Principles of Macroeconomics - ECON 2301.001 Course Syllabus for Spring 2016 Instructor: Mrs. Susan Doty 2015 Recipient of the University of Texas System Regents Outstanding Teaching Award Director of the Center for Economic Education & Financial Literacy & Senior Lecturer in Economics, Department of Social Sciences The University of Texas at Tyler, 3900 University Boulevard, Tyler, TX 75799 Office: BUS 240 E-mail: Phone: Office Hours: sdoty@uttyler.edu Please note that e-mail is my preferred method of contact. Even if you want to talk by phone, the best way to do so is by sending me an e-mail and asking me to call you back. Please always identify yourself and provide the course and section you are in. 903-566-7459 (Office) 903-570-9020 (Cell for text messages only). Again, please be sure to identify yourself by name, course and section. Text for simple questions only! Tuesdays 9:00-11:00am & Wednesdays 12:00-2:00pm You do not need to set up an appointment to meet with me during TW open office hours. I will offer additional individual appointments from 2-4 on Wednesdays and 9-11 on Thursdays two weeks a month. Meeting Times: Section 001 meets MWF from 10:10-11:05 AM in RBN 3035. Course Package: Asarta, Carlos and Roger Butters, Economics. McGraw-Hill.ISBN: xxxxxxxxxxxxxx Connect Plus Economics with LearnSmart Access Card (no hard copy.) Please note that this online course package is required. I will provide you with registration information in a separate document on Blackboard, in the Getting Started folder. The course package contains the e-text, videos, tutorials, homework and quizzing that not only represents 20% of the course grade but provides the foundation for much of what we will do in class. You cannot be successful without the course materials. New students may purchase access code card in the university bookstore or purchase directly on line from McGraw Hill through the registration portal on the document I provided in Blackboard. Either way, purchase only the access code!!! Former students, who have taken economics in Fall 2015 and have an active McGraw-Hill account, should be able to activate the new course at no additional cost see me for course transfer code and register through the registration portal on the document I provided in Blackboard. You also need a smart device with communication app and.pdf annotation capabilities. There are a limited number of university-owned ipads available to borrow for the semester. See me EARLY if you would like to reserve one.
Course Summary: Through the Core curriculum, students will gain a foundation of knowledge of human cultures and the physical and natural world, develop principles of personal and social responsibility for living in a diverse world and advance intellectual and practical skills that are essential for all learning. Core objectives include critical thinking skills, communications skills (both written and oral), empirical and quantitative skills, teamwork, social responsibility and personal responsibility. Economics is an approved course in the Core curriculum. Economics, at its foundation, is a social science course about choice. Everything we value as humans is scarce relative to how much we want. Because of scarcity, we can t have it all. Because we can t have it all, we must make choices. Every choice we make means giving up something else. This economic way of thinking can be summarized in the 6 points of the Guide to Economic Reasoning: People Choose; People s Choices Involve Costs; People Respond Predictably to Incentives; People Create Economic Systems That Influence Choice and Incentives; People Gain When They Trade Voluntarily; People s Choices Have Consequences That Lie in the Future. Students in Economics apply these points to decision-making at the individual, household, business firm, and government levels both in closed domestic economies and open global ones. Economics is a course of study that will provide you with methodological tools to view the world differently. The economic way of thinking is truly a unique way of approaching problems, understanding issues and proposing solutions. It will help you in decision-making when you vote, spend, save and make life choices. Throughout the course, you will develop and have multiple opportunities to demonstrate an understanding of basic economic concepts, the techniques and methods of economics, and the economic challenges facing society today and in the future. In addition, you will be developing and demonstrating critical thinking skills, oral and written communication skills, empirical and quantitative evaluation skills, teamwork, social responsibility and personal responsibility. Economics will benefit each of you regardless of your major. It will have relevance to all aspects of your life and it will provide you with tools to help you view the world differently. Economics provides great preparation for careers in business, government, law, education, mathematics and science A favorite quote of mine is this one by the late economist, Murray N. Rothbard: It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance. A goal of this class is to provide you with the conceptual framework and tools to develop and articulate informed opinions on economic issues. It is not my job or purpose in this economics class to influence your politics or opinions. It is, however, my highest objective to give you the economic tools and the foundational principles so that you can develop and articulate your own positions more effectively.
