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INSTRUCTIONAL PACKAGE ECO 210 Principles of Macroeconomics Spring 2015 INSTRUCTIONAL PACKAGE Effective Term: Spring 2015 COURSE PREFIX: ECO 210 COURSE TITLE: Principles of Macroeconomics CONTACT HOURS: 3 CREDIT HOURS: 3 RATIONALE FOR THE COURSE: To develop the kind of economic reasoning necessary to analyze and understand issues that will be confronted in the ever evolving and changing national and world economies. COURSE DESCRIPTION: This course is a study of the fundamental principles and policies of a modern economy to include markets and prices, national income accounting, cycles, employment theory and fiscal policy, banking and monetary controls and the government's role in economic decisions and growth. PREREQUISITES: None REQUIRED MATERIALS: Principles of Macroeconomics, N. Gregory Mankiw, Seventh Edition. South-Western. Aplia online homework management software access – ISBN: 9781305134935 http://hortec.bncollege.com/webapp/wcs/stores/servlet/PRINOF_MACROECONOMICS WACCESS_LL_IP/BNCB_TextbookDetailView?sectionId=64610846&item=Y&c atalogId=10001&langId=1&displayStoreId=51560&storeId=51560&partNumber=394_844001258&product Id=550024782412 ADDITIONAL REQUIREMENTS: Knowledge of simple algebra and graphing is assumed TECHNICAL REQUIREMENTS: Course information available on the course homepage on your WaveNet account. Attention HGTC Students: The faculty and administration of HGTC are committed to enhancing your learning experience at the College through improved methods of instruction and support services. For information on Student Support Services or questions about your curriculum program please refer to your Wavenet Homepage. STUDENT COURSE LEARNING OUTCOMES 1. Analyze key macroeconomic variables in regard to economic activity. 2. Predict the result of expenditure changes on the national economy. 3. Determine when and how government fiscal policy can be used to effect economic activity. 4. Identify the function of money within the economy. 5. Analyze the banking system and how monetary policy can be used to effect economic activity. BRIEF COURSE OUTLINE* Chapter 1: Economic Principles Chapter 2: Thinking Like an Economist & Math Review Chapter 3: Interdependence and the Gains From Trade Exam #1 Chapter 4: The Market Forces of Supply & Demand Chapter 15: Unemployment Exam #2 Chapter 10: Measuring a Nation’s Income Chapter 11: Measuring the Cost of Living Chapter 12: Production & Growth Chapter 17: Money Growth & Inflation Exam #3 Chapter 20: Aggregate Demand & Aggregate Supply Chapter 21: The Influence of Monetary and Fiscal Policy on Aggregate Demand Chapter 16: The Monetary System Exam #4 Final Exam #5 *Course content and order subject to change based on needs of students and course progression ECO 210 Course Outline - Spring 2015 Day Date Topic T 1/13 First Principles R 1/15 Economic Systems T 1/20 Production Possibilities Frontier Model R 1/22 Specialization & Trade T 1/27 International Trade R 1/29 Exam 1 Chapters 1, 2, 3 T 2/3 S&D: Demand R 2/5 S&D: Supply and Equilibrium T 2/10 S&D: Shifts in Equilibrium R 2/12 S&D: Price Controls T 2/17 The Minimum Wage R 2/19 Unemployment T 2/24 Exam 2 Chapters 4, 6, 15 R 2/26 Macro Overview & Business Cycles T 3/3 The Price Level & Real Income R 3/5 Gross Domestic Product T 3/10 Nominal & Real GDP R 3/12 Inflation & Deflation T 3/17 Long Run Growth R 3/19 Exam 3 Chapters 10, 11, 12, 17 T 3/24 Aggregate Demand R 3/26 Aggregate Supply T* 3/31 Spring Break R* 4/2 Spring Break T 4/7 Long Run Equilibrium R 4/9 Keynesian Stabilization T 4/14 Consumption, Savings, and the MPC R 4/16 The Spending Multiplier & Closing Output Gaps T 4/21 Deficits, Debt, and Stabilizers R 4/23 The Federal Reserve, rrr, and Bank Balance Sheets T 4/28 The Money Multiplier & Monetary Policy Tools R 4/30 Exam 4 Chapters 16, 20, 21 T 5/5 Final Exam Week SPECIFIC STUDENT LEARNING OUTCOMES Chapter 1: Economic Principles Economic Terminology How People Make Decisions How People Interact How the Economy as a Whole Works By the end of this chapter students will be able to: 1. Identify and apply the four principles of how people make decisions 2. Identify and explain the three principles of how economic agents interact 3. Identify the three principles of how the economy as a whole operates 4. Explain the economic problem and why scarcity necessitates trade-offs Chapter 2: Thinking Like an