Principles of Macroeconomics - ES 213 Online Phillips Community College of the University of Arkansas Fall 2011

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1 Principles of Macroeconomics - ES 213 Online Phillips Community College of the University of Arkansas Fall 2011 Course Name: Principles of Macroeconomics Instructor Information: Course Number: ES 213 I1, I2 Instructor: Monica Quattlebaum Semester and Year: Fall 2011 Office Location: Helena Campus Administration Building -A124 Meeting Time and Place: Online Office Phone Number: ext 1331 Prerequisites: None Fax Number: Required Laboratories: N/A Address: Revision Date: March 1, 2011 College Website: Office Hours: Posted Blackboard Direct link: Course Description ES 213 Principles of Macroeconomics: An introduction to the principles of economics. This course deals with the grand total of economic activity as well as inflation, unemployment, fiscal, and monetary policy. This course will be offered during the fall and summer semesters. This course is intended for students enrolled in an Associate of Applied Science or Associate of Arts degree to fulfill requirements within the Division of Business. This course is a transfer course, which means students must earn a grade of C or better in order for it to transfer to a four-year university of college. This course is a web-based, virtual class that does not require physical class attendance. Course work can be done at your time and convenience, however, assignments must be submitted on due dates. This course will use Blackboard for testing, , posting grades, presentations, lecture notes, and other tools deemed necessary for the successful completion of this course. Course Goals Students will understand how the macroeconomic theory is useful in understanding how the economy works and will be able to relate these concepts as an economic consumer. Some of the Macroeconomic concepts covered in this course are Demand and Supply, Market System, Private and Public Sectors, National Income Accounting, the Foreign Exchange Markets and the Balance of Payments, Unemployment and Inflation, Government Fiscal Policy and Monetary Policy, and Money and Banking in relation to the Federal Reserve. The materials covered in this course will help students as they interpret reports about the economy and allow them to put current economic situations into historical and theoretical context. Learning Objectives by Chapter These are chapter specific overview and objectives which will be covered through the reading and other related materials in this course. These objectives for each chapter will be measured on Unit tests. Chapter 1 Define economics. Understand the concept of scarcity as it relates to economic goods, economic bads, and free goods. Name the three resources, or factors of production. Understand the concept of rational self-interest. Explain the economic way of thinking, including the difference between positive and normative analysis. Understand the difference between macroeconomics and microeconomics. Chapter 2 Define opportunity costs. Construct and understand a productions possibilities curve (PPC). Discuss points inside and outside the PPC. Calculate marginal opportunity costs. Understand the concept of comparative advantage as it relates to specialization.

2 Chapter 3 Describe a market system. Explain how money facilitates the exchange process. Distinguish between demand and quantity demanded and supply and quantity supplied. Explain the laws of demand and supply. Construct demand and supply curves from demand and supply schedules. Distinguish between a change in demand and a change in quantity demanded. Distinguish between a change in supply and a change in quantity supplied. List factors that cause shifts in demand and supply curves. Determine equilibrium price and quantity. Explain surpluses and shortages. Determine impacts on equilibrium price and quantity resulting from shifts in demand and supply. Explain the impact of price floors and price ceilings Chapter 4 Explain the concept of consumer sovereignty as it applies to the market system. Name and describe the three sectors of the economy that comprise the private sector. Name and describe the sector of the economy that comprises the public sector. Use the proper terminology for household spending, business spending, and international spending. Describe recent patterns of consumption, investment, and net exports. Explain the interaction among the three private sectors through the use of a circular flow diagram. Define the economic role of the government. Chapter 5 Define national income accounting. Calculate various measures of a nation's output, including GDP, GNP, NNP, NI, PI, and DPI. Calculate GDP as output, as expenditures, and as income. Understand the difference between nominal and real GDP. Calculate a price index. Name several types of price indexes. Chapter 6 Define foreign exchange and the foreign exchange market. Use current exchange rates to determine prices of one country's money in terms of another country's money. Distinguish between appreciation and depreciation of a currency. Define balance of payments. Explain debits and credits in a balance of payments. Explain the components of the current and capital accounts Chapter 7 Describe the business cycle. Define recession and depression. Provide examples of leading, coincident, and lagging indicators. Define and calculate the unemployment rate. Explain limitations of the unemployment rate calculation. List and explain the four basic types of unemployment. Define inflation and discuss the two types of inflation. Explain the difference between nominal and real interest rates. Chapter 11 Define fiscal policy and Explain how a government can use fiscal policy to close the GDP gap. Explain the financing of government spending. Explain Ricardian equivalence. Explain the budget process in the United States. Define discretionary fiscal policy. Explain the effects of budget deficits. List automatic stabilizers. Compare fiscal policy in other countries with that of the United States Chapter 12 Define money. List the functions of money. Define the U.S. money supply in terms of M1, M2, and M3. Explain international reserve currencies and composite currencies. Describe the current U.S. banking structure. Explain how international banking differs from U.S. banking.

