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EC 141 Principles of Macroeconomics
Sanford, Jack 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 Macroeconomics

Semester

F1DD 2008 DC

Faculty

Sanford, Jack R.,  A.A., B.Sci., A.B., B.S., M.S., M.A., Ph.D.

Title

Adjunct Faculty

Office Location

Building 10, Section 9, DSCC, Ohio

Office Hours

As arranged

Daytime Phone

614-760-0663

E-Mail

jack,sanford@park.edu

Semester Dates

18 August 2008 to 12 October 2008

Class Days

Monday

Class Time

5:00 PM - 10:45 PM

Credit Hours

3


Textbook:
Principles of Macroeconomics, 8th Edition, Case and Fair

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:
Supplemental resource materials list: Barrons, USA Today, Investors Daily, The Wall Street Journal, Federal Reserve Bulletins, Federal Reserve Public Affairs Pamphlets, Federal Reserve Annual Reports, Economic Quarterly, and Cross Sections as well as various web sites.

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/.


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:
This course requires the understanding the role of scientific evidence in the pursuit of knowledge, and economics requires that decisions and critical examinations be made on the basis of fact and not a social or cultural affiliation. The scientific inquiry and method of economic decision making at both the macroeconomic and microeconomic level is often measured by the bottom line which is the accomplishment of the stated goal. Therefore the student must try to be devoid of personal bias and recognize the mutual interaction between the human society and the economic environment. Economics is neutral, people often are not.

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 #3 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 #3 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.


  Instructor Learning Outcomes
  1. To provide students with a sense of some of the controversies in macroeconomics such as the responsibility for inflation and unemployment, productivity and economic growth. Students should gain a basic understanding of the different schools of thought in economics and an awareness that each school developed from the problems at the time. Students will be able to discuss the tradeoffs faced by an economy and how this relates to the concept of opportunity cost using the production possibilities model. Students should be able to explain the process by which the equilibrium price and quantity of a good are attained using demand and supply analysis, and show graphically and explain how the price elasticity of demand varies along a given linear demand curve, and compare this to the relationship between price elasticity of demand and the slope of a demand curve. Students should be able to show graphically the marginal cost, average total cost, and average variable cost curves, and explain the shape of each curve.  Students should be able to show graphically the long-run average total cost curve and explain economies of scale, diseconomies of scale, and constant return to scale. They should show graphically the long-run profit maximizing output of a perfectly competitive firm, a monopolistic firm and a monopolistically competitive firm and discuss the economic efficiency of each industry type. Students should understand key concepts, be able to interpret economic indicators, and understand the differences in fiscal and monetary policies, and be able to indicate the goals of each and the different ways to achieve these goals.
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:
Class Assessment:
Term Paper  -
The Term Paper will be typewritten, 7 to 10 pages, concerning the identification, examination, discussion, opinion, and/or any conclusion concerning any Maccroeconomic topic. The Term Paper will be 15% of the class grade, and will be graded on your understanding, interpretation and comprehension of the selected economic subject. The Term Paper should be typed on plain white paper and stapled together without a binder or cover of any kind. The Term Paper can be turned in prior to the date due. The grade will be reduced one letter grade for each class that it is late.

Term Paper Presentation  - The Term Paper will be presented to the class in an oral presentation. Please do not read the paper to the class. Present the paper in any fashion comfortable to you. You may use notes, charts, handouts, overheads, power point, or any other fitting utility that you wish. The Term Paper Presentation will be 10% of the grade and will be graded on your knowledge and presentation of your chosen subject. The presentation of the Term Paper will be limited to not more than seven (7) minutes and may be presented prior to the due date. The grade will be reduced one letter grade for each class that the Term Paper Presentation is late.

 

Grading:

Grading - An incomplete is only given in extenuating circumstances beyond the control of the student such as hospitalization, deployment, etc.  If a student does not take the final examination, an incomplete will not be given unless the school administrator is contacted, and the incomplete is approved by the school administrator.  If a student does get an incomplete, the student has sixty (60 days from the last day of the term to make up the grade.  After sixty (60) days, the incomplete becomes an "F".

Grading:

