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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.

Course

EC 141 Principles of Economics I (Macro) SC

Semester

S1R 2007 SC

Faculty

John R. Thompson

Title

Adjunct Faculty

Degrees/Certificates

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

Scott Air Force Base, Education Center

Office Hours

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

Other Phone

(618) 980-1398 (Cell Phone)

E-Mail

john.thompson@park.edu

jrtexcel@sbcglobal.net

Semester Dates

January 9, 2007 - March 1, 2007

Class Days

Tuesday and Thursday evenings

Class Time

5:00 PM - 7:30 PM

Prerequisites

None

Credit Hours

3


Textbook:
Economics: Principles, Problems and Policies; McConnell, Campbell R. and Brue, Stanley L., 17th Edition, 2006, McGraw-Hill Irwin Publishing.  

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:
Supplemental resources and publications: The Wall Street Journal, The Economist, St. Louis Post-Dispatch. 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 helpdesk@park.edu or call 800-927-3024
Resources for Current Students - A great place to look for all kinds of information http://www.park.edu/Current/.

http://www.economist.com
http://bloomberg.com
http://www.wsj.com
http://www.fee.org

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 short-run aggregate demand-aggregate supply model (assuming the economy is in the expansionary phase of the business cycle) in a single graph and define basic items or concepts related to the graph.  Define cost-push inflation and demand-pull inflation.  Use the 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.
  3. Define expansionary and contractionary fiscal policies, including the means by which they are achieved.   Use the graph of the aggregate demand-aggregate supply model drawn in Learning Outcome #2 to identify shifts in the AD/AS curves and subsequent impacts of these policies on real output and the price level.
  4. Define tight and easy monetary policies, including the Federal Reserve tools used to achieve them and when each type of policy would be appropriate.  Use the graph of the aggregate demand-aggregate supply model drawn in Learning Outcome #2 to identify shifts in the AD/AS curves and subsequent impacts of these policies on real output and the price level.
  5. Use the circular flow model to explain why Gross Domestic Product can be measured either through the income or expenditures approach.


Core Assessment:

All Park University courses must include a core assessment that measures the course's Core 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 20 percent of the student's final grade and will test students' mastery of four Core Learning Outcomes (Outcomes 1, 2, 3, and 4 listed on this syllabus) through definitions, short essay, and graphing questions.  For each core outcome, the student should be prepared to draw the relevant graph by hand, define basic concepts or policies, identify relevant shifts in the curves, and state final impacts on relevant variables.


 


The core assessment is a CLOSED BOOK, CLOSED NOTES exam that must be administered and proctored in the classroom and may not be given as a take-home exam.  Students should not have access to the exam or its questions before it is administered.  The duration of the exam can be no longer than two hours.  No calculators, computers, or materials other than a writing instrument may be used for the exam; this applies to all students, regardless of whether the exam is for on-line or face-to-face students.  Completion of the exam is strictly individual; students may not work in groups to complete the exam.

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*:  200 total points (40%), representing 100 points per exam

2. One (1) open-book knowledge assessment:    150 points (30%)

3. Attendance/Participation:    25 points (5%)

4. Homework:   25 points (5%)

5. Research Paper:   100 points (20%)

* NOTE:  Includes a comprehensive final exam which is not a take-home exam, and which is both closed-book and closed-notes.

GRADING SCALE:   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.

Grading:
This course will have a total of five hundred (500) possible points. Total points will be allocated along the following basis:  exams (200 pts), knowledge/skills assessment (150 pts) attendance/participation (25 pts), homework completion (25 pts) and research paper (100 pts).

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:

August 22nd and 24th: 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.

August 29th and 31st: 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.

September 5th and 7th: The Respective Roles of the Private and Public Sectors in the U.S. Economy. The Role of the United States in the global econoomy. An Introduction to Gross Domestic Product (GDP). First Exam.

September 12th and 14th: 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.

September 19th and 21st: Basic Macroeconomic Relationships. Aggregate Demand and Aggregate Supply. The AS-AD Model of the Macroeconomy.

