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EC 141 Principles of Economics I (Macro)
Farmer, Elaine L.


Mission Statement: The mission of Park University, an entrepreneurial institution of learning, is to provide access to academic excellence, which will prepare learners to think critically, communicate effectively and engage in lifelong learning while serving a global community.

Vision Statement: Park University will be a renowned international leader in providing innovative educational opportunities for learners within the global society.
CourseEC 141 Principles of Economics I (Macro) WN
SemesterF2WW2005
FacultyDr. Elaine L. Farmer
TitleAdjunct Faculty
Degrees/CertificatesPhD, Agricultural Economics, University of Missouri-Columbia, 2005
BS, Agricultural Economics, University of Missouri-Columbia, 1996
Office HoursBy appointment, contact by phone 816-776-3397 or email Elaine.Farmer@pirate.park.edu
Daytime Phone816-776-3397
E-MailElaine.Farmer@pirate.park.edu
Semester DatesOctober 17, 2005 - December 11, 2005
Class Days-M-W---
Class Time7:30 - 10:10 PM
Credit Hours3

Textbook:
McConnell, Campbell R. and Stanley L. Brue. "Macroeconomics -- Principles, Problems and Policies," 16th edition. New York, NY: McGraw-Hill/Irwin, 2005.

Textbooks can be purchased though the MBS bookstore

Textbooks can be purchased though the Parkville Bookstore

Additional Resources:
Walstad, William B. and Robert C. Bingham. "Study Guide to accompany McConnell and Brue Macroeconomics--Principles, Problems and Policies," 16th edition. New York, NY: McGraw-Hill/Irwin, 2005.

Current event news magazines, newspapers, etc.

http://www.mcconnell16.com

Course Description:
A study of the contemporary American economy; the role of investment, consumption, and government on income determination; and an analysis of the foreign sector. Emphasis is on contemporary problems: unemployment, inflation, and growth. 3:0:3

Educational Philosophy:
Student/instructor interaction, which is based on lectures, readings, quizzes, and examinations provides the basis for effective learning.  During the 8 week term, we will explore together the principles of macroeconomics and relate them to current events.

Learning Outcomes:

On completion of the course, students should be able to:
1.  Explain the process by which the equilibrium price and quantity of a good are attained using demand and supply analysis.
2.  Use the circular flow model to explain why Gross Domestic Product can be measured either through the income or expenditures approach.
3.  Use the aggregate demand-aggregate supply model to explain the causes and effects of cost-push inflation and demand-pull inflation.
4.  Explain how the long-run aggregate supply curve differs from the short-run aggregate supply curve, including the causes in shifts for both of them.
5.  Use the aggregate demand-aggregate supply model to explain the affects of expansionary and contractionary fiscal policy.
6.  Use the aggregate demand-aggregate supply model to explain the impact of tight and easy monetary policy and discuss the Federal Reserve tools to achieve them.

Course Assessment:
Student Assessment in this course will be based on four assignments, two major examinations, a series of quizzes, in-class exercises and participation in weekly discussions.  Students are required to read the applicable chapters before the class meeting.

Grading:
The final course grade will be determined in the following manner:
a.  One mid-term exam: 150 Points
b.  One final exam: 180 Points
c.  Four assignments (36 points each): 144 Points
d.  Seven quizzes (10 points each, The lowest quiz score will be dropped): 60 Points
e.  Weekly in-class participation in discussions of current topic and in-class exercises: 66 Points

Total Points possible in the course: 600 Points.

At the end of the course, accumulated points will be converted to a letter grade based on the following scale:
A = 90% to 100%
B = 80% to 89%
C = 70% to 79%
D = 60% to 69%
F = below 60%

Late Submission of Course Materials:
Assignments not submitted on the due date will receive a grade of zero.  Students who are absent on the date an assignment is due, must make prior arrangements with the instuctor to submit the assignment.

Classroom Rules of Conduct:
Students are required to read the applicable chapters and complete all required assignments before the class meeting.  Students are expected to participate in class discussions.

Please turn off all cell phones and pagers during class time or turn the phone to silent or vibration mode.  If you receive an emergency call, please go out into the hallway to receive the call.