Course Objectives: Beyond the foundational economic concepts and tools that are common to both macroeconomics and microeconomics, this Macroeconomics course is going to cover six major topic areas including: Measuring Aggregate Economic Performance - GDP accounting, nominal and real currency measures, inflation and unemployment, business cycles and economic indicators Aggregate Supply and Aggregate Demand - Productive resources, spending, saving, investment, technology and growth Money and Financial Markets - Banking systems and the Federal Reserve Monetary and Fiscal Policies - Multipliers, velocity, taxation, government spending, crowding out Policy Debates & Applications - Economic systems, monetary/fiscal policy mix, automatic stabilization International Economics - Balance of trade and balance of payments, trade barriers and exchange rates Study Time: Classroom Conduct: Participation: A general guideline is that you should spend three hours of independent study time outside of class for each hour in class. We meet for three hours each week so that is nine hours of independent work each week. I know many of you are working part-time and full-time jobs, have families and are active in student sports and activities. I do understand that many of you are taking 15 and 18 hours. Based on the 3-to-1 formula, that is 60 to 72 hours of academic work alone! YOU need to be realistic about your own capabilities and commitments! This is simply a matter of respect mine for you yours for each other and for me. Arrive on time and stay for the duration of class. Be quiet and attentive during lectures. Participate during activities. Be prepared. With the exception of your required devices, keep your other electronic devices turned off. Stay on task and don t get distracted! In economics, we learn about the importance of private property ownership be good stewards to university property. Do not photograph, audio or video tape lectures, discussions or activities. Do not copy or distribute any presentation, activity, or assessment materials from class or online supplement. Do your own work and properly cite the work of others. The University of Texas at Tyler has an academic integrity policy. I take it very seriously and expect you to also. Be honest, do your best work and learn. Woody Allen said, 80% of life is showing up! You can t learn if you re not in class! You are expected to attend every class. There will be hands-on active lessons designed to reinforce the unit material and emphasize the importance of attendance. Be prepared to move around, work in pairs or groups, and think out of the box on class days. Your charged smart devices are required in class every day!
Macroeconomics Challenge: Class Notes: Discussion Board: Homework Help: Academic Integrity: This will be a fun way to REVIEW for your Final Exam. Maybe you can even earn points! I will provide you with copies of my slides in both PowerPoint and.pdf form on Blackboard. This will allow you to open and annotate them on your smart device. These slides provide the skeleton for your class notes and form the foundation for my lectures and for our class discussions and activities. You must have them each day. Please familiarize yourself with both Blackboard Mobile and a.pdf annotating program (I highly recommend the Notability app for ipad users) and be ready to annotate these notes at the beginning of each class. I do not prepare my slides or lectures from the book. My lecture notes and your McGraw-Hill course materials will complement, not duplicate, each other. That said, our new course materials by Asarta and Butters are the best I have ever used and both the topic sequence and the shared language will be completely aligned. There will be both graded and ungraded forums that I will open for you on the Blackboard discussion board forum for you each unit so that you may help each other, form virtual study groups and ask content questions of me. The help forums will be ungraded but may be considered in calculating your participation grade. Friday afternoons from 3-4, led by Teaching Assistant Steve Schwartz. You may contact Steve at sschwartz@uttyler.edu. For each assessment, you will sign a statement confirming that you have taken the assessment in accordance with the Academic Integrity Policy currently in place at The University of Texas at Tyler. Grading*: QuickStart Buffer Points 10 @ 10 points = 100 points McGraw Hill Independent Learning Assignments 10 @ 20 points = 200 points Class Community Learning Activities 20 @ 10 points = 200 points Individual Project Writing, Graphing and Technology Portfolio 1 @ 200 points = 200 points Unit Exams 2 @ 100 points = 200 points** Final Cumulative Exam 1 @ 200 points = 200 points There is no such thing as a free lunch! You must earn your QuickStart buffer points! See directions posted on Blackboard. Course Grade*: A = 900+ points B = 800-899 points C = 700-799 points D = 600-699 points F = 599 points *Read new grading policy thoroughly! ** A missed unit exam, for ANY reason, may be made up with the final exam.
