that you make -- for instance if you are talking about leadership, turnover, exit interviews or other HR/business concepts, find peer reviewed articles in the library to support what you say. This tells your reader that you have been researching the literature and that you know others have published articles on these topics. 3. for documenting and supporting statements that could be considered controversial or for which your reader would ask “how do you know that?” This is essential for research papers. You are not the expert in academic essays; you are building on the ideas of the authors and gurus who have published. 4. for documenting quotations (the rule of thumb with quotations is to use only the essential words (3-4 words) in the sentence you are quoting, not the entire sentence, and definitely not paragraphs!) Your originality is challenged the more you quote!! 5. for documenting paraphrases (paraphrases also require a page number) or summaries of ideas from published sources Recommended Texts See videos listed below as supplemental resources. Lectures from Missouri State University on Youtube: https://www.youtube.com/watch?v=ypEqrD7Kx_g&list=PLdLiRaajwSXRcJxAeIHjVGukaJZoJtkXz This is a series of lectures by Tom Wyrick from Missouri State University. Each of his lectures provides audio / visual background to help you get oriented to Macroeconomics. His course explains what economics is and what the key elements of Macroeconomics are. Each of his lectures are about 45 minutes. They will provide background and discussion about economics. You will see that there are 39 lectures here. You can choose from among them if you need more information about concepts and themes. Selected videos will accompany our work each week. You are welcome to explore the others as needed. There are also other youtube videos on Macroeconomics that can be very helpful. For those of you who are audio learners, you could access these videos with your Smart Phone, tablet or computer and enhance your learning experience. Course Outline Week Assessments Week 1: Read: McConnell, Brue, Flynn & Walstad (2009) Chapters 1 and 2 (this study guide provides an overview of the key themes for these chapters. Review this before reading the textbook). McConnell, Brue, & Flynn (2009) Chapters 1 and 2 6 -- Listen/View: Videos 3 -- 3 4% Economics: Choices and Decision, the Market System and Circular Flow Due Date Est hrs Weigh t Objective #’s 1,2,3,5,8 Kahn Academy. (2016). Introduction to Economics https://www.khanacademy.org/economics-financedomain/macroeconomics/gdp-topic/econ-intro-in-macrotutorial/v/introduction-to-economics This video clearly describes the difference between micro and macroeconomics. And it sets the stage for understanding economics as a whole. ACDCLearning (2016). Macro Unit 1 Summary- Basic Concept and Demand/Supply https://www.youtube.com/watch?v=JBHbwtzHfDg&list=PLD5BC72 7C84E254E5&index=1&feature=iv&src_vid=e18RXFFoL9c&annotati on_id=annotation_3726018801#t=14m45s Lectures from Missouri State University on Youtube: https://www.youtube.com/watch?v=ypEqrD7Kx_g&list=PLdLiR aajwSXRcJxAeIHjVGukaJZoJtkXz Assignments: Discussion Board items DB1 Describe the difference between positive and normative economics. (chpt 1) LO1 1, 8 DB2 Describe the circular flow model. Apply it to your own life. (chpt2) LO8 Week 2 Supply and Demand, US Economy: Public and Private, and Global Economy Prepare Project 1 (See instructions at the end of this chart) 5 Read: McConnell, Brue, Flynn & Walstad (2009) Chapters 3,4, & 5 (this study guide provides an overview of the key themes for these chapters. Review this before reading the textbook). McConnell, Brue, & Flynn (2009) Chapters 3,4,& 5 6 Listen/View: Videos / Podcasts See videos 3 ACDCLeadership (2014) Macroecnomics 15 minute review. 