Principles of Economics: Macroeconomics

Course Number:
EC 202
Transcript Title:
Principles of Economics: Macroeconomics
Created:
Aug 09, 2022
Updated:
Jun 29, 2023
Total Credits:
4
Lecture Hours:
40
Lecture / Lab Hours:
0
Lab Hours:
0
Satisfies Cultural Literacy requirement:
No
Satisfies General Education requirement:
No
Grading Options
A-F, P/NP, Audit
Default Grading Options
A-F
Repeats available for credit:
0
Prerequisites

Placement into MTH 65 or MTH 98

Prerequisite/Concurrent 

WR 121 or WR 121Z

Recommended 

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: EC 201. Prerequisites: placement into MTH 65 or MTH 98. Prerequisite/concurrent: WR 121 or WR 121Z. Audit available.

Course 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

Alignment with Institutional Learning Outcomes

Major
1. Communicate effectively using appropriate reading, writing, listening, and speaking skills. (Communication)
Major
2. Creatively solve problems by using relevant methods of research, personal reflection, reasoning, and evaluation of information. (Critical thinking and Problem-Solving)
Major
3. Extract, interpret, evaluate, communicate, and apply quantitative information and methods to solve problems, evaluate claims, and support decisions in their academic, professional and private lives. (Quantitative Literacy)
Minor
4. Use an understanding of cultural differences to constructively address issues that arise in the workplace and community. (Cultural Awareness)
Major
5. Recognize the consequences of human activity upon our social and natural world. (Community and Environmental Responsibility)

To establish an intentional learning environment, Institutional Learning Outcomes (ILOs) require a clear definition of instructional strategies, evidence of recurrent instruction, and employment of several assessment modes.

Major Designation

  1. The outcome is addressed recurrently in the curriculum, regularly enough to establish a thorough understanding.
  2. Students can demonstrate and are assessed on a thorough understanding of the outcome.
    • The course includes at least one assignment that can be assessed by applying the appropriate CLO rubric.

Minor Designation

  1. The outcome is addressed adequately in the curriculum, establishing fundamental understanding.
  2. Students can demonstrate and are assessed on a fundamental understanding of the outcome.
    • The course includes at least one assignment that can be assessed by applying the appropriate CLO rubric.

Suggested 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

The determination of teaching strategies used in the delivery of outcomes is generally left to the discretion of the instructor. Here are some strategies that you might consider when designing your course: lecture, small group/forum discussion, flipped classroom, dyads, oral presentation, role play, simulation scenarios, group projects, service learning projects, hands-on lab, peer review/workshops, cooperative learning (jigsaw, fishbowl), inquiry based instruction, differentiated instruction (learning centers), graphic organizers, etc.

Course Content

  • 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.