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COURSE OUTLINE Economics 101 Section 1; 8:00-8:50 MWF Principles of Macroeconomics Professor Mark Pingle AB 318D; 784-6634; [email protected] Office Hours: MWF 10:00-11:00; and by appointment Fall 2001 Course Description: This is a “core” social science course for the University of Nevada, introducing the student to macroeconomics. Macroeconomics is a branch of economics that focuses on the economy as a whole. Upon successfully completing this course, the student will have an elementary understanding of (1) US macroeconomic history since the beginning of the Great Depression, (2) how a market economy works, and (3) how government can influence an economy through policy changes. Required Course Materials: (1) US Macroeconomic Statistics: A Set of Figures and Data Tables to Supplement a Macroeconomics Course, Mark A. Pingle, 6th Edition, 2001. To be distributed at a cost of $10. Make checks payable to Department of Economics (2) Principles of Macroeconomics, Mark A. Pingle: To be distributed at a cost of $10. Make checks payable to Department of Economics. (3) The Wall Street Journal: To be ordered immediately. Grading: 20% Midterm 1; Friday, September 28 20% Midterm 2; Wednesday, October 24 30% Final; Monday, December 17, 7:30 A.M. - 9:30 A.M. 20% Three assignments---each of equal weight. 10% Participation and preparation Because the content of the course builds upon itself, the student’s performance on the final better represents what has been learned from the course. Consequently, the following grading policies will be applied: If the grade on the final is better than the average of the two midterms, then the midterm grades will be thrown out and the grade on the final will be weighted at 70%. Those students receiving a D grade or F grade on the final will receive a course grade that is the same as the grade on the final. As a student, learning is your job, a job you should take seriously. Irresponsible behavior will impact your course grade in the following ways: Assignments turned in late will be docked one letter grade per class period until they are received. Attendance will be taken periodically and will count toward participation. The participation and preparation portion of the course grade will be reduced to zero for any student who is recorded missing 3 or more classes. Students must do all assignments. If an assignment is not received, then the will receive an F course grade. The student must either pass the “technical skills competency test” or obtain credit for the technical skills competency requirement by meeting with the instructor. Students failing to do so will receive an F course grade. Holidays (No Class): 1 Labor Day: Monday, September 3 Nevada Day (Observed): Friday, October 26 Veteran’s Day (Observed); Monday, November 12 Thanksgiving Vacation: Friday, November 23 Salient Economic Ideas: 1. Opportunity cost 2. Specialization and trade 3. Trade is mutually beneficial 4. Price system 5. Burden of debt 6. Availability of credit 7. Production and its relationship to income and wealth 8. Law of diminishing returns 9. Competition and its relationship to technological improvement 10. Classical theory of income distribution 11. Inflation tax 12. Effect of inflation on debtors and creditors 13. Importance of saving 14. Investment and its relationship to saving and capital stock 15. Principles of insurance 16. Autonomous spending multiplier Lectures and Assignments: All assignments are reading assignments, except for those that are underlined. To stimulate discussion, students are expected to have read some Wall Street Journal articles prior to each class. In the Assignment Due column below, CH refers to classnotes, Fig. refers to Statsbook., and the symbols I1, I2, I3,… refer to Salient Economic Ideas. Date 8/27 8/29 8/31 9/3 9/5 9/7 9/10 9/12 9/14 9/17 9/19 9/21 9/24 9/26 9/28 10/1 10/3 10/5 10/8 10/10 10/12 10/15 10/17 Topic Economics as Social Science What is economics? Origins of market system Labor Day (No class) Model market and command economies Data presentation and production facts Assignment 1 given Expenditure and income components of output The role of government Economic performance; Major macro concerns Production: The source of wealth Labor productivity measures Production Possibilities and the concept of cost Preparing for Model Building Review for first midterm First Midterm Labor Demand Labor Supply Labor Market Assignment 2 given Labor Market Shocks The Aggregate Supply Curve The Dynamic Supply-Side Barter Money Assignment Due None CH1; I1, I2 CH2 2.1-2.2; I3 CH2 2.3-2.4; I4 Fig 1-4 and App. B in Statsbook Statsbook Table 3 and Fig 5,6, 9-12 Fig 33-43; I5, I6 CH3;Fig 20, 21,28,48-50; Assign 1 CH4 4.1-4.4; Fig 7-8, 15-16; I7 CH4 4.5; Fig 19, 44-47; I8, I9 CH4 4.6 Appendix.: “Mathematical Tools” None Complete Math Competency None CH5 5.1; Fig 23; I10, I11, I12 CH5 5.2; CH5 5.3.1-5.3.2 CH5 5.3.3-5.4 CH6 6.1-6.2 CH6 6.3-6.5; Assignment 2 (Draft) CH7 7.1 CH7 7.2-7.3; Fig.29-32 2 10/19 10/22 10/24 10/26 10/29 10/31 11/2 11/5 11/7 The Federal Reserve and Money Review for second midterm Second Midterm Nevada Day (No Class) Money Supply and Money Demand Classical Monetary Theory Keynesian Monetary Theory The Circular Flow Consumption, Savings, and Investment 11/9 11/12 11/14 11/16 The Aggregate Demand Curve Laissez Faire Adjustments Monetary Policy Fiscal Policy---Government Purchases Assignment 3 given Fiscal Policy---Net Taxes Insurance and gambling Monetary Policy Fiscal Policy---Government Purchases Fiscal Policy---Net Taxes An increase in population Capital accumulation and tech. improvement Review for Final First portion of final (During class time) Second portion of final; 7:30-9:30 AM 11/19 11/21 11/26 11/28 11/30 12/3 12/5 12/7 12/10 12/17 CH7 7.4 None 3 CH8 8.1-8.2 CH8 8.3 CH8 8.4-8.5; Fig 21 CH9 9.1; Fig 5-10 CH9 9.2; Fig 11-14; I13; CH9 9.3; Fig 17-18; I14 CH9 9.4 CH10 10.1; Assignment 2 CH10 10.2.1; I16 CH10 10.2.2 CH10 10.2.3 None; I5 CH10 10.3.1 CH10 10.3.2 CH10 10.3.3 CH10.3.5 CH10 10.3.3-10.4; Assignment 3 None