SCHOOL OF BUSINESS
EC 2013 PRINCIPLES OF ECONOMICS I
INSTRUCTOR: Dr. Syed M. Ahmed
OFFICE: Room BUS 109
PHONE: (Office) 581-2430
CLASS HOURS: T R 7:05 PM – 9:40 PM
OFFICE HOURS: M T W TH 9:30-11:30 AM
CLASS LOCATIONS: HOW 101, DUNC 124
E-MAIL ADDRESS: email@example.com
This course is an introduction to macroeconomics. In this course, the emphasis is primarily placed on the aggregate (macro) economic behaviour of all agents in an economy rather than the micro behaviour of an individual agent or a group of agents. As a principles course, this course introduces the basic concepts of macroeconomic analysis to students and therefore helps them build the foundation for further study in this area. The course will deal with issues in national income, price level, inflation, unemployment, exchange rate, public debt, money and banking, government monetary and fiscal policies. The course will also highlight the nature of conflicts among various macroeconomic goals such as controlling inflation and maintaining a high level of employment.
By the end of the course, the students should:
1. understand the nature of a market economy in terms of demand and supply
2. learn how to measure important macroeconomic variables such as national income, inflation, unemployment, interest rate and the exchange rate and the interrelationships among them;
2. be able to assess various government monetary and fiscal policies;
3. understand the role of money in the society and the process of money creation;
4. familiarise themselves with the major issues and controversies among major schools of thought in macroeconomics
5. be exposed to the basic structure, institutions and problems specific to the US macroeconomy
6. be capable of understanding the macroeconomic reports published in newspapers, journals, etc. and also covered by radio and television.
This is primarily a lecture class. The class time will be spent on lectures allowing student participation. Lectures on most parts of the course will be of an analytical orientation. Questions and discussions on lecture materials and other relevant issues will be encouraged in the class.
1. You are expected to attend classes regularly. DO NOT BE LATE.
2. You are responsible for all materials covered in lectures, assigned readings or homework assignments.
3. In order to keep pace with the progress of the class, you are expected to read the materials before coming to the class.
4. There will be no make up tests for quizzes
5. Make-up of mid-term examinations will be given only on serious medical grounds.
Assignments (Aplia)* 15%
6 Quiz (from 7) 20%
2 Mid term examinations 30%
Final exam 35%
The grades may be adjusted upward for students who attend classes regularly, participate in class discussions and simply for good manners in the class. Outstanding class participation may raise your grade by as much as one letter grade, for example C to B and B to A. Roll calls will be taken randomly, random by class days and by class times.
Weekly homework assignments are found on the Aplia website. These assignments will collectively count for 15% of your grade. The Aplia site requires a separate registration process. Here are the steps:
Assignments in APLIA: Many assignments come in pairs of practice and graded problem sets. The practice sets give you immediate feedback about whether your answer is right or wrong and an explanation of the correct answer. They are not counted as part of your homework grade. Use them to check your understanding of the material. If you are confident, you can go directly to the graded problem set, and refer back to the practice set only if you want some additional help.
The graded problem sets have a firm due date. You can change your answers as many times as you like before the due date has passed. Once the due date has passed, the grade will be recorded and it will not be possible to change your answers or complete the assignment at this point. In other words, Aplia assignments must be completed by the due date. The software does not care whether you have an excuse or not. These assignments are posted weeks in advance. Do them early to avoid any emergencies preventing your completion before the due date. After the due date, you will be able to see the correct answers and the explanations for graded problems.
The cost of Aplia is $28.00 per student for this class for the semester. You may register and use the website until 07/27/2005 without paying the fee. If you are considering dropping this course during the drop/add period, do not make a payment until you are sure. You will need to pay the full amount before the end of the grace period to continue using the site. You may pay online with a credit card or personal check, or you can mail a check or money order to the address provided on the Aplia site.
If you can afford only one item, Aplia or the textbook, register for Aplia. You can read the textbook during my office hours, or in the library, but you must register individually at the Aplia site to do the assignments, which will count for part of your grade.
Disclaimer: This instructor is not financially affiliated with Aplia and receives no monetary benefit from requiring this material.
MARKING AND GRADING POLICY
The following letter grading system will be used in assigning final grades. Tests, assignments, etc. will be given marks. These marks will be combined according to the weights described above (see evaluation section) and converted into a letter grade at the end of the course.*
Grade Percentage equivalents
A 85 - 100 Excellent performance
B 75 - 84 Very good performance
C 65 - 74 Good performance
D 55 – 64 Poor performance
F < 55 Fail
* The above scale may be raised or lowered by a couple of percentages if the class average is exceptionally low or high.
Mankiw, N. Gregory, Brief Principles of Macroeconomics. 4th edition, Website address for student resources on Mankiw: http://mankiw.swlearning.com. Thomson South-Western
REQUIRED WEB RESOURCE: aplia (See under evaluation section)
Study Guide to accompany Principles of Macroeconomics by Mankiw, 4th edition, Thomson South-Western
Timelines for course coverage in lectures
The following is a tentative schedule. I may make adjustments on the basis of progress in the class.
June 5 Principles of Economics, Ch 1
Thinking like an Economist, Ch 2
June 7 Trade, Ch 3
June 12 Demand and Supply - How Markets Work, Ch 4
June 14 Measuring a nation’s income, Chapter 5
June 19 Measuring the cost of living, chapter 6
June 21 Production and growth, Chapter 7
June 26 Saving, Investment and final system, Ch 8
June 28 Unemployment and its natural rate, Ch 10
July 3 Exam 1
July 5 Monetary system, Ch 11
July 10 Money , Growth and Inflation, Ch12
July 12 Aggregate Demand and aggregate supply, Ch 15
July 17 Influence of monetary and fiscal policy on aggregate demand, Ch 16
July 19 Open economy macroeconomics-basic concept, Ch 13
July 24 Macroeconomic theory of open economy, Ch 14
July 26 Final exam
All quizzes and term examinations will be held on Wednesdays of the weeks they are scheduled for, unless otherwise announced. Please note that students will be consulted prior to making any substantial changes in the course outline. Final exam date cannot be changed, schedule your travel arrangements accordingly.