CITRUS COMMUNITY COLLEGE DISTRICT CREDIT COURSE OUTLINE

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1 CITRUS COMMUNITY COLLEGE DISTRICT CREDIT COURSE OUTLINE DEPARTMENT: Social Sciences COURSE NUMBER: ECON 101 C-ID NUMBER: TITLE: Principles of Macroeconomics COURSE FAMILY: COURSE PURPOSE(check all that apply) Distance Ed [X] Degree Applicable [X] UNIT VALUE 3 LECTURE HOURS 54 LAB HOURS 0 HOURS ARRANGED 0 Transfer Options: CSU Transferable UC Transferable ENTRANCE SKILLS, PREREQUISITES, OR CO-REQUISITES Prerequisite MATH 030: Elementary Algebra Strongly Recommended ENGL 099: Introduction to Reading and Composition if required by English placement exam or if required by English level. MINIMUM QUALIFICATIONS Economics

2 REPEATABILITY: Student may receive credit for this course up to ( 1 ) time(s). MAXIMUM ENROLLMENT: 45 GRADING METHOD: Grade or Pass/No Pass. FEES None CATALOG COURSE DESCRIPTION Introduction to the theory of aggregate economic analysis. Emphasis is on demand and supply, market systems, national income accounting, business cycles, unemployment, inflation, economic growth, macroeconomic equilibrium, money and banking, fiscal and monetary policy, international trade and finance. COURSE CONTENT I. Fundamentals of Economic Thinking A. Scarcity B. Factors of Production C. Circular Flow Chart D. Marginal Analysis E. Positive vs. Normative Analysis F. Rational Choices II. Opportunity Costs A. Production Possibilities Curve B. Law of Increasing Opportunity Cost C. Economic Growth D. Real Value vs. Nominal Value III. Economic Systems A. Operation of Markets B. Market Economic System and Command System C. Fundamental Economic Questions IV. Demand and Supply A. Law of Demand, Demand Curve and Market Demand B. Changes in Demand and Changes in Quantity Demanded C. Law of Supply, Supply Curve and Market Supply D. Changes in Supply and Changes in Quantity Supplied E. Market Equilibrium F. Changes in Demand, Supply and Equilibrium V. Measuring Domestic Production and National Income A. Gross Domestic Product B. Expenditures Approach C. Income Approach D. Net Domestic Product, Personal Income, Disposable Income E. Real GDP and Nominal GDP F. Business Cycle VI. Unemployment and Inflation A. Unemployment Rate B. Types of Unemployment C. Labor Force Participation Rate D. Inflation, Deflation and Hyperinflation E. Measurement of Inflation and Price Indices

3 F. Real and Nominal Interest Rates VII.Economy at Full Employment A. Production Function B. Wages and Demand and Supply for Labor C. Labor Market Equilibrium and Full Employment VIII. Macroeconomic Relationships A. Income-Consumption Model B. Income-Savings Model C. Expected Rate of Return IX. Aggregate Demand and Aggregate Supply A. Aggregate Demand B. Changes in Aggregate Demand C. Short Run and Long Run Aggregate Supply D. Changes in Aggregate Supply E. Equilibrium and Changes in Equilibrium X. Fiscal Policy A. Expansionary and Contractionary Fiscal Policy B. Fiscal Multiplier C. Tax Multiplier D. Deficits E. Debt XI. Money and Banking A. Definition of Money, M1,M2,MZM B. Federal Reserve System and the Banking System C. Federal Open Market Committee D. Functions of the Federal Reserve System E. Expanding the Money Supply XII. Monetary Policy A. Demand for Money B. Equilibrium Interest Rates C. Expansionary and Contractionary Monetary Policy D. Tools of Monetary Policy XIII. International Trade A. Comparative Advantage and Absolute Advantage B. Domestic Opportunity Cost C. Terms of Trade D. Gains from Trade E. Principle of Comparative Advantage F. GATT, World Trade Organization, NAFTA, European Union XIV. International Finance A. Exchange Rates B. Balance of Payments C. Trade Deficits D. Fixed Exchange Rates E. Flexible Exchange Rates F. Depreciation and Appreciation LAB CONTENT ARRANGED HOURS CONTENT:

