Course of
Study
Course number and title: Economics 201, Principles of Economics I.
Instructor: David S. Collins
Office phone: 276 739 2502
E-mail address: dcollins@vhcc.edu
Instructor’s web page address: http://www.vhcc.edu/dcollins
Text: Economics,
Private and Public Choice, 11th edition. Gwartney, Stroup, Sobel and
Macpherson.
Course Description:
Principles of
This
class introduces macroeconomics including the study of Keynesian, Classical,
and Monetarist principles and theories: the study of national economic growth,
inflation, recession, unemployment, financial markets, money and banking, the
role of government spending and taxation; along with international trade and
investments. Lecture 3 hr. per week.
Broad Goals of the Course:
Economics
is both a social discipline, sharing much in common with other social sciences
such as sociology, psychology, and political science, as well as a science that
employs mathematical and computational skills.
The study of economics introduces the learner to a set
of principles, laws and theories that will allow the learner to better
understand the world in which we live. Each of us plays several “economic
roles” throughout our adult lives. We
function as consumers of goods and services at the same time that we contribute
in many ways to the production of goods and services. Savings from current income
provides a basis for investment for future economic growth. As stewards of the
earth’s limited resources we each play an important role in the preservation of
those resources. The tools of economics will
Page 2.
allow the learner to better succeed in
the roles of consumer, producer, saver, investor, and protector of
the earths
limited resources. It is also important to realize that economic choices
involving the use of scarce resources are not made in isolation, but in the
context of conflicting social, cultural and political values. This will become apparent as we explore
current macroeconomic issues and explore the role that government might play in
dealing with such things as budget and trade deficits as well as the issues
involved in reforming important public programs such as the Social Security and
Medicare systems. We will find that there are frequently different ideas
proposed for how to deal with economic problems. Differences in social, cultural and political
values are often at the heart of differences about how economic problems might
be addressed. To the extent that government action
influences the choices we make about the use of scarce resources, knowledge of
economic principles will help the learner to make more informed choices as a
voter a concerned citizen. Finally
economics 201 and 202 provide the student with credit to fulfill general
education or business transfer requirements.
Course Outline:
Unit # 1: An introduction to economics and macroeconomics. G. and S., chapters 1, 2 and 7.
In
the first unit we will explore the basic economic problem and explore important
concepts that are used as measures of economic performance, especially Gross
Domestic Product.
Unit # 2: Business
cycles and the aggregate demand, aggregate supply model. G. and S., chapters 8, 9, and 10.
In
unit number two, we will explore the repeating fluctuations in real GDP that
are described as business cycles and develop a basic AD and AS model to better
understand the economic factors that produce business cycles.
Page 3.
Unit # 3: The
Keynesian Model and fiscal policy. G.
and S., chapters 11 12 and special topic 5.
In
unit’s number three and four, we will focus upon ideas about what government
might do to deal with problems that arise in the context of the business
cycle. Unit # 3 explores the ideas
developed by John M. Keynes and how his ideas influenced the development of
fiscal polices.
Unit # 4: Monetary
policy, monetarism, and debates about activism and non-activism as the
appropriate role for government in dealing with business cycles. G. and S., chapters 13-15.
In
the final unit we will explore the role that the Federal Reserve plays in
developing monetary policy as well as views held by activists and non-activists
with regards to how both fiscal and monetary policy choices affect production,
employment, income and the price level.
Important: Study topics will be provided for each unit
prior to the beginning of those units.
These study questions will serve as a more specific outline of the
material covered in each unit and will be used to construct essay questions
that will be included in unit tests.
Methods of Evaluation:
1)
Following each
unit a unit test will be taken. Each
unit test will consist of a group of multiple choice questions as well as a set
of essay questions. The purpose of the
multiple choice questions will be to test the learner’s knowledge of key
economic ideas and relationships. Essay
questions are included in each test so that students might demonstrate problem
solving, computational, and writing skills.
The ability to synthesize ideas and correctly analyze complex economic
issues can be accomplished more fully through asking students to develop answers to short essay questions. For practice in preparing for the essay
portion
Page 4.
of each unit test, students are encouraged to develop concise
and well written answers to the study questions provided for each unit.
2)
As a part of the
evaluation of learning in economics students will be required to complete one
of the following out of class assignments:
a)
Economic Reviews: One of the out of class options involves
students writing three short papers called economic reviews. A
review will be turned in after units’ one, two and three about a week after the
unit tests in those units. A separate
handout will be provided to students describing the purpose and format to be
used in writing economic reviews.
b)
Service
Learning: A second option to fulfill the
out of class option in economics is to complete a “service learning
experience” A separate handout will be
provided to students describing the purpose and requirements to complete the
service learning option.
3)
Class attendance
and participation:
Students
are expected to attend class on a regular basis and participate in classroom
activities and discussions. Students
will be encouraged to develop good listening and note taking skills.
Students are especially encouraged to prepare answers to the study
questions and consult the instructor if they have any difficulty in answering
the study questions. E-mail
communication and office visits are encouraged by the instructor as way of
insuring that students succeed in economics 201.
Students
will be permitted a limited number of unexcused absences during the
semester:
Classes
that meet three days per week: 3
absences
Classes
that meet two days per week: 2 absences
Classes
that meet once a week: 1 absence.
Page 5.
Grades for economics 201 will
be determined in the following manner:
Unit tests:
Unit # 1 test: 20 pts.
Unit # 2 test: 20 pts.
Unit # 3 test: 20 pts.
Unit # 4 test: 20 pts.
Out of class options
Economic reviews option:
Review # 1: 5 pts.
Review # 2: 5 pts.
Review # 3: 5 pts.
Service Learning option:
20 hours of community
service, journal and service learning paper: 15 pts.
Class attendance and participation: 10pts.
Grading scale:
“A” grade: 90-105 pts.
“B” grade: 80-89 pts.
“C” grade: 70-79 pts.
“D” grade: 60-69 pts.
“F” grade: below 60 pts.