3 Define the fractional reserve banking system. Calculate required reserves and excess reserves. Calculate the deposit expansion multiplier and use it to determine the maximum increase in the money supply. Chapter 13 Discuss the structure of the Federal Reserve System. List the functions of the Federal Reserve. Explain how the Federal Reserve implements monetary policy. Explain the quantity theory of money. Explain the tools of monetary policy the reserve requirement, the discount rate, and open market operations. Explain the determinants of the demand for money. STUDENT LEARNING OUTCOMES: As a result of the study of courses in the Division of Business and Information Systems, the students will be able to demonstrate the following core competencies: Communication Communicate effectively in a written or oral manner in the Cultural Awareness Social and Civic Responsibility Critical Thinking Mathematical Reasoning Technology Utilization business environment. Acknowledge diverse groups of individuals possessing different beliefs, values, attitudes, and customs. Demonstrate a legal/ethical behavior that is appropriate for the business professional in today s society. Analyze, interpret and evaluate data necessary to solve problems and support business decisions. Perform computational skills and financial analysis appropriate to the business environment. Demonstrate the ability to use computer technology. The following are the Student Learning Outcomes developed for this specific course. Assessment Competency Student Learning Outcome Method/Measurement Communication Social and Civic Responsibility Critical Thinking Mathematical Reasoning Students will be able to communicate effectively in a written manner by submitting a current events article. Students will be able to comprehend and analyze real world economic events, and relate these events to become more productive citizens of society. Students will use quantitative analysis to support business decisions. Students will calculate economic analysis such as GDP, GNP, NNP, and NI. TEXT AND READING MATERIALS Textbook: Economics, 8 th Edition Author: Boyes, William and Melvin, Michael Publisher: Southwestern Cengage Learning ISBN #: GRADING POLICY Chapter Test 50% Chapter Quizzes 25% Chapter Assignments and Current Events Articles 15% Class Participation and Attendance 10% Current Events Article #3 Rubric 80% of the students will score Post Test 70% of the students will score Chapters 5-7 Unit Test 70% of the students will score Chapters 5 7 Unit Test 70% of the students will score

