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Principles of Economics I


ECO 211

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Course Description
GDP          ADASPrice
Instructor Contact Information
The Efficient Approach to a High Grade
Attendance Policy
Make-up Examinations
Make-up Quizzes
Written Assignments
Reading Assignments
Topical Outline
Progress Sheet (How can I keep up with my grades?)
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Transfer of ECO 211 to Area 4-year Schools
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ECO 211




Spring, 2010  

ECO 211 Principles of Economics I (3)
Introduces the economic dilemma, supply and demand, and the roles of the major sectors within the economy.  Explores the process of national income and output determination and the use of monetary and discretionary fiscal policies to control inflation and unemployment.  Keynesian economics, the Monetarist School, and modern Classical macroeconomics are examined and compared. 
PREREQUISITES:  An acceptable placement score, or DSPM 0800;  an acceptable placement score, or DSPR 0800..

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INSTRUCTOR                              Richard Rouch
Pickel Building, P115, 230-3246, on campus Ext. 3246,
OFFICE HOURS Office hours will be posted by the office door and on the web.

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TEXTBOOK Economics, 8th edition, by William A. McEachern


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To provide information which enables students to identify and analyze the social aspects of culture and cultural  heritage.
To provide information which enables students to recognize, describe, and explain social institutions, structures, and processes and the complexities of a global culture and diverse society.
To explore the relationship between the individual and society as it affects the personal behavior, social development and quality of life of the individual, the family, and the community.
To examine the impact of behavioral and social scientific research on major contemporary issues and their discipline's effects on individuals and society.
To analyze and communicate the values and processes that are used to formulate theories regarding the social context of  individual human behavior in the social and behavioral sciences.
This course focuses on one particular aspect of our culture: the economic system.  Upon successful completion of this course, the student will be able to identify the basic problem which the economic system attempts to solve, analyze price movements, and identify the roles which households, businesses, and government play in the economy.  In addition, the student will be able to identify the problems associated with business fluctuations or cycles and will be able to associate various schools of economic thought with their respective arguments in the debate over the role of government in moderating those fluctuations.
To expose students to systems of mathematical logic. 
To ensure that students develop effective written communication skills.
To encourage the development of skills for identifying  problems and selecting appropriate means for solving them.
To foster the development of critical skills that will encourage student growth in the areas of personal assessment and the evaluation of values.

ASSESSMENT         Student performance will be assessed by the use of a series of major examinations,  daily quizzes, and written assignments.  The  examinations and quizzes are designed to determine the degree of success which the student is experiencing in achieving outcomes relating to the Topical Outline and, thus, the general educational goals of the course.
  The questions on these examinations and quizzes may take a  variety of forms.  Brief discussion, short answer, multiple choice, and true/false questions will be used.  In addition, some questions will require the solution of math problems or  the creation of graphs.
  Successful preparation for major examinations is facilitated by referencing the attached detailed topical outline.  This is more fully explained under the heading of  “Grading”.

GRADING                  Grading policies are best understood by referring to two attachments:  the “Topical Outline” and the “Progress Sheet.   A major examination will be given for each of the three units on the topical outline.  Each of the items in the topical  course outline which is followed by a designated point value (usually 15 points) will be the subject of at least one  question on the appropriate major examination.  Each of these items will be discussed extensively in class.  At least 70% of the total point value of each major examination is provided by questions relating to these items.  As a result, a student who completely masters the course outline items is guaranteed a minimum grade of “C” on each major examination.
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  Daily quizzes of various types will also be given.  Students will be informed as to what to expect on each of these quizzes at the appropriate time.  The point values for these quizzes are shown on the "Progress Sheet".  The point values for other daily  grades  (written assignments) are also included on the  “Progress Sheet”.
  The “Progress Sheet” also indicates the minimum final accumulated point totals required for the various letter grades.


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ATTENDANCE        Attendance will be taken daily.  An attendance bonus will be given at the end of the semester to students who have no more than 3 absences for Monday, Wednesday, and Friday classes, no more than 2 absences for Tuesday and Thursday classes, or no more than 1 absences for classes meeting one night per week.  During the summer five-week term, this bonus will be given to students who miss no more than 2 classes.  To avoid being counted  as absent, the student must be in class at the time that the attendance is taken.  This bonus will be equal to 1% of the maximum possible point total for the term.
  This attendance policy is designed to provide an extra incentive to encourage regular attendance.  Because the policy involves a bonus rather than punitive measure, all absences will be counted, whether excused or unexcused.
  The attendance bonus aside, regular attendance is highly recommended.  Success in this course will be difficult at best without regular attendance.  The student should also recognize that a failure to attend class will likely result in the missing of unannounced quizzes.  These quizzes cannot be made up at a later date. 