Midterm Examination = 20 points which is 20% of the total grade

Final Examination = 30 points which is 30 % of the total Grade

Quiz # 1 = 10 points which is 10 % of the total grade

Quiz # 2 = 10 points which is 10 % of the total grade

Term Paper = 15 points which is 15 % of the total grade

Term Paper Presentation = 10 points which is 10 % of the total grade

Class Participation = 5 points which is 5% of the total grade

A = 100 - 90;  B = 89 - 80;  C = 79 - 70;  D = 69 - 60;  F = 59 and below

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:
Grade will be reduced one letter grade for each class that they are late. Students will be expected to prepare for class by reading all assignments prior to class, participating in class discussions, writing the Term paper and presenting it to the class, taking all of the quizzes, tests and examinations on time, do all the homework, and arrive to class on time and stay until the end of the class. Grades will be reduced 5% for each unexcused absence. It is important that every student attend all of the scheduled class meetings and grades will be reduced half a letter grade (5%) for each unexcused absence. Instructors are required to keep attendance records and report absences. The instructor may excuse absences for cogent reasons, but missed work must be made up within the term of enrollment. Work missed through unexcused absences may carry further penalties. In the event of two consecutive weeks of unexcused absences in a term of enrollment, the student will be administratively withdrawn, resulting in a grade of F. An incomplete will not be issued to a student who has unexcused or excessive absences recorded for a course. Student receiving military tuition Assistance (TA) of veterans Administration (VA) educational benefits must not exceed three unexcused absences in the term of enrollment. Excessive absences will be reported to the appropriate agency and may later result in a monetary penalty to the student. Reports of F grade (attendance or academic) resulting from excessive absence for students receiving financial assistance from agencies not mentioned above will be reported to the appropriate agency. An incomplete is only given in extenuating circumstances beyond the control of the student such as hospitalization, deployment, etc. If a student does not take the final examination, an incomplete will not be given unless the school administrator is contacted, and the incomplete is approved by the school administrator. If a student does get an incomplete, the student has sixty (60 days from the last day of the term to make up the grade. After sixty (60) days, the incomplete becomes an "F".

 

Classroom Rules of Conduct:
The classroom dialogue that occurs between students and faculty is a distinctive aspect of a liberal arts education and should not be interrupted by computer attention, telephones, children, beepers, side-bar discussions and other distractions. Park University expects faculty members "...to dismiss from their classrooms students whose behavior is detrimental to good order in the classroom. Such behavior includes, but is not limited to, the use of abusive or obscene language, attending the class under the influence of drugs or alcohol, etc. Students who are dismissed from class may be given failing grades, suspension, or expulsion from Park University. Students whose behavior, either verbal or written, is detrimental to the good order of Park University may be subject to disciplinary action ranging from suspension to expulsion from Park University.  Students who exhibit abusive or obscene language or behavior toward administrative personnel or support staff are also subject to suspension or expulsion from Park University."  No food, alcholic beverages or smoking is allowed in the classroon at any time.

Questions - In economics and business, there are very few "dumb" questions, so ask whenever a thought is not clear, further definition is desired, or uncertainty of any kind exists. Always ask.

Quizzes and Examinations - Will be multiple choice, true-false, short answer, essay, identification, or any combination of the above. All questions asked will be covered in the text or in class, and most always in both.

Class situations - Governed by the Park University Catalog and the Course Syllabus.

 

Course Topic/Dates/Assignments:

Class   Assignment
  1       Chapters 1 - 4. Economics. Scarcity/Choice. Demand/Supply.
  2       Chapters 5 - 7 or 18 -20. Choice and behavior. Long and short run.
  3       Quiz # 1 over Chapters 1 - 7  Chapters 8 - 9 or 21 - 22.  Aggregate Expendture and Equilibrium Output. 
  4       Review Quiz # 1.  Chapters 10 - 11 or 23 - 24. Money and the Fed. Review for Midterm Examination.
  5       Review and administration of the Midterm Examination.
  6       Review of the Midterm. Papers and presentations due.  Chapters 12 - 15 or 25 - 28. Interest Rate and Inflation.
  7       Chapters 16 - 19 or 29 to 32. Administration of Quiz # 2. The Stock Market, Firm Behavior and Growth. 
  8       Review of Quiz # 2. Chapters 20 - 23 or 33 - 36.  International. Balance of Payments. Globalization and growth.
  9       Review of the Final Examination. Evaluation of the course. Administration of the Final Examination.

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
To assure academic freedom, no electronic recording devices of any kind will be permitted in the classroom. If you have a problem hearing or seeing, please see me to assure accommodations are made to permit learning. Please see Disability Guidelines.

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 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: http://www.park.edu/disability .

Additional Information:

Additional Information:

Instructor Sanford has graduated from Air War College, Air Command and Staff College, Bliss College, the University of the State of New York, Industrial College of the Armed Forces, The Ohio State University, Urbana University, and has earned Graduate Degrees from the University of Southern California, California Western University and Central Michigan University. Dr. Sanford attended the University of Maryland; the Institute for Advanced Technology; Intelligence Officer School; Hand, Shoulder and Base Defense Weapons Course; Data Systems School; Armament Electronic School; and many other resident schools, courses and classes. Professor Sanford has taught Graduate Courses at Capital University and hundreds of undergraduate courses for several colleges and universities. Colonel Sanford, United States Air Force, Retired, was involved in national and organizational security and is also retired from the State of Ohio Bureau of Criminal Identification and Investigation, and is a State of Ohio Licensed Private Investigator and consulting detective specializing in financial intermediaries and the construction industry. He has taught over a thousand North Central Association of Colleges and Schools accredited college courses, and over 300 courses for Park University.



Rubric

CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Critical Thinking                                                                                                                                                                                                                                          
Outcomes
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                                                                                                                                                                                                                                    
Outcomes
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                                                                                                                                                                                                                             
Outcomes
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:7/28/2008 8:11:24 PM