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EC 141 Principles of Macroeconomics
Thompson, John R.

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.


EC 141 Principles of Economics I (Macro) SC


S2R 2009 SC


John R. Thompson


Adjunct Faculty


Masters of Science (M.S.) in Policy Analysis with Electives in Money & Banking
Bachelor of Arts (B.S.) in Economics with Concentration in Finance

Office Location

Education Center, Scott Air Force Base

Office Hours

Available as needed via telephone and email formats.  Face-to-face meetings by advance appointment.

Other Phone

(618) 980-1398 (Cell Phone)


Semester Dates

March 21st, 2009 - May 9th , 2009

Class Days

Saturday mornings

Class Time

8:00 AM - 1:00 PM

Credit Hours



Case, Karl E., Fair, Ray C. and Oster, Sharon M., Principles of Economics, 9th edition, copyright 2009, Pearson; Prentice Hall.    ISBN 13:  978-0-13-605548-8.  ISBN 10:   0-13-605548-6      Note:  combined Macro and Micro text.

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:
Supplemental resources and publications:  The Wall Street Journal, The Economist, The Belleville News-Democrat. Relevant websites delineated below:

McAfee Memorial Library - Online information, links, electronic databases and the Online catalog. Contact the library for further assistance via email or at 800-270-4347.
Career Counseling - The Career Development Center (CDC) provides services for all stages of career development.  The mission of the CDC is to provide the career planning tools to ensure a lifetime of career success.
Park Helpdesk - If you have forgotten your OPEN ID or Password, or need assistance with your PirateMail account, please email or call 800-927-3024
Resources for Current Students - A great place to look for all kinds of information

Course Description:
An examination of the contemporary American economy, with an exploration of the roles of the private, public and international sectors on the U.S. economy and American society; the role of households (consumption expenditures), business firms (investment spending), and the government (government expenditures) on the mix and composition of output and the distribution of income; the determination and examination of major macroeconomic issues such as economic growth, total output, productivity growth rates, unemployment and inflation.

Educational Philosophy:
The instructor's educational philosophy is one premised on a belief in interactive learning between and amongst students and the instructor using both traditional and contemporary means and formats, including lectures and discussions, quizzes and examinations, internet and website explorations, and written and oral presentations.  The instructor has a responsibility to create a learning environment where students are engaged to explore critical economic ideas, issues and problems.

Learning Outcomes:
  Core Learning Outcomes

  1. Graph supply and demand in a single graph, define basic items or concepts related to the graph, and use the graph to explain the process by which a good's equilibrium price and quantity are attained.
  2. Graph the Keynesian cross model to include showing the shift to aggregate expenditure necessary to close a GDP gap.
  3. Graph the short-run aggregate demand-aggregate supply model (assuming the economy is in the expansionary phase of the business cycle) in a single graph and show how the AD and or AS functions would be shifted by an increase in government spending and/or a labor productivity increase.
  4. Use the AS-AD model to define cost-push inflation and demand-pull inflation. Use the AD-AS graph to identify shifts in the AD/AS curves reflecting the two types of inflation, and identify subsequent changes in the price-level and real output.
  5. Define monetary and fiscal policies. Use the monetary multipliers to show how a given change in the monetary base would cause a change in GDP. Use the fiscal multiplier to explain how a given change in government spending would change GDP.

Core Assessment:

All Park University courses must include a core assessment that measures the course Learning Outcomes. The purpose of this assessment is to determine if expectations have been met concerning mastery of learning outcomes across all instructional modalities. For this course, the core assessment is a final exam to be administered in all sections of EC 141. This exam is worth 30 percent of the student’s final grade and will test students’ mastery of core learning outcomes through short essay Tools and Methods of Economics questions, Graphical Problems in he Communications section, and Critical Thinking short-answer questions. For each core learning outcome, the student should be prepared to draw the relevant graph, define basic concepts or policies, identify relevant shifts in the curves, and state final impacts on relevant variables.

Link to Class Rubric

Class Assessment:

Final grade will be determined and calculated based on the following tasks and evaluation methods, in which there are a maximum of 500 points over the class term.

1. Two (2) closed-book examinations:  250 total points (50%), representing 100 points for the first exam, and 150 points for the final exam*
2. One (1) open-book knowledge assessment:   100 points (20%)
3. Attendance/Participation/Homework:   50 points (10%)
4. Research Paper:   100 points (20%)

* NOTE:  Includes a closed-book, closed-note, comprehensive final exam ("Core Assessment").  This final exam is not a take-home exam.

A     90% - 100%    450 - 500 Points   
B     80% -  89%     400 - 449 Points     
C     70% -  80%     350 - 399 Points      
D     60% -  70%     300 - 349 Points   
F     Below 60%       Fewer than 300 Points and/or three (3) or more unexcused absences from class.


