Lutgert College of Business, Department of Economics and Finance CRN 80807 (3 Credit Hours) MWF 1:30 pm 2:20 pm Lutgert Hall 1202 Instructor: Mrs. Carol Sweeney, MS Dev. Studies Lutgert Hall 3354 Office Hours: MWF 9:30 11:00 Phone 239-590-7316 or by appointment Email: Via CANVAS Required Materials: Textbook: R. Glenn Hubbard and Anthony P. O Brien, Macroeconomics, 6th ed. (Pearson Prentice Hall). MyEconLab BA2+ Calculator No graphing calculators 4 Scantron sheets: Pearson NCS Test Sheets 100/100, Form No. 95679 Prerequisites: None (MAC 1105 and ECO 2023 are VERY strongly encouraged) FGCU Catalog and Course Description: Fundamental relationships in the aggregate, or macroeconomy. Basic measures, uses and limitations of macroeconomic activity. Public policy goals and alternative policy proposals regarding inflation, economic growth, unemployment, and scarcity. General Education Program: This course qualifies as a General Education course in the Social Sciences subject area. The economic way of thinking relies heavily on the usage of critical thinking skills (the ability to link data, knowledge, and insight to make better decisions). Critical thinking is one of the three General Education competencies. All General Education courses are required to have a plan to assess their students performance on at least one of the three competencies. To meet that requirement, there will be several questions on your final exam designed to assess your critical thinking skills. Those questions will be directly related to the economics content covered in your textbook and in class lectures. Course Objectives and Learning Outcomes: The objective of this course is to enhance your understanding of macroeconomic principles. You will be encouraged to utilize macroeconomic terms in your daily discussions and course work. You will discuss and debate real life applications to macroeconomic concepts. In addition, this course will enhance your critical thinking and problem solving skills. 1
LCOB Learning Goals (EPCK) Learning Objective (Measurable Outcomes) Course Learning Outcomes Method of Assessment Graduates will: Understand the business environment. Be effective problem solvers. Graduates will: Demonstrate knowledge of ethical issues. Demonstrate knowledge of global factors influencing business. Explain the importance of environmental responsibility. Solve business problems using analytical tools. 1. Examine international economics. Describe the balance of payments and exchange rate systems. 2. Measure aggregate economic performance. Explain and calculate the key measures of the macroeconomy, including: GDP & its components, real vs. nominal values, unemployment, and inflation. MEL & exams. MEL & exams. 3. Develop the aggregate demand and supply model. Develop the AD-AS model and utilize to discuss potential GDP, economic growth and productivity, determinants and components of AS and AD, income and expenditure approaches to GDP, and the multiplier effect. 4. Analyze money and financial markets. Describe money, money creation, and financial institutions. Be effective communicators. Have interdisciplinary business knowledge. Deliver effective oral presentations. Prepare effective written reports. Understand main concepts and definitions in accounting, economics, finance, information systems, management, marketing, and operations management. Integrate knowledge across business disciplines. 5. Evaluate monetary and fiscal policies; discuss policy debates and applications. Identify and explain tools of monetary policy and automatic and discretionary fiscal policies. Discuss policy lags and limitations, rules vs. discretion, long run versus short run, expectations, and sources of macroeconomic instability. ECO 2013 introduces students to the aggregate national economies and international exchange. This course addresses major economic indicators and the business cycle along with the effects of monetary policy on business activity. It focuses primarily on the national, aggregated economy and includes the relationship of the national economy to international market environments. The skills and knowledge developed in this course inform significant structural components of managerial accounting, finance, marketing and management. Subsequent courses that draw significantly upon these foundational economic concepts include: 2
Business Common Core Accounting Finance Marketing Management FIN 3403 Business Finance, MAR 3023 Introduction to Marketing, and GEB 4890 Business Strategy ACG 3103 - Financial reporting & Analysis I, ACG 3113 - Financial reporting & Analysis II, ACG 3341 - Cost Accounting, and ACG 3401 Accounting Information Systems FIN 3244 Money & Capital Markets, ECO 3201 Intermediate Price Theory, FIN 3414 Financial Management, FIN 3504 Principles of Investments, FIN 4514 Security Analysis and the QMB 3200 Economic Business Statistics II MAR 3503 Consumer Behavior, MAR 3613 Marketing Research, and MAR 4804 Marketing Strategy. MAN 3303 Management of Small Business, GEB 4890 - Business Strategy, MAN 4804 Business Plan Development Grade Breakdown: Participation & Homework Assignments 20% Exam 1 (Ch. 7, 8, 9) 15% Exam 2 (Ch. 10, 12, 13) 15% Exam 3 (Ch. 14, 15, 16) 15% Final Exam (Cumulative) 35% Grading Scale: A 93-100 B- 80-82 D 63-66 A- 90-92 C+ 77-79 D- 60-62 B+ 87-89 C 70-76 F 0-59 B 83-86 D+ 67-69 A Few Preliminary Notes: You are responsible for all information contained within this syllabus. Please refer to the syllabus before sending me e-mails with questions answered herein. You are a university student. As such, it is your responsibility to keep up with all of the required material. You are responsible for ALL of the information contained within each chapter that is assigned (unless I announce otherwise during class). READ. Given that you are required to know all information contained within the assigned chapters, it will be necessary to read and study your textbook. Taking notes (good ones) before and during class significantly increases your retention of the material. Occupying a seat does not correspond with learning. The exams will require you to apply the concepts you have learned. Success on exams requires that you move beyond memorization to a deeper understanding and application of the material. True learning is not simply the ability to memorize definitions. 3