New Grading Policy Effective Spring, 2016: There are FOUR learning and assessment aspects to the course and you MUST ACHIEVE a minimum of 50% in each of them in order to pass the course. There are 1000 points available to earn through the four categories. 900 are required for an A, 800 are required for a B, 700 are required for a C and 600 are required for a D. These two course requirements the four aspect categories and the 1000 available points - viewed separately, are known as necessary but not sufficient conditions. If you only score 50% in each aspect, you will only achieve 500 points and that is not enough points to pass, although if you also earn 100 QuickStart points at the start of the semester, that would raise your 500 points to 600 points and your F to a D still not where you want to be, however. If you achieve more points in total than you need to pass, let s say 700, but you do not achieve the 50% threshold in each aspect of the course, then you still will not pass. The four aspect categories are 1) independent learning through homework, 2) community learning through class activities and lectures, 3) project learning through the portfolio assignment that includes writing, graphing and technology presentation and, 4) most importantly, cumulative learning assimilation through unit and final exams. You MAY REPLACE your lowest scoring category with your highest scoring category to get the grade you want once you have achieved the 50% threshold in each aspect of the course. In addition, QuickStart points, earned at the beginning of the semester, will be added AFTER students achieve minimum thresholds in each category. The following vignettes will help you understand the implications of this grading policy. Examples from a Tale of Four Students: 1. The straight A student who finds this class difficult This describes students who say, I have a 4.0 average and I can t get score above an 80 on your tests. Individual Learning Homework: 180 of 200 Community Learning Class Activities : 180 0f 200 Project Learning Portfolio: 180 of 200 Cumulative Learning Exams: 150 of 200 on Unit Exams and 150 of 200 on Final Exam Passed threshold in all categories, 840 earned points, replacing a 150 with a 180 gets student to 870 points, adding the 90 of 100 QuickStart Points earned at the beginning of the course brings the student to 960 points and an A. My advice: Do what you do best, organize, come to class, do all the assignments, focus on understanding and looking for connections rather than memorizing and don t stress about exams. 2. The hard worker who doesn t test well This describes so many students who do all the work, never get great scores but keep plugging. This is the student who probably benefits most from my grading system. Individual Learning Homework: 160 of 200 Community Learning Class Activities : 160 0f 200 Project Learning Portfolio: 160 of 200 Cumulative Learning Exams: 100 of 200 on Unit Exams and 100 of 200 on Final Exam Passed threshold in all categories, 680 earned points, replacing a 100 with a 160 gets student to 740 points, adding the 80 of 100 QuickStart Points earned at the beginning of the course brings the student to 820 points and a B. My advice: Your strengths are that you are a hard worker and you care about learning. Be sure to earn your QuickStart points at the beginning of the semester, come to class and do all of your assignments on time. Come to see me for extra help and go to Homework Help sessions.
3. The recalcitrant slacker This is the student who chooses not to get with the program at first but has an epiphany after the first exam. Individual Learning Homework: 100 of 200 Community Learning Class Activities : 100 0f 200 Project Learning Portfolio: 180 of 200 Cumulative Learning Exams: 120 of 200 on Unit Exams and 150 of 200 on Final Exam Passed threshold in all categories, 650 earned points, replacing a 100 with a 180 gets student to 730 points, adding the 30 of 100 QuickStart Points earned at the beginning of the course brings the student to 760 points and a C. (This underperforming but capable student, although relieved to pass, is regretting the choice not to take advantage of the QuickStart points offered at the beginning of the semester!!) My advice: Don t make it so hard on yourself! Do what you re supposed to do at the beginning of the semester. Yes, you will be able to recover but there is an easier path! (I bet people have been telling you that all your life!!) 4. The Know-It-All who tries to game the system This describes students who say, I m going to cram like crazy for exams, do what I need to do on the big point assignments and blow off the homework and class participation. Individual Learning Homework: 0 of 200 Community Learning Class Activities : 100 0f 200 Project Learning Portfolio: 200 of 200 Cumulative Learning Exams: 170 of 200 on Unit Exams and 170 of 200 on Final Exam Although this student passed all exams and earned a total of 640 points, this student will receive an F. This is because the threshold point level in each category was not met. The student did not earn the option to replace a low scoring category with a high scoring one and did not earn the option to apply any QuickStart points from the beginning of the semester. My advice: Remember that it is not a university degree that has value but a university education. You are among a privileged minority of people who have earned the opportunity to attend college; please embrace it. Know that I really do care about what you learn and not just what you achieve. So, which student resonates most with you? What do you plan to do about it? How can I help you? Please keep track of your own grades with the very simple form that I provide you on Blackboard in the Getting Started folder. It asks you to identify your grade goal and the requirements to reach that goal; it lists the four categories and requires you to record in each, your points earned, whether the threshold has been met, the remaining points available, whether you are on track and, if not, what changes you need to make to get there. Please bring this completed form any time you want to discuss grades or course progress. Grade discussions will only be held in person during office hours.
