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Oman College of Management and Technology Department of Administrative and Financial Sciences First Semester 2015/2016 _____________________________________________________________________ Principles of Macroeconomics Instructor: Prof.Dr.Waleed Hmedat Course Description: this course introduces the economic problem, and the production possibility frontier. In addition to that it investigates the methods of national income and other economic aggregates measurement. Demand and supply and market equilibrium are covered. Then it discusses various components of aggregate expenditures and constructs a Keynesian model to determine equilibrium level of national income. In this context it analyzes spending multipliers and the impact of fiscal policy on equilibrium income. Furthermore, it considers the definition of money and its functions and how it is created. The role of central bank in money supply control is considered too. Finally tools of aggregate demand and aggregate supply are derived and used to understand the impact of macroeconomic policies on major economic aggregates. Then concepts of growth, unemployment, inflation and business cycles are reviewed. Course Objectives: this course aims at the following goals: 1. Familiarizing the student with the subject matter of economics. 2. Introducing basic economic vocabulary, terms, concepts, tools and simple models of macroeconomics. 3. Presenting the economic way of thinking and analyzing economic problems and the relevance of the real world. 4. Preparing the student to understand more sophisticated economic issues and to answer raised questions in a systematic way. Student Learning Outcomes: 1. Identify the concepts of scarcity, choices, opportunity costs, and economic efficiency. 2. Distinguish between macroeconomics and microeconomics, positive and normative statements, economic theory and economic policy. 3. Identify and distinguish the major factors (conditions) that affect supply and demand. And identify the equilibrium price and quantity exchanged on a supply and demand diagrams. 4. Utilize supply and demand analysis to correctly predict the direction of changes in price and quantity (volume) as a result in changes in market factors (conditions). 5. Understand the basic national income identity and how it is used to understand the various methods of national income accounting. 1 6. Understand the determinants of aggregate expenditures components. 7. Model the macro economy and determine the equilibrium of national income. 8. Define money and specify its functions. Specify measures of liquidity and tools of money supply control and determinants of money demand, and determine equilibrium interest rate. 9. Define aggregate demand and aggregate supply and determine factors affecting them in the short and long runs. And determine macroeconomic equilibrium. Use these tools to conduct and predict the impact of fiscal and monetary policies. 10. Understand the meaning of unemployment and its types and scale in the Jordanian economy. 11. Define inflation, causes and consequences and trends in Jordanian economy. 12. Understand the meaning of business cycles and their phases. Course Requirements: 1. 2. 3. 4. Attendance. Read all assignments. Participation in the classroom. Examinations. Method of Evaluation: your performance in this class will be evaluated in several ways: Two midterm exams worth 50% of total grade Final exam worth 50% of total grade Required Textbook: Michael Parkin, Macroeconomics, Seventh edition, Pearson, Addison Wesley 2005. Teaching Philosophy: Our goal is to push you academically to stimulate critical thinking, by making you think how you view the world and integrating this into your perspective, and therefore we expect you to work hard, because sometimes the material is not easy. Simply: one learns economics by doing economics. The best rule of thumb is to plan to devote three hours outside of class to study this material for each hour you spend in class. Important Notes: 1. You are responsible for all material discussed in class and assigned in the textbook. 2. Attendance is required. Your professor is far less sympathetic to those who miss class regularly. If you miss class, you are responsible to get the notes from a classmate.3. You may contact me at my office, email me, or write a note and mail it to me if you need to contact me. Please do not call me at home. I will attempt to respond to all e-mails within 72 hours -- and usually much sooner. 2 4. There are no make-up exams. 5. Please feel free to stop by my office if you have questions, or just would like to talk. My policy is "If my office door is open, I am open for business". 6. You are expected to be available each class, except when hardships occur. I have the right either to lower your course grade or to give you an F grade if you have more than5 absences. 8. Please turn of all cell phones and pagers prior to entering the classroom and be on time. During exams all phones must be switched off. 9. You may use a calculator in the exam but you may not borrow it. . Successful Student Strategies: 1. Commitment to class attendance. 2. Reading text before class. 3. Asking questions, when material is unclear. 4. Reviewing notes, graphs and text after class. 5. Studying in advance of the next exam. Course Outline: Chapter 1 What is Economics Week 1 & 2 Chapter 2 The economic problem Week 2 & 3 Chapter 3 Demand and Supply Week 3 & 4& 5 Chapter 5 Measuring GDP and Economic Growth Week 6 Chapter 8 & 13 Expenditure Multipliers: The Keynsian Model Week 7 & 8 Chapter 10 Money, Banks and Federal Reserve System Week 9 &10 Chapter 11 Money, Interest, Real GDP and the Price Level Week 10 & 11 Chapter 7 Aggregate Supply and Aggregate Demand Week 12 Chapter 4 A First Look at Macroeconomics Week 13&14 Review Week 15 Final Examinations Week 16 3