Course Number and Title:
ECO 111 Macroeconomics
Campus Location
- Georgetown
- Dover
- Stanton
- Wilmington
Prerequisites
Prerequisite: (SSC 100 or SSC 100 concurrent)
Course Credits and Hours
3 credit(s)
3 lecture hours/week
0 lab hours/week
Course Description
This course introduces students to macroeconomics, the study of the economy as a whole. Students will develop the conceptual tools to explain the economic problems facing modern society and will explore topics including national income and price-level determination, economic performance measures including unemployment, inflation, and GDP, the financial sector, stabilization policies, economic growth, and international economics.
Additional Materials
None
Core Course Performance Objectives (CCPOs)
1. Explain the difference between macroeconomics and microeconomics. (CCC 1,2)
2. Describe the roles of scarcity and opportunity costs in economic decision making. (CCC 1,2)
3. Explain the various roles government can play in an economic system. (CCC 1,2)
4. Explain key economic indicators (unemployment, inflation, GDP) and how they are used to assess the macroeconomy. (CCC 1,2,6)
5. Explain the business cycle and circular flow models as ways of representing the macroeconomy. (CCC 1,2)
6. Predict how price and output levels may be affected by changes to aggregate demand and supply, both short and long run. (CCC 1,2,6)
7. Describe various fiscal and monetary policy approaches in their ability to stabilize GDP growth and price. (CCC 1,2,6)
8. Identify the causes and effects of federal budget deficits or surpluses and of the national debt. (CCC 1,2,6)
9. Explain how international trade impacts the economy of the United States. (CCC 1,2)
See Core Curriculum Competencies and Program Graduate Competencies at the end of the syllabus. CCPOs are linked to every competency they develop.
Measurable Performance Objectives (MPOs)
Upon completion of this course, the student will:
- Explain the difference between macroeconomics and microeconomics.
- Define the study of economics.
- Identify the unique elements of macro and micro economics.
- Describe the roles of scarcity and opportunity costs in economic decision making. (CCC 1,2)
- Describe the role of scarcity in economics.
- Describe the concept of opportunity costs and how trade-offs are part of decision making.
- Explain the various roles government can play in an economic system. (CCC 1,2)
- Describe the various ways governments may be involved in the production process.
- Explain the ways in which a government can address market failures.
- Describe the role of government in managing externalities.
- Describe the roles policy and philosophical beliefs play in government economic decision making.
- Describe various systems of taxation as a means of funding the public sector.
- Explain key economic indicators (unemployment, inflation, GDP) and how they are used to assess the macroeconomy. (CCC 1,2,6)
- Explain how unemployment is measured in the United States.
- Identify the types of unemployment and the categories of people who are unemployed.
- Describe how inflation is measured using various indices.
- Describe how inflation impacts various participants in the economy.
- Describe the difference between real GDP, nominal GDP, and per capita GDP.
- Identify how GDP can be used to measure economic growth.
- Explain the business cycle and circular flow models as ways of representing the macroeconomy. (CCC 1,2).
- Explain how the business cycle is used to explain fluctuations in the economy.
- Relate Classical and Keynsian approaches to the business cycle.
- Describe how the circular flow model can be used to explain economic changes and their impacts.
- Predict how price and output levels may be affected by changes to aggregate demand and supply, both short and long run. (CCC 1,2,6)
- Explain the aggregate demand and short and long run aggregate supply curves.
- Describe the causes for changes in aggregate demand.
- Explain the difference between long and short run aggregate supply.
- Describe the relationship between aggregate demand, supply, price levels, and output.
- Describe various fiscal and monetary policy approaches in their ability to stabilize GDP growth and price. (CCC 1,2,6).
- Explain how fiscal policy is used to achieve the goals of price stability and GDP growth.
- Describe the major functions and characteristics of money.
- Explain the money supply and how it can impact price levels.
- Identify various types of financial intermediaries and why they exist.
- Describe the structure and functions of the Federal Reserve System.
- Identify the causes and effects of federal budget deficits or surpluses and of the national debt. (CCC 1,2,6)
- Explain the difference between deficits and debt.
- Explain how fiscal policy and economic conditions can lead to federal deficits or surpluses.
- Describe how deficits or surpluses affect the national debt.
- Explain the potential impacts of the national debt on the economy.
- Explain how international trade impacts the economy of the United States. (CCC 1,2)
- Describe the importance of international trade to the United States’ economy.
- Explain how the balance of trade impacts economic conditions.
- Explain the reasons for trade barriers.
Evaluation Criteria/Policies
The grade will be determined using the Delaware Tech grading system:
| 90-100 |
= |
A |
| 80-89 |
= |
B |
| 70-79 |
= |
C |
| 0-69 |
= |
F |
Students should refer to the
Catalog/Student Handbook for information on the Academic Standing Policy, the Academic Integrity Policy, Student Rights and Responsibilities, and other policies relevant to their academic progress.
Final Course Grade
Calculated using the following weighted average
|
Evaluation Measure
|
Percentage of final grade
|
|
Summative Assessments (Tests) (equally weighted)
|
45%
|
|
Summative Assessments Essay Test
|
15% |
|
Summative Assessment (Group Project)
|
15% |
|
Formative Assessments (including but not limited to discussions, reflections, summaries, group activities)
|
25% |
| TOTAL |
100% |
Core Curriculum Competencies (CCCs are the competencies every graduate will develop)
- Apply clear and effective communication skills.
- Use critical thinking to solve problems.
- Collaborate to achieve a common goal.
- Demonstrate professional and ethical conduct.
- Use information literacy for effective vocational and/or academic research.
- Apply quantitative reasoning and/or scientific inquiry to solve practical problems.
Students in Need of Accommodations Due to a Disability
We value all individuals and provide an inclusive environment that fosters equity and student success. The College is committed to providing reasonable accommodations for students with disabilities. Students are encouraged to schedule an appointment with the campus Disabilities Support Counselor to request an accommodation needed due to a disability. The College's policy on accommodations for persons with disabilities can be found in the College's Guide to Requesting Academic Accommodations and/or Auxiliary Aids Students may also access the Guide and contact information for Disabilities Support Counselors through the Student Resources web page under Disabilities Support Services, or visit the campus Advising Center.