1,2,3,5,8 - 1,2,3,4,5,6,7,8 https://www.youtube.com/watch?v=e18RXFFoL9c (this is a unique video… Jacob Clifford quickly reviews the major concepts and themes for Macroeconomics. What makes this clever is that the white boxes around each of the concepts he identifies lead to other videos that explain and expand on the ideas. He talks really fast, but the videos are fairly short. So if you are having trouble grasping what is happening in the textbook, you can go to this video and click on the concept and have him explain! ACDCLeadership (2016) .Econ 1.6- Economic Systems: Why is Communist China doing so well? https://www.youtube.com/watch?v=KPpmAUk1olA&feature=iv &src_vid=e18RXFFoL9c&annotation_id=annotation_365519297 3#t=6m32 s ACDCLeadership (2016) Macro Unit 2 Summary: Measuring the Economy https://www.youtube.com/watch?v=BvqJiIGT8CE Here Jacob illustrates the way the economy is measured using a graph. (Be sure that you read the appendix for chpt 1 so that you can follow the way the chart he uses was developed). Economicurtis (2012). Supply and Demand (and Equilibrium Price & Quanitity) - Intro to Microeconomics https://www.youtube.com/watch?v=op70yS_7du8 Thayn, Steven (2011). The Difference between Government and Private Sector Jobs https://www.youtube.com/watch?v=6ln_azcKMkU Lectures from Missouri State University on Youtube: https://www.youtube.com/watch?v=ypEqrD7Kx_g&list=PLdLiR aajwSXRcJxAeIHjVGukaJZoJtkXz Assignment: Discussion Board Items and Project 1 DB 1: Identify and briefly describe the main economic functions of government. What function do you think is the most controversial? Explain why. (Chpt 4) LO4 & LO7 3 4% 4,6,7 DB2: Explain how government may interfere with free international trade? (Chp 5) LO6 Week 3 Introductio n to Macroecon omics, Measuring National Income, Economic Growth Complete Project 1 (See instructions at the end of this chart) 5 Read: McConnell, Brue, Flynn & Walstad (2009) Chapters 6, 7, & 8 (this study guide provides an overview of the key themes for these chapters. Review this before reading the textbook). McConnell, Brue, & Flynn (2009) Chapters 6, 7,& 8 7 1,2,3,5,8 -- 1,2 ,3.5,7,8 Listen/View: See videos 2 4% Kahn Academy (2015). GDP—Measuring national income: Circular flow of income and expenditure. Gross domestic product. https://www.khanacademy.org/economics-financedomain/macroeconomics/gdp-topic/ There are several videos accessible on this page. For this week the following will enhance your reading experience: GDP and circular flow of income and expenditures Components of GDP Real and nominal GDP National income and income inequality ACDCLeadership (2014) Macroecnomics 15 minute review. https://www.youtube.com/watch?v=e18RXFFoL9c (this is a unique video… Jacob Clifford quickly reviews the major concepts and themes for Macroeconomics. What makes this clever is that the white boxes around each of the concepts he identifies lead to other videos that explain and expand on the ideas. He talks really fast, but the videos are fairly short. So if you are having trouble grasping what is happening in the textbook, you can go to this video and click on the concept and have him explain!) Lectures from Missouri State University on Youtube: https://www.youtube.com/watch?v=ypEqrD7Kx_g&list=PLdLiR aajwSXRcJxAeIHjVGukaJZoJtkXz 3 1,2,7,8 Prepare Project 2 5 1,2 ,3.5,7,8 Read: McConnell, Brue, Flynn & Walstad (2009) Chapters 9, 10, & 11 (this study guide provides an overview of the key themes for these chapters. Review this before reading the textbook). McConnell, Brue, & Flynn (2009) Chapters 9, 10, & 11 7 -- Listen/View: See videos 2 -- Assignment: Discussion Board Items DB 1 Explain 3 of the key performance measured that are used to keep track of the macro economy and which influence governmental policies (chpt 6) LO2, LO7, LO8 DB 2 Describe the significance of shortcomings of GDP. What does this mean in relation to the national economy? (chpt 7) LO1, LO7, LO8 Week 4 Business Cycles, Macro Relationshi ps (consumpti on), and Aggregate Expenditur es Model ACDCLeadership (2014) Macroecnomics 15 minute review. https://www.youtube.com/watch?v=e18RXFFoL9c (this is a unique video… Jacob Clifford quickly reviews the major concepts and themes for Macroeconomics. What makes this clever is that the white boxes around each of the concepts he identifies lead to other videos that explain and expand on the 1,2,3,5,6,7,8 ideas. He talks really fast, but the videos are fairly short. So if you are having trouble grasping what is happening in the textbook, you can go to this video and click on the concept and have him explain. This will become more useful as you read your textbook and click on the various boxes! ) Khan Academy (2016). Aggregate demand and aggregate supply. (each of these videos is about 8min) https://www.khanacademy.org/economics-financedomain/macroeconomics/aggregate-supply-demand-topic