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ECON 2105H

This is an archive of the Common Course Outlines prior to fall 2011. The current Common Course Outlines can be found at
Credit Hours 3
Course Title Principles Of Macroeconomics (Honors)
Prerequisite(s) Exit or exemption from all Learning Support and ESL requirements and admission to the Honors Program.
Corequisite(s) None Specified
Catalog Description
An introductory course in macroeconomics providing an understanding of the foundations of economic analysis and economic problem solving.  Topics include the basic economic problem, market supply, demand, and equilibrium, the measurement of aggregate economic performance, aggregate supply and demand theory, monetary and fiscal policy, and macroeconomic components of international economics.

This course is ECON 2105 for Honors students.

Expected Educational Results
The student should be able to understand, analyze and evaluate:

1. The Basic Economic Problem
2. Supply, Demand, and Market Equilibriums
3. The Measurement of Aggregate Economic Performance
4. Aggregate Supply and Aggregate Demand
5. Money and Financial Markets
6. Monetary and Fiscal Policies
7. Macroeconomic Components of International Economics

General Education Outcomes
1. Students will communicate effectively through oral communication, reading and writing:
a. reading comprehension will be developed by reading the text and ancillary materials;
b. listening skills will be developed through lecture and class activities;
c. reading and writing skills will be developed through the use of problems and activities, such as article summaries and papers, developed specifically to enhance student understanding of macroeconomic principles.

2. Students will demonstrate effective problem-solving and critical thinking skills by organizing, interpreting and evaluating ideas designed to illustrate macroeconomic principles.

3. Students will understand, interpret, and communicate quantitative data by solving problems and analyzing graphically presented material developed to illustrate macroeconomic principles.

4. Students will develop their abilities to better understand how global, political, historical, and geographic forces shape macroeconomic theories and policies through reading, lectures, and classroom activities.

Course Content
I. The Basic Economic Problem
A. Scarcity
B. Opportunity cost
C. Choice
II. Supply, Demand, and Market Equilibriums
III. The Measurement of Aggregate Economic Performance
A. GDP and its components
B. Real vs. nominal values
C. Unemployment
D. Inflation
IV. Aggregate Supply and Aggregate Demand
A. Potential GDP
B. Economic growth and productivity
C. Determinants and Components of AS and AD and equilibrium GDP
D. The GDP Multiplier effect
V. Money and Financial Markets
A. Money
B. Money creation
C. Financial institutions
D. Present value
VI. Monetary and Fiscal Policies
A. Tools of monetary policy
B. Tools of fiscal policy
C. Automatic and discretionary fiscal policies
D. Pros and cons of Monetary and Fiscal Policy
VII. Macroeconomic Components of International Economics
A. International trade
B. International economic development

Assessment of Outcome Objectives
A. Assessment of Honors students will place an emphasis on high-level critical thinking, problem solving, and communication skills.
B. Exams and a final exam prepared by individual instructors will be used to determine part of the course grade.
C. In addition to objective questions, each exam and the final will contain questions requiring the student to write answers based on the objectives listed above. These questions will include, but not be limited to, analysis of a specific business situation and/or application to a current event in the economy.
D. The Honors student will be required to prepare and present a project or paper demonstrating his mastery of some aspect of the subject; emphasis will be placed on relating theoretical principles to the analysis of current situations. This will also be part of the course grade.

This course will be assessed according to the assessment methodology adopted by the Economic Committee.

The results of the current assessment instrument will be summarized by the Academic Dean.  The Dean will chair a discipline group meeting of all economics faculty to analyze the results and determine implications for curriculum changes.  A summary of the group analysis, as well as specific detail and a timeline for implementation of changes, will be prepared as a result of the group meeting.  The Dean will follow up and document the implementation of agreed upon changes.  A record of these activities will be kept in the office of the Academic Dean.

Accepted by the Economics Committee on October 9, 2007

Last Revised: Aug. 05, 2011
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