DateReadingLecture TopicAssignment
Monday, October 17Chapter 1: The Nature and Method of Economics; Chapter 1 Appendix: Graphs and Their MeaningIntroduction, What is Economics? Why Study Economics? How to Interpret Graphs 
Wednesday, October 19Chapter 2: The Economizing ProblemEmployment, Growth, Production Possibility Curve and Circular Flow Diagram 
Monday, October 24Chapter 3: Individual Markets: Demand and SupplyDeterminants of Demand and Supply, Market Equilibrium 
Wednesday, October 26Chapter 4: The Market SystemMarkets, Competition, and SpecializationAssignment #1 Due
Monday, October 31Chapter 5: The U.S. Economy: Private and Public SectorsHouseholds, Businesses and Government 
Wednesday, November 2Chapter 6: The United States in the Global EconomyWorld Trade, Comparative Advantage, and Exchange Rates 
Monday, November 7Chapter 7: Measuring Domestic Output and National IncomeReview for Mid-term Exam; Gross Domestic Product: Expenditure vs. Income ApproachAssignment #2 Due
Wednesday, November 9MID-TERM EXAM (chapters 1-6)MID-TERM EXAM;
Gross Domestic Product: Expenditure vs. Income Approach (cont.)
 
Monday, November 14Chapter 8: Introduction to Economic Growth and InstabilityEconomic Growth, Unemployment, and Inflation 
Wednesday, November 16Chapter 9: Basic Macroeconomic RelationshipsIncome vs. Consumption; Interest Rate vs. Investment 
Monday, November 21Chapter 11: Aggregate Demand and Aggregate SupplyDeterminants of Aggregate Demand and Aggregate Supply, EquilibriumAssignment #3 Due
Wednesday, November 23Chapter 12: Fiscal PolicyExpansionary vs. Contractionary Fiscal Policy 
Monday, November 28Chapter 15: Monetary PolicyEasy vs. Tight Monetary Policy 
Wednesday, November 30Chapter 16: Extending the Analysis of Aggregate SupplyShort Run to Long Run; Inflation, Unemployment and Taxation in AD-AS moelAssignment #4 Due
Monday, December 5Chapter 17: Economic GrowthSupply and Demand Factors in Economic Growth;
Review for Final
 
Wednesday, December 7FINAL EXAM
(chapters 7-9, 11-12, 15-17)
FINAL EXAM 

Academic Honesty:
Academic integrity is the foundation of the academic community. Because each student has the primary responsibility for being academically honest, students are advised to read and understand all sections of this policy relating to standards of conduct and academic life.   Park University 2005-2006 Undergraduate Catalog Page 85-87

Plagiarism:
Plagiarism involves the use of quotations without quotation marks, the use of quotations without indication of the source, the use of another's idea without acknowledging the source, the submission of a paper, laboratory report, project, or class assignment (any portion of such) prepared by another person, or incorrect paraphrasing. Park University 2005-2006 Undergraduate Catalog Page 85-87

Attendance Policy:
Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.

  1. The instructor may excuse absences for valid reasons, but missed work must be made up within the semester/term of enrollment.
  2. Work missed through unexcused absences must also be made up within the semester/term of enrollment, but unexcused absences may carry further penalties.
  3. In the event of two consecutive weeks of unexcused absences in a semester/term of enrollment, the student will be administratively withdrawn, resulting in a grade of "WH".
  4. A "Contract for Incomplete" will not be issued to a student who has unexcused or excessive absences recorded for a course.
  5. Students receiving Military Tuition Assistance or Veterans Administration educational benefits must not exceed three unexcused absences in the semester/term of enrollment. Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.
  6. Report of a "F" grade (attendance or academic) resulting from excessive absence for those students who are receiving financial assistance from agencies not mentioned in item 5 above will be reported to the appropriate agency.

Park University 2005-2006 Undergraduate Catalog Page 89

Disability Guidelines:

Park University is committed to meeting the needs of all students that meet the criteria for special assistance. These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, regarding students with disabilities. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Park University is committed to meeting the needs of all learners that meet the criteria for special assistance. These guidelines are designed to supply directions to learners concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the American with Disabilities Act of 1990, regarding learners with disabilities and, to the extent of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page:
http://www.park.edu/disability
 
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Copyright:
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