Macroeconomics
Required Text
Gwartney, Stroup, Sobel, and Macpherson (2018). Macroeconomics (16th ed). Mason, OH: South-Western/Cengage
ISBN: 9780357687086
Course Description
This introductory course provides an overview of current and traditional concerns and methods of macroeconomics. Topics that are covered include economic growth, unemployment inflation, government deficits, monetary policy, investment and capital, the role and methods of the Federal Reserve, Keynesian and monetarist theories, and comparative advantage.
Course Objectives
- Describe what economics is and how we apply
economic analysis to collective decision-making.
- Discuss the mechanics of supply and demand and
illustrate how equilibrium between supply and demand is reached.
- Explain how and when government intervention
can improve economic outcomes and market efficiency.
- Identify the eight guideposts of economic
thinking.
- Demonstrate how market shocks affect aggregate
demand, aggregate supply, market equilibrium, prices, and output.
- Evaluate macroeconomic theory in governmental
decision making.
- Determine how fiscal and monetary policy
positively and negatively affect business cycles and markets.
- Discern the economic effects of inflation on
macroeconomic activity in markets.
- Assess the influences interest rate changes
exert on markets.
- Use the models of supply and demand to
describe the benefits of trade to society.
Credit Hours: 3
Prerequisites: None
Tentative Course
Schedule
|
Course Week |
Weekly Content |
|
Week 1: Economic Fundamentals |
· Read Chapters 1 and 2 · Read Special Topic 1 Pages 404-418 · Read Special Topic 2 Pages 419-428 · Read Lecture 1: What is Economics · Read Lecture 2: What Kind of Economy? · Watch Video Lecture · Discussion: Government and the Market Economy · Complete Assignment: Absolute and Comparative Advantage · Take W1 Quiz |
|
Week 2: Supply, Demand, and the Market |
· Read Chapter 3 and 4 · Read Special Topic 3 Pages 429-438 · Read Lecture “Market Equilibrium” · Read Lecture “ Market Disequilibrium” · Watch Video Lecture · Discussion “Market Equilibrium and Price Controls” · Complete Assignment: “Demand and Supply Exercises” · Take W2 Quiz |
|
Week 3: The Government’s Role |
· Read Chapters 5 and 6 · Read Special Topic 5: Pages 445-459 · Read Lecture 1 “Market Failure” · Read Lecture 2 “Government Failure” · Watch Lecture Video · Discussion: Politicians and Economic Thinking · Complete Assignment: The Importance of Competition · Take W3 Quiz |
|
Week 4: Gross Domestic Product |
· Read Chapter 7 · Read Special Topic 6: Pages 460-473 · Read Lecture “Gross Domestic Product” · Read Lecture “Market Contractions” · Watch Video Lecture · Discussion: GDP Deflator · Complete Assignment: Gross Domestic Product · Take W4 Midterm |
|
Week 5: Inflation, Deflation, Unemployment, and Business Cycles |
· Read Chapter 8,9, and 10 · Read Lecture “Economic Cycles” · Read Lecture “Long Run Equilibrium” · Watch Video Lecture · Discussion: Short-Run and Long-Run Economics · Complete Assignment: Economic Cycle Curves · Take W5 Quiz |
|
Week 6: Fiscal Policy |
· Read Chapters 11 and 12 · Read Special Topic 4: Pages 439-444 · Read Lecture “The Expenditure Approach to GDP” · Read Lecture “Real Interest Rates” · Watch Lecture Video · Discussion: Fiscal Policy · Complete Assignment: John Maynard Keynes and Recessions · Take W6 Quiz |
|
Week 7: The Federal Reserve & Monetary Policy |
· Read Chapters 13, 14, and 15 · Read Lecture “The Functions of Money” · Read Lecture “The Federal Reserve and Monetary Policy” · Watch Lecture Video · Discussion: The Federal Reserve System · Complete Assignment: Federal Reserve & Open Market Operations · Take W7 Quiz |
|
Week 8: International Trade |
· Read Chapters 16, 17, 18 and 19 · Read Lecture “Comparative Advantages in Trade” · Read Lecture “World Trade” · Watch Lecture Video · Discussion: U.S. and China Free Trade · Complete Assignment: Effects of Free Trade and Restrictions · Take W8 Final |
Grading Policy
|
Grading Category |
Grade Weight |
|
Discussions |
20% |
|
Assignments |
40% |
|
Quizzes |
20% |
|
Midterm |
10% |
|
Final |
10% |
Estimated Student
Workload
The following table outlines the academic effort required by students to become successful in this course. While the times in the table are hourly approximations, it is presented to help students with their time management. Please note, depending on the student’s background knowledge and experience of the course subject, and an individual student’s academic capabilities, these times will vary.
|
Course Week |
Activity and
Time Required |
|
Week 1 |
· Reading/Watching: 4.2 · Discussion: 5.0 · Homework: 6.0 · Total Time Estimated: 15.2 |
|
Week 2 |
· Reading/Watching: 4.0 · Discussion: 5.0 · Homework: 6.0 · Total Time Estimated: 15.0 |
|
Week 3 |
· Reading/Watching: 3.3 · Discussion: 5.0 · Homework: 6.0 · Total Time Estimated: 14.3 |
|
Week 4 |
· Reading/Watching: 2.8 · Discussion: 5.0 · Homework: 9.0 · Total Time Estimated: 16.8 |
|
Week 5 |
· Reading/Watching: 4.3 · Discussion: 5.0 · Homework: 6.0 · Total Time Estimated: 15.3 |
|
Week 6 |
· Reading/Watching: 2.9 · Discussion: 5.0 · Homework: 6.0 · Total Time Estimated: 13.9 |
|
Week 7 |
· Reading/Watching: 4.4 · Discussion: 5.0 · Homework: 3.0 · Total Time Estimated: 12.4 |
|
Week 8 |
· Reading/Watching: 5.5 · Discussion: 5.0 · Homework: 12.0 · Total Time Estimated: 22.5 |
