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12/17/14 DATE REQUIRED COURSE ELECTIVE COURSE Social Science DIVISION NEW COURSE x REVISION LAKE LAND COLLEGE Course Information Form COURSE NUMBER SEM CR HRS 3 COURSE PCS # ECO130 LT HRS PREREQUISITES: None 3 TITLE The American Economy LAB HRS SOE HRS (Assigned by Administration) ECH Catalog Description (40 Word Limit): Combines Macroeconomics and Microeconomics and focuses on basic supply and demand analysis, national income accounting, business cycles, inflation, unemployment, fiscal and monetary policy, and international economic problems. CONTENT OUTLINE LECTURE HOURS Introduction to Economics 8 The Market System 8 National Income Accounting 8 Types & Structure of Competition 5 Cost Structures Used in Economic Thinking 5 Fiscal Policy 5 Monetary Policy 3 International Economics (Time Permitting) 3 EVALUATION: Quizzes X Lab Work Textbook: Exams X Projects Oral Pres. Comp.Final LAB HOURS Papers Other X Problem Sets and Homework Exercises Title Essentials of Economics Author Schiller Publisher McGraw/Hill Volume/Edition 3rd Edition Copyright Date 1999 SEE REVERSE FOR CONTENT DETAIL Major Course Segment Hours Learning Outcome INTRODUCTION TO ECONOMICS Definitions, Pitfalls, Graphing and Other Economic Tools Factors of Production and Fundamental Economic Questions Other Economic Systems - Traditional Command, Market, Soc., Comm. Absolute and Comparative Advantage Production Possibilities Curve Circular Flow Economic Model 2 1 2 An introduction to basic concepts and laws of economics. The student will be able to demonstrate the ability to read and interpret charts and graphs 1 1 1 THE MARKET SYSTEM Define Demand and Its Determinants Compare and Contrast a Change in Demand and a Change in the Quantity Demanded Graphically, Verbally and Qualitatively Show the Effects of a Change in Demand Define Supply and its Determinants Compare and Contrast a Change in Supply and a Change in the Quantity Supplied Graphically, Verbally and Quantitatively Show the Effects of a Change in Supply Explain the Concept of Equilibrium, Surpluses and Shortages NATIONAL INCOME ACCOUNTING Define and Explain the Concept of Gross Domestic Product Using the Expenditure Approach Define, Construct and Utilize a Price Index to Explain the Concept of Real GDP 1 1 1 1 1 1 2 1 2 Define and Give a Historical Context of 2 the Business Cycle State and Explain the Costs of Unemployment 1 State and Explain the Types and Conditions 1 of the Three Types of Inflation ATTACH ADDITIONAL PAGES IF NEEDED Major Course Segment Hours TYPES AND STRUCTURE OF COMPETITION Learning Outcome Define and Explain Sole Proprietorships, Partnerships and Corporations Define and Explain the Characteristics and Differences Between: A. Pure Competition B. Monopolistic Competition C. Oligopoly D. Monopoly COST STRUCTURES IN ECONOMICS Costs and Profits Define and Explain Fixed, Variable, and 1 1 1 1 1 1 2 Marginal Costs Total and Marginal Revenue Define and Explain the Concept of Equilibrium Using Cost Revenue Analysis 2 FISCAL POLICY Explain and Derive the APS, APC, MPS & MPC 1 Utilize the Multiplier Concept to Define 2 Equilibrium Output Define and Utilize Fiscal Policy 2 MONETARY POLICY Define and List the Functions of Money Explain the Basis for the Backing of the Current U.S. Money Supply Define and Explain the Functions of the Federal Reserve System List and Explain the Tools of Monetary Policy THE INTERNATIONAL SETTING Trading on the World Market Arguments For and Against Trade Restrictions Explain the Balance of Payments 1 1 1 2 TIME PERMITTING Compare and Contrast Floating' Currencies Compared to Set Values International Economic Transactions THE FOLLOWING GENERAL EDUCATION GOALS ARE MET IN THIS COURSE: Critical Thinking: Students are required to identify real life examples of the economic principles taught in class. This requires students to take knowledge that is theoretical in nature and then use this information to analyze real life events. Problem Solving: Students will use graphs to illustrate many different economic principles. In doing so, students will become proficient in drawing and interpreting two-variable graphs. Students will also be required to perform mathematical operations and use percentages throughout the semester. Diversity: Students are exposed to several different schools of economic thought. Through this, students will see how it is possible to reach a variety of conclusions depending on your economic perspective. Course Outcomes: At the successful completion of this course, students will be able to: Students will demonstrate an understanding of supply and demand Students will have a basic understanding of the circular flow economic model