ECO 111: Principles of Economics (Macro)
Fall 2015
Instructor: Michael Malcolm
Course Description
National income and its measurement. The determination of price levels, output and
employment. Money and credit, expenditures and economic stability. Government fiscal and monetary policy. PREREQ: Working knowledge of high school mathematics.
Class Information
Section Class Time Location
17 M/W/F: 3:00-3:50 Anderson 109
Instructor Information
Name Michael Malcolm
Email [email protected]
Office Location Anderson Hall 323B
Office Phone 610-738-0413
Office Hours M/W/F: 1:00-1:50, 4:00-4:50
Instructional Materials
Textbook: Economics Today: The Macro View, by Miller.
Evaluation
Graded Item Date Weight
Attendance Every Day 10%
Quizzes Every Friday 20%
Midterm 1 9/25 15%
Midterm 2 10/30 15%
Midterm 3 12/4 15%
Final Exam 12/11: 3:30-5:30 25%
Attendance is taken at the beginning of each class, starting in the second week of the semester. You get 1 point for being on time, 0.5 points for being late and 0 points for being absent. You must stay for the entire class to earn attendance points. You get 6 free points to use over the course of the semester, which is designed to account for
emergencies. Therefore, there are no excused absences for any reason whatsoever.
Quizzes are given in the first ten minutes of class each Friday, starting in the second week of the semester, except for exam days. Quizzes are designed to test understanding of basic concepts, and are typically based on core problems covering the material from the previous week. There are no make-up quizzes for any reason whatsoever. Your lowest two quiz grades will be dropped, which is designed to account for emergencies.
Student Expectations
1. The primary mode of information transmission is lecture. Lectures are informal, and I invite your participation and questions.
2. Economics is more of a skills-based discipline than a content-based discipline. That is, the emphasis is not on memorizing facts but on critical thinking and on applying economic reasoning in a variety of settings.
3. It is very important for you to keep up with the material in class and to review the
material regularly outside of class. It is especially important to solve the assigned practice problems. You cannot fall behind and then catch up the night before the exam.
4. Mobile phones, laptop computers and other electronic devices may not be used in class, except as related to OSSD accommodations.
5. Email and D2L are the main ways I will communicate with you. Please check them regularly.
6. Please email me if you need to see me outside of my office hours. I will do my best to be available to answer your questions.
Attendance Policy
I take attendance at the beginning of each class. You get 6 free attendance points over the course of the semester, which is designed to account for emergencies or other reasons you need to miss class. As a result, there are no excused absences for any reason whatsoever.
Academic Integrity and Student Code of Conduct
Violations of academic integrity will not be tolerated in this class.
The business faculty is committed to vigorously enforcing the University’s academic dishonesty policy. At a minimum students will receive a 0 in an assignment; at the maximum, students may be dismissed from the University. Academic dishonesty and plagiarism are defined in the Undergraduate Catalog.
For questions regarding Academic Dishonesty, the No‐Grade Policy, Sexual Harassment, or the Student Code of Conduct, students are encouraged to refer to their major department’s
ADA Policy Statement
West Chester University wishes to make accommodations for persons with disabilities. Please make your needs known by contacting me and/or the Office of Services for Students with Disabilities at ext. 3217. Sufficient notice is needed in order to make the accommodations possible.
Course Objectives
Students will develop an understanding of the following.
1. How monetary policy is used to correct a recession or inflation, and who implements it 2. How fiscal policy is used to correct a recession or inflation, and who implements it 3. Changes in supply and demand influence equilibrium price and quantity
4. Variables that influence the nation’s production possibilities and growth and the concept of opportunity costs
5. Benefits of international trade and the effect of trade on the PPF
The following objectives are also covered.
6. Critical analysis
7. Communicate information of an economic nature through a written component 8. Use Excel and other statistical software to present and analyze economic problems
Class Schedule
1. Introduction to Macroeconomics (Textbook: Chapters 1-4)
1.1. What is economics about? 1.2. Supply and demand analysis 1.3. Non-equilibrium prices
2. Macroeconomic Measurement (Textbook: Chapters 7-8)
2.1. Measuring output 2.2. Measuring employment 2.3. Measuring prices
3. Spending and Output (Textbook: Chapters 5-6, 12-13)
3.1. The short-run Keynesian model 3.2. Fiscal policy and multipliers 3.3. The government in the US economy
4. The Financial Sector (Textbook: Chapters 15-16)
4.1. Money
4.2. Monetary policy
4.3. Accounting for time – Present value 4.4. Financial assets and returns
5. Aggregate Demand and Supply (Textbook: Chapters 10-11, 14)
5.1. The basic AD/AS model 5.2. Policy issues
5.3. Short-run and long-run AD/AS
6. International Economics (Textbook: Chapters 32-33)
6.1. Gains from trade 6.2. Trade policy 6.3. Exchange rates 6.4. Exchange rate policy 6.5. International financial flows
7. Long-Run Economics (Textbook: Chapters 11, 18)
7.1. The classical model
7.2. The classical system and the Keynesian system 7.3. Economic growth
