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Course Syllabus

ECON 2020 Principles of Macroeconomics

  • Division: Social and Behavioral Science
  • Department: Social Science
  • Credit/Time Requirement: Credit: 3; Lecture: 3; Lab: 0
  • Prerequisites: ECON 2010
  • Semesters Offered: Fall, Spring
  • Semester Approved: Fall 2023
  • Five-Year Review Semester: Summer 2029
  • End Semester: Summer 2029
  • Optimum Class Size: 25
  • Maximum Class Size: 35

Course Description

This course is designed to provide students with an introduction to the principles of macroeconomics. This course teaches students economic principles and theories that gird our national economic system and how these principles and theories influence economic realities markets and society.

Justification

ECON 2020 is also required for an Associate of Science Degree in Accounting, Business Management, Economics and is a recommended elective for several other majors and Associate of Applied Science Degrees.

Student Learning Outcomes

  1. Explain social institutions, structures, and processes across a broad range of historical periods and cultures from a social and behavioral science perspective.
  2. Develop and communicate hypothetical explanations for individual human behavior within the large-scale historical or social context.
  3. Draw on the social and behavioral sciences to evaluate contemporary problems using social science research methodology.
  4. Describe and analytically compare social, political, economic, cultural, geographical, and historical settings and processes other than one’s own.
  5. Explain and use the social-scientific method to test research questions and draw conclusions.
  6. Write effectively within the social science discipline, using correct disciplinary guidelines, to analyze, interpret, and communicate about social science phenomena.

Course Content

This course teaches students how economic principles and theories are the basis of our economic system and how these principles and theories influence economic realities at various levels of society. The course employs a discussion-oriented pedagogy; therefore, students will be expected to come to class having engaged assigned materials and prepared to critically reflect on and discuss issues and concepts. This method of instruction promotes differences, interaction, and understanding amongst all students. Students from various cultural backgrounds will see macroeconomics highlighted as it exists in various areas of the U.S. and the world. Primary and secondary source reading assignments help present a more complete picture of the economy.Possible Topics Include: - Thinking Like an Economist - Economics defined - Circular flow - Economic Models - Supply and Demand - Market Efficiency - Government in the Economy - Opportunity Costs - Equilibrium price - Surplus and shortage - Four factors of production - Production possibilities curve - Measuring Gross Domestic Product and other Macroeconomic indicators - Types of Inflation and Unemployment - The Business Cycle: Depressions and recessions - Keynesian Equilibrium Model - Injections-Leakages Model - Classical and Keynesian Economics - Neo-Classical and Neo-Keynesian Economics - Aggregate Demand and Aggregate Supply - Economic Growth and the Wealth of Nations - Money and the Federal Reserve - Monetary Policy - Fiscal Policy and Budget Deficits - International Economics