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EC 141 Principles of Macroeconomics
Witkowski, Mark H.

Mission Statement: Park University provides access to a quality higher education experience that prepares a diverse community of learners to think critically, communicate effectively, demonstrate a global perspective and engage in lifelong learning and service to others.

Vision Statement: Park University, a pioneering institution of higher learning since 1875, will provide leadership in quality, innovative education for a diversity of learners who will excel in their professional and personal service to the global community.


EC 141 Principles of Macroeconomics


S1R 2013 SC


Witkowski, Mark H.


Mr. or Professor Wit


B.S. Engineering Management - Air Force Academy
MBA - University of Texas at San Antonio

Office Location

Scott AFB

Office Hours

30 minutes before Class and After Class

Daytime Phone


Other Phone



Semester Dates

Monday January 14th through Saturday, April 9th

Class Days


Class Time

8:00 - 1:00 PM

Credit Hours



Title:   Macroeconomics, Brief Edition, 2nd
Author:   Campbell R. McConnel, Stanley L. Brue, Sean Masaki Flynn
ISBN:   978-0-07-0741640-9
Publisher:   McGraw-Hill

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Additional Resources:

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.
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Course Description:
EC141 Principles of Macroeconomics: 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:
The instructor's educational philosophy centers around the principle that learning is an active process.  The student's ability to apply the concepts convered in class in real world setting is directly related to the student's williningness to participate actively in the class and practice concept applicaitons.  Active participation is a required element in the learning process as is interation, group discussion and idea exploration.  The instructor believes in creating an interactive course with problems that reflect situations and scenarios encountered in the world outside the classroom.

Learning Outcomes:
  Core Learning Outcomes

  1. Use the simple circular flow model to explain how the resource and product markets interact with the household and business sectors; use this model to explain why expenditures equal income in the macroeconomy.
  2. Interpret the demand and supply model to evaluate market changes in the determinants of demand and supply, and use the model to predict changes in equilibrium price and quantity.
  3. Define Gross Domestic Product (GDP), and identify the four expenditure categories in the equation GDP = C + I + G + Xn; identify the measurement and sources of economic growth.
  4. Describe the business cycle; identify the primary measure of unemployment and define “full employment”; identify the primary measure of inflation and distinguish between demand-pull and cost-push inflation.
  5. Use the Aggregate Demand and Aggregate Supply model to explain the business cycle, i.e., how and why the equilibrium price level and real GDP change in an economy.
  6. Define “expansionary” and “contractionary” fiscal policies; use the Aggregate Demand and Aggregate Supply Model to illustrate and explain appropriate fiscal policy and its impacts on the price level and real GDP.
  7. Identify the measures of the money supply; explain the structure of the Federal Reserve System and identify the major functions of the Fed; explain how money is created in the Federal Reserve System.
  8. Identify the goals and tools of monetary policy; use the Aggregate Demand and Aggregate Supply Model to illustrate and explain appropriate monetary policy and its impacts on the price level and real GDP.

  Instructor Learning Outcomes
  1. To understand and evaluatle Keynesian Theory in the current economic environment.
  2. To evaluate current Federal Reserve policy.
  3. To understand the causes of the 2008/2009 mortgage.housing crisis.
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:

The Final Course Grade will be determined using the following measurements:
*   Homework Assignments
*   Mid Term Examination
*  Macro Topic Presentaion
*  Quizzes
*  Participation
*  Comprehensive Final Examination




Homework Assignments









Macro Topic Presentation



Mid-Term Exam



Comprehensive Final Exam








                              LETTER GRADES

Point Range

Letter Grade

450 to 500


400 to 449


350 to 399


325 to 349


Below 325


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 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.

Late Submission of Course Materials:
Weekly work must be submitted no late than \Sunday midnight of each week.
Late work will not receive full grade credit.  Work not turned by the the due date, but which is turned in no more than 7 days late will recieve one-half the score it would have received otherwise.  Homework not received within 7 days will not be scored.  No work received after the last Saturday of the term will be scored.

Course Topic/Dates/Assignments:


Reading Assignments


One:  1/19/13

Chapters 1, Appendix and 2
Chapter 1:  5,6,7,10,11 & 12
Chapter 2:  3,4,6,8 &10

Two:  1/26/13

Chapters 3 and 4

Chapter 3:  2,3,6,8,9 & 10
Chapter 4:  3,4,9,10 & 11

Three:  2/2/13

Chapters 5 and 6

Chapter 5:  2,3,4,5,6,8,9,10,11,14, & 15
Chapter 6:  1,2,3,4,5,8 & (

Four:  2/9/13

Chapter 6

Mid-Term Preparation
Mid-Term Exam:  Chapters 1 thu 6

Five:  2/16/13

Chapters 7 and 8

Review Graded Mid-Term Exam
Chapter 7:  1,2,3,4,5,6,8,9, & 10

Six:  2/23/13

Chapters 8 and 9

Chapter 8:  2,3,6,8,9,10,11,12 & 13
Chapter 9:  3,4,5,6,8,10,11 & 12

Seven:  3/2/13

Chapters 10 and 11

Chapter 10:  1,2,3,4,5,6,7,8 & 9
Chapter 11:  1,2,3,4,6,7,8,10,11 & 12

Eight:  3/9/13

Chapter 12

Final Exam Preparation
Comprehensive Final Exan Chapters 7 thru 12

                                              Syllabus Subject to Change

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 students and faculty members are encouraged to take advantage of the University resources available for learning about academic honesty ( or Park University 2011-2012 Undergraduate Catalog Page 95-96

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. from Park University 2011-2012 Undergraduate Catalog Page 95

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 2011-2012 Undergraduate Catalog Page 98

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:12/11/2012 9:36:42 AM