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Principles of Economics: Macroeconomics

Course Number: EC 202
Transcript Title: Prin Econ: Macroeconomics
Created: September 1, 2012
Updated: May 20, 2014
Total Credits: 4
Lecture Hours: 40
Lecture / Lab Hours: 0
Lab Hours: 0
Satisfies Cultural Literacy requirement: No
Satisfies General Education requirement: Yes
Grading options: A-F (default), P-NP, audit

Prerequisites

WR 115, RD 115, MTH 20 or equivalent placement test scores

Recommended

MTH 95 and EC 201

Course Description

Covers the overall economy. Includes the basic reasons for and the problems of recession, inflation, and stagflation; the use of monetary, fiscal, and incomes policies; and other economic management tools. Recommended: MTH 95 and EC 201. Prerequisites: WR 115, RD 115 and MTH 20 or equivalent placement test scores. Audit available.

Intended Outcomes

Upon successful completion, students should be able to:

  1. Think critically and formulate independent and well-considered conclusions about economic issues and policies.
  2. Effectively participate in the political process and the economy by utilizing an understanding of the historical evolution of economic systems, institutions and ideologies.
  3. Understand different paradigmatic perspectives regarding the stability or instability of the macroeconomy.
  4. Awareness of the different public policy options for addressing macroeconomic issues and problems.
  5. Make rational decisions based on rudimentary marginal analyses.
  6. Be prepared to further their studies in Economics courses.

Outcome Assessment Strategies

Traditional and nontraditional techniques will be used to assess student mastery of the content, competencies, and outcomes. These techniques can assess either products or processes.

  • Products: multiple choice exams, essays, individual group projects, student demonstrations, research projects, other projects with specified rating criteria, and portfolios.
  • Processes: interviews, documented observations, web searches, journals, student self-evaluations.

Course Activities and Design

This course may include lecture and discussion formats utilizing faculty expertise, texts, supplementary reading materials, films, speakers, and other classroom aids at the discretion of the instructor. Regular attendance and completion of assigned reading are essential to the successful completion of this course. Instructors will teach in accordance with the goals and objectives listed in this Course Content Guide. The course Content Guides are developed by college-wide subject area faculty and are approved by management.

Course Content (Themes, Concepts, Issues and Skills)

  • What macroeconomics tries to explain; an introduction to GDP growth and fluctuations.
  • Macroeconomic measurement; Output, income, employment, and inflation.
  • The economy in the long run; explaining trends in output, labor, and financial markets; economic growth.
  • The economy in the short run; explaining economic fluctuations.
  • Economic policy; the role of the Federal Reserve; fiscal policy and the government budget.
  • The international economy; exchange rates, the balance of payments; monetary and fiscal policy in an open economy.

Skills and Competencies

  • Build a vocabulary of economic terms that will enable the student to find the daily reading of papers and periodicals easier and more meaningful.
  • Develop the ability to summarize an argument, understand economic reports, and to discern between positive and normative statements.
  • Develop the ability to acquire and analyze quantitative data and make mathematical computations using formulas.
  • Develop the ability to use and apply theoretical models.
  • Develop the ability to think clearly about policy tradeoffs.