Fall 2024
Principles of Macroeconomics
Approved: Initials/date Principles of Macroeconomics ECON 2301 90864 CREDIT 3 Semester Credit Hours (3 hours lecture, 0 hours lab) MODE OF INSTRUCTION Online PREREQUISITE/CO-REQUISITE: None 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. COURSE OBJECTIVES Upon completion of this course, the student will be able to • Explain the role of scarcity, specialization, opportunity cost, and cost/benefit analysis in economic decision-making. • Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output. • Define and measure national income and rates of unemployment and inflation. • Identify the phases of the business cycle and the problems caused by cyclical fluctuations in the market economy. • Define money and the money supply; describe the process of money creation by the banking system and the role of the central bank. • 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. • Explain the mechanics and institutions of international trade and their impact on the macro economy. • Define economic growth and identify sources of economic growth. INSTRUCTOR CONTACT INFORMATION Instructor: Edson Timana Email: etimana@lit.edu Office Phone: 281-404-2123 Office Location: TBA Office Hours: Friday 3-6pm. REQUIRED TEXTBOOK AND MATERIALS Principles of Macroeconomics 2e by OpenStax Subtitle: Open Education Resource (OER) course, textbook available online at $0 price. Web Version Last Updated: Hardcover: ISBN-10: 1-947172-38-7 ISBN-13: 978-1-947172-38-8 ATTENDANCE POLICY You must log onto Blackboard 4-5 times a week. Regular, reliable access to Blackboard via the Internet is required for this online course. DROP POLICY If you wish to drop a course, you are responsible for initiating and completing the drop process. If you stop coming to class and fail to drop the course, you will earn an “F” in the course. COURSE CALENDAR Tentative Course Calendar LIT ECON-2301 Fall 2024 16 Week Unit Topics Open Date Due by 11:59 pm Graded By Syllabus Quiz August 26th August 29th August 30th 1 Discussion – Introductions August 26th September 23rd September 28h Welcome to Economics! HW August 26th September 23rd September 24th Choice in a World of Scarcity HW August 26th September 23rd September 24th The Macroeconomic Perspective HW August 26th September 23rd September 24th Discussion – Financial Times Article #1 August 26th September 23rd September 28h Economic Growth HW January 16th February 23rd February 26th Demand and Supply HW January 16th February 23rd February 26th Unit Exam #1 August 26th September 23rd September 24th 2 Discussion – Financial Times Article #2 September 24th October 14th October 19th Unemployment HW September 24th October 14th October 19th Inflation HW September 24th October 14th October 19th Discussion – Financial Times Article #3 September 24th October 14th October 19th The Aggregate Demand/Aggregate Supply Model HW September 24th October 14th October 19th The Keynesian Perspective HW September 24th October 14th October 19th The Neoclassical Perspective HW September 24th October 14th October 19th Paper August 26th October 14th October 19th Unit Exam #2 September 24th October 14th October 19th Course Progress Quiz September 24th October 14th October 19th 3 Discussion – Financial Times Article #4 October 15th December 2nd December 7th Money and Banking October 15th December 2nd December 3rd Monetary Policy and Bank Regulation October 15th December 2nd December 3rd Government Budgets and Fiscal Policy October 15th December 2nd December 3rd Discussion – What’s your Opinion of the economy now? October 15th December 2nd December 7th The Impacts of Government Borrowing October 15th December 2nd December 3rd International Trade October 15th December 2nd December 3rd Unit Final Exam #3 October 15th December 2nd December 3rd Exit Quiz October 15th December 2nd December 3rd Optional Extra Credit Assignment #1 August 26th December 2nd December 7th Optional Extra Credit Assignment #2 August 26th December 2nd December 7th Optional Extra Credit Assignment #3 August 26th December 2nd December 7th Final Exam (Cumulative) December 3rd December 9th December 10th COURSE EVALUATION Final grades will be calculated according to the following criteria: Homework 10% Tests (No dropped/curved tests) 24% Final Exam (cumulative and mandatory) 10% Discussions 30% Paper 20% Syllabus Quiz 2% Course Progress Quiz 2% Exit Quiz 2% Total = 100% GRADE SCALE • 90-100 A • 80-89 B • 70-79 C • 60-69 D • 0-59 F TECHNICAL REQUIREMENTS The latest technical requirements, including hardware, compatible browsers, operating systems, etc. can be online at https://lit.edu/online-learning/online-learning-minimum-computer-requirements. A functional broadband internet connection, such as DSL, cable, or WiFi is necessary to maximize the use of online technology and resources. DISABILITIES STATEMENT The Americans with Disabilities Act of 1990 and Section 504 of the Rehabilitation Act of 1973 are federal anti-discrimination statutes that provide comprehensive civil rights for persons with disabilities. LIT provides reasonable accommodations as defined in the Rehabilitation Act of 1973, Section 504 and the Americans with Disabilities Act of 1990, to students with a diagnosed disability. The Special Populations Office is located in the Eagles’ Nest Room 129 and helps foster a supportive and inclusive educational environment by maintaining partnerships with faculty and staff, as well as promoting awareness among all members of the Lamar Institute of Technology community. If you believe you have a disability requiring an accommodation, please contact the Special Populations Coordinator at (409)-951-5708 or email specialpopulations@lit.edu. You may also visit the online resource at Special Populations - Lamar Institute of Technology (lit.edu). STUDENT CODE OF CONDUCT STATEMENT It is the responsibility of all registered Lamar Institute of Technology students to access, read, understand and abide by all published policies, regulations, and procedures listed in the LIT Catalog and Student Handbook. The LIT Catalog and Student Handbook may be accessed at www.lit.edu. Please note that the online version of the LIT Catalog and Student Handbook supersedes all other versions of the same document. ARTIFICIAL INTELLIGENCE STATEMENT Lamar Institute of Technology (LIT) recognizes the recent advances in Artificial Intelligence (AI), such as ChatGPT, have changed the landscape of many career disciplines and will impact many students in and out of the classroom. To prepare students for their selected careers, LIT desires to guide students in the ethical use of these technologies and incorporate AI into classroom instruction and assignments appropriately. Appropriate use of these technologies is at the discretion of the instructor. Students are reminded that all submitted work must be their own original work unless otherwise specified. Students should contact their instructor with any questions as to the acceptable use of AI/ChatGPT in their courses STARFISH LIT utilizes an early alert system called Starfish. Throughout the semester, you may receive emails from Starfish regarding your course grades, attendance, or academic performance. Faculty members record student attendance, raise flags and kudos to express concern or give praise, and you can make an appointment with faculty and staff all through the Starfish home page. You can also login to Blackboard or MyLIT and click on the Starfish link to view academic alerts and detailed information. It is the responsibility of the student to pay attention to these emails and information in Starfish and consider taking the recommended actions. Starfish is used to help you be a successful student at LIT. ADDITIONAL COURSE POLICIES/INFORMATION To be successful in this online course, the student MUST: • Submit a formal research project by the due date shown on the course calendar. Failure to submit paper will result in a failing course grade. • Complete the comprehensive Final exam by the due date shown on the course calendar. Failure to take final exam will result in a failing course grade.