September 26th and 28th: The Role of Money and Banking in the U.S. Financial System and the American economy.

October 3rd and 5th: 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.

October 10th and 12th. 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.

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 2006-2007 Undergraduate Catalog Page 87-89
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:
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 2006-2007 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 "W".
  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 2006-2007 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: http://www.park.edu/disability .



Rubric

CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Evaluation (a)                                                                                                                                                                                                                                             
Outcomes
1, 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
All causes or processes of economic phenomena are perfectly identified and stated. (12 points out of 12 points) Most causes or processes of economic phenomena are correctly identified and stated. (11 to 4 points out of 12 points) Most causes or processes of economic phenomena are not correctly identified and stated. (3 to 1 points out of 12 points) No causes or processes of economic phenomena are stated. (0 points out of 12 points) 
Synthesis (b)                                                                                                                                                                                                                                              
Outcomes
1, 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
The graph is drawn perfectly and most relevant axes and curves are identified correctly.

(22 points out of 22 points)

 
The graph is drawn correctly and most relevant axes and curves are identified correctly. (21 to 7 points out of 22 points) The graph is not drawn correctly and most relevant axes and curves are not identified correctly. (6 to 1 points out of 22 points) The graph is not drawn. (0 points out of 22 points) 
Analysis (c)                                                                                                                                                                                                                                               
Outcomes
1, 2, 3, 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
All shifts in curves are identified correctly.  (12 points out of 12 points) Most shifts in curves are identified correctly.  (11 to 4 points out of 12 points) Most shifts in curves are not identified correctly.   (3 to 1 points out of 12 points) Shifts in curves are not identified.  (0 points out of 12 points) 
Application (d)                                                                                                                                                                                                                                            
Outcomes
3, 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
All economic policies and their impacts are correctly described.   (19 points out of 19 points) Most economic policies and their impacts are correctly described. (18 to 6 points out of 19 points) Most economic policies and their impacts are not correctly described.  (5 to 1 points out of 19 points) No economic policies or impacts of such policies are described.

(0 points out of 19 points)

 
Content of Communication (e)                                                                                                                                                                                                                               
Outcomes
1, 2, 3, 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
All definitions of curves or items identified on graphs are stated perfectly.  (23 points out of 23 points) Most definitions of curves or items identified on graphs are stated correctly. (22 to 8 points out of 23 points) Most definitions of curves or items identified on graphs are not stated correctly. (7 to 1 points out of 23 points) No definitions of curves or items on graphs are stated.

(0 points out of 23 points)

 
Technical Skill in Communicating (f)                                                                                                                                                                                                                       
Outcomes
1, 2, 3, 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
All definitions of concepts are stated correctly.

(12 points out of 12 points)

 
Most definitions of concepts are stated correctly.

(11 to 4 points out of 12 points)

 
Most definitions of concepts are not stated correctly.

(3 to 1 points out of 12 points)

 
No definitions of concepts are stated.

(0 points out of 12 points)

 
First Disciplinary Competency                                                                                                                                                                                                                              
Outcomes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Fiscal policy is perfectly explained and identified graphically. (10 points out of 10 points) Fiscal policy is explained and identified graphically.

(9 to 3 points out of 10 points)

 
Fiscal policy is explained poorly and not identified graphically.

(2 to 1 points out of 10 points)

 
Fiscal policy is neither explained nor identified graphically.

(0 points out of 10 points)

 
Second Disciplinary Competency                                                                                                                                                                                                                             
Outcomes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Monetary policy is perfectly explained and identified graphically.

(19 points out of 19 points)

 
Monetary policy is explained and identified graphically.

(18 to 6 points out of 19 points)

 
Monetary policy is explained poorly and not identified graphically.

(5 to 1 points out of 19 points)

 
Monetary policy is neither explained nor identified graphically.

(0 points out of 19 points)

 

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Last Updated:12/7/2006 4:18:42 PM