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The student is encouraged to take all major examinations at the appointed time.  If an examination is missed, however, that examination will be made up at the last class meeting of the semester.  This last class meeting is, of course, also the time at which the final examination is taken.
  If a major examination has been scheduled, it will be given regardless of weather conditions as long as the school remains open.  If a student misses an examination due to unfavorable weather, that student will make up the examination in accordance with the policy previously stated.
  If the school is closed due to weather on a day when a major examination is scheduled, the examination will be given at the next scheduled class meeting.
    DAILY QUIZZESDaily quizzes cannot be made up at a later date.  If a daily quiz is missed, a grade of zero will be recorded for that quiz.  Note that the lowest quiz grade will be dropped at the end of the semester, so that the student who misses only one quiz will not be unduly penalized.


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Cheating will not be tolerated.  If a student is observed cheating on an examination or a daily quiz, a grade of zero will be assigned for that particular work.

A bonus of up to 3% of the total possible points for the course will be given for outstanding class participation and/or for diligence and originality on written assignments.  This is a bonus, NOT an entitlement.  It will be awarded at the instructor's discretion to borderline students whose exam and quiz grades do not (in the instructor's judgment) reflect learning, effort, and accomplishment.


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The use of any electronic or other noise- or light-emitting device such as beepers, cell phones, PDA'S, laptop computers, games, etc, that can distract or disturb the owner or others is prohibited during class.  In particular, cellular telephones are not to be used during class for any purpose, including making or receiving calls, photographs, or text messages, or playing games.  A student who uses a cell phone during class will be directed to leave the class and will be counted as absent for that day.
CALCULATORS       The use of basic calculators (5 functions plus memory) on examinations and quizzes is permitted.  The use of more advanced calculators, particularly those capable of storing and working formulas, is prohibited on examinations and quizzes.
 DISABILITIES          It is the student’s responsibility to self identify with the Office of of  Disability Services in order to receive accommodations.  Disability Services is located in the Wood Campus Center, Suite C206B.  Only those students with official documentation from the Office of Disability Services will  receive services.


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It is the intent of Volunteer State Community College to fully comply with Executive Order 11246, as amended, the Rehabilitation Act of 1973, as amended,  and the Vietnam Era Veterans Readjustment Act of 1974, as amended, and all regulations implementing those laws and orders,  for the promotion and ensuring of equal opportunity for all persons without regard to race, color, religion, sex, national origin, age, disability, political affiliation, sexual orientation, or status as a qualified disabled veteran or veteran of the Vietnam era.  It is the intent of VSCC to be free of discrimination or harassment on the basis of sex, race, color, religion, national origin, age, disability, political affiliation, sexual orientation, veteran status, or physical appearance.  It is the intent of VSCC to fully comply  with Titles VI and VII of the Civil Rights Act of 1964, as amended, and the CRA of 1991, Title IX of the Education Amendments of 1972, as amended, the Equal Pay Act of 1963, as amended, the Age Discrimination in Employment Act of 1976, the Age Discrimination Act of 1975, and the Pregnancy Discrimination Act and the Americans with Disabilities Act of 1990, applicable state  statutes and all regulations promulgated pursuant  thereto.        

No person in the United States shall, on the basis of sex, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any education program or activity receiving Federal Financial assistance. 20 U.S.C.  § 1681.


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Students who are receiving Title IV financial assistance (Pell Grant, Student Loan or SEOG Grant) must regularly attend class or be subject to repay PART or ALL of the Federal Financial Aid received for the semester.
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Progress Sheet


ECO 211



UNIT I (see course outline)

340 (240 from outline, 100 from reading)
UNIT II                                                                            230 (165 from outline, 65 from reading)
UNIT III                                                                                                                                                                   440 (315 from outline, 125  from reading)
Total Possible Points                                                 1010


Daily Quizzes(12 WORTH 60 POINT EACH)             660
TOTAL POSSIBLE POINTS 660 (lowest of the 12 grades is dropped)
OTHER                                                            POSSIBLE POINTS
_____________________________________________ ____________


1665 - 1850




1480 - 1664




1295 - 1479


D 1110 - 1294
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Reading Assignments in Red


