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Economics 105

ECON 105: Principles of Macroeconomics

Prerequisites:  None

Credit Hours: (3)

Semester offered:  Summer, Fall, and Spring.

An introduction to the concepts of scarcity and choice, supply and demand theory, national income accounting, money and banking, monetary and fiscal policy models, and how government deals with the problems of inflation, unemployment, and economic growth. This course has been approved for Core Curriculum credit in Social and Behavioral Sciences or U.S. Perspectives.


Detailed Description of Content of the Course

Principles of Macroeconomics is an introduction to the study of the structure of the U.S. economy. The course will introduce the students to the basics (fundamentals) of economic theory and reasoning. Moreover, this course will primarily focus on understanding, measuring, and analyzing macroeconomic activity and the role of the U.S. government in the economy. The course coverage and material will emphasize historical and contemporary economic issues facing the U.S. economy.  

Topic Outline

1. Introduction to the Economic Way of Thinking
2. The Structure of the U.S. Economy
3. Introduction to Supply and Demand Analysis
4. Introduction to National Income and Product Accounts (NIPA)
5. The Problem of Unemployment in the U.S.
6. The Problem of Inflation in the U.S.
7. The Quest for Economic Growth
8. The Monetary System
9. The Federal Reserve System
10.Introduction to Fiscal and Monetary Policy
11.Trade in the Global Economy


Detailed Description of Conduct of the Course

The following teaching strategies [delete will] may be employed: lectures, video and/or audio presentations, discussions, and in-class engagement activities.


Goals and Objectives of the Course

This course will fulfill Core Curriculum requirements under Social and Behavioral Sciences (Goal 9) or under U. S. Perspectives (Goal 10).

Goal 9: Radford University students will understand how individual, social, or cultural factors influence human behavior and shape reciprocal relationships between people and society.

Radford University students will be able to:

Explain the social or cultural factors that shape individuals' ideas and behaviors
Explain how individual and collective behaviors shape societies and cultures
Explain social or behavioral science concepts
Use social or behavioral science concepts to interpret real-world problems, including the underlying origins of such problem

Goal 10: Radford University students will understand how social and cultural (for example, political, historical, economic, environmental, religious, or geographic) forces shape the American experience.

Radford University students will be able to:

Explain basic facets of the American experience with attention to unity and diversity in American society
Use material studied to explain contemporary issues in the United States
Evaluate common institutions in American society and how they have affected, or continue to affect, different groups

After successfully completing this course, students will be able to:
1. Explain the nature of the economic problem.
2. Describe the roles of consumers, business firms, and government in the functions of the US economy.
3. Define economic terms.
4. Demonstrate how price and quantity are determined in competitive markets using the demand and supply model.
5. Explain how an economy grows.
6. Describe the three macroeconomic goals of full employment, price stability and economic growth.
7  Compute labor, price and national income statistics including the unemployment rate, Inflation rate, and GDP.
8. Assess the current state of the economy.
9. Compare, contrast, and assess alternative fiscal and monetary policies for achieving the three macroeconomic goals (high employment, low inflation, high economic growth).


Assessment Measures

Tests, homework, reports, presentations, class participation.  Grades and percentages depend on individual professors.


Other Course Information
None

Date Action Reviewed by

December 2004 Made alterations to syllabus N. Hashemzadeh, Chair

Revised    4/13/09    C. Vehorn

March, 2010