Schedule of Classes for Spring 2016 Principles of Microeconomics Week Day Class Topic Assignment Information 1 Monday, January 18 Martin Luther King Day Holiday No Class Blackboard and McGraw-Hill are open. Begin by opening the Getting Started Folder on Blackboard where you will find the syllabus, the McGraw-Hill registration instructions and the list of QuickStart activities. Quickstart activities 1-5 are open and available in McGraw-Hill. Wednesday, January 20 Introduction QuickStart activities 1-8 are due by Friday, January 29 th at 5:00 pm Friday, January 22 Class Tools Read Syllabus thoroughly and register for McGraw-Hill. Begin working through QuickStart activities. Be sure that you are registered in the correct class on McGraw-Hill for your course materials. Bring your Smart Device to class. QuickStart activities 9 & 10 may be completed early but must be completed by 5:00 pm on Friday, February 5 th. Learning Objectives for the week: Register for McGraw-Hill Course Connect Watch welcome video from the e-text authors and the video explaining the LearnSmart Achieve Program Complete Math Practice Review on McGraw-Hill Connect. Complete Graphing Practice Review on McGraw-Hill Connect. Text me with your name and type of smart device you plan to use in class and use it for an in-class activity. Take the syllabus quiz in Getting Started Assignments on Blackboard. Create a Jing video (per rubric in QuickStart) to introduce yourself and post it as a Screencast link on Blackboard. Prepare a writing assignment (per rubric in QuickStart) Meet with me in regular office hours. Attend a homework help session with Teaching Assistant, Steve Schwartz
Week Day Class Topic Assignment Information 2 Monday, January 25 Unit One begins Fundamentals ILA1 opens and is due at 8:00 am on 2/1. Wednesday, January 27 Fundamentals Continue working through the QuickStart activities. Friday, January 29 Fundamentals QuickStart activities 1-8 are due by 5:00 pm Unit One Homework Help sessions start today. Fridays from 2:00-3:00 with Teaching Assistant Steve Schwartz. Week Day Class Topic Assignment Information 3 Monday, February 1 Fundamentals ILA1 Videos & Questions are due at 8:00 am. ILA 1 LearnSmart Achieve is due but extended, without penalty, for your convenience until Friday, February 5 th at 5:00 pm. ILA 2a, 2b and 2c are open and are due at 8:00 am on 2/8. Wednesday, February 3 Fundamentals Friday, February 5 Fundamentals QuickStart activities 9 & 10 must be completed by 5:00 pm. ILA 1 LearnSmart Achieve is due at 5:00 pm. Remember that the ILA 1 Videos & Questions module, due Monday 2/1, was a prerequisite for this assignment. Learning Objectives for the week: Define microeconomics and macroeconomics. Identify the various resource categories used in economics. Define scarcity and explain its importance in economics. Identify the opportunity cost of a choice. Explain rational decision making. Define marginal benefit and marginal cost. Describe the relationship between marginal benefits and costs in equilibrium. Explain how resources are combined to produce output. Construct and interpret a production possibilities frontier. Calculate and explain opportunity cost using a production possibilities frontier. Identify comparative advantage using opportunity costs. Identify patterns of specialization using comparative advantage. Identify the terms of trade using comparative advantage. Illustrate the gains from trade in a production possibilities frontier model. Illustrate how increasing opportunity costs affect the production possibilities frontier. Model the flow of resources, output, and monetary transactions in a simple economy
Week Day Class Topic Assignment Information 4 Monday, Demand ILA 2a, 2b and 2c Videos & Questions are due at 8:00 ILA 3a and 3b are open and are due at 8:00 am on 2/15. February 8 am. ILA 2a, 2b and 2c LearnSmart Achieve assignments are due but extended, without penalty, for your convenience until Friday, February 12 th at 5:00 pm. Wednesday, February 10 Supply Review the rubric for the end-of-term Portfolio project. Begin thinking about how you will approach this and start to assemble resources. See me during office hours with any questions about the Portfolio and/or requests to review drafts. Friday, February 12 Market Equilibrium and Policy ILA 2a, 2b and 2c LearnSmart Achieve assignments are due at 5:00 pm. Remember that ILA 2a, 2b and 2c Videos & Questions modules, due Monday 2/8, were prerequisites for this assignment. Learning Objectives for the week: Explain that prices and quantities traded are determined by the interaction of buyers and sellers in a market. Describe the relationship between the price of a good and the quantity demanded. Explain why the demand curve is downward-sloping. Calculate and construct a market demand curve. Show how the demand curve changes in response to nonprice determinants of demand. Illustrate the effect of a change in income on demand. Illustrate the effect of a change in buyers tastes and preferences, the number of buyers, and buyers expectations on demand. Illustrate the effect of a change in the prices of related products (substitutes and complements) on demand. Describe the relationship between the price of a good and the quantity supplied. Calculate and construct a market supply curve. Show how the supply curve changes in response to nonprice determinants of supply. Illustrate the effect of a change in taxes and subsidies on supply. Illustrate the effect of a change in resource prices and technology on supply. Illustrate the effect of producers price expectations and a change in the number of sellers on supply. Show how demand and supply interact to determine an equilibrium price and quantity. Calculate the magnitude of a surplus or shortage using supply and demand. Predict how a change in demand will change equilibrium price and quantity. Predict how a change in supply will change equilibrium price quantity. Predict how changes in both demand and supply will change equilibrium price and quantity. Use supply and demand to determine the impact of a price ceiling on price and output. Use supply and demand to determine the impact of a price floor on price and output. Use supply and demand to determine the effect of a tax paid by suppliers and a tax paid by demanders on the price and equilibrium quantity of a good