Economist & Math Review Economic Models The Circular Flow Model Positive vs. Normative Analysis Why Economists Disagree Graphs of a Single Variable Graphs of Two Variables (The Coordinate System) Curves and the Slope of a Line By the end of this chapter students will be able to: 1. Explain why models are used in economics 2. Identify the flow of goods, money, and resources within the market for goods and services as well as the factor market 3. Identify the differences between the study of Microeconomics and Macroeconomics 4. Identify the difference between positive and normative statements 5. Interpret data from graphs composed of one or two variables 6. Calculate the Slope of a Line 7. Identify the difference between a positive and negative relationship Chapter 3: Interdependence and the Gains From Trade The Production Possibilities Frontier Model (PPF) Specialization and Trade Comparative and Absolute Advantage International Trade By the end of this chapter students will be able to: 1. Identify the economic concepts represented by the PPF 2. Illustrate a production possibilities frontier for an individual or country 3. Calculate the benefits from specialization and trade 4. Identify the difference between comparative and absolute advantage 5. Calculate the per-unit opportunity cost for a country or individual 6. Identify which good a country should import and/or export in order to maximize the gains from trade Chapter 4: The Market Forces of Supply & Demand Markets and Competition The Demand Curve Shifts in Demand The Supply Curve and Shifts in Supply Market Equilibrium Market Imbalances (Temporary Surplus and Shortages) Shifts in Equilibrium By the end of this chapter students will be able to: 1. Identify and explain what is meant by a competitive market 2. Identify the non-price determinants of Supply & Demand 3. Construct Supply and Demand curves from Supply and Demand schedules 4. Identify and illustrate the difference between a shift in a curve and movement along a curve 5. Determine the resulting equilibrium price and quantity in a given market 6. Identify the existence of a surplus or shortage within a market 7. Identify how a market eliminates a temporary surplus or shortage 8. Analyze and predict the effect of a change in supply and/or demand on the equilibrium price and quantity of a good or service Chapter 15: Unemployment Measuring Unemployment The Market for Labor The Effect of Minimum Wage Legislation Types of Unemployment By the end of this chapter students will be able to: 1. Identify who is and is not classified as unemployed 2. Calculate the unemployment and labor force participation rate 3. Construct a labor market diagram 4. Identify the equilibrium wage and quantity of employment in a market 5. Identify the type of unemployment an individual may be experiencing Chapter 10: Measuring a Nation’s Income Gross Domestic Product The Components of GDP Real vs. Nominal GDP GDP per Capita Criticisms of GDP Measurements By the end of this chapter students will be able to: 1. Explain how GDP is measured 2. Calculate a nation’s Gross Domestic Product 3. Identify changes in a nation’s GDP 4. Differentiate between real and nominal GDP and calculate each 5. Calculate the GDP Deflator and GDP per capita 6. Identify the best measure of income for a given situation 7. Identify the shortcomings of GDP as sole measure of economic well being Chapter 11: Measuring the Cost of Living The Price Level The Consumer Price Index By the end of this chapter students will be able to: 1. Explain what it is that a price level measures 2. Calculate the Consumer Price Index 3. Identify how a price index is constructed 4. Convert nominal values into real values using a price index 5. Identify the need for indexation Chapter 17: Money Growth & Inflation What is Inflation Sources of Inflation Costs of Inflation Hyperinflationary and Deflationary spirals By the end of this chapter students will be able to: 1. Identify and explain what inflation is 2. Calculate inflation given a price index 3. Identify the three sources and types of inflation 4. Identify the distributional effects and economic costs of inflation 5. Discriminate between a hyperinflationary and deflationary economic climate Chapter 12: Production & Growth Worker Productivity and Standard of Living Sources of Productivity Growth By the end of this chapter students will be able to: 1. Identify what it