ECON 2510 - Macroeconomics

Academic Division:

Business, Industry and Technology

Academic Discipline:

Economics

Assistant Dean: Vincent Palombo PhD

3 Credit(s)
This course will prepare the student to understand, critique, and predict how the various schools of macro-economic thought would diagnose and attempt to solve questions of national economic interest. Extensive investigation of the underlying principles of Keynesian, Neo-Keynesian, Monetarist, supply-side and Austrian perspectives is accomplished using both an analytical as well as a socio-economic/historical approach. Understanding these perspectives will enable the student to both understand and successfully participate in rational discussion regarding such issues as fiscal policy, monetary policy, trade policy, taxation, taxation theory and economic growth. (TAG# OSS005) UG OSS005

3 Lecture Hour(s);

Required Prerequisite Course(s): MATH 0084 (minimum grade of C-) or qualifying placement test scores

College Wide Outcomes

College-Wide Learning Outcomes	Assessments - - How it is met & When it is met
Communication – Written
Communication – Speech
Intercultural Knowledge and Competence
Critical Thinking
Information Literacy
Quantitative Literacy	Computational ability is assessed by assignments involving the calculation of the Consumer Price Index, the fractional-reserve money multiplier and the unemployment rate. Weeks 8, 13 & 14 Quantitative VALUE Rubric – Week 8

Student Learning Outcomes for Course

Outcomes	Assessments – How it is met & When it is met
1. Outline and summarize how economics is a social science that draws conclusions based upon presuppositions, theories and data in order to understand human behavior under scarcity.	Assessment of the lecture and chapter content is done through class discussion and written examination during weeks 1and 2.
2. Memorize basic macroeconomic terminology.	Homework, in-class group exercises, in-class review quizzes, chapter exams and chapter exams Assessment of student knowledge and ability to accurately use economic terminology is accomplished through class discussion and chapter/lecture examinations throughout the length of the course.
3. Discuss national income accounting and describe its role in measuring the aggregate economy.	Lecture, in-class individual and group exercises and chapter 10 examination Weeks 5 & 6
4. Analyze the nature of the business cycle and contrast the major theories of the business cycle.	Graded homework, in-class group exercises, and lecture/chapter exams Weeks 3, 5, 6 & 9
5. Identify important macroeconomic variables including the secular growth trend, the unemployment rate, the velocity of money, the inflation rate, and the Fed Funds rate of interest.	Homework, in-class group exercises, in-class review quizzes, and lecture/chapter exams. Weeks 3, 4, 9, 13 & 14
6. Describe the supply and demand for money and explain the market effects of monetary change.	Homework, in-class group exercises, lecture/chapter examinations Weeks 8, 9 & 16
7. Explain the history, function, tools, influence and goals of the Federal Reserve System.	Homework, in-class reviews, on-line video assignments and chapter/lecture exams. Weeks 8, 9, 10, 11 & 14
8. Summarize the development, use and application of the concepts of aggregate demand and aggregate supply.	Chapter/lecture examinations Weeks 3, 4, 6 & 7
9. Predict the macroeconomic effects of fiscal and monetary policies.	Chapter/lecture examinations Weeks 5, 7, 9, 10, 12, 13, & 15
10. Identify the basic theories of macroeconomic instability.	Chapter/lecture examination Week 10
11. Illustrate the unemployment and inflation trade-off.	Chapter/lecture examination Weeks 13 & 14
12. Predict the short-run and long-run effects of the federal government’s budget deficit.	a) Oral and written class response to the viewing of the IOUSA video documentary b) Chapter examination Weeks 12 & 13
13. Recognize the concept of long-run growth and policies that affect growth.	Lecture and chapter examinations Weeks 11, 12 & 16
14. Define and contrast comparative advantage and absolute advantage.	Lecture and chapter examinations Weeks 2 & 15
15. Comprehend the determinates of Identify the major factors influencing foreign trade flows and how exchange rates, affect the domestic economy.	Homework, and chapter examinations Weeks 14 & 15
16. Apply economic reasoning to better understand and critically evaluate contemporary real world circumstances and events.	Class discussion, group learning activities, written response assignments [This activity is evaluated throughout the course.]

Standard Grading Scale
93-100 A

90 - 92 A-

87- 89 B+

83 - 86 B

80 -82 B-

77- 79 C+

73 - 76 C

70 -72 C-

67- 69 D+

63 - 66 D

60 -62 D-

00- 59 F

Statement on Diversity
North Central State College believes that every student is a valued and equal member of the community.* Every student brings different experiences to the College, and all are important in enriching academic life and developing greater understanding and appreciation of one another. Therefore, NC State College creates an inclusive culture in which students feel comfortable sharing their experiences. Discrimination and prejudice have no place on the campus, and the College takes any complaint in this regard seriously. Students encountering aspects of the instruction that result in barriers to their sense of being included and respected should contact the instructor, assistant dean, or dean without fear of reprisal.

*Inclusive of race, color, religion, gender, gender identity or expression, national origin (ancestry), military status (past, present or future), disability, age (40 years or older), status as a parent during pregnancy and immediately after the birth of a child, status as a parent of a young child, status as a foster parent, genetic information, or sexual orientation,

Standard NCSC Course Policies
Important information regarding College Procedures and Policies can be found on the syllabus supplement located at this link