Week Day Class Topic Assignment Information 5 Monday, February 15 Market Efficiency ILA 3a and 3b Videos & Questions are due at 8:00 am. ILA 3a and 3b ILA 4a and 4b are open and are due at 8:00 am on 2/22. LearnSmart Achieve assignments are due but extended, without penalty, for your convenience until Friday, February 19 th at 5:00 pm. Wednesday, February 17 Market Efficiency Review the rubric for the end-ofterm Portfolio project. Begin thinking about how you will approach this and start to assemble resources. Friday, February 19 Market Failure ILA 3a and 3b LearnSmart Achieve assignments are due at 5:00 pm. Remember that ILA 3a and 3b Videos & Questions modules, due Monday 2/15, were prerequisites for these assignments. Learning Objectives for the week: Determine consumer surplus and predict how changes in price affect consumer surplus. Determine producer surplus and predict how changes in price affect producer surplus. Determine the economic surplus and gains from trade in a market. Use changes in consumer and producer surplus to identify a deadweight loss. Define and identify productive and allocative efficiency in a competitive market. Illustrate the effect of a price ceiling on economic welfare using consumer and producer surplus. Illustrate the effect of a price floor on economic welfare using consumer and producer surplus. Illustrate the effect of a tax on economic welfare using consumer and producer surplus. Use basic formulas to solve for consumer and producer surplus and the deadweight loss. Describe the relationship between private and social benefits and costs. Discuss positive externalities in a demand and supply framework. Discuss negative externalities in a demand and supply framework. Categorize public and private goods.
Week Day Class Topic Assignment Information 6 Monday, February 22 Elasticity ILA 4a and 4b Videos & Questions are due at 8:00 am. ILA 4a and 4b LearnSmart Achieve assignments are extended for your convenience until Friday, February 26 th at 5:00 pm. Wednesda y, February 24 Friday, February 26 Elasticity Consumer Choice ILA 4a and 4b LearnSmart Achieve assignments are due at 5:00 pm. Remember that ILA 4a and 4b Videos & Questions modules, due Monday 2/22, were prerequisites for these assignments. No new ILA assignments are posted. You should be working through the self-testing reviews in preparation for Unit Exam One on March 2 nd. Review the rubric for the end-of-term Portfolio project. Begin thinking about how you will approach this and start to assemble resources. Learning Objectives for the week: Define elasticity and its role in economics. Calculate the price elasticity of demand. Calculate the price elasticity of demand using the midpoint formula. Define the midpoint formula and describe the reasoning behind its use. Interpret the numerical value found by calculating the price elasticity of demand for a good or service. Explain why the elasticity of demand changes along a linear demand curve. Explain why the elasticity of demand changes along a linear demand curve using the midpoint formula. Use the elasticity of demand to determine how total revenue will change in response to a change in price. Predict how the number of substitutes or the proportion of income spent on a good or service will affect the elasticity of demand. Predict how the characteristics of a good or service and the passage of time affect the elasticity of demand. Calculate the cross-price elasticity of demand for substitutes and interpret the result. Calculate the cross-price elasticity of demand for complements and interpret the result. Calculate the income elasticity of demand and determine whether the good or service is normal or inferior. Calculate the price elasticity of supply. Calculate the price elasticity of supply using the midpoint formula. Interpret the numerical value found by calculating the price elasticity of supply for a good or service. Contrast the elasticity of supply in the immediate period, short run, and long run. Define utility and marginal utility. Use the law of diminishing marginal utility to calculate marginal utility values. Understand how individuals seek to maximize total utility subject to preferences, prices, and a budget constraint. Integrate marginal utility analysis and prices to determine the utility-maximizing consumption bundle
Week Day Class Topic Assignment Information 7 Monday, February 29 Unit One Review No new ILA assignments are posted. You should be working through the self-testing reviews in preparation for Unit Exam One on March 2 nd. Wednesday, March 2 Unit One Exam Bring Scantron and 2 Pencil Friday, March 4 Exam One Review ILA 5 is open early due to Spring Break but is not due until 8:00 am on 3/14. Spring Break -------------------------------------------------------Have fun and be safe! No Homework Help today. Study Hints for Exam: Every week, there is a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin by matching learning objectives to our notes, activities and your homework. Next, there are two ways for you to prepare with your McGraw Hill materials. You can go back to the course section homepage and review any of the assignments from unit one; you can re-watch the videos, review the questions or refresh on LearnSmart Achieve. The alternative is to self study by clicking the black Achieve box on the right hand side of your McGraw Hill screen and work through sample tests. Suggestions for Unit Two: If you do not want to do homework over spring break then consider doing ILA5 on Friday before you leave for spring break or remember to do it on the Sunday night you return it is due on Monday morning the 14 th.