This course will have a total of five hundred (500) possible points. Total points will be allocated along the following basis:  closed-book exams (250 pts), consisting of the first exam (100 pts.) and the final exam (150 pts.);  knowledge/skills assessment (100 pts) attendance/participation/homework (50 pts), and research paper (100 pts).  
                                                                                            Points           % of Grade
First Exam                                                                             100                 20% 
Comprehensive Final Exam ("Core Assessment")                    150                 30%
Assessment                                                                            100                 20%
Attendance/Participation/Homework                                       50                   10%
Research Paper                                                                     100                  20%
   TOTAL                                                                              500                 100%
NOTE:  The Core Assessment activity required for this course is a comprehensive final exam.   This exam is a closed-book, closed-note exam which can not be given as a take-home exam.   The course grade for students will be based on the overall average of homework and tests taken during the course in accordance with the weighting of the various requirements as stated in the syllabus. 

The course grade for students will be based on the overall average of homework and tests taken during the course in accordance with the weighting of the various requirements as stated in the syllabus.

All final exams in all School of Business and Management courses will be comprehensive and will be closed book and closed notes. They will constitute 30% of the total course grade and will not be a take-home exam. They will be completed during the test week in the period designated by the registrar or by the Proctor in the case online courses. If calculators are allowed, they will not be multifunctional electronic devices that include features such as: phones, cameras, instant messaging, pagers, and so forth. Electronic Computers will not be allowed on final exams unless an exception is made by the Dean of the School of Business and Management.

Late Submission of Course Materials:
Any and all assignments with a definitive due date must be turned in on or before the due date(s).  There will be no exceptions to this policy.

Classroom Rules of Conduct:
Students are expected to attend all scheduled classes unless previously excused by the instructor.  Punctuality and promptness are necessary to assure an orderly start and finish to every session.  Students are expected to conduct themselves in a positive and constructive manner during class.  Given the accelerated nature of the course, it is imperative that students have completed all reading and homework assignments prior to class, and be prepared for the scheduled activities and content discussion as delinated and assigned within this syllabus. Homework assignments are to be completed as of the due date.

Course Topic/Dates/Assignments:
March 21st: Introductions, expectations, and overview of course syllabus. Delineate the foundational concepts and premises a/k/a "setting the table". The nature and method of economic inquiry; the economic "problem". An introduction to the market system. The circular flow diagram.

March 28th: Supply and demand analysis, the operation of markets and the role of price in resource allocation. The Production Possibility Frontier model. Supply/Demand analysis applications. The Market System vs. Central Direction.

April 4th: The Respective Roles of the Private and Public Sectors in the U.S. Economy. The Role of the United States in the global economy. An Introduction to Gross Domestic Product (GDP). First Exam.

April 11th: Defining, measuring and evaluating GDP and related concepts. Expenditure and Income approaches ("2 sides of the coin") to GDP. Discussion of The Big Three: Economic Growth, Inflation and Unemployment.

April18th: Basic Macroeconomic Relationships. Aggregate Demand and Aggregate Supply. The AS-AD Model of the Macroeconomy.

April 25th:  The Role of Money and Banking in the U.S. Financial System and the American economy.

May 2nd:  Economic Policy-Making: Fiscal and Monetary Policy. The Role of the U.S. Congress, U.S. President and the Federal Reserve System in the U.S. economy.

May 9th. Exploring the causes and effects of economic growth. Government Spending's Impact on the U.S. economy. The impact of public debt on the financial markets and the "real" economy.    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 2008-2009 Undergraduate Catalog Page 87
In addition, academic dishonesty refers, but is not limited, to the following: the act of plagiarism (see definition below) in connection with any work required to be performed only by the individual student, and any behavior or act in connection with the taking of an examination deemed by the instructor and Park University as cheating. If it is reported and conclusively determined that academic dishonesty has occured, the subject student will be given a grade of "F" for the course.  This policy will be followed in all cases and under all circumstances.

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 2008-2009 Undergraduate Catalog Page 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 "F".
  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 2008-2009 Undergraduate Catalog Page 89-90

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. Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page: .


CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Critical Thinking                                                                                                                                                                                                                                          
Short answer questions with a Maximum value of 88 Points                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Nearly all causes or processes of economic phenomena are perfectly identified and stated. (79 points or more of 88 points) Most causes or processes of economic phenomena are correctly identified and stated. (61 to78 points of  88 points) Most causes or processes of economic phenomena are not correctly identified and stated. (44 to 62 points  of 88 points) No causes or processes of economic phenomena are stated clearly. (43 to 0 points of  88 points) 
Effective Communication                                                                                                                                                                                                                                    
Graphical Problems and completion of Graphs with a maximum value of 140 points.                                                                                                                                                                                                                                                                                                                                                                                                                                      
All definitions of curves or items identified on graphs are stated nearly perfectly.  (126  points or more of 140 points) Most definitions of curves or items identified on graphs are stated correctly. (98 to 125 points of 140 points) Most definitions of curves or items identified on graphs are not stated correctly. (70 to 97 points of 140 points) No definitions of curves or items on graphs are stated clearly.

(0 to 69 points of 140 points)

Tools and Methods of Economics                                                                                                                                                                                                                             
This examines tools and methods of economic analysis using short essay questions with a maximum value of 72 points.                                                                                                                                                                                                                                                                                                                                                                                                  
All definitions of are stated nearly perfectly.  (65 points or more of 72 points) Most definitions are stated correctly. (98 to 125 points of 72 points) Most definitions are not stated correctly. (70 to 97 points of 72 points) No definitions are stated clearly.

(0 to 69 points of 72 points)



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Last Updated:3/6/2009 4:52:18 PM