Course Guidelines Exams Exams in this course will be a mixture of multiple choice, graphing, and short answer questions. The final exam is cumulative and covers all material covered in the course. You will need the scantron form listed at the top of the syllabus for each exam. These are available at the FGCU bookstore. Please also bring a pencil, eraser, and a BA2+ calculator to each exam. You may not use a graphing calculator. I will not have extra scantrons, pencils, etc. during exams. Exam Policies o Cell phones, laptops, and other technological devices may not be used as calculators and must be turned off and put away prior to the beginning of the exam. o If a student is seen with a cell phone out once exams have been distributed, he or she will automatically receive a zero (0) grade on that exam. o You may not leave and reenter the classroom during an exam (except in the case of an emergency). Please make sure to use the restroom before the exam starts. o Hats and headphones are not permitted during exams. o Do not arrive late to an exam. If you enter the classroom after the first student has completed and submitted their exam, you cannot take the exam and will receive a zero. o No make-up exams will be given for any reason. If you miss an exam for any reason the weight of that exam will be added to your final exam grade. o You CANNOT miss the final exam. The date and time are posted on GULFLINE. o A Note on Adaptive Services o If you plan to use adaptive services in this course, you must provide me with the form during my office hours before the end of the first full week of classes (8/26). Additionally, you must schedule rooms with adaptive services immediately for all exams / assignments by the end of the first week of classes (8/26). If you do not follow these instructions, I cannot guarantee accommodation for you during all Exams. Participation / Homework Assignments: Each class will have an in class participation / problem solving component. The problem of the day will be a way to summarize and cement the learning of the lesson of that day. These problems will be graded randomly as part of your participation / homework grade for the course. You need to be prepared each day to complete such a problem. If you miss class you may not make up the problem of the day. There will be homework assignments for each chapter in this course that you will complete through the MyEconLab (MEL) software. You will not be able to complete these assignments without purchasing the online software and your homework and participation average will count for 20% of your final grade. (The instructions for registration at MEL are posted on Canvas under the Introductory Module.) These assignments will require you to apply the material and concepts from the readings, videos, and notes posted online. Each chapter we cover in class will have a corresponding homework assignment. Homework assignments will be due at regular intervals during the semester. Please see the tentative course schedule due dates for more information. All homework sets are due at 5:00 PM EST. I will drop the (ONE) lowest homework OR participation assignment for every student regardless of the reason. I will not drop additional assignments for any student. If you have a technical issue with the MEL software, you are required to contact MEL tech support via Phone at 800.677.6337. I will not grant any extensions on the Homework assignments. You must submit prior to the deadline. 4
Preparing for class each day: The best way to prepare for each class is to read and take notes on the material we are going to cover PRIOR To coming to class. The reason this is important is that class time can then be more effective in clarifying any confusion and for students to be able to apply the text material. You will find outlines for each chapter posted in the course modules on CANVAS. These outlines will assist you in completing your own notes. Other student resources are available on the MEL Website, also linked on the CANVAS course page. Planning for the semester: I believe a critical component of academic success is a carefully developed and implemented plan on the part of the student for each class they take. I have set up the course on CANVAS in modules to assist you in doing this. The due dates for homework assignments are not random but fall on the same day of the week (with rare exceptions) and at the same time. This is intentional to allow you to dedicate the necessary time to your efforts to be successful in this course. You will need set up time (estimate 10 hours per week) to effectively prepare for class by reading the text, and other assigned resources. While the online homework data suggests that most students wait until moments before the due date / time to complete their work, I want to strongly encourage you to resist doing so. Early