Week Day 8 Monday, March 14 Wednesday, March 16 Class Topic Unit Two begins Public Finance Measuring Output Assignment ILA 5 Videos & Questions are due at 8:00 am. The ILA 5 LearnSmart Achieve assignment is due but extended, without penalty, for your convenience until Friday, March 18 th at 5:00 pm. Information ILA 6a and 6b are open and are due at 8:00 am on 3/21. If you have not already done so, review the rubric for the end-of-term Portfolio project. Begin thinking about how you will approach this and start to assemble resources. Friday, March 18 Measuring Income ILA 5 LearnSmart Achieve assignments are due at 5:00 pm. Remember that the ILA 5 Videos & Questions module, due Monday 3/14, were prerequisites for these assignments. See me during office hours with any questions about the Portfolio and/or requests to review drafts. Unit Two Homework Help sessions start today. Fridays from 2:00-3:00 with Teaching Assistant Steve Schwartz. Learning Objectives for the week: Model the flow of resources, output, and monetary transactions in a simple economy that includes a government. Know the major categories of federal, state, and local revenues and expenditures. Determine whether a tax is progressive, proportional, or regressive. Determine whether a government is experiencing a budget surplus, a budget deficit, or a balanced budget. Calculate the national debt. Describe how gross domestic product is measured, and identify its major components. Characterize the components of personal consumption and government expenditure. Calculate gross investment. Calculate net investment. Calculate net exports. Calculate gross domestic product when provided with national expenditures data. Identify the components of the income approach to national income accounting. Calculate real gross domestic product when provided with data. Calculate real gross domestic product when provided with data and describe how it relates to standards of living. Use real and nominal GDP to derive the gross domestic product price index. Describe the limitations of gross domestic product as a measure of output.
Week Day Class Topic Assignment Information 9 Monday, March 21 Economic Growth & Business Cycles Wednesday, March 23 Unemployment ILA 6a and 6b Videos & Questions are due at 8:00 am. The ILA 6a and 6b LearnSmart Achieve assignments are due but extended, without penalty, for your convenience until Friday, March 25 th at 5:00 pm. The ILA 7a and 7b assignments are open and are due at 8:00 am on 3/28. If you have not already done so, review the rubric for the end-of-term Portfolio project. Begin thinking about how you will approach this and start to assemble resources. Friday, March 25 Inflation ILA 6a and 6b LearnSmart Achieve assignments are due at 5:00 pm. Remember that the ILA 6a and 6b Videos & Questions modules, due Monday 3/21, were prerequisites for these assignments. See me during office hours with any questions about the Portfolio and/or requests to review drafts. Learning Objectives for the week: Describe economic growth in a historical context. Illustrate in a production possibilities frontier diagram how technology and resources affect economic growth. Calculate economic growth rates using provided data. Use the rule of 72 to estimate the time needed to double the size of an economy. Identify the four phases of the business cycle. Identify the different types of workers in the labor force. Categorize various types of unemployment. Calculate the unemployment rate when presented with data. Calculate the natural rate of unemployment. Define inflation. Describe the component parts of the Consumer Price Index. Calculate the Consumer Price Index using provided data. Use the Consumer Price Index to measure the inflation rate. Use the Consumer Price Index to compare nominal values over time.
