Download COURSE TITLE - Metropolitan Community College

METROPOLITAN COMMUNITY COLLEGE
COURSE OUTLINE FORM
COURSE TITLE _______________________Macroeconomics__________________________________
COURSE PREFIX AND NO.
ECON 1000
LEC 4.5
LAB 0
CREDIT HOURS
4.5____
COURSE DESCRIPTION:
This course explores theories of employment, national income, inflation and economic growth. Topics include
income theories, savings and investment, business fluctuations, inflation, unemployment, growth theories,
monetary and fiscal policies.
COURSE PREREQUISITE (S):
Recommended: BSAD 1000 and math requirements – recommended prior to taking this course but not required.
RATIONALE:
An appreciation of macroeconomic concepts is beneficial for a student pursuing a career in business and for
understanding world events.
REQUIRED TEXTBOOK (S) and/or MATERIALS:
Title:
Macroeconomics: Principles, Application & Tools
Edition:
Custom Edition for Metropolitan Community College - Nebraska
Author:
O’Sullivan, Sheffrin, Perez
Publisher:
Pearson
Materials:
My Econ Lab – Required for some sections- see instructor for details.
Attached course outline written by:
Reviewed/Revised by:
Asante’ Moody/Tim Sweeney
Effective quarter of course outline:
Dean
Daryl Hansen
Lori Lothringer
Date:
4/2005
Date:
8/16
16/FA
Date: 8/16
Course Objectives, Topical Unit Outlines, and Unit Objectives must be attached to this form.
COURSE OBJECTIVES/TOPICAL UNIT OUTLINE/UNIT OBJECTIVES
TITLE: Macroeconomics
PREFIX/NO.:
ECON 1000
__________________________________________________________________________________________
COURSE OBJECTIVES:
Upon completion of this course, the student will be able to:
1.
2.
3.
4.
5.
6.
Diagram and interpret supply and demand schedules.
Explain the factors of a market system.
Identify the determinants of national income.
Explain the role of fiscal policy.
Explain the importance of money, banking, and monetary policy.
Analyze, using macroeconomic principles, current economic issues such as international trade,
exchange rates, economic growth, and other national and international governmental policies.
7.
Explain the types and causes of unemployment.
8.
Explain the types and causes of inflation.
9.
Explain the causes of economic growth.
10.
Diagram and interpret the circular flow.
11.
Access current economic releases using Internet resources.
__________________________________________________________________________________________
TOPICAL UNIT OUTLINE/UNIT OBJECTIVES:
I.
SUPPLY AND DEMAND
A.
Identify the law of demand and the law of supply.
B.
Name the determinants of demand and the determinants of supply.
C.
Diagram a demand curve, and distinguish between a change in demand and a change in
quantity demanded.
D.
Diagram a supply curve, and distinguish between a change in supply and a change in
quantity supplied.
II.
MARKET SYSTEM FUNCTIONS
A.
Explain how an economy responds to basic fundamental questions of production.
B.
Identify the role of government in a market system.
C.
Describe the role taxes play in market systems regarding issues such as reindustrialization
and budget deficits.
D.
Define the incidence of taxation, progressive taxes, proportional taxes, and regressive
taxes.
E.
Discuss the reallocation of resources (e.g.: externalities, public goods and services).
F.
Distinguish between the capitalistic private market sector, the public market sector.
III.
NATIONAL INCOME AND EMPLOYMENT
A.
Identify the variables of GDP and discuss alternative methods of GDP calculation
(expenditures approach-vs.-income approach).
B.
Illustrate an economic business cycle.
C.
Define “full employment.”
D.
List the types of unemployment and explain the cost and measurability of unemployment.
E.
Describe theories of inflation and how inflation can be measured. Explain the
redistributive effects of inflation.
F.
Distinguish between classical and Keynesian theories of employment.
IV.
FISCAL POLICY
A.
Explain the significance of Federal government socioeconomic legislation.
B.
Describe the use of discretionary fiscal policy (taxes, spending, et.) and the limitations of
nondiscretionary fiscal policy.
C.
Define the rational for a balanced – budget multiplier.
D.
Illustrate the changes of fiscal policy throughout the business cycle (expansionary-vscontractionary policy).
E.