4 STUDENT LEARNING OUTCOMES Upon completion of this course, students will be able to do the following: 1. Communication (personal expression and information acquisition) A. OUTCOME: To demonstrate the ability to discuss and write clearly about macroeconomic concepts, theories, their applications and consequences using the language of economics. RATIONALE: To prepare students for their advanced economic and/or business classes, their future careers in business, government or other fields and their personal lives. ASSESSMENT: Exams, homework problem sets, research assignments, current event analysis, presentations, and fieldwork. 2. Computation A. OUTCOME: Students' demonstrate their ability to apply their algebra skills to macroeconomic theories in order to calculate: aggregate measures (such as GDP, national income, unemployment, inflation, economic growth), effects of international trade, and predictions of and results from government fiscal and monetary policies. RATIONALE: To prepare students for their advanced economic and/or business classes and their future careers in business, government and other fields. ASSESSMENT: Exams, homework problem sets, research assignments, current event analysis, presentations, and fieldwork. 3. Creative, Critical, and Analytical Thinking A. OUTCOME: Demonstrate critical & analytical thinking using macroeconomic theories (demand and supply, international trade and finance, economic growth, labor markets, aggregate demand-aggregate supply model,fiscal and monetary theory). Demonstrate how these theories apply to and predict a nation's economic policy and economic growth, as well as the expansions and contractions of the business cycle.

5 RATIONALE: To understand the process of how and why businesses & industries make their decisions.to critically analyze the effects of these processes on competing firms, individual consumers, community's resources and the environment. ASSESSMENT: Exams, homework problem sets, research assignments, current event analysis, presentations, and fieldwork. OBJECTIVES 1. Identify, interpret and analyze macroeconomic graphs and data. 2. Apply macroeconomic models to understand the economy. 3. Analyze the economic impacts of monetary and fiscal policy. 4. Demonstrate an understanding of the function of the central bank and the banking system. METHODS OF INSTRUCTION 1. Lecture 2. Distance Education 3. Group Discussions 4. Guests Speakers 5. Audio Visual Presentations 6. Internet Research 7. Reading Assignments 8. Class Activities 9. Class Discussions 10. Lecture/Discussion 11. Other: Lecture both traditional and PowerPoint Directed study Classroom discussion Written essays Reviewing exam questions Problem solving Practicing using online quizzes Visual aides like films and slides Role playing Small group in-class assignments Researching and analyzing written articles in different media sources and applying it to presented theory METHODS OF EVALUATION/ASSESSMENT

6 Typical classroom assessment techniques Exams/Tests Quizzes Research Projects Papers Note: Length and type of writing assignments must be included for all Humanities/Fine Arts/Communications courses. Oral Presentation Required assignments Class Work Home Work REQUIRED TEXTS AND MATERIALS Required O'Sullivan,A., Sheffrin, S., Perez,s Macroeconomics. Priciples, Applications, and Tools. (7th ed/e). San Francisco Prentice Hall. (2012). Miller, Roy Economics Today: The Macro View (17th/e). any Pearson Addison Wesley. (2013). or Tucker, I. The Macro Economy Today (7/e). Mason Ohio Thompson Publishing. (2011). ADOPTED: Revised: 01/00/1977 Revised: 05/00/1988 Revised: 05/00/1991 Revised: 07/00/1995 Revised: 03/00/1996 Revised: 12/00/1997 Revised: 02/00/1999 Revised: 09/00/2004 Revised: 02/00/2006 Revised: 03/15/2012 Revised: 12/04/2014

7 DISTANCE EDUCATION Method of Instruction Textbook and e-book, publisher supplied materials including study guides, multiple-attempt type quizzes and chapter summaries, media articles, professor-supplied materials and postings on discussion board Adapted Method of Instruction Textbook and e-book, publisher supplied materials including study guides, multiple-attempt type quizzes and chapter summaries, media articles, professor-supplied materials and postings on discussion board Method of Communication Announcements are posted at least weekly. Students are ed regularly. Discussion boards, chat and online office hours can all be accomplished via the course website (platform) or other chat applications as well as by phone. Method of Evaluation Exams conducted online and proctored on campus. Assignments are ed, posted on Blackboard or posted on Discussion Board. Accessibility The course website follows required accessibility guidelines, audio files will have back up text files, students are provided with guidance through DSPS, and all materials have alt tags and can be read by computer reading software. Sample Assignments Think of a product for which the demand or supply has changed. Think of a reason as to why it may have changed. Relate that reason to one of the determinants of demand and supply. Illustrate the change on a graph. Post on the Discussion Board. Outside Assignments Suggested reading other than required textbook Wall Street Journal, Business Week, Economist, Forbes, New York Times Business Section, Los Angeles Times Business Section, or any other business periodical. Examples of Required Writing Assignments Do a Google search for budget simulation game. Play with the numbers and write a paragraph about the experience and what observations you made about it. Was there anything that surprised you? Share in class. Examples of Outside Assignments

8 Choose a topic that has an ethical dimension like government's help to troubled homeowners, CEO pay, insurance coverage of experimental treatment, music piracy, agricultural price supports... Research the subject with the goal of finding 2 arguments for the act and 2 counter arguments. Support your arguments with analysis, facts, or opinions of authority on the subject. Remember: Ethical arguments touch on questions of fairness, good and bad, personal benefit verses social benefit, freedom and violence... Value judgments. Discuss in class.