There are several videos here that will provide additional depth for topics on: (Select these short video for chpt 9) Historical circumstances explained by the supply model The Business Cycle Monetary and Fiscal Policy Keynsian thinking. Khan Academy(2016). Inflation (Series of short videos on aspects of inflation) https://www.khanacademy.org/economics-financedomain/core-finance/inflation-tutorial (goes with chpt 9) Khan Academy (2016) Unemployment Rate Primer and Phillips curve https://www.khanacademy.org/economics-financedomain/macroeconomics/inflation-topic/phillips-curvetutorial/v/unemployment-rate-primer#! (goes with chpt 9) Khan Academy (2016) Income and expenditure: Keynesian cross and IS_LM Model https://www.khanacademy.org/economicsfinance-domain/macroeconomics/income-and-expendituretopic (goes with chpt 10) Lectures from Missouri State University on Youtube: https://www.youtube.com/watch?v=ypEqrD7Kx_g&list=PLdLiR aajwSXRcJxAeIHjVGukaJZoJtkXz 3 1,2,6,7 Prepare Project 2 (See instructions at the end of this chart) 5 1,2 ,3.5,7,8 Read: McConnell, Brue, Flynn & Walstad (2009) Chapters 12, 13, & 14 (this study guide provides an overview of the key themes for these chapters. Review this before reading the textbook). McConnell, Brue, & Flynn (2009) Chapters 12, 13, & 14 7 Assignment: Discussion Boards Items DB1: Explain the Investment Demand Curve and describe the six factors that can influence the rate of return on investment (chpt 10) Use your own words. LO1, LO2, LO7 DB 2: In relation to international trade, describe what net exports means and how that affects our economy. (Chpt 11). LO1, LO6 Week 5 Aggregate Demand, Fiscal Policy and Money /Banking -- 1,2 ,3, 5,7,8 Listen/View: See videos Khan Academy (2016). Aggregate demand and aggregate supply. (each of these videos is about 8min) https://www.khanacademy.org/economics-financedomain/macroeconomics/aggregate-supply-demand-topic 2 There are several videos here that will provide additional depth for topics on: Aggregate demand and aggregate supply Monetary and Fiscal Policy Keynesian thinking Missouri State University (2013). Money and Banking: Lecture 1 - Money and the Economy https://www.youtube.com/watch?v=etsCGT542AI QuickiEconomics (2012). Macroeconomics: Aggregate Demand Curve https://www.youtube.com/watch?v=sGDZ0oehDL8 No Bull Economics Lessons (2013). Top 10 AP Macroeconomics Exam Concepts To Know https://www.youtube.com/watch?v=v4dmUrUqvWs Lectures from Missouri State University on Youtube: https://www.youtube.com/watch?v=ypEqrD7Kx_g&list=PLdLiR aajwSXRcJxAeIHjVGukaJZoJtkXz 3 1,2,3,7 Complete Project 2(See instructions at the end of this chart) 5 1,2 ,3, 5,7,8 Read: McConnell, Brue, Flynn & Walstad (2009) Chapters 15, 16, & 17 (this study guide provides an overview of the key themes for these chapters. Review this before reading the textbook). McConnell, Brue, & Flynn (2009) Chapters 15, 16, & 17 7 Listen/View: See Videos 2 Assignment: Discussion Board DB 1 Choose two (2) of the 10 leading indicators (from page 270) and explain the impact of each if it were to predict a decline in real GDP or a rise in real GDP. (you will have to read chpt 12 and 13 to understand how to respond to this!) LO1, LO2 DB 2 Explain how the government tries to regulate the purchasing power of money and the role of the Federal Reserve in controlling the supply of money. (Chpt 14) LO3, LO7 Week 6 Monetary Issues and Financial Economics Learning Objectives Khan Academy (2016). Monetary and fiscal policy https://www.khanacademy.org/economics-financedomain/macroeconomics/aggregate-supply-demandtopic/monetary-fiscal-policy/v/monetary-and-fiscal-policy Lectures from Missouri State University on Youtube: https://www.youtube.com/watch?v=ypEqrD7Kx_g&list=PLdLiR aajwSXRcJxAeIHjVGukaJZoJtkXz -- 1,2,3,5,7,8 3 1,2,7 Prepare Project 3 (See instructions at the end of this chart) 5 1,2,3,5,7,8 Read: McConnell, Brue, Flynn & Walstad (2009) Chapters 18 & 19 (this study guide provides an overview of the key themes for these chapters. Review this before reading the textbook). McConnell, Brue, & Flynn (2009) Chapters 18 & 19 6 Listen/View: See Videos 3 Assignment: Discussion Board Items DB 1 Scenario: The economy is experiencing high unemployment and a low rate of economic growth. The fed decides to pursue and expansionary monetary policy. Which