Week Day 10 Monday, March 28 Wednesday, March 30 Friday, April 1 Class Topic Aggregate Expenditures Aggregate Demand Aggregate Supply Assignment The ILA 7a and 7b Videos & Questions assignment are due at 8:00 am. The ILA 7a and 7b LearnSmart Achieve assignments are due but extended, without penalty, for your convenience until Friday, April 1st at 5:00 pm. ILA 7a and 7b LearnSmart Achieve assignments are due at 5:00 pm. Remember that the ILA 7a and 7b Videos & Questions module, due Monday 3/28, was a prerequisite for this assignment. Information ILA 8a and 8b are open and are due at 8:00 am on 4/4. If you have not already done so, review the rubric for the end-of-term Portfolio project. Begin thinking about how you will approach this and start to assemble resources. See me during office hours with any questions about the Portfolio and/or requests to review drafts. Learning Objectives for the week: Define the purpose and assumptions associated with the aggregate expenditures model. Calculate the marginal propensities to consume and save using provided data. Illustrate the relationship between consumption and income, between savings and income and between the interest rate and investment demand. Illustrate the relationship between investment, government purchases, net exports, and real GDP. Show how equilibrium real GDP is obtained using the aggregate expenditures model. Calculate the expenditures multiplier using either the marginal propensity to consume or the marginal propensity to save. Calculate the tax multiplier using the marginal propensity to consume. Solve for the mathematical relationships of the aggregate expenditures model. Use the aggregate expenditures model to determine how changes to its components affect equilibrium real GDP. Identify the inflationary and recessionary gaps in the aggregate expenditures model. Illustrate the aggregate demand curve. Derive the aggregate demand curve from the aggregate expenditures model. Explain why the aggregate demand curve is downward-sloping. Illustrate the effect on aggregate demand of a change in consumer and investment spending. Illustrate the effect on aggregate demand of a change in government purchases and net exports. Illustrate the short-run aggregate supply curve. Illustrate the effect on aggregate supply of a change in resource prices and productivity. Illustrate the long-run aggregate supply curve. Use the aggregate demand and aggregate supply model to determine equilibrium real GDP. Use the aggregate demand and aggregate supply model to determine how changes in its determinants affect equilibrium real GDP. Use the aggregate demand and aggregate supply model to relate recessions and expansions to real GDP. Use the aggregate demand and aggregate supply model to relate recessions and expansions to changes in the price level. Use the aggregate demand and aggregate supply model to define stagflation.
Week 11 Monday, April 4 Wednesday, April 6 Friday, April 8 Money Monetary Policy The Federal Reserve ILA 8a and 8b Videos & Questions are due at 8:00 am. The ILA 8a and 8b LearnSmart Achieve assignments are due but extended, without penalty, for your convenience until Friday, April 8 th at 5:00 pm. ILA 8a and 8b LearnSmart Achieve assignments are due at 5:00 pm. Remember that the ILA 8a and 8b Videos & Questions modules, due Monday 4/4, were prerequisites for these assignments. ILA 9a, 9b and 9c are open and are due at 8:00 am on 4/11. If you have not already done so, review the rubric for the end-of-term Portfolio project. Begin thinking about how you will approach this and start to assemble resources. See me during office hours with any questions about the Portfolio and/or requests to review drafts. Learning Objectives for the week: Explain the three functions of money. Categorize different types of money into the major components of the money supply. Describe the structure and major functions of the Federal Reserve System. Explain the assets and liabilities held by a bank. Explain the process of fractional reserve banking and its impact on the money supply. Use the reserve ratio to calculate the money multiplier. Construct a model of money demand using the asset and transaction demands for money. Illustrate the relationship between the supply of money and interest rates. Show how money supply and demand interact to determine the equilibrium interest rate. Illustrate how changes in money demand and supply affect the interest rate. Explain the relationships among the money supply, bond prices, and interest rates. Use provided data to predict the nominal interest rate. Use the relationship between interest rates and investment to describe how a change in the money supply changes investment. Integrate, using a cause-and-effect chain, the money, investment, and aggregate demand models to predict how a change in the money supply will affect equilibrium gross domestic product. Explain how the Federal Reserve influences the supply of money through open market operations. Predict the effect of a change in the reserve requirement on the money supply and the impact of a change in the discount rate on the money supply. Describe the federal funds rate and the interbank market for overnight reserves. Explain how the Federal Reserve uses open market operations to maintain a targeted level for the federal funds rate. Explain how the Federal Reserve uses open market operations to change the targeted level for the federal funds rate and influence interest rates in the economy. Conduct monetary policy using the models of money, investment, and aggregate demand. Solve for the appropriate monetary policy using data provided
Week Day Class Topic Assignment Information 12 Monday, International ILA 9a, 9b and 9c Videos & Questions are due at ILA 10 is open and is due at 8:00 am on 4/18. April 11 Finance 8:00 am. The ILA 9a, 9b and 9c LearnSmart Achieve assignments are due but extended, without penalty, for your convenience until Friday, April 15 th at 5:00 pm. Wednesday, Fiscal Policy April 13 Friday, April 15 Competing Views in Macroeconomic Theory The ILA 9a, 9b and 9c LearnSmart Achieve assignments are due at 5:00 pm. Remember that the ILA 9a, 9b and 9c Videos & Questions modules, due Monday 4/11, were prerequisites for these assignments. Learning Objectives for the week: Describe the role of exchange rates in international trade and finance. Show how demand and supply for currencies interact to determine an equilibrium exchange rate. Illustrate a flexible exchange rate system. Illustrate complex changes in a flexible exchange rate system. Illustrate a fixed exchange rate system. Illustrate the effect of fiscal policy on equilibrium real GDP and price level. Solve for the appropriate fiscal policy using changes in government purchases. Solve for the appropriate fiscal policy using changes in taxes. Describe the role and function of automatic stabilizers. Discuss the major limitations of fiscal policy. Identify different views of macroeconomic theory.
