ECO 2013 0R01 Principles of Macroeconomics 3 Credit Hours Spring 2014 Instructor P Euzent Office BA2 302d 407 823 5910 E mail through Webcourses UCF inbox link at top of page Monday Tuesday Wednesday Class in BA 107 4 30 5 45p 4 30 5 45p My office hours in lobby of PSY 108 1pm 1 30 1pm 1 30 My office hours in BA2 302D 4 00 4 25p 4 00 4 25p TA Bleys Birt hours in BA2 302i Will be announced in Webcourses UCF Help Desk Hours BA2 303A C 10 30a 4p 10 30a 4p 10 30a 4p Instructor and TA office hours end on the last day of scheduled classes Thursday 10 30a 4p Course Web Site Access Webcourses UCF through my ucf edu I will use Webcourses UCF for e mail to post grades make lecture handouts available and post announcements Webcourses UCF is also a place for you to communicate with the TA and your fellow students Use your PID user name and password to log in You may also use http webcourses ucf edu Attendance policy Checking your knights email and our Webcourses site is part of this course You need to check both regularly and respond in a timely fashion when appropriate UCF policy requires that all students use Knights email for all course correspondence Please be sure your knights account is working and that you are using it for this course I cannot check your class attendance so be present through your actions Course Description Economics is the study of human behavior as we go about the ordinary business of life to quote the famous economist Alfred Marshall As such it offers a way of thinking about how the world works Like it or not economic issues dominate much of the world in which we live We are faced with economic issues on television in newspapers in the voting booth and especially in a career choice Another distinguished economist defined the field as the study of the use of scarce resources which have alternative uses The economy is a system of production and distribution of goods and services under the constraint of scarcity In a world of scarcity we must make choices both as an individual and as a society Economics examines the nature of those choices and the consequences of those choices by us as an individual and by us as a society through government regulation Macroeconomics is the study of economy wide phenomena A macroeconomist might study the effects of borrowing by the federal government the changes over time in the economy s rate of unemployment or alternative policies to raise growth in national living standards A macroeconomist might study the effect of a cut in the federal income tax on the overall production of goods and services Economics is about the material welfare of society as a whole rather than the financial well being of any particular individual It is a way of thinking rather than a set of facts to be memorized This semester you will examine the economic way of thinking and apply that way of thinking to contemporary economic issues Page 1 of 7 The Course Learning Objectives 1 Students will be able to specify why scarcity of resources necessitates that choices much be made and thus why trade offs occur when decisions are made 2 Students will be able to differentiate between comparative and absolute advantage and explain why the former is the key principle behind gains from trade 3 Students will be able to identify and classify the determinants of demand functions that is to say they will be able to recognize the single factor that causes a change in quantity demanded versus those factors that cause a change in demand 4 Students will be able to identify and classify the determinants of supply functions that is to say they will be able to recognize the single factor that causes a change in quantity supplied versus those factors that cause a change in supply 5 Students will be able to determine the market clearing price and quantity in a market and to predict the effect on the equilibrium price and quantity when the factors that shift a demand or supply curve change 6 Students will be able to define and calculate both real and nominal key macroeconomic variables 7 Students will be able to demonstrate an understanding of the causes of short run fluctuations in key macroeconomic variables using the concepts of aggregate demand and aggregate supply 8 Students will be able to demonstrate an understanding of how changes in fiscal policy can affect the performance of the national economy in the short run and the long run 9 Students will be able to demonstrate understanding of the Federal Reserve and the banking system and identify the short run and long run effects of a change in monetary policy on the key macroeconomic variables 10 Students will be able to demonstrate an understanding of the relationship between the money supply interest rates and the rate of inflation 11 Students will be able to demonstrate an understanding of the determinants of an economy s potential GDP including the role of saving and investment the labor market and the factors that determine productivity growth 12 Students will be able to demonstrate an understanding of key international macroeconomic relationships including how exchange rates affect new exports and the variables that influence capital flows Page 2 of 7 Required Materials You must read the textbook and do the homework on Aplia Aplia is an online homework system that includes an interactive online version of the course text You may print pages from the online text Purchasing Options 1 The high priced option is buying all digital access through the UCF bookstore Aplia Printed Access Card for Mankiw s Principles of Macroeconomics 7th Edition ISBN 9781285854090 Bookstore will charge you 155 35 If you choose this option you will use the Access Card codes obtained from the bookstore to demonstrate to Aplia that you have already paid for access 2 The low priced option is to buy all digital access directly from the publisher Cengage Aplia Instant Access for Mankiw s Principles of Macroeconomics 7th Edition ISBN 9781285854083 137 00 Direct to Student through the Cengage website If you choose this option you will likely pay with a credit or debit card and you will have instant access to the required materials Enter the course key to gain access Course key is UFBE JP76 FDJS You will be prompted to pay at this point to access all materials required and supplemental You will have full access to the text and homework until the grace period ends on January 26 Any work done during the grace period will remain on the site Should you need more