set of actions by the Fed would be most consistent with is policy? a. buying government securities and raising the reserve ratio b. selling government securities and raising the discount rate c. buying government securities and lowering the reserve ration d. selling government securities and lowering the discount rate. Explain your choice. Be sure to justify based upon your readings and the videos. Use references to document and support your points. Use your own words – do not use quotations. (Chpt 16) LO7 DB2: What is the difference between economic investment and financial investment (chpt 17) LO1, LO2 Week 7 Aggregate Supply and Macro Theory & Policy ACDCLeadership (2013). Macro Unit 3, Question 10Recessionary Gap and Classical Economists https://www.youtube.com/watch?v=jcznUi-4jw4 -- Free Econ Help (2012). What shifts the IS or LM curves? https://www.youtube.com/watch?v=_xhAl6wH3c0 ACDCLeadership (2013). Macro Unit 3, Question 10Recessionary Gap and Classical Economists https://www.youtube.com/watch?v=jcznUi-4jw4 Lectures from Missouri State University on Youtube: https://www.youtube.com/watch?v=ypEqrD7Kx_g&list=PLdLiR aajwSXRcJxAeIHjVGukaJZoJtkXz Assignment: Discussion Board Items and Project 3 3 2,3,7,8 Complete Project 3 (See instructions at the end of this chart) 5 1,2,3,5,7,8 Read: McConnell, Brue, Flynn & Walstad (2009) Chapters 20 & 21 6 DB 1 Explore how supply-side economics and aggregate supply influence inflation, unemployment and economic growth. (chpt 18, Also links back to chpt 12) LO7 DB 2 What is the difference between New Classical Economics and Keynesian Economics? ((chpt 19) LO2, LO3, LO7, LO8 Week 8 Internation (this study guide provides an overview of the key themes for these -- al Trade: Balance of Payments, Exchange Rates, & Trade Deficits chapters. Review this before reading the textbook). McConnell, Brue, & Flynn (2009) Chapters 20 & 21 Listen/View: See videos ACDCLeadership (2014) Macroecnomics 15 minute review. https://www.youtube.com/watch?v=e18RXFFoL9c 3 (this is a unique video… Jacob Clifford quickly reviews the major concepts and themes for Macroeconomics. What makes this clever is that the white boxes around each of the concepts he identifies lead to other videos that explain and expand on the ideas. He talks really fast, but the videos are fairly short. So if you are having trouble grasping what is happening in the textbook, you can go to this video and click on the concept and have him explain!) ACDCLeadership (2012) Macro 5.1 Balance of Payments https://www.youtube.com/watch?v=W0YwGLz50TA Press TV News Videos (2015). US trade deficit jumps to its highest level in 6 years https://www.youtube.com/watch?v=8nQQ4DZKa3E ACDCLeadership (2016)Macro Unit 5 Summary- International Trade and Foreign Exchange https://www.youtube.com/watch?v=3mvBJvQQMKs Lectures from Missouri State University on Youtube: https://www.youtube.com/watch?v=ypEqrD7Kx_g&list=PLdLiR aajwSXRcJxAeIHjVGukaJZoJtkXz Assignment: Discussion Board Items DB1: Explain the importance of competitive advantage. (chpt 20) LO1, LO2, LO4, LO7 5 1,2,3,4,6,7 DB2: How does the government influence the Balance of Payments (chpt 21) LO1, LO2, LO5 DB3: How are international exchange rates determined? (chpt21) LO1, LO2, LO6, LO7 DB4: Describe the most useful concepts that you have learned from this class. Overall Total estimated hours based upon 17 hours per week for 8 weeks 135 100% Projects: The three projects provide the opportunity for exploration of vocabulary, concepts, models, graphs & charts and developing essays on specific ideas. Each project is worth 200 points. Responses should follow the Writing Guidelines in the syllabus. In addition, intext citations should be used to identify the source of the information. Quotations are not allowed. All material is to be written in your own words. Note that the informal use of “I” or “we” or “you” is not acceptable. Project 1: This project is based upon the readings and videos for weeks 1 and 2. There are four parts. The project is due at the end of week 2. Part 1. Vocabulary LO1 Choose 3 terms from the Terms and Concepts at the end of each of the following chapters (1,2,3,4,5). You should end up with a total of 15 terms/concepts. Using your own words describe what each one means and give an example. (Do not use any of the concepts listed