completion of these assignments prevents technical glitches getting way of timely submissions and to allow me to answer your questions. Keep in mind if the internet eats your assignment due to a technical glitch you do not get another chance to submit it. Withdrawal: Decisions to drop or remain in this class are yours. Be aware of the dates for doing so. The last date to drop this class without academic penalty is Tuesday November 1 st, 2016 Classroom Behavior Attendance Attendance is not required for my course, however it is my responsibility as an instructor to teach the material above and beyond the textbook. That being said, it is highly unlikely that you will pass this course without regularly attending class, taking notes, reading the textbook, and visiting my office hours with questions. If you have to miss class it is your responsibility to get any material you missed from your classmates. Under no circumstances will I provide detailed notes, slides, handouts, etc. to a student as a result of their missing class. Additionally, although attendance does not count towards your grade, I keep track of it for university records. Arriving Late and/or Leaving Early This class is part of the Lutgert College of Business (LCOB) Curriculum and as such is conducted in a business like fashion. It is very distracting to the classroom when students habitually arrive late or leave early. I will not tolerate this behavior. Students arriving late and those leaving early will potentially miss out on in class participation problem solving assignments and not be able to make them up. If for any reason you need to leave class early, you must let me know before class starts that day, preferably earlier. Early departures (without prior notification) will be addressed on the spot. Repeat offenses will result in the loss of all participation points for the course and will require an individual meeting with the instructor regarding classroom etiquette. 5
Electronic Devices in Class The use of cellphones and/or headphones, tablets, IPOD s or Laptops is not permitted during class lectures. Not only are these are distracting to other students and myself, studies show that they negatively impact student outcomes in a significant way. Now that I have outlined this rule, it is extremely rude for students disregard it and text or surf the internet on devices during class. Therefore, if I observe or get reports of any student using any device during class I reserve the right to kick the student out of class and take points from their participation grade. If this disregard of the rules continues the student will be reported to the Dean of Students. Finally, class lectures may not be recorded unless authorized by Adaptive Services. Communication: I will make announcements during class and periodically communicate with the class via CRN email at eagle.fgcu. If you do not have an eagle account you need to establish one. I will post announcements, any assigned readings, handouts, and grades on Canvas. Also, if you need to contact me please use the e-mail within Canvas to do so. Extra Credit: No; there is none. You don't even have to ask. Especially at the end of the semester, after the final exam when you don t earn the score you were hoping for. Why you ask? Quite simply it distorts the incentives for you to work hard. The best strategy is for you follow the course of study I have organized. Follow it well, and to the best of your ability. What does that mean? Read the material prior to the class, complete all assignments early to avoid technical issues, ask questions for clarification. The score you earn, and I record will be determined by how well you do that. No exceptions, no matter how deserving your situation or how important the test or this class is to your future plans, financial aid, academic future etc. Every student can expect to be treated by the same set of rules. If you want to get a good grade in Macroeconomics, you will have to demonstrate that you have learned, understand and can apply Macroeconomics: There is no other route to success in this course! Office Hours: My regularly scheduled office hours are noted on the front page of this syllabus. However, I will not have office hours on exam days. The intent of this policy is to encourage students to study in advance of exams and to discourage students from asking last minute questions. Similarly, you must ask questions regarding a homework assignment prior to the day it is due. If you schedule an appointment outside of my regular office hours and then need to cancel, please notify me as soon as possible. If you do not show up for a scheduled appointment and you fail to notify me, I will not schedule any more appointments with you outside of my regular office hours. 6
