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Fall 2017

Economics Courses:

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ECO105 - Macroeconomics
Credits: 3

Catalog Description: Introduces macroeconomic theories, with emphasis upon the concepts of aggregate market structures and market pricing, national income accounting, consumption, investment, money and banking, and income determination. Examines the problems of employment, price stability and growth. It is recommended that the college's reading and math requirements have been met.

Lecture: 3 hrs.

Course Student Learning Outcomes (CSLOs):
Upon successful conclusion of the course, students will be able to demonstrate in writing, orally, or through unit tests the following knowledge and skills:

1. Summarize the similarities and differences between Classical, Keynesian, and Monetarism theories of economics.
2. Define Consumption, Investment, Government Purchases, and Net Exports.
3. Define the four types of unemployment.*
4. Define the two types of inflation.
5. Derive economic growth from the analysis of the national income accounting system, as measured by GNP and GDP.*
6. Define the two components of the monetary structure.
7. Derive the surplus or deficit from the analysis of the federal budget.
8. Derive the trade deficit from the analysis of the international balance of payments statement.
9. Define the two basic characteristics of the business cycle.
10. Define the marginal propensity to consume, (MPC), the marginal propensity to save, (MPS), and marginal propensity to import, (MPI).
11. Derive the spending multiplier from the MPC, MPS, and MPI.
12. Define the equation of exchange and quantity theory of money.
13. Define the three components of money demand.
14. Define the Phillips Curve by showing the relationship between the inflation rate, and the unemployment rate.

* This course objective has been identified as a student learning outcome that must be formally assessed as part of the Comprehensive Assessment Plan of the college. All faculty teaching this course must collect the required data and submit the required analysis and documentation at the conclusion of the semester to the Office of Institutional Research and Assessment.

Content Outline:
I. Unit I: Introduction to Macroeconomics
II. Unit II: National Income Accounting, Unemployment, and Inflation
III. Unit III: Aggregate Expenditures; Aggregate Demand and Aggregate Supply
IV. Unit IV: Fiscal Policy; Money and Banking; Monetary Policy; and
Policy Trade-offs {Monetarist Unit}
V. Unit V: International Macroeconomic Viewpoints; Economic Growth and
Development




Effective Term: Fall 2012