Week Day 13 Monday, April 18 Wednesday, April 20 Friday, April 22 Class Topic International Trade FED Speaker Unit Two Review Assignment ILA 10 Videos & Questions assignment is due at 8:00 am. The ILA 10 LearnSmart Achieve assignments is due but extended, without penalty, for your convenience until Friday, April 22 nd at 5:00 pm. ILA 10 LearnSmart Achieve assignment is due at 5:00 pm. Remember that the ILA 10 Videos & Questions module, due Monday 4/20, was a prerequisites for this assignment. Information No new ILA assignments are posted. You should be working through the self-testing reviews in preparation for Unit Exam Two on April 25 th. If you have not already done so, review the rubric for the end-of-term Portfolio project. Begin thinking about how you will approach this and start to assemble resources. See me during office hours with any questions about the Portfolio and/or requests to review drafts. Learning Objectives for the week: Describe the benefits of international trade. Use provided data to determine which country has a comparative advantage in the production of a good. Use provided data to determine the pattern of specialization between two countries. Identify the range of prices for which mutually beneficial trade will occur between two countries. Evaluate the gains from trade by illustrating them in a production possibilities model and by calculating them numerically. Illustrate the small-country model in a supply and demand diagram. Illustrate, using consumer and producer surplus, how exports affect economic welfare in the small-country model. Illustrate, using consumer and producer surplus, how imports affect economic welfare in the small-country model. Describe why individuals and societies may choose to establish barriers to trade. Use the small-country model to illustrate the effect of a tariff on international trade. Use the small-country model to illustrate the effect of a tariff on international trade and economic welfare. Use the small-country model to illustrate the effect of a quota on international trade. Use the small-country model to illustrate the effect of a quota on international trade and economic welfare. Study Hints for Exam: Every week, there is a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin by matching learning objectives to our notes, activities and your homework. Next, there are two ways for you to prepare with your McGraw Hill materials. You can go back to the course section homepage and review any of the assignments from unit one; you can re-watch the videos, review the questions or refresh on LearnSmart Achieve. The alternative is to self study by clicking the black Achieve box on the right hand side of your McGraw Hill screen and work through sample tests.
Class Day Class Topic Assignment Information 14 Monday, April 25 Unit Two Exam Wednesday, April 27 Exam Two Review If you have not already done so, review the rubric for the end-ofterm Portfolio project. Begin thinking about how you will approach this and start to assemble resources. REALLY????!!!!! See me during office hours with any questions about the Portfolio and/or requests to review drafts. Friday, April 29 Economics Challenge Economics Portfolio is due in two parts: 1) Jing presentation on the Blackboard Discussion Board and 2) Written portion on Blackboard SafeAssign by 5:00 PM Discussion Board and SafeAssign are both opened on Blackboard for submission of your Economics Portfolio end-of-term project. Check MyUTTyler for final exam dates, time and location. Remember that I do not schedule final exams. Study Hints for Exam: Every week, there is a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin by matching learning objectives to our notes, activities and your homework. Next, there are two ways for you to prepare with your McGraw Hill materials. You can go back to the course section homepage and review any of the assignments from unit one; you can re-watch the videos, review the questions or refresh on LearnSmart Achieve. The alternative is to self study by clicking the black Achieve box on the right hand side of your McGraw Hill screen and work through sample tests.
Week Day Class Topic Assignment Information 15 Monday, May 2 Study Day Check MyUTTyler for final exam dates, time and location. Remember that I do not schedule final exams. Wednesday, May 4 Final Exam Week Friday, May 4 Final Exam Week Late submission for 50% credit Economics Portfolio is due in two parts: 1) Jing presentation on the Blackboard Discussion Board and 2) Written portion on Blackboard SafeAssign by 5:00 PM Study Hints for Exam: Every week, there is a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin by matching learning objectives to our notes, activities and your homework. Next, there are two ways for you to prepare with your McGraw Hill materials. You can go back to the course section homepage and review any of the assignments from unit one; you can rewatch the videos, review the questions or refresh on LearnSmart Achieve. The alternative is to self study by clicking the black Achieve box on the right hand side of your McGraw Hill screen and work through sample tests.