in part 2 below) Part 2: Concepts and Models LO2 Carefully review the appendix at the end of Chpt 3. Using 3 or 4 sentences, explain the each of the following concepts. Be sure to give examples: Models Economic principles Graphical Expression Macroeconomics Law of Demand Law of Supply Scarcity Part 3: Charts and Predictions LO8 Carefully review the appendix for chpt 1. Complete Key Appendix Question #3 on page 27 of the text (Be sure to respond to each element of the task.) Part 4: Compare and Contrast Essay Length: 250 words (1 page double spaced)LO3, LO5 Compare and contrast the Market system with the Command System. Explain the differences between the two approaches to economic systems using your own words. Please use references to document your sources. Do not use quotations. Project 2: This project covers material from chapters 6,7,8,9,10, and 11. It is due end of week 5 Part 1: Vocabulary LO1 Choose 4 terms from the Terms and Concepts at the end of each of the following chapters (6, 7, 8, 9, 10, 11) You will have a total of 18 terms. Describe each term using your own words, provide an example and include intext citations to document your source. (Do not use any of the concepts listed in part 2 below) Part 2: Concepts /Theories L02, LO7 Using 2 or 3 sentences, explain each the concepts. Be sure to give examples: Business cycle Human capital Okun’s Law Natural Rate of Unemployment Inflationary expenditure gap Multiplier Effect Keysnian economics Fiscal Policy Part 3: Charts and Predictions L08 Be sure that you read chpt 10 carefully and examine the various charts and graphs (especially those on pages 191 and 197). Then respond to the following items: Why does the marginal propensity to save rise as disposable income rises. Describe the formulas for MPC and MPS. Explain how the slope for disposable income in Figure 10.3 was determined to be .75. Part 4: Essay: 250 words (one page double spaced) LO3, L05 Compare and contrast two points of view on economic growth by discussing this question: Is more economic growth desirable and sustainable? (last section of chpt 8) Also review the Khan Videos • https://www.khanacademy.org/economics-financedomain/macroeconomics/gdp-topic/ • GDP and circular flow of income and expenditures Components of GDP • Real and nominal GDP • National income and income inequality This set expands on the topic very well. Listen to the following interview: Library of Economics and Liberty http://www.econlib.org/index.html Podcast: Project 3: This project covers chapters 12, 13,14,15,16,17, 18, and 19. Due at the end of week 7. Part 1: Vocabulary LO1 Choose 3 terms from the Terms and Concepts at the end of each of the following chapters (13, 14, 15, 16, 17, 18, 19) You will have a total of 21 terms. Describe each term using your own words, provide an example and include intext citations to document your source. (Do not use any of the concepts listed in part 2 below) Part 2: Concepts /Theories L02, LO7 Using 2 or 3 sentences, explain each the concepts. Be sure to give examples: Aggregate demand curve Expansionary fiscal policy Financial Services Industry Money multiplier Equilibrium GDP Security Market Line Supply side economics Real Business Cycle Theory New Classical economics Monetarism Part 3: Charts and Predictions L08 Aggregate Demand Curve and Aggregate Expenditures Model (Appendix chpt 12) After reading chpt 12 and appendix for chpt 12 Carefully explain this statement: “A change in the price level shifts the aggregate expenditures curve but not the aggregate demand curve.” Use no more than 200 words. Include an explanation of at least one formula in your discussion. Be sure to use your own words. Part 4: Essay: 250 words (one page double spaced) LO3, L05, L08 In what way does the Phillips Curve help to explain the relation between inflation and unemployment? What additional information does the long range Phillips Curve add to this discussion? (chpt 18) Forum Expectations We expect that students will spend an estimated one-two hours to post one initial message, one hour to read posts from 5+ students (presumes that a student doesn't read every post), and an estimated 1 hour to post two reply messages. Forum grading will be based on the following items: Forum posts should be 200-400 words although these are not strict limits. Students must demonstrate