Spring 2005
 

To register for the class fill out the pre-registration form and take (fax) it to the Business Adminstration Division Secretary.

Course Description
To acquaint the student with elementary principles of macroeconimcs.  We will study the basic principles of economics: demand, supply, price theory, national income analysis, inflation, unemployment, fiscal and monetary policy, money and banking. This first course in economics is designed to give you a working knowledge of the subject and to increase your understanding of the American economic system, as well as your individual role within this system.

Text
Principles of Macroeconomics, by Case and Fair. (7th Edition)  – Required.

Materials
Notebook, Class text, Graph paper, Calculator; Writing implements and access to WebCT.

Requirements
In order to take this online course you must:
-    Have ready access to, and be skilled in the use of a computer with:
    +    Internet connection and Internet Explorer 5x or Netscape 7x
    +    A functioning email account
    +    Windows 2000 or higher
    +    MS Office 97 or higher (at least MS Word and MS Excel)
-    Have successfully completed, ENGL 1101.
-    Possess basic math skills (add, subtract, multiply, divide, and read graphs)
-    Be able travel to the campus, or an ABAC-approved site for the exams on the specified dates.
-    Log on at least once a week to work on course material.

Course Philosophy
I, the instructor, do not lay claim to the information in this course. Furthermore, I trust your intellectual curiosity is such that you don't have to be tricked into learning for my sake. Rather, learning should be a pleasurable experience, especially as you come to understand that this course is just a more formal description of your day-to-day experiences and knowledge. Use me as a resource person, I am here for your benefit within and outside of this course.  It is the little things you learn or do everyday, that will build your body of knowledge.  Therefore, success in my class does not depend on a keen intellect but on the effort put into the course.

Specific Course Objectives
By the end of the semester the student is expected to be able to accomplish the following:

☞     Distinguish the basic economic systems.

☞     Explain the concepts of supply and demand and equilibrium market price  
   determination.

☞     Describe the basic workings of the free market economy and the role of
    government in it.

☞     Define the various systems of national accounts and their estimation.

☞     Describe in detail the various methods of measuring domestic output and
   national income.

☞     Explain the influence of inflation and unemployment on economic growth.

☞     Explain the construction of the aggregate expenditures model in an open
   economy with government.

☞     Identify the structure and operation of the banking system.

☞     Demonstrate the influence of the different fiscal policies on the the aggregate
    supply model.

☞     Explain the impact of globalization on macroeconomics

Topical Outline of the Course
Chp 01:  The Scope and Method of Economics.
Chp 02:  The Economic Problem: Scarcity and Choice.
Chp 03:  Demand, Supply, and Market Equilibrium.
Chp 04:  Demand and Supply Applications.
Chp 05:  Introduction to Macroeconomics. 
Chp 06:  Measuring National Output and National Income.
Chp 07:  Long-Run and Short-Run Concerns: Growth, Productivity,  Unemployment, and Inflation.
Chp 08:  Aggregate Expenditure and Equilibrium Output.
Chp 09:  The Government and Fiscal Policy.
Chp 10:  The Money Supply and the Federal Reserve System.
Chp 11:  Money Demand, the Equilibrium Interest Rate, and Monetary Policy.
Chp 12:  Money, the Interest Rate, and Output: Analysis and Policy.
Chp 13:  Aggregate Demand, Aggregate Supply, and Inflation.
Chp 13:  Aggregate Demand, Aggregate Supply, and Inflation.
Chp 14:  The Labor Market, Unemployment, and Inflation.
Chp 20:  International Trade, Comparative Advantage, and Protectionism.
Chp 21:  Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates.

Class Grade
Here is the breakdown of the final grade:
Test #1                                                  25 %
Test #2                                                  25 %
Assignments(2)  & Quizzes (10)          25 %
Final Exam                                            25 %

Grading scale: 90 and above = A; 89.9 - 80 = B; 79.9-70 = C;
                      69.9-60 = D; 59.9 and below = F

Bonus points
•     Current event discussion: This is intended to relate theories learned in class to daily occurrences. One current event discussion can be turned in with each test for maximum of 10 bonus points (maximum of three current events). Choose an article of economic interest, not more than a month old from any new media. Staple a copy of the article to your discussion which must be typed with double spacing using 12 point font, no more than two pages and no less than one full page. The discussion should include:
      •     A summary of the article in your own words, not sentences from the paper,
            no more than half a page.

      •     Identification of relevant economics issues in the paper, no longer than half a page.

      •     Your opinion and understanding of the issues and possible solutions to these economics issues, using the economic language learned in class.

      •     Discuss the financial implications and or if possible, any cost and benefits involved. Approximately half to one page.

      •     Discussion of the impact of the identified economics issues, on you (as a consumer, a producer or a tax-paying citizen). This should cover half a page.

    Attendance: A perfect attendance record will earn you 5 bonus points towards the final class grade.

Class policy
Hourly Tests
Everyone is required to take the hourly tests and final exam at the scheduled time. Tests and the final exam have been scheduled in the course outline, to allow you organize your schedule accordingly. There will be no make up exams except for students with absences due to medical reasons or school-sponsored events. Make up tests when justified, will be given at the end of the semester. The final exam is compulsory and failure to take it will result in a failing grade.

Assignments and Quizzes
Assignments and quizzes will be scheduled regularly on WebCT with completion deadlines.  These assignments and quizzes have to be in my possession before the deadline, regardless of whether they were, uploaded to WebCT,  e-mailed, snail-mailed, dropped in my office or brought to me in class.  Failure to meet the deadline will result in a zero grade for that quiz or assignment, they cannot be made up.

All calculations should be carried out to the final answer suitable for discussion  (do not leave answers in fractions). Each questions or sub-question should be answered on a new line. Only assignments turned in on clean paper (not torn carelessly from a notebook) written out with no cancellations, neatly, legibly and in the proper format will be accepted and graded. Extra points will be given for typed and /or neat assignments.

Class Participation and Attendance
Abraham Baldwin Agricultural College expects all students to conduct themselves in a responsible manner as individuals who understand that they are accountable for the choices they make as students. Class participation is encouraged and can be rewarded. A polite attitude and manner of speech will be expected of all students towards each other and towards the instructor, at all times. No hats or caps will be worn during class in order not to obstruct the view of the instructor or other students. Students caught sleeping in class will be considered absent, and could be expelled from that session. Most importantly, no beepers or phones are allowed to go off during lectures.

In accordance with college policy, a student is expected to attend all scheduled class meetings, and be on time. Absence from class for whatever reason, does not excuse a student from full responsibility for class work or assignments missed. It is the student’s duty to complete any work assigned in his/her absence. Class roll will be taken daily. Students missing more than ten percent (approximately five un-excused absences) of the scheduled class meetings could be given a failing grade for failure to meet class attendance policy.

STUDENTS WHO THINK THEY HAVE SPECIAL LEARNING NEEDS AND STUDENTS IN LEARNING SUPPORT SHOULD MAKE EVERY EFFORT TO INFORM ME OF THEIR STATUS WITHIN THE FIRST WEEK OF CLASS, OR AS SOON AS POSSIBLE