4 Examinations Pre Test (does not affect overall course grade for assessment only) Unit 1 Chapters 1 2 Unit 2 Chapters 3 4 Unit 3 - Chapters 5 7 Unit 4 - Chapters Final Exam: Post Test (Comprehensive of all chapters covered this semester) The PreTest does not count as part of your overall course grade, it is for assessment only. The Post Test is the Final Exam and will count as another test grade. The Post Test will be taken on the computer just like all other unit exams and is comprehensive covering all chapters. The Pretest and Post Test are used as part of the assessment of this course to show what the student has learned through the semester. All Unit Tests and Post Test are timed exams. The "timed exam" can be done on a home computer at the student s convenience. The student will be allowed to enter the exam only once and cannot complete the exam in sections. The timed exam must be completed in the given time period (example - 45 minutes) and completed by the due date on the Course Calendar. If a student experiences any problems completing the exam or in submitting the exam, they should contact the Instructor immediately. Grading Scale A B C D Below 60 F Course Assignments Student s Responsibility Each Chapter will have an Assignments Page (from the Homepage, click on the Assignment Page icon, then select the specific chapter materials) which will provide the student with a detailed list of all assignments for each chapter. Some of the assignments are for a grade and the other assignments will help the student study the chapter material which will prepare them for the chapter test. It is the student s responsibility to check each chapter assignments page and be sure that they have completed all assignments listed which may include but not limited to reading the chapter, reviewing the PowerPoint, posting to the Discussion Board, reading instructor s, submitting chapter exercises, submitting current events articles, special assignments, and taking chapter quizzes and chapter tests. It is the student s responsibility to contact the instructor if the student is unable to locate the Assignments Page for each chapter and/or cannot complete the assignments listed on the Assignments Page. It is the student s responsibility to sign into Blackboard at least once a week and check for instructor s or postings, and any course updates or changes. At anytime during the semester that the student has trouble logging into Blackboard, they should contact the instructor immediately at any of the contact numbers listed at the top of the syllabus. Chapter Assignments There are chapter assignments posted for each individual chapter that will be covered. Every assignment that the student should complete is listed on the chapter assignments page with due dates. The reading material assigned and the chapter lecture notes should be read completely and the chapter exercises should be submitted to the instructor before taking the chapter quiz. Chapter assignments for each chapter and the current events articles should be typed in Microsoft Word and no more than 1-2 pages. Students should submit their assignments to the Instructor through the Assignment Drop Box as an attachment. A heading should be included on all papers that are submitted to the instructor. Included in each heading should be the following information: Name, Date, Assignment or Exercise Number. Current Events Articles Each student will submit three current events article summaries to the instructor. Due dates and specific guidelines for the summaries are listed on the website under current events articles

5 guidelines. These articles should be typed in Microsoft Word and submitted in the Assignment Drop Box as an attachment. Discussion Board Class Participation Students will receive points for class participation and attendance in this Blackboard class. Students will be required to participate in group discussions in Blackboard. The instructor will post 4 5 discussion questions on the Discussion Board for each unit. The students will respond to the discussion questions and also to each other s responses. Students will not participate at the same time, but at different times during the day/night. All discussion will take place in Blackboard. Your grade on the discussions will be based on the frequency and quality of your participation. Students are required to read all postings. In order for the student to receive full credit for the class participation and attendance, the student must respond at least three times to each unit of discussion questions this includes the student s individual responses as well as responses to other class members postings. ATTENDANCE POLICY Students are expected to log into the course and complete scheduled assignments by due dates as per Course Calendar. To meet this requirement, students must log into the course weekly unless special arrangements have been made with the instructor in advance. Failure to log into the course by the end of the first week of the semester will result in student being turned in to the Registrar as a NO SHOW and the student will be dropped from the class. A student who has not logged into the course for two weeks will be dropped from the course and denied access to the course. This will result in the student receiving an EW or an F for the course. If there is a specific reason for not logging into the course for two weeks then the student should contact the Instructor and make special arrangements. It is the student s responsibility to sign into Blackboard at least once a week and check for instructor s or postings, and any course updates or changes. At anytime during the semester that the student has trouble logging into Blackboard, they should contact the instructor immediately at any of the contact numbers listed at the top of the syllabus. To be a successful online student you must communicate with each other and with the instructor. Each student should be an active member in this learning community. There may be physical distance between us but no distance in our virtual classroom. COURSE EVALUATION AND ASSESSMENT Student s grade will be based on Chapter Tests, Chapter quizzes, chapter assignments, and class participation. Blackboard tests and quizzes are used to test students over concepts covered in this course. Discussion board postings are graded on quality of responses and count toward participation. MISSED AND LATE ASSIGNMENTS AND EXAMS Weekly assignments will include reading and studying the text, reading and studying the chapter lecture notes, and turning in specific chapter assignments (chapter exercises, special chapter assignments, current events articles, etc.). Each week you will have an assignment. Refer to the Course Calendar for specific due dates. (Click on Course Calendar icon on the Homepage) These assignments should be done during the week in which they are assigned. Successfully completing the assignments can be difficult if the student gets behind. The assignments are given at the beginning of the semester with due dates that allow the student plenty of time to complete each chapter. If the student has trouble meeting these due dates, then they should contact the instructor to make other arrangements. Otherwise, the instructor will consider them as dropped from the course and will receive either an EW or F. A grace period of one week may be allowed to handle any "life problems". After this grace period, no assignment will be accepted. Late Assignment Dates are posted on each chapter assignment page. No assignments will be accepted after the Late Assignment Date.

