EC141 Principles of Macroeconomics

for S1L 2013

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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


S1L 2013 WT


Burnett, Misty M.


Adjunct Faculty


MA Economics
BS Economics

Office Hours

By Appointment

Daytime Phone



Semester Dates

January 9 - March 4, 2012

Class Days


Class Time

5:30 - 8:10 pm



Credit Hours



McConnell, Brue and Flynn, Macroeconomics Brief Edition, 2nd Edition, McGraw-Hill Irwin, 2013.
ISBN-13: 978-0-07-741640-9
ISBN-10: 0-07-741640-6

Textbooks can be purchased through the MBS bookstore

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 facilitator's educational philosophy centers around the principle that learning is an active process.  The student's ability to apply the concepts covered in class in real world settings is directly related to the student's willingness to participate actively in the class and practice concept applications.  Attendance and participation are required elements in the learning process as are practice, interaction, group discussion and idea exploration.  The facilitator 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.

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:

This class will consist of two exams – a midterm and final. Students will be assigned both in-class and out-of-class problem sets that will count toward their final grade in the course. The comprehensive final is a closed note – closed book exam.


Category                           Percentage              Point Maximum

Class Participation                  10%                          100 points      
Homework                             30%                          300 points
Midterm Exam                        30%                          300 points
Comprehensive Final Exam        30%                          300 points
Total                                          100%                              1,000 points

90% – 100%  (900 up to 1,000 points) = A
80% – 89%  (800 up to  900 points) =   B
70% – 79%  (700 up to 800 points) =   C
60% – 69%  (600 up to 700 points) =   D
below 60%   (Less than 600 points)    =   F

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:

Late assignments will not be accepted without prior authorization from the instructor.  Late assignments that are accepted with prior authorization from the instructor will be subject to a 20% deduction per class period that they are late. Makeup exams will not be given without prior instructor consent. All work and exams must be completed and submitted to the instructor by 10:20 on the last Tuesday of the semester.

Classroom Rules of Conduct:

Students are expected to arrive on time and conduct themselves in a professional manner.
Under no circumstances are students to display disrespectful behavior toward either the instructor or other classmates.
Students who experience an unavoidable absense are expected to obtain class notes and assignments from the missed period prior to the next class meeting.  These can be obtained by contacting either the instructor or another classmate.
Students are expected to actively participate in class lecture, group discussions, and problem analysis. 
Students are expected to notify the instructor as soon as possible regarding class absenses. 
Students are expected to come to class with their homework completed to the best of their ability.
Students are expected to keep cell phones on silent and refrain from using them in any manner that disrupts the class.

Course Topic/Dates/Assignments:


Reading Assignment

Week 1
We will meet in class both class periods this week.
Chapters 1, 1 Appendix, and 2
Week 2
Week 2, Class 1
Week 2, Class 2
Chapter 3 and 3 Appendix
In-Class Meeting
Online Class Meeting
Week 3
Week 3, Class 1
Week 3, Class 2
Chapter 5, 6
In-Class Meeting
Online Class Meeting
Week 4
We will meet in class both class periods this week.

Midterm Review / Exam

Week 5
Week 5, Class 1
Week 5, Class 2
Chapter 7
In-Class Meeting
Online Class Meeting
Week 6
Week 6, Class 1
Week 6, Class 2
Chapter 8
In-Class Meeting
Online Class Meeting
Week 7
Week 7, Class 1
Week 7, Class 2
Chapter 9, 10
In-Class Meeting
Online Class Meeting
Week 8
We will meet in class both class periods this week.

Final Review / 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 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: .

Additional Information:

THIS IS A BLENDED COURSE: This format provides some of the
best features of face-to-face and online courses, such as: direct interaction
with your instructor and classmates in a classroom environment, use of
technology in the online component to enhance your learning experience,
flexibility and convenience, and reduced commuting time and expense.


There will not be any more (or less) work to complete a
course in a blended format. It will simply provide students and the instructor
with a degree of flexibility not available in the standard face-to-face course.
The course sessions will include eight face-to-face meetings (on Tuesday of
Weeks 1-8, Thursday of Weeks 1, 4 and 8)--see course schedule above for
specific dates—from 5:30 pm to 8:10 pm) and the time spent working online make
this hybrid course 60% face-to-face and 40% online. The face-to-face sessions
are mandatory meetings. Each online activity is organized on a weekly basis
with predetermined due dates and are self-paced; however,
since the online participation is asynchronous, students will enjoy the
advantage of choosing the times they wish to participate outside of the
face-to-face sessions during the week.



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:12/4/2012 10:22:39 PM