is that accounts for varying standards of living 2. Calculate per worker productivity and productivity growth 3. Utilize the Rule of 72 to forecast long run changes in living standards 4. Identify the components of worker productivity 5. Identify policies designed to boost a nation’s productivity growth Chapter 13: Saving, Investment, and the Financial System The Global Financial System The Market for Loanable Funds and the Equilibrium Interest Rate The Role of Savings and Investment in Promoting Economic Growth By the end of this chapter students will be able to: 1. Identify the role that banks play in the financial system 2. Identify the effect of a change in the interest rate on the quantity of savings supplied and investment demanded 3. Forecast the effect of changes in savings and investment on both the equilibrium interest rate and the equilibrium quantity of investment Chapter 20: Aggregate Demand & Aggregate Supply Business Cycles and Short Run Economic Fluctuations The Shape of the Aggregate Demand, Aggregate Supply Curves (SR & LR) The Determinants of AD, SRAS, and LRAS Short Run Macroeconomic Equilibrium Potential GDP and Output Gaps The Long Run Macroeconomic Equilibrium Adjustment Process By the end of this chapter students will be able to: 1. Identify the three key facts about economic fluctuations 2. Identify the assumptions of Classical Economics and the reality of ShortRun fluctuations 3. Identify the reasons why the AD curve is downward sloping 4. Identify the reasons why the SRAS curve is upward sloping 5. Identify the reasons why the LRAS is vertical 6. Identify how the LRAS relates to potential GDP and the natural rate of unemployment 7. Identify the equilibrium level of GDP, the equilibrium price level, and the relative level of unemployment using the AD/AS model 8. Analyze and predict changes in the three key macroeconomic variables using the AD/AS model in both the short and long run 9. Identify the existence of and calculate the magnitude of the two types of output gaps 10. Identify the correct LR macroeconomic equilibrium adjustment process Chapter 21: The Influence of Monetary and Fiscal Policy on Aggregate Demand Keynesian Stabilization Fiscal Policy and the Fiscal Multiplier The Case for and Against Active Stabilization Deficits, Debt, and Automatic Stabilizers Equilibrium in the Money Market Interest Rate Targeting by the Federal Reserve By the end of this chapter students will be able to: 1. Explain the aim of active Keynesian macroeconomic stabilization 2. Identify the appropriate fiscal response to the existence of a SR output gap 3. Calculate the effect of a change in government spending on GDP using the fiscal multiplier 4. Identify the effect of a change in taxation on GDP in the short run 5. Identify arguments for and against active stabilization 6. Calculate government deficits and debt 7. Identify the effect automatic stabilizers have on SR economic fluctuations 8. Identify the equilibrium interest rate in the money market 9. Forecast changes in the equilibrium interest rate as a result of changes in the supply of money 10. Specify the appropriate change in the money supply needed to address various output gaps Chapter 16: The Monetary System The Meaning and Role of Money The Federal Reserve System Banks and the Money Supply Federal Reserve Policy Tools Leaning Against the Wind By the end of this chapter students will be able to: 1. Identify the three necessary functions of money 2. Identify the two types of money 3. Identify the role and structure of the Federal Reserve 4. Identify the assets and liabilities in a bank’s balance sheet 5. Identify the rationale for requiring banks to hold reserves and the dangers presented by bank runs 6. Calculate the money multiplier using the required reserve ratio 7. Calculate the resulting expansion in the money supply as a consequence of some initial injection of capital 8. Identify the role of fractional reserve banking in the modern economy 9. Identify the three policy tools available to the Federal Reserve 10. Identify the appropriate open market operations required REQUIRED COURSE MEASURES/ARTIFACTS: A. Aplia Problem Sets Students are required to complete an online Aplia problem set for homework after every class (with the possible exception of directly after an exam is administered). These problem sets allow three attempts per question and are scored based on the