Course Overview

Principles of Macroeconomics – ECN 2030-002

This course provides an introduction to the fundamental concepts and analytical tools of macroeconomics. Students will explore the operation of the economy, including the determination of national income, unemployment, inflation, and the roles of fiscal and monetary policy. The course is designed to develop knowledge and skills appropriate to the field of business, with an emphasis on effective communication, teamwork, leadership, and integrated problem-solving.

• Credits: 3

• Instructor: Dr. Mitu Ashraf

• Textbook: Principles of Macroeconomics, 14th Ed. by Case, Fair, Oster (Pearson Publishers, 2026)

• Class Schedule: MWF, 1:25 p.m. – 2:15 p.m., JTH 220

• Office Hours: MWF, 10:15 a.m. – 11:15 a.m., JATH 208

Learning Goals

• Exhibit knowledge and abilities appropriate to the field of business.

• Exhibit effective communication skills.

• Understand teamwork, group, and individual dynamics.

• Understand effective leadership.

• Solve problems from an integrated multi-disciplinary business perspective.

Course Objectives

Upon successful completion, students will be able to:

• Understand basic macroeconomic concepts such as opportunity cost, comparative advantage, scarcity, marginalism, demand and supply, national income and output determination, price level and inflation, money, and the roles of government, the Federal Reserve, and the banking system.

• Analyze the functioning of the economy and the impact of fiscal and monetary policies.

• Explain output, employment, and price-level determination.

Course Structure and Calendar

Chapters and Assignments

The course follows a structured weekly schedule, covering the following chapters:

• Ch. 1: The Scope and Methods of Economics

• Ch. 2: The Economic Problem: Scarcity and Choice

• Ch. 3: Demand, Supply, and Market Equilibrium

• Ch. 4: Demand and Supply Applications (Omit Section 4.3)

• Ch. 5: Introduction to Macroeconomics

• Ch. 6: Measuring National Output and National Income

• Ch. 7: Unemployment, Inflation, and Long-Run Growth

• Ch. 8: Aggregate Expenditure and Equilibrium Output

• Ch. 9: The Government and Fiscal Policy

• Ch. 10: Money, the Federal Reserve, and the Interest Rate

• Ch. 11: The Determination of Aggregate Output, the Price Level, and the Interest Rate

• Ch. 12: Policy Effects and Cost Shocks in the AS/AD Model

• Ch. 17: Alternative Views in Macroeconomics

• Ch. 18: International Trade, Comparative Advantage, and Protectionism

Quizzes and exams are scheduled throughout the semester, with the lowest exam score dropped from the final grade calculation.

Assessment and Grading

• Exams: 2 exams, each worth 100 points (total 200 points)

• Quizzes: 6 quizzes, each worth 10 points (total 60 points)

• Total Points: 260

• Grading Scale:

  • 94%–100%: A

  • 90%–93%: A-

  • 87%–89%: B+

  • 83%–86%: B

  • 80%–82%: B-

  • 77%–79%: C+

  • 73%–76%: C

  • 70%–72%: C-

  • 67%–69%: D+

  • 63%–66%: D

  • 60%–62%: D-

  • 0%–59%: F

Policies and Procedures

• Attendance: Punctuality is required. Two excused absences allowed (not on quiz/exam dates). Additional absences deduct points.

• Make-up Policy: Only for university-sanctioned events. Missed assignments require documentation.

• Electronics: Laptops, tablets, phones, and smart watches are not permitted. Calculators allowed (not on phones/smart watches).

• Recording Policy: No electronic recording without written permission, except for authorized accommodations.

Resources

• Bureau of Economic Analysis: www.bea.gov

• Bureau of Labor Statistics: www.bls.gov

• Federal Reserve System: www.federalresrve.gov

• U.S. Department of Treasury: www.treasury.gov

• Federal Reserve Bank of St. Louis: www.stlouisfed.org

• National Bureau of Economic Research: www.nber.org

• American Economic Association: www.aeaweb.org

Grade Calculation Example

To calculate your grade at any point:

• Example: If you have earned 220 points out of 240 possible points:

Or 91.67%. Your letter grade at this point is A-.

Course Schedule Table

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