Course Overview

Introduction to Macroeconomics

This course provides an introduction to macroeconomics, focusing on the analysis of aggregate economic behavior, including issues such as inflation, unemployment, and economic growth. Students will learn to apply theoretical reasoning and empirical research to understand the relationships and principles that govern the overall economy.

• Macroeconomics studies the behavior of the economy as a whole, rather than individual markets.

• Key topics include GDP, inflation, unemployment, fiscal policy, and monetary policy.

• Emphasis is placed on understanding economic models and their application to real-world problems.

Additional info: Macroeconomics is essential for informed citizenship and understanding policy debates.

Course Structure and Requirements

Types of Instruction

Instruction may include lectures, digital presentations, demonstrations, multimedia, case studies, field experiences, and online resources. Assessment methods include exams, quizzes, written assignments, presentations, and group work.

• Credit Hours: 4

• Expected weekly study time: 15 hours

Prerequisites and Supplies

Prerequisites

• High school GPA of 2.8 or higher, or minimum SAT/ACT/Accuplacer scores in math and related subjects.

• No corequisites or recommended courses required.

Required Supplies

• Calculator

• Pencils with erasers

• Access to MyEconLab (online homework platform)

• Textbook: Economics Today by Miller, R.L. (Pearson, 21st Edition)

Core Abilities

Skills Developed

The course aims to develop the following core abilities:

• Creative and Critical Thinking

• Social and Cultural Awareness

• Effective Communication

• Use of Technology

• Mathematical Reasoning

• Information Management

• Teamwork

• Professionalism

Course Competencies

Learning Outcomes

Upon completion of the course, students should be able to:

1. Explain key economic terms as they relate to macroeconomics.

2. Graph relationships between two variables.

3. Interpret the graphs used in economic models.

4. Solve a variety of economic problems using mathematical methods.

5. Summarize economic events and their impact on the economy.

6. Differentiate between various types of economic systems.

7. Apply the concepts of aggregate demand and aggregate supply to macroeconomic models.

8. Explore National Income Accounting.

9. Explore the development and role of money in an economic system.

10. Explore the role of the Federal Reserve System and the process by which it controls the money supply.

11. Summarize the Keynesian criticism of Classical Theory.

12. Predict the effects of monetary policy on an economic system.

13. Predict the effects of fiscal policy on an economic system.

14. Differentiate between demand side economics and supply side economics.

15. Predict the effects of international trade on an economic system.

Key Macroeconomic Concepts

Definitions and Examples

• Gross Domestic Product (GDP): The total market value of all final goods and services produced within a country in a given period. Formula: where C = consumption, I = investment, G = government spending, X = exports, M = imports.

• Inflation: The rate at which the general level of prices for goods and services rises, eroding purchasing power.

• Unemployment: The percentage of the labor force that is jobless and actively seeking employment. Formula:

• Aggregate Demand: The total demand for goods and services within an economy at a given overall price level and in a given period.

• Aggregate Supply: The total supply of goods and services that firms in a national economy plan on selling during a specific time period.

• Fiscal Policy: Government policy regarding taxation and spending to influence the economy.

• Monetary Policy: Central bank actions that determine the size and rate of growth of the money supply, which in turn affects interest rates.

• Federal Reserve System: The central banking system of the United States, responsible for monetary policy.

Economic Systems

Types and Comparisons

Economic systems determine how resources are allocated and goods are distributed in a society.

Academic Integrity

Expectations and Policies

Academic integrity is essential for a fair and effective learning environment. Plagiarism and cheating are strictly prohibited and may result in failure of the course. All assignments must be original and properly cited.

• Plagiarism includes copying others' work and presenting it as your own.

• Cheating includes unauthorized use of resources or sharing work inappropriately.

• SafeAssign plagiarism detection is used for written assignments.

Student Responsibilities

Expectations for Success

• Check email and course management systems regularly for announcements and assignments.

• Seek technical assistance as needed.

• Communicate professionally with instructors and peers.

• Complete all required coursework and assignments.

• Follow college policies regarding academic integrity and conduct.

Important Dates and Policies

Key Dates

• Course Dates: 09/16/2025 - 12/14/2025

• Final Exam: 12/14/2025

• Labor Day: September 1, 2025 (No classes)

• Thanksgiving Recess: November 27-30, 2025 (No classes)

Missed or Late Assignments

• No make-up work; due dates are firm.

• Homework must be submitted on time via MyEconLab or Blackboard.

• Technical issues must be documented for consideration.

Methods of Instruction and Assessment

Delivery and Evaluation

• Lectures, multimedia, case studies, and field experiences.

• Exams, quizzes, written assignments, presentations, and group projects.

• Course competencies and outcomes remain consistent across delivery methods.

Summary Table: Course Competencies

Example: Aggregate Demand and Supply

Aggregate Demand (AD): The total quantity of goods and services demanded across all levels of an economy at a particular price level.

Aggregate Supply (AS): The total quantity of goods and services that producers in an economy are willing and able to supply at a given price level.

Formula for Aggregate Demand:

Application: Shifts in AD or AS curves can explain changes in output, employment, and inflation.