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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