ECON 1A: PRINCIPLES OF MACROECONOMICS
Foothill College Course Outline of Record
|Effective Term:||Summer 2022|
|Hours:||5 lecture per week (60 total per quarter)|
|Prerequisite:||Elementary Algebra or equivalent.|
|Advisory:||Demonstrated proficiency in English by placement via multiple measures OR through an equivalent placement process OR completion of ESLL 125 & ESLL 249; Intermediate Algebra or equivalent.|
|Degree & Credit Status:||Degree-Applicable Credit Course|
|Foothill GE:||Area IV: Social & Behavioral Sciences|
|Grade Type:||Letter Grade (Request for Pass/No Pass)|
Student Learning Outcomes
- Employ the supply and demand model to predict market responses to shocks.
- Illustrate and explain unintended consequences resulting from government interference in well-functioning markets.
- Illustrate and critically assess the aggregate economy using a macroeconomic model or models.
- Analyze and critically assess the effectiveness of fiscal and monetary policy and their relationship to inflation, unemployment, and the overall business cycle.
The student will be able to:
A. understand basic economic concepts of scarcity, opportunity cost, and self-interested behavior.
B. analyze the interrelationship of economics with other social sciences.
C. demonstrate understanding of the determinants of total output, employment, and economic growth.
D. apply macroeconomic models to understand the economy.
E. understand current economic statistics.
F. demonstrate understanding of the workings and controversies surrounding monetary and fiscal policy.
G. recognize and apply the importance of cultural sensitivity in economics.
A. Fundamental Economic Concepts
1. Definition of economics
2. Economic resources defined
3. Opportunity cost
4. Marginal analysis
5. Production possibilities curves
6. Command vs. Market economies
B. Supply and Demand Model
1. Law of Demand
2. Law of Supply
3. A change in supply (demand) vs. a change in quantity supplied (demanded)
5. Price ceilings
6. Price floors
C. Introduction to Macroeconomics
3. National income accounting
4. Economic growth
5. Business cycles
D. Aggregate Demand and Supply
1. Long-run AS vs. short-run AS
2. Shifts in the curves
3. Short-run equilibrium vs. long-run equilibrium
4. The Great Depression and John Maynard Keynes
E. Fiscal Policy
1. Expansionary vs. contractionary fiscal policy
2. Strengths and weaknesses
F. Monetary Policy
1. The nature of money
2. The banking system and the creation of money
3. The Federal Reserve System
4. The tools of monetary policy
5. Strengths and weaknesses
Special Facilities and/or Equipment
Method(s) of Evaluation
A. Midterm examinations
B. Final examination
C. Written assignments
D. Computer homework assignments
Method(s) of Instruction
A. Weekly formal lectures
B. Class discussions
C. Electronic discussions/chat
D. Computerized assignments (e.g., experiments)
Representative Text(s) and Other Materials
Colander, David C. Macroeconomics. 10th ed. New York: Irwin/McGraw-Hill, 2016.
Types and/or Examples of Required Reading, Writing, and Outside of Class Assignments
A. College level readings from primary and secondary sources.
B. College level writing assignments based on primary and secondary source reflection and/or analysis.