ECO 211


  A. The Art and Science of Economic Analysis (Chapter 1) and Economic Tools and Economic Systems (Chapter 2)
    1. Scarcity (15 points)  Handout on Scarcity
    2. Opportunity Cost (15 points)  Handout on Opportunity Cost
    3. The inevitability and consequences of resource scarcity (15 points)
    4. Three of the economic goals amplified
      a. Efficiency
        1. Allocative efficiency (15 points)
        2. Technical efficiency (15 points)
      b. Equitable distribution of income (15 points)
    5.  Creating graphs (15 points)
    6. Interpreting graphs (15 points)
    7. Production possibilities curves .  .  .interpretation (15 points)  Study Guide on Production Possibilities  
    8. The “isms” (15 points)
    9. The economic or cost-benefit perspective (15 points)
  B. Pure Capitalism and the Market System .  .  .  .  .  . The framework of the capitalist ideology (15 points) Handout on Framework of Capitalism
  C. Demand, Supply, and Markets (Chapter 4)
    1.  Demand (15 points)
    2. Supply (15 points)
    3.  Equilibrium price and quantity .  .  . stationary supply and demand (15 points)
    4. Equilibrium price and quantity .  .  . changing supply and demand (15 points) Handout on D and S Changes
  A. Tracking the U.S. Economy (Chapter 21)
    1.  Important facts about the GDP figure (15 points) 
    2. Three accounting identities
      a. The expenditures approach to GDP (15 points)
With no government or international trade

With government but no international trade
With government and international trade
      b. The income approach to GDP (15 points)
      c. The leakages/injections identity (15 points)
  B. Unemployment and Inflation (Chapter 22)
    1. Types of unemployment (15 points) Handout
    2. Economic and noneconomic costs of unemployment (15 points) Handout
    3.  Full employment .  .  . the goal defined (15 points) Handout 
    4. Redistributive and output effects of inflation (15 points) Handout
  C. Introduction to Macroeconomics (Chapter 19)
    1.  Equilibrium real GDP and price level with stationary aggregate demand and aggregate supply (15 points)
    2. The depiction of cyclical unemployment, demand-pull inflation, and supply-side inflation (15 points)
    3.  Aggregate demand stabilization policies (15 points)


  A. Aggregate Supply (Chapter 25) and Macro Policy Debate: Active or Passive? (Chapter 31)
    1. Graphical presentation of aggregate demand and aggregate supply  -  -  the New Classical viewpoint (15 points)
    2. Graphical presentation of aggregate demand and aggregate supply  -  - the Modern Keynesian viewpoint (15 points)
    3.  Reconciliation of the differences between these viewpoints and what this reconciliation reveals about the debates over stabilization policy (15 points)
  B. The consumption function (pages 510 at “Consumption” to “Investment” on page 518)
    1. Autonomous consumption .  .  . identification and determining factors (15 points)
    2. Induced consumption .  .  . identification and determining factors (15 points)
    3. Calculation of the MPC and MPS (15 points)
  C. Determinants of planned investment (pages 518 at “The Demand for Investment” to the top of page 522 at "Investment Varies Much More than Consumption") (15 points)
  D. Composition of aggregate demand (15 points) Handout
  E. Identification of recessionary and inflationary gaps (15 points)
  F. Fiscal Policy (Chapter 26)
    1. Calculation and use of the multiplier (15 points) Handout
    2. Calculation and use of the lump sum tax multiplier (15 points)
    3. Discretionary fiscal policy .  .  . applications (15 points) Handout on multipliers
    4. Problems, criticisms, and complications (15 points)
    5. Supply-side fiscal policy (15 points)
  G. Money and the Financial System (Chapter 28) and Banking and the Money Supply (Chapter 29) Handout Money and Banking Practice Problems
    1. The process of monetary creation .  .  . an application (15 points)
    2. The application of the monetary multiplier (15 points)
  H. The Federal Reserve Banks and Monetary Policy
    1. Effect  which open market operations have on money supply (15 points)
    2. Effect which changes in reserve requirements have on money supply (15 points)
    3. Effect which changes in the discount rate have on the money supply (15 points)
    4. The effect which changes in the money supply have on aggregate demand and equilibrium GDP (15 points)
    5. Strengths, shortcomings, and problems with monetary policy (15 points)


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You will accumulate your written assignment grade by completing 9 written assignments
which are each worth a maximum of 20 points.  Due dates for written assignments will be announced in class. 


Assignments must be turned in at the beginning of class on the due date to be considered for credit.  Late assignments will not be accepted………..regardless of circumstances.  ASSIGNMENTS MUST BE STAPLED AND READY TO TURN IN AT THE BEGINNING OF THE CLASS ON THE DUE DATE…OTHERWISE THEY WILL NOT BE ACCEPTED


The minimum number of points, which will be awarded for each assignment, is 10.  Put another way, you will earn 10 points just by turning an assignment in on time. 


Complete, legible assignments will be awarded full credit of 20 points, whether or not all answers are correct.  If evident on most or all written assignments, effort, thoughtfulness, originality, and diligence may be rewarded with bonus points (see "Participation and Performance Bonus").


Assume that the audience you are writing for has less expertise in economics than you. Attempt to explain to that audience in the most simple language possible.

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