BEC-151: Principles of Macroeconomics

School
Business, Entrepreneurship, & Professional Development
Department
Economics & Finance
Academic Level
Undergraduate
Course Subject
Economics
Course Number
151
Course Title
Principles of Macroeconomics
Credit Hours
3.00
Instructor Contact Hours Per Semester
47.00 (for 15-week classes)
Student Contact Hours Per Semester
47.00 (for 15-week classes)
Grading Method
A-E
Pre-requisites
ENG-131 eligible
Catalog Course Description

Examines the theoretical operation of the economy as a whole. Covers the elements of a free market system, the measurement of macroeconomic performance, the creation and control of money, alternative models of government intervention to impact business cycles, economic growth, and international trade.

Goals, Topics, and Objectives

Core Course Topics

Upon successful completion of this course, students should be able to:

  1. Introduction to Economics
    1. Define economics.
    2. Identify the elements of the economic way of thinking.
    3. Define the laws of supply and demand.
    4. Illustrate supply curves and demand curves.
  2. Introduction to Macroeconomics
    1. Differentiate between macroeconomics and microeconomics.
    2. Explain the central economic problem.
    3. Define free market capitalism and central planning.
    4. Evaluate the outcomes of free market capitalism and central planning.*
  3. Gross Domestic Product
    1. Define Gross Domestic Product (GDP) as a measure of macroeconomic activity.
    2. Explain the equality of output, income, and spending.
    3. List the spending components of GDP.
    4. Select the component(s) of GDP impacted by a given market transaction.*
  4. Economic Growth and Productivity
    1. List the determinants of economic growth including the factors of production and compatible institutions.
    2. Explain the connection between savings and investment.*
  5. The Business Cycle
    1. List the stages of the business cycle.
    2. Interpret the stages of the business cycle as they relate to economic variables such as GDP, unemployment, and inflation.*
  6. Unemployment
    1. Define unemployment and the unemployment rate.
    2. Describe the causes and effects of unemployment.
    3. Interpret the unemployment rate and other labor market statistics.*
  7. Inflation
    1. Define inflation and deflation.
    2. Describe the causes and effects of inflation.
    3. Interpret the rate of inflation.*
  8. Short-Run Economic Fluctuations
    1. Use aggregate demand and aggregate supply to model the macroeconomy.
    2. Create and employ graphs in an explanation of short-run economic fluctuations.*
  9. Alternate Macroeconomic Models
    1. Compare and contrast the assumptions of different schools of macroeconomic thought.*
    2. Compare and contrast the conclusions of different schools of macroeconomic thought.*
  10. Banking and the Creation of Money
    1. Define money and the money supply.
    2. Define fractional reserve banking.
    3. Interpret the money multiplier.
    4. Demonstrate the creation of money through lending.*
  11. The Federal Reserve System
    1. Describe the role of the Federal Reserve System (FRS).
    2. Analyze the process by which the FRS controls the money supply and interest rates.*
  12. Monetary Policy
    1. List the tools of monetary policy.
    2. Describe the impact that the tools of monetary policy can have on an economic system.
    3. Appraise the strengths and weaknesses of monetary policy.*
    4. Evaluate monetary policy recommendations using macroeconomic tools and models.*
  13. Fiscal Policy
    1. List the tools of fiscal policy.
    2. Describe the impact that the tools of fiscal policy can have on an economic system.
    3. Appraise the strengths and weaknesses of fiscal policy.*
    4. Evaluate fiscal policy recommendations using macroeconomic tools and models.*
  14. International Trade
    1. Apply the concept of comparative advantage to international trade.
    2. Evaluate arguments in favor of and against free trade.*

Assessment and Requirements

Assessment of Academic Achievement

Students will be assessed through tests, quizzes, assignments, and/or class participation. 

Approval Dates

Effective Term
Fall 2015
ILT Approval Date
08/26/2015
Curriculum Committee Approval Date
10/05/2015