ECON 2013 - Principles of Macroeconomics Description This course is an introduction to the major areas of modern economic theory, American capitalism, pricing system, national income accounting, fiscal policy, monetary policy, money and banking, and general price levels.
Pre-Requisite Completion of ENGL 1013 and MATH 0103 , or higher-level Mathematics course (excluding MATH 1313 ) with a grade greater than or equal to a C, or has received an appropriate math placement score (see placement chart).
3 Credit Hour(s)
Contact Hours 45 lecture hours
3 Faculty Load Hour(s)
Semesters Offered Fall, Spring, Summer
ACTS Equivalent ECON2103 (ACTS) - Principles of Macroeconomics
Grade Mode A-F
Learning Outcomes Students completing this course will:
- se AD-AS model to illustrate economic expansion and contraction and how this relates to employment, real GDP, and inflation (both cost-push & demand-pull).
- Define GDP (four major components), how it is calculated, and its effects on societal well-being
- Adjust nominal to real using GDP deflator.
- Explain economic movements of contraction and growth by correctly identifying peak, trough, length, and depth of recessions as well as U.S. trends.
- Describe CPI strengths and weaknesses, effects of inflation on buying power, inflation-indexed instruments, and growth calculations over time.
- Identify different types of unemployment, SR causes and LR causes, and recent U.S. trends.
- Differentiate functions, types, and measures of money/money supply
- Illustrate details of fractional reserve lending process and relationship of Central bank to member banks.
- Identify major areas of federal budgetary spending
- Differentiate between discretionary fiscal policy and automatic stabilizers and discuss the effects of expansionary or contractionary policy.
- Describe details of monetary policy tools used by the Federal Reserve, including accounting steps of open market operations, effects on money supply and interest rates, and relation to goals of economic growth and low unemployment.
- Describe contributing factors to economic growth, importance of steady growth, disparities in global growth, and GDP growth as a metric for societal well-being
- Relate law of comparative advantage to production possibilities frontier and favorable trade problems involving currency exchange rates and purchasing power parity metrics.
- Apply national savings-investment identity to current account calculation, trade deficit and surplus problems.
General Education Outcomes Supported
- Students gain greater awareness of cultural perspectives.
- Students can employ a variety of sources to locate, evaluate, and use information.
- Students can achieve mathematical literacy.
- Students develop higher order thinking skills.
Standard Practices Topics list
- What is Economics?
- Key Principles
- Gross Domestic Product
- Unemployment and Inflation
- Classical Economics
- Keynesian Economics and Fiscal Policy
- Money and the Banking System
- Monetary Policy
- Fiscal Policy
- International Economics
Learning activities
- Assignments
- This course requires additional work that may need to be completed out of class or in a virtual or on-campus lab.
Assessments
- Exams
- Homework Assignments
- Presentations
- Written Exam
- Embedded questions assessing math and higher order thinking skills in Knewton exam(s)
- Essay assignment to assess Global Perspectives and Written Communication skills
Grading guidelines
- A = 90-100
- B = 80-89
- C = 70-79
- D = 60-69
- F = 59 & below
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