comprehension of the material and achievement of the related learning objectives related to that forum. Be sure to read the learning objectives. Students should demonstrate critical thinking and use outside material researched beyond the assigned readings. The goal of course forums is to have scholarly dialog among peers combining both the strengths of inperson class discussion and providing concise, professional quality writing (similar to a well thought-out academic or scholarly blog) and responding in a way that adds value to others writings Students are not required to use APA format for references in forum posts, but instead students are encouraged to hyperlink relevant information when possible. Grading rubric: forums use the same high level grading rubric as for the final project including o Content Knowledge (25%) o Critical Thinking (25%). Note that critical thinking is very different from criticism. o Communication (25%) o Application (25%) Written Work Except for Class Forum posts, all written assignments should be double-spaced using 11-point font and 1-inch margins, and include a relevant heading (name, date, assignment title), and subheadings where appropriate, which can be viewed in a Navigation Pane. Multi-page assignments should also include page numbers. Please correct spelling and grammatical errors before submitting all assignments. Spelling, grammar, and writing style will be taken into consideration in evaluating written work. Assignments should be submitted to the Course Dropbox within Moodle. Every assignment should carry a filename that MUST include your name (Student Name) and the assignment number, e.g. Jan_Smith_Minor1.doc Written work must be reflective, balanced, scholarly analysis and be well-supported by references. Students should be able to reflect and critically examine issues from many points of view. Very informal or highly opinionated writing styles will be severely penalized. Do not preach. Late Policy Coursework is scheduled over a seven-day week to provide structure for students residing on six continents. The weekly schedule begins on Monday at 12:01AM US ET (USA Eastern Time), and ends on Sunday at 11:59PM US ET. ● ● ● ● Assignments submitted more than 1 week late (after the following Sunday) will lose 1 letter grade (i.e. "A" becomes a "B") Assignments submitted more than 2 weeks late will lose 2 letter grades (i.e. "A" becomes a "C") All assignments and quizzes must be submitted by the week after the term ends or they will receive a failing grade Extensions: professors may grant an extension if the student has a prolonged sickness or major family crisis. The length of the extension is up to the professor’s discretion. ● Applications for an extension should be sent to the professor at least 2 or more days before the due actual date. Extensions must be after a course ends submitted via the online extension request form. If an extension is granted, no other courses may be taken until that course is completed. Week Eight is the last class session with assignments posted. All course work must be completed by the student and submitted to the instructor by Friday of the tenth week of the course. No credit will be given for work submitted after this date. This syllabus is subject to change without notice up until the first day of the semester. For more academic policies, please visit: http://www.cityvision.edu/cv/academic-policies Course Grading Chart Grade Significance Quality Points Percentage A Excellent 4.0 95-100 3.67 90-94.99 3.33 87-89.99 B 3.00 84-86.99 B- 2.67 80-83.99 2.33 77-79.99 C 2.00 74-76.99 C- 1.67 70-73.99 D+ 1.33 67-69.99 D 1.00 64-66.99 AB+ C+ Good Average D- Passing 0.67 60-63.99 F Failure 0.00 <59.99 Class Deliverables Team Discussions Projects (#1, #2, #3) Total Points = 8 x 50 = 400 3 x 200 = 600 1000 Projects: The three projects provide the opportunity for exploration of vocabulary, concepts, models, graphs & charts and developing essays on specific ideas. Each project is worth 200 points. Responses should follow the Writing Guidelines in the syllabus. In addition, intext citations should be used to identify the source of the information. Quotations are not allowed. All material is to be written in your own words. Note that the informal use of “I” or “we” or “you” is not acceptable. Project 1: This project is