average of all attempts. B. Exams There will be a total of five exams (including the final). With the exception of the final, exams will not be comprehensive but only assess material covered since the last exam. C. Reading/Video Questions, Worksheets, and Discussion Board Posts i. Reading and video assignments will be issued after every class. It will be up to the discretion of the instructor whether to require a written response along with these reading/video assignments. ii. On campus students will collaboratively or individually complete in-class worksheets which may or may not be collected for credit at the instructor’s discretion. Online students are expected to complete the worksheets and assess their understanding of the material based on the answer key provided iii. Discussion board posts may be required at the discretion of the instructor. EVALUATION OF REQUIRED COURSE MEASURES/ARTIFACTS In this section of the instructional package, identify how the students’ performance is assessed and the weight associated with the various measures/artifacts. EVALUATION Aplia Homework Problem Sets Exams (5 total, equally weighted) Reading/Video Questions, and Discussion Board posts Total On-Campus Online 40% 60% 40% 50% Included in Aplia Problem Set Component 10% 100% 100% GRADING SYSTEM: 90% and above 80% to < 90% 70% to < 80% 60% to < 70% Below 60% A B C D F Grades earned in courses impact academic progression and financial aid status. Before withdrawing from a course, be sure to talk with your instructor and financial aid counselor about the implications of that course of action. Ds, Fs, Ws, WFs and Is also negatively impact academic progression and financial aid status. The Add/Drop Period is the first 5 days of the semester for full term classes. Add/Drop periods are shorter for accelerated format courses. The following week of the semester is Financial Aid Attendance Verification period. You must attend at least one meeting of all of your classes during that period. If you do not, you will be dropped from the course(s) and your Financial Aid will be reduced accordingly. The Student Success and Tutoring Center (SSTC) The SSTC offers to all students the following free resources: 1. Academic coaches for most subject areas, Writing Center Support, and college success skills 2. On-line student success and academic support resources a. 24/7 online academic tutoring assistance (access in WaveNet) b. 24/7 Online Resource Center (ORC) c. Campus2Campus Virtual Appointments d. Tips and tricks for college life, studying, and learning (Facebook: hgtcsstc) 3. Other student resources and academic support a. Resource guides to improve college success skills b. Science models & other supplemental tools and textbooks c. Workshops on college success skills and citation styles d. Study Skills, Test Anxiety, Time Management, etc. e. APA, MLA, and Preventing Plagiarism f. Check the EVENTS calendar in WaveNet for more information! Visit the SSTC website: www.hgtc.edu/sstc and visit the student services tab in your WaveNet account to schedule appointments using TutorTrac. For more information, call: SSTC Conway, 349-7872; SSTC Grand Strand, 477-2113; and SSTC Georgetown, 520-1455. Room locations and Live Chat is available on the SSTC website. Student Information Center: WaveNet Central (WNC) WNC offers to all students the following free resources: 1. Getting around HGTC: General information and guidance for enrollment! 2. Use the Online Resource Center (ORC) for COMPASS support, technology education, and online tools 3. Drop-in technology support or scheduled training in the Center or in class 4. In-person workshops and online tutorials are available for: 1. D2L & WaveNet, 2. Microsoft Office Word, PowerPoint and Excel, 3. Basic Computer Skills, 4. Budgeting your Money, and more. 5. Check the EVENTS calendar or the WNC Online Resource Center for more information! 5. Additional services such as reviewing Degree Works, scheduling tutoring, or scheduling testing center appointments, scanning and uploading documents, etc. Visit the WNC website: www.hgtc.edu/wavenetcentral. Live Chat and Center locations are posted on the website. Or please call one of the following locations: WNC Conway, 349-5182; WNC Grand Strand, 477-2076; and WNC Georgetown, 520-1473. View tips and tricks for college life, personal development and technology learning on their Facebook page (Facebook: hgtcwnc).