State how deficits are financed and surpluses are disposed.
F.
Enumerate problems faced when implementing fiscal policy (political problems,
crowding out, recognition lag, administrative lag, operation lag, etc.).
V.
MONEY, BANKING, AND MONETARY POLICY
A.
State the major functions of money.
B.
Define M1, M2, and explain the supply and demand of money.
C.
Establish the relationship between money supply and prices.
D.
Describe how money is “created” by commercial banks and explain the monetary
multiplier.
E.
Identify the objectives of monetary policy.
F.
List and explain the tools of monetary policy (eg. Open market operations, reserve ratio
adjustments, discount rate and federal funds rate adjustments).
VI.
GLOBAL ECONOMICS
A.
Discuss the importance of world trade and explain the impact of specialization,
comparative advantage, and protectionism on world trade.
B.
Explain how international trade is financed.
C.
Illustrate, with an example, an American export and import transaction.
D.
Define the concept of balance of payments.
E.
Determine the impact of economic growth, economic decline, and economic gaps.
F.
Identify the role advanced nations play in the economic development of less developed
countries, and underdeveloped countries.
SUPPLEMENTARY SOURCES:
The Economist - Magazine
Economic Review (various Federal Reserve Districts)
Wall Street Journal
https://www.economy.com/dismal/
http://www.bls.gov/
http://www.bea.gov/
http://www.federalreserve.gov/
COURSE REQUIREMENTS\EVALUATION
Upon completion of this course, the student will have acquired the basic cognitive knowledge of
macroeconomics, including the theories of employment, national income, inflation, economic growth as well as
the rationale for and impact of monetary policies, fiscal policies, and international trade/foreign exchange. The
competence of the student will be evaluated by the satisfactory completion of quizzes, exams, homework,
and/or projects based on performance measures.
COURSE OBJECTIVES
Explain the concepts of supply and demand
Describe the basic market system functions
Define and calculate measures of national income
Explain the purpose of fiscal policy
Explain the basic functions of money, banking and
monetary policy
Analyze international economic conditions and
exchange rate fluctuations.
Explain the types and causes of unemployment
Explain the types and causes of inflation
Explain the causes of economic growth
Diagram and interpret the circular flow
Access current economic releases using Internet
resources
ASSESSMENT MEASURE
TYPE:
NATURE:
COMMUNICATION MODE:
NATURE OF ACTIVITY:
TYPE:
NATURE:
COMMUNICATION MODE:
NATURE OF ACTIVITY:
TYPE:
NATURE:
COMMUNICATION MODE:
NATURE OF ACTIVITY:
TYPE:
NATURE:
COMMUNICATION MODE:
NATURE OF ACTIVITY:
TYPE:
NATURE:
COMMUNICATION MODE:
NATURE OF ACTIVITY:
TYPE:
NATURE:
COMMUNICATION MODE:
NATURE OF ACTIVITY:
TYPE:
NATURE:
COMMUNICATION MODE:
NATURE OF ACTIVITY:
TYPE:
NATURE:
COMMUNICATION MODE:
NATURE OF ACTIVITY:
TYPE:
NATURE:
COMMUNICATION MODE:
NATURE OF ACTIVITY:
TYPE:
NATURE:
COMMUNICATION MODE:
NATURE OF ACTIVITY:
TYPE:
NATURE:
COMMUNICATION MODE:
NATURE OF ACTIVITY:
Test/assignment
Objective/Subjective
Written/Oral
Individual/Group
Test/assignment
Objective/Subjective
Written/Oral
Individual/Group
Test/assignment
Objective/Subjective
Written/Oral
Individual/Group
Test/assignment
Objective/Subjective
Written/Oral
Individual/Group
Test/assignment
Objective/Subjective
Written/Oral
Individual/Group
Test/assignment
Objective/Subjective
Written/Oral
Individual/Group
Test/assignment
Objective/Subjective
Written/Oral
Individual/Group
Test/assignment
Objective/Subjective
Written/Oral
Individual/Group
Test/assignment
Objective/Subjective
Written/Oral
Individual/Group
Test/assignment
Objective/Subjective
Written/Oral
Individual/Group
Test/assignment
Objective/Subjective
Written/Oral
Individual/Group