ECON 2301Page 1Revised 8/10/2023SYLLABUS CLARENDON COLLEGE Division of Science & Health Business Administration Department Course Name: ECON 2301, Macroeconomics Credit Hours: 3 Semester:Fall 2023 Location & Time:Section 565 TDCJ Jordan Unit, M 8:00a-11:00a Instructor:Dr.Robert H. Taylor Professor of Accounting & Economics QEP Director & Business Administration Coordinator Phone:806-660-2023 Email:[email protected]Course Description: An analysis of the economy as a whole including measurement and determination of Aggregate Demand and Aggregate Supply, national income, inflation, and unemployment. Other topics include international trade, economic growth, business cycles, and fiscal policy and monetary policy. Statement of Purpose: This course satisfies the Macroeconomics course requirement for the Business Administration major field of study as adopted by the State of Texas as part of the required Field of Study Curriculum for all Business majors who attend a public higher education institution in the State of Texas. This course also satisfies the Social Science Elective component in the Clarendon College Core Curriculum, as well as the Macroeconomics course requirement for those following the Business Administration, AgriBusiness and Agricultural Economics Suggested Course of Study plans at Clarendon College. This course is designed for transfer to a senior college or university and it partially satisfies the requirements for the Associates degree at Clarendon College. Core Objectives In accordance with recommendations from the Texas Higher Education Coordinating Board, all Social & Behavioral Science courses at Clarendon College will address the following core objectives: •Critical Thinking Skills- including creative thinking, innovation, inquiry, and analysis, evaluation and synthesis of information. •Communication Skills- including effective written, oral, and visual communication. •Empirical and Quantitative Skills- including application of scientific and mathematical concepts. •Social Responsibility- to include intercultural competence, knowledge of civic responsibility, and the ability to engage effectively in regional, national, and global communities Social & Behavioral Science courses focus on the application of empirical and scientific methods that contribute to the understanding of what makes us human. Courses involve the exploration of behavior and interactions among individuals, groups, institutions, and events, examining their impact on the individual, society, and culture.
ECON 2301Page 2Revised 8/10/2023General Course Objective: Principles of Macroeconomics presents the student with an analysis of the economy as a whole including the measurement and determination of Aggregate Demand and Aggregate Supply, national income, inflation, and unemployment. Other topics covered in the course include international economics and trade, economic growth, business cycles, fiscal and monetary policy, the history, development, and application of macroeconomic theory underlying national income analysis, monetary and banking theory and policy, distribution of income, labor problems, and economics systems. This course emphasizes the use of critical thinking skills in assessing monetary and fiscal policy as well as personal and societal economic decisions under conditions of scarcity. Learning Outcomes Upon successful completion of this course, students will: 1.Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making. (CT, COM, EQS & SR, assessed in Ch. 1 Appl. Activity, Exam 1 & Res. Paper) 2.Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output. (CT, COM, EQS & SR, assessed by Ch. 3 Appl. Activity, Exam 1 & Res. Paper) 3.Define and measure national income and rates of unemployment and inflation. (CT, EQS & SR, assessed by Ch. 7 & 9 Appl. Activities & Exam 2) 4.Identify the phases of the business cycle and the problems caused by cyclical fluctuations in the market economy. (CT, EQS & SR, assessed by Ch. 9 Appl. Activity & Exam 2) 5.Define money and the money supply; describe the process of money creation by the banking system and the role of the central bank. (CT, EQS & SR, assessed by Ch. 14, 15 & 16 Appl. Activities & Exam 4) 6.Construct the aggregate demand and aggregate supply model of the macro economy and use it to illustrate macroeconomic problems and potential monetary and fiscal policy solutions. (CT, COM, EQS & SR, assessed by Ch. 12, 13 & 16 Appl. Activities & Exams 3 & 4) 7.Explain the mechanics and institutions of international trade and their impact on the macro economy. (CT, EQS & SR, assessed by Ch. 20 Appl. Activity & Exam 5) 8.Define economic growth and identify sources of economic growth. (CT, EQS & SR, assessed by Ch. 8 Appl. Activity & Exam 2) Required Instructional Materials: