Economics 211
Principles of Economics I
Syllabus
Fall 2004
Course Description: Economics 211 Principles of Economics I (3 semester hours)
Introduces the economic dilemma, supply, and demand, and the roles of the major sectors in 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 Monetarists School and modern Classical macroeconomics are examined and compared. Prerequisite: An acceptable placement score, or DSM 080, or DSM 085, or Business Mathematics; an acceptable placement score, or DSR 088.
Instructor: David Fuqua
Phone: 594-2279 cell
Campus voice mail: 452-8600 Ext 2571
E-Mail: davidfuqua@comcast.net
Textbook: Economics, by William A. McEachern
General Education To provide information which enables students to identify and
Goals 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.
General Education
Outcomes: This course focuses on one particular social aspect of our culture: the economic system. More specifically, it concerns the process of exchange, which is central to that system and the markets, which are the primary mechanisms for that exchange. Upon successful completion of this course, the student will be aware of the properties of the exchange process which will make it advantageous, whether that exchange occurs between individuals, between individuals and firms, or between nations. The student will also understand how the efficiency associated with the market mechanism is affected by the degree of competition among the producers and the size of the producing firms and will recognize how these are related to issues involving the government regulation of business. Similarly, the student will understand how efficiency and the equity of income distribution are influenced by the degree of competition, which exists among the buyers and sellers in resource markets such as those, which exist in labor.
Other Goals: 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.
Attendance: Attendance will be taken at each class meeting. The class meets once a week and attendance is strongly encouraged. I recognize that work conflicts occur frequently with some evening students, so I recommend communicating with a fellow student who can take notes and keep you informed on homework, reading assignments, and test reviews.
Assessment: Student performance will be assessed by the use of three major examinations. These exams will include brief discussion, short answer, and multiple choice. In addition, the creation of graphs and solution of math problems will be included.
Grading: 90% 3 Exams (Final is not comprehensive)
10% participation/homework/readings
100%
Homework questions will be assigned and answered in class. The purpose of homework is to monitor student progress over key economic concepts. Students will be prepared to participate each class meeting. Additionally, articles are randomly assigned during the semester. We will discuss these in class. They are opportunities for students to participate in class discussions and improve your participation grade.
Make-Up Exams: The student is strongly encouraged to take all exams at the appointed time. If you have a work conflict please let me know in advance. Make up exams can be scheduled with approval of the instructor. Legitimate reasons for missing an exam will be considered.
Disabilities: In compliance with the Americans Disabilities Act, it is the student’s responsibility to contact his/her instructor concerning any special accommodations required for completion of course requirements. The Office of Disability Services is located in C206B.
Non It is the intent of Volunteer State Community College to fully
Discrimination comply with Executive Order 11246, as amended, the
Policy 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, religion, color, 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.
Financial Aid 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.
Important September 6 No School
Dates
Topical The Art and Science of Economic Analysis (Chapter 1)
Outline Tools of Economic Analysis (Chapter 2)
A. Scarcity
B. Opportunity costs
C. Consequences of resource scarcity
D. Economic goals
E. Creating Graphs
F. Rational Choice
G. Production possibilities
H. Comparative advantage
I. Costs/Benefit analysis
J. Adam Smith and Karl Marx
Demand and Supply Analysis (Chapter 3)
A. Demand
B. Supply
C. Equilibrium price and quantity
Test 1
Measuring Economic Aggregates (Chapter 22)
A. Important facts about GDP
B. Expenditure Approach
C. Income Approach
Unemployment and Inflation (Chapter 23)
A. Types of Unemployment
B. Economic and Non-economic costs
C. Full employment
D. Effects of Inflation
Introduction to Macroeconomics (Chapter 20)
A. Equilibrium and real GDP
B. Cyclical Unemployment, demand-pull inflation, supply-side inflation.
C. Aggregate demand stabilization policies.
Test 2
Aggregate Supply (Chapter 26) and The Policy Debate: Active or Passive (Chapter 31)
A. New Classical viewpoint.
B. Modern Keynesian viewpoint.
Fiscal Policy (Chapter 27)
A. Calculation and use of multiplier.
B. Calculation and use of lump sum tax multiplier.
C. Discretionary fiscal policy.
D. Problems and criticisms, and complications.
E. Supply side fiscal policy.
Money and the Financial System (Chapter 28) and Banking and the Money Supply (Chapter 29)
A. Money creation.
B. Application of the monetary multiplier.
C. The Federal Reserve and Monetary Policy.
D. Effect of open market operations on the money supply.
E. Effect which changes in reserve requirements on money supply.
F. Effect which changes in discount rate have on money supply.