6 STUDENT RESPONSIBILITIES If is suggested that within the first week of class, the student should log into the course and complete the following: Read Introduction from the Instructor and complete assignments Read Discussion Board Introduction and complete assignments Submit, post, and all beginning assignments as indicated to Instructor Check Computer Hardware and Software to be sure that student can complete the necessary assignments as required by this class. Check textbook with syllabus if the textbook is different from the one listed in the syllabus, the student should return the textbook to the bookstore and received correct textbook. Blackboard navigate through the website and be sure that the student can locate specific areas listed in the Introduction from the Instructor. It is the student s responsibility to read all s and postings from your instructor. Students should notify the instructor immediately if they are having problems that will prevent them from turning in their work by the due dates. It is the student s responsibility to have the necessary computer hardware and software required for this course and to be sure that it is working properly. You will find it very helpful to print important information, notes, etc. and keep them in a notebook for future reference. ACADEMIC HONESTY POLICY Cheating Policy Students are expected to uphold the school s standard of conduct relating to academic honesty. Students assume full responsibility for the content and integrity of the academic work they submit. The guiding principle of academic integrity shall be that a student s submitted work, examinations, reports, and projects must be that of the student s own work. Students shall be guilty of violating the honor code if they: 1. Represent the work of others as their own. 2. Use or obtain unauthorized assistance in any academic work. 3. Give unauthorized assistance to other students. 4. Modify, without instructor approval, an examination, paper, record, or report for the purpose of obtaining additional credit. 5. Misrepresent the content of submitted work. Administrative Procedure Number: Cheating in any form (including using unauthorized materials, information, or study aids in any academic exercise; plagiarism; falsification of records; unauthorized possession of examinations; any and all other actions that may improperly affect the evaluation of a student's academic performance or achievement; and assisting others in any such act) is forbidden. An instructor who has proof that a student is guilty of cheating may take appropriate action up to and including assigning the student a grade of "F" for the course and suspending the student from class. A description of the incident and the action taken will be reported through the dean to the Vice Chancellor for Instruction and placed in the student's file in the Office of Admissions and Records. The student may appeal either the finding of cheating or the penalty, or both, as described in Administrative Procedure No , Academic Appeal Procedure. Cheating in this class: Cheating will not be tolerated. If you are cheating on one occasion, you will receive an F for the whole project s work (not limited to that one assignment). If found cheating on a second occasion, you will be asked to drop the class. If the cheating occurs after the drop date, or if you choose not to drop, you will receive an F for this class. All work must be on your disk or in your notebook unless the instructor directs you to destroy them.

7 CAMPUS SUPPORT SERVICES All four participating colleges in the University of Arkansas Consortium provide student support services that assist students in achieving their educational objective. Those services include advising, financial aid, counseling and guidance, and safety and security. ADA POLICY: All four participating University of Arkansas On-line Consortium colleges have an ADA Compliance Officer. The process of student referral under the Americans with Disabilities Act can be found in your campus student handbook or by contacting your academic advisor. FERPA POLICY All four participating University of Arkansas On-line Consortium colleges comply with the Family Educational Rights and Privacy Act (FERPA) of A student has the right to inspect and review all of his/her records that meet the definition of educational records. No third party has the right to review student records. Directory information can be provided unless the student request that it be withheld. ACTS Arkansas Course Transfer System The Arkansas Course Transfer System (ACTS) contains information about the transferability of courses within Arkansas Public Colleges and Universities. Students are guaranteed the transfer of applicable credits and the equitable treatment in the application of credits for the admission and degree requirements. Course transferability is not guaranteed for courses listed in ACTS as No Comparable Course. Additionally, courses with a D frequently do not transfer and institutional policies may vary. ACTS may be accessed on the Internet by going to the ADHE website and selecting Course Transfer. INSURANCE Phillips Community College of the University of Arkansas does not provide insurance for its students. The College does encourage each student to secure his/her own insurance, and for that reason, the college has contacted United Healthcare Student Resources. Forms for this insurance are available in the Registrar s Office. The syllabus and the policies, guidelines, and dates included are subject to change at the Instructor s discretion.

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