based upon the readings and videos for weeks 1 and 2. There are four parts. The project is due at the end of week 2. Part 1. Vocabulary LO1 Choose 3 terms from the Terms and Concepts at the end of each of the following chapters (1,2,3,4,5). You should end up with a total of 15 terms/concepts. Using your own words describe what each one means and give an example. (Do not use any of the concepts listed in part 2 below) Part 2: Concepts and Models LO2 Carefully review the appendix at the end of Chpt 3. Using 3 or 4 sentences, explain the each of the following concepts. Be sure to give examples: Models Economic principles Graphical Expression Macroeconomics Law of Demand Law of Supply Scarcity Part 3: Charts and Predictions LO8 Carefully review the appendix for chpt 1. Complete Key Appendix Question #3 on page 27 of the text (Be sure to respond to each element of the task.) Part 4: Compare and Contrast Essay Length: 250 words (1 page double spaced)LO3 Compare and contrast the Market system with the Command System. Explain the differences between the two approaches to economic systems using your own words. Please use references to document your sources. Do not use quotations. Project 2: This project covers material from chapters 6,7,8,9,10, and 11. It is due end of week 5 Part 1: Vocabulary LO1 Choose 4 terms from the Terms and Concepts at the end of each of the following chapters (6, 7, 8, 9, 10, 11) You will have a total of 18 terms. Describe each term using your own words, provide an example and include in-text citations to document your source. (Do not use any of the concepts listed in part 2 below) Part 2: Concepts /Theories L02, LO7 Using 2 or 3 sentences, explain each the concepts. Be sure to give examples: Business cycle Human capital Okun’s Law Natural Rate of Unemployment Inflationary expenditure gap Multiplier Effect Keynesian economics Fiscal Policy Part 3: Charts and Predictions L08 Be sure that you read chpt 10 carefully and examine the various charts and graphs (especially those on pages 191 and 197). Then respond to the following items: Why does the marginal propensity to save rise as disposable income rises. Describe the formulas for MPC and MPS. Explain how the slope for disposable income in Figure 10.3 was determined to be .75. Part 4: Essay: 250 words (one page double spaced) LO3, L05 Compare and contrast two points of view on economic growth by discussing this question: Is more economic growth desirable and sustainable? (last section of chpt 8) Also review the Khan Videos • https://www.khanacademy.org/economics-financedomain/macroeconomics/gdp-topic/ • GDP and circular flow of income and expenditures Components of GDP • Real and nominal GDP • National income and income inequality This set expands on the topic very well. Listen to the following interview: Library of Economics and Liberty http://www.econlib.org/index.html Podcast: Project 3: This project covers chapters 12, 13,14,15,16,17, 18, and 19. Due at the end of week 7. Part 1: Vocabulary LO1 Choose 3 terms from the Terms and Concepts at the end of each of the following chapters (13, 14, 15, 16, 17, 18, 19) You will have a total of 21 terms. Describe each term using your own words, provide an example and include intext citations to document your source. (Do not use any of the concepts listed in part 2 below) Part 2: Concepts /Theories L02, LO7 Using 2 or 3 sentences, explain each the concepts. Be sure to give examples: Aggregate demand curve Expansionary fiscal policy Financial Services Industry Money multiplier Equilibrium GDP Security Market Line Supply side economics Real Business Cycle Theory New Classical economics Monetarism Part 3: Charts and Predictions L08 Aggregate Demand Curve and Aggregate Expenditures Model (Appendix chpt 12) After reading chpt 12 and appendix for chpt 12 Carefully explain this statement: “A change in the price level shifts the aggregate expenditures curve but not the aggregate demand curve.” Use no more than 200 words. Include an explanation of at least one formula in your discussion. Be sure to use your own words. Part 4: Essay: 250 words (one page double spaced) LO3, L05, L08 In what way does the Phillips Curve help to explain the relation between inflation and unemployment? What additional information does the long range Phillips Curve add to this discussion? (chpt 18)