Austin Community College

Department of Economics

ECON 2301 (Section 050, Synonym 03678)

Principles of Macroeconomics

 

Instructor:                       Manseung Han, Ph.D

Class time:                      M/T/W/Th 1:00 pm - 3:10 pm, Westwood HS

(June 4 – July 6)

Office Hours:                  T/Th 3:10pm – 3:40 pm, E2116

                                        Conferences outside of office hours may be arranged.

Phone:                             512- 223-1790 (Ex. 26584)

E-mail:                            mshan79@gmail.com; mhan@austincc.edu

 

Course Description: Principles of Macroeconomics deals with consumers as a whole, producers as a whole, the effects of government spending and taxation policies and the effects of the monetary policy carried out by the Federal Reserve Bank. Macroeconomics is concerned with unemployment, inflation, and the business cycle.

 

TEXTBOOK (Required): Michael Parkin, Macroeconomics, 10th edition, Addison-Wesley. ISBN 9780132950978

Instructional Methodology: Classes consist of lectures and discussions. It is essential that students read the related reading material prior to attending the class in order to be prepared for the lectures, class discussions, quizzes, etc.

Course Rationale: This course is meant to give students insight into the dynamics of our national economy. The knowledge gained in the course will make students better informed citizens and allow them to follow the debates over national economic policy reported in the media. This course is also a foundation course that will prepare students to be successful in upper division finance, marketing, business administration, economics, government, and social work courses.

 

Common Course Objectives / STUDENT OUTCOMES: Students who complete this course will be able to understand:

  • the meaning of unemployment and inflation data, and how that data is collected and computed;
  • the meaning and components of the National Income Accounts, especially GDP;
  • the meaning of the business cycle and its phases;
  • the basic Aggregate Supply, Aggregate Demand model of the macro economy;
  • how fiscal policy operates, its tools, and its advantages and drawbacks;
  • how a fractional reserve banking system works;
  • how monetary policy operates, its tools, and its advantages and drawbacks.

COURSE EVALUATION / GRADING SYSTEM

  • EXAMS: 4 exams, each worth 100 points. (Total 400 points)
  • QUIZZES: 5 quizzes, each quiz worth 20 points. (Total 100 points)
  • HOMEWORKS: Additional points could be given

Final letter grades will be distributed according to the following scale:

 

Letter Grade

Points

A

450-499

B

400-449

C

350-399

D

300-349

F

0-299

 

Exams: In-class exams will tests your mastery of each part¡¯s content. Exams may include short essay questions but primarily multiple choice questions. The textbook will be a bible of those questions which are critical components of your course evaluation. NO MAKE-UP EXAM will be given unless one¡¯s illness is documented by a doctor.

Quizzes: Quizzes lead to familiarizing yourself with ¡°fundamental¡± concepts and terms that each chapter introduces. They usually appear at the end of each chapter as Key Terms section. You will be easily stuck and/or lost if you are not familiar with these concepts and terms. Quizzes will be given during a class for 20-30 minutes. There is NO MAKE-UP QUIZ unless one¡¯s illness is documented by a doctor.

MyEconLab: Students must register for the web-based MyEconLab provided by the textbook publisher. You are strongly recommended to carefully study each ¡°Review Quiz¡± of the ¡°Study Plan.¡± Answers are given at the bottom of each quiz. Selective questions or minor variations will appear on the exams.

 

 

 

COURSE POLICIES

Attendance: Attendance is vital to your understanding of macroeconomic theory and application. All students are absolutely expected to participate in ALL class lectures, though attendance itself does not constitute your course evaluation. However, missing classes cannot justify missing quizzes or exams. You may encounter some unexpected quizzes on unexpected dates. In class, you should learn how to compare the Marginal Benefit of missing a class to its Marginal Cost. This Marginal concept is all about economics. Appropriate code of conduct is required. No laptop is allowed.

 

Incompletes: Incompletes are discouraged. They will be given only when extraordinary events intervene so as to make completion of the course impossible. If you want an incomplete, these events must be documented. To receive an incomplete the student must have completed the first exam and quizzes with the grade C or better. The student must also fill out an incomplete form. If the form is not filled out, an incomplete grade will not be given. Incompletes will not be given to students who are behind schedule when the semester nears its end. Nor will incompletes be given to students who need just a few more points to make the next higher letter grade. Plenty of opportunity exists during the semester to accomplish your goals.

 

Withdrawals: If your personal situation required, you each student must withdraw yourself from this course. This means that if you have taken no tests or only a few of the tests and the semester ends without withdrawing yourself, you will receive F in the course. The instructor makes no promise either implicit or explicit to withdraw students from the course. However, the instructor does reserve the right to withdraw students if the instructor believes the situation warrants such action. For example, if a student misses more than four classes, the instructor can unilaterally initiate a student withdrawal. The last day to withdraw from this course without penalty is Thursday, June 28, 2012.

 

Scholastic Dishonesty: Acts prohibited by the college for which discipline may be administered include scholastic dishonesty, including but not limited to cheating on an exam or quiz, plagiarizing, and unauthorized collaboration with another in preparing outside work. Academic work submitted by students shall be the result of their thought, research or self-expression. Academic work is defined as, but not limited to exams, quizzes, whether taken electronically or on paper; projects, either individual or group; classroom presentations, and homework.

 

Students with Disabilities: Each ACC campus offers support services for students with documented physical or psychological disabilities. Students with disabilities must request reasonable accommodations through the Office for Students with Disabilities on the campus where they expect to take the majority of their classes. Students are encouraged to do so three weeks before the start of the semester.

 

COURSE OUTLINE / CALENDAR (Tentative)

Not all of the chapters will be covered depending on the students¡¯ understanding and class participation. However, fundamental concepts and terms will never be missed. You will learn how to approach economics beginning from the concepts and terms. Quizzes and exams will deal with only those chapters covered in class. Those dates for quizzes and exams are tentative during this first summer 5 week session, and changes will be announced at least a week prior to the quiz or exam. You yourself must check the changed dates of quizzes or exams.

 

Part One. Introduction

Ch 1: What is Economics?

Ch 2: The Economic Problem

Ch 3: Demand and Supply

Quiz 1: 6/7

 

Part Two. Monitoring Macroeconomic Trends and Fluctuations

Ch 4: Measuring GDP and Economic Growth

Ch 5: Monitoring Jobs and Inflation

Quiz 2: 6/12

Exam 1: 6/14

 

Part Three. Macroeconomic Trends

Ch 6: Economic Growth

Ch 7: Finance, Saving, and Investment

Ch 8: Money, the Price Level, and Inflation

Quiz 3: 6/19

Exam 2: 6/21

Part Four. Macroeconomic Fluctuations

Ch 10: Aggregate Supply and Aggregate Demand

Ch 11: Expenditure Multipliers: The Keynesian Model

Ch 12: US. Inflation, Unemployment, and Business Cycle

Quiz 4: 6/26

Exam 3: 6/28

 

Part Five. Macroeconomic Policy

Ch 13: Fiscal Policy

Ch 14: Monetary Policy

Ch 9: The Exchange Rate and the Balance of Payments **

Ch 15: International Trade Policy **

Quiz 5: 7/3

Exam 4: 7/6

 

** These chapters can be covered depending on the overall class schedule.