University Required Guidelines Academic Behavior Standards and Academic Dishonesty All students are expected to demonstrate honesty in their academic pursuits. The university policies regarding issues of honesty can be found in the FGCU Student Guidebook under the Student Code of Conduct and Policies and Procedures sections. All students are expected to study this document which outlines their responsibilities and consequences for violations of the policy. The FGCU Student Guidebook is available online at http://studentservices.fgcu.edu/judicialaffairs/new.html University Nondiscrimination Statement Florida Gulf Coast University is committed to ensuring equity and fairness for all University employees, students, visitors, vendors, contractors and other third parties. As such, the University prohibits discrimination on the bases of race, color, national origin, ethnicity, religion, age, disability, sex (including sexual harassment/assault), gender identity/expression, marital status, sexual orientation, veteran status or genetic predisposition with regard to admissions, employment, programs or other activities operated by the University. This prohibition extends to enforcement of Title IX of the Education Amendments of 1972. Questions or complaints should be directed to the Office of Institutional Equity and Compliance (OIEC). The OIEC s phone number is (239)745-4366; the OIEC email address is OIEC@fgcu.edu. Disability Accommodations Services Florida Gulf Coast University, in accordance with the Americans with Disabilities Act and the university s guiding principles, will provide classroom and academic accommodations to students with documented disabilities. If you need to request an accommodation in this class due to a disability, or you suspect that your academic performance is affected by a disability, please see me or contact the Office of Adaptive Services. The Office of Adaptive Services is located in the Wellness Building. The phone number is 239-590-7956 or Video Phone (VP) 239-243-9453. In addition to classroom and campus accommodations, individuals with disabilities are encouraged to create their personal emergency evacuation plan and FGCU is committed to providing information on emergency notification procedures. You can find information on the emergency exits and Areas of Rescue Assistance for each building, as well as other emergency preparedness materials on the Environmental Health and Safety and University Police Department websites. If you will need assistance in the event of an emergency due to a disability, please contact Adaptive Services for available services and information. Student Observance of Religious Holidays All students at Florida Gulf Coast University have a right to expect that the University will reasonably accommodate their religious observances, practices, and beliefs. Students, upon prior notification to their instructors, shall be excused from class or other scheduled academic activity to observe a religious holy day of their faith. Students shall be permitted a reasonable amount of time to make up the material or activities covered in their absence. Students shall not be penalized due to absence from class or other scheduled academic activity because of religious observances. Where practicable, major examinations, major assignments, and University ceremonies will not be scheduled on a major religious holy day. A student who is to be excused from class for a religious observance is not required to provide a second party certification of the reason for the absence. Information on General Education program requirements is available online at http://www.fgcu.edu/general_education/index.html 7
Lecture Capture Technology/FGCU Capture Classroom Recording This course may employ technology that will allow for audio and/or video recording of live classroom sessions. This lecture capture technology is utilized for the sole purpose of enhancing student learning. It may provide for supplemental student instruction via secure links to recorded session(s,) the live stream of courses, presentations of off-site guest speakers and/or the delivery of course instruction utilizing flipped classroom methodologies. Student questions and/or comments may be included as a part of any session being recorded. See FGCU-CAPTURE for additional details and training http://aets.fgcu.edu/fgcucapture.asp Approved 3-27-09 by Faculty Senate; Approved 4-30-09 by VPAA; Revised & Approved by Faculty Affairs Team 4-11-16, Faculty Senate Approved 4/15/16 4 8
COURSE SCHEDULE* All faculty members are required to confirm a student s attendance for each course by the end of the first week of classes. Failure to do so will result in a delay in the disbursement of your financial aid. The confirmation of attendance is required for all students, not only those receiving financial aid. Week Material Covered Assignments Due 1 Introduction, Micro Review Chapters 1, 2 Affirmation of attendance assignment 2 Micro Review Chapters 3,4, Participation Macro Chapter 7, Comparative Advantage and International Trade 3 Chapter 7, Comparative Advantage and International Participation Trade, Chapter 8, GDP Measuring production and income 4 Chapter 8 GDP Measuring production and income, Participation Chapter 9 Unemployment and Inflation 5 Chapter 9 Unemployment and Inflation Homework Ch. 7, 8, 9 6 Exam One & Chapter 10 Economic Growth, Business Exam One 9-19-16 Cycle and Financial System 7 Chapter 10 Economic Growth, Business Cycle and Participation Financial System, Chapter 12 Aggregate Expenditure and Output in the Short Run 8 Chapter 13 Aggregate Demand and Supply Analysis Homework Ch. 10, 12, 13 (includes Appendix) 9 Exam Two & Chapter 14 Money Banks and the Exam Two 10-10-16 Federal Reserve 10 Chapter 14 Money Banks and the Federal Reserve Participation 11 Chapter 15, Monetary Policy Chapter 16, Fiscal Policy Participation 12 Chapter 16, Fiscal Policy Homework Ch. 14, 15, 16 13 Exam Three & Chapter 17 Inflation, Unemployment Exam Three 11-9-16 and the Phillips Curve 14 Chapter 17 Inflation, Unemployment and the Phillips Participation Curve 15 Chapter 18 Macroeconomics in an Open Economy Participation 16 Ch. 18 & Exam Review Homework Ch. 17, 18 17 Final Exam Final Exam Date on Gulfline * Note: The above exam dates are final. However, the material to be covered each week is tentative and subject to change. Any changes to the schedule will be announced in class. 9