Textbook:Principles of Macroeconomics, 2ndEdition, 2018, OpenStax/Rice University 2018, Senior Contributing Authors Steven A. Greenlaw, University Of Mary Washington & David Shapiro, Pennsylvania State University (Based on the2nd edition of Principles of Economics&Economics and the Economy, 2e by Timothy Taylor, published in 2011),https://openstax.org/details/books/principles-macroeconomics-2e. Other Relevant Materials: Students need to bring notepaper, pens and/or pencils, textbook, and a calculator to each class. Students may not borrow a calculator from another student during an exam. Though not specifically required, a financial calculator (i.e. HP 10BII+, HP 17BII+, Texas Instruments BA-II Plus) is strongly recommended. A Scantron, pencil, eraser, scratch paper, and a calculator will be provided by the instructor on exam days. Student Requirements Students are responsible for completing any assigned reading or activities/homework by the due date given either in the course schedule in the syllabus or that may be announced in class. No late assignments will be accepted, and no make-up exams will be given. Students should also be in class and ready to begin on time with all materials required for that class. The key to your success in this class is attending each lecture with a positive attitude and being prepared for that day's lesson.
ECON 2301Page 3Revised 8/10/2023Methods of Instruction A combination of lectures, PowerPoint presentations, outside assigned readings, discussions, and video presentations may be used in this course. Grading Policies: A Student's final grade will be calculated based on the following: Chapter Homework20% Exams (2)80% Total100% The final semester grades will be figured as follows: 90 to 100% = A80 to 89% = B70 to 79% = C60 to 69% = DBelow 60% = F A student's final grade will be made available through the CAMS Student Portal at Clarendon College's website. NO LATE ASSIGNMENTS OR PAPERS WILL BE ACCEPTED AND NO MAKEUP EXAMS WILL BE GIVEN WITHOUT PRIOR APPROVAL BY THE PROFESSOR. Student Rights and Responsibilities: A copy of the Student Rights and Responsibilities is available on the College website at: http://www.clarendoncollege.edu/Resources/Student%20Services/StudentRightsResponsibilities.pdf. Classroom Policies: 1.Exams:Exam dates given in the schedule attached to this syllabus are subject to change based on the material covered, the timing of the covered material, or other factors deemed appropriate by the professor. Any changes to exam dates will either be announced in class, via email message to the student's email address on record in the student portal (Bulldogs Mail), or both. Therefore it is important that students attend each class period and check their Bulldogs Mail email frequently. THERE WILL BE NO MAKEUP EXAMS GIVEN IN THIS CLASS WITHOUT PRIOR APPROVAL FROM THE PROFESSOR. If a student will be absent during an exam for any reason, it is the student's responsibility to contact the professor and make arrangements to take the exam prior to the absence or at another time designated by the professor. Failure to take an exam at the appointed time will result in the student receiving a grade of zero on the missed exam. The only exceptions to this rule will be a genuine, documented emergency, in which case the exam is to be made up during the next class period the student returns to school and only with the professor's approval. 2.Final Exams:Students must take a final exam for each of their academic courses. The schedule of final exam times is published at the beginning of the semester and is available on the Clarendon College website. Do not make plans to leave school before your scheduled final exams. I will not give any early finals except in extreme emergencies or situations and only after the student has provided acceptable documentation of the emergency or situation. 3.Assignments:No late or makeup assignments will be accepted in this class. If an assignment is not turned in when due, the student will receive a grade of zero on that assignment. If a student will be absent on the day an assignment is due, then it is the student's responsibility to make arrangements with the professor to submit the assignment early. The only exception to this rule will be a genuine, documented emergency, in which case the assignment is to be turned in the next class period the student returns to school and only with the professor's approval. Any required electronic submissions will need to be uploaded to the student portal by the due date in the course schedule. Note that the due dates given in the course schedule are subject to change. Any changes to due dates will either be announced in class, via email message to the student's email address on record in the student portal (Bulldogs Mail), or both.