ECONOMICS 2301 Principles of Economics-Macro Syllabus Spring 2012-Section 4004-Room G203 T R 8:00-9:30 AM Instructor Information: Gerald Shilling, Professor of Economics Office Hours Professor of Economics Social Science Division MW 10:00-11:00 AM Eastfield College T 11:00 AM-12:00 PM 3737 Motley Drive R 9:30- 10:30 AM Mesquite, Texas F 8:000-9:00 AM Office: L318 Office Phone: 972-860-7094 E-mail: [email protected] COURSE DESCRIPTION: ECON 2301 Principles of Macroeconomic—Common Course Number of Texas (3) Sophomore standing is recommended. An introduction to principles of macroeconomics is presented. Economic principles studied within the framework of classical, Keynesian, monetarist and alternative models. Emphasis given national income determination, money and banking, and the role of monetary and fiscal policy in economic stabilization and growth. Other topics include international trade and finance. (3 Lec.) COURSE MATERIALS: Macroeconomics, Principles, Applications, and Tools, Arthur O’Sullivan, Stephen M. Sheffrin, and Stephen Perez, 7th Edition, 2012, Prentice Hall with MyEconLab, ISBN Pending . Printed textbook may be purchased at bookstore or on-line. If you purchase a shrink wrapped text at the bookstore or elsewhere make sure and do not throw away the access code card that should come with the text. The access code provides you access to MyEconLab. An on-line text may be purchased as an ebook by going to www.myeconlab.com. The MyEconLab is required for this course and will be utilized as the on-line component of the course to take assigned quizzes. If you purchase the used text you may purchase the MyEconLab individually at the web site above. When you enroll into MyEconLab you need to make sure you enroll in the correct section using the Course ID for this section. The ID for Section 4006 is .Developmental Courses The Texas Success Initiative (TSI) is a statewide program designed to ensure that students enrolled in Texas public colleges and universities college-level have the basic academic skills needed to be successful in course work. The TSI requires assessment, remediation (if necessary), and advising of students who attend a public college or university in the state of Texas. The program assesses a student’s basic academic skills in reading, writing, and math. Passing the assessment is a prerequisite for enrollment in many college-level classes such as English 1301/1302, History 1301/1302, Math 1414, etc. Students who do not meet assessment standards may complete prerequisite requirements by taking developmental courses in the deficient area and passing them with a grade of C or higher. In some cases retesting will also be required. It is up to each student to be aware and informed about requirements that are subject to change. Additional information is available from the TSI Office. https://www1.dcccd.edu/cat0910/admiss/tsi.cfm?loc=4 COURSE RATIONALE Economics as a field of study seeks to explore a series of ongoing issues and problems which confront all of us in our daily lives as producers, consumers and citizens. It seeks to provide some insight into the nature of these issues and problems and suggests possible solutions. When making decisions as producers, consumers and citizens in the real world, however, we know we must face certain realities such as limited resources and the fact that every proposed solution has a cost. Economics with these realities as it pursues an ultimate goal of seeks to deal improving the overall quality of life that people might enjoy. In summary, as you move through this course it is hoped that a better understanding of the way the world “works” will emerge… along with some better ways to achieve an understanding world. COURSE OBJECTIVES A. Understanding the major macroeconomic problems confronting the economy of the United States. B. Demonstrate mastery of the macroeconomic theory necessary to think intelligently about these problems. C. Identify and explain the causes of the major macroeconomic problems confronting the economy of the United States. D. Identify the appropriate policy options for resolving the major macroeconomic problems confronting the economy of the United States. E. Evaluate the validity of another’s proposed solution to a particular macroeconomic problem. F. Succeed in college courses that require a basic understanding of macroeconomic theory to succeed in those courses, including principles of microeconomics. STUDENT LEARNING OUTCOMES 1. At the conclusion of this unit the student will be able to calculate the potential increase in the money supply given an increase in bank reserves and a given reserve ratio. 2. The student will be able to list the three basic monetary tools available to the Federal Reserve System for changing the money supply. 3. The student should be able to describe the role of the Open Market Committee of the Federal Reserve System. TOPIC OUTLINE:A. Scarcity. B. Macroeconomic organization. C. Production possibilities and alternative costs. D. Demand, supply, and market equilibrium. E. National income accounting. F. Circular flow of income and output. G. Aggregate demand, aggregate supply and macroeconomic equilibrium. H. Macroeconomic instability. I. The role of government in a market directed economy. J. National income determination via consumption and investment. K. Fiscal theory and policy as a tool of macroeconomic stabilization. L. Monetary theory and policy as a tool for macroeconomic stabilization. M. Activist versus non-activists macroeconomic policy. N. Macroeconomic application of international trade and finance. O. Budgets, deficits, public debt and public policy. P. Productivity and growth. Q. Alternative explanations of classical and Keynsian economic theory. COURSE SUCCESS To successfully complete this course you should do the following: A. Complete assignments in your syllabus, these include reading the materials in the text, using the tutorials, including Study Plans provided in MyEconLab in areas you feel you feel a need for further understanding and take the practice quizzes until you feel comfortable with the material. B. Complete the four regular exams during the scheduled testing period and the optional final exam if necessary. C. Check on e-campus on a regular basis for reviews and other announcements. DROP DATE: If you are unable