Econ 2101
Welcome to Principles of Macroeconomics
Hi Folks!
This is the first course in the study of how the overall economy works and what options there are to shape the outcomes. Our central theme is what determines how much we produce, how many people are employed, and what the price level is. These topics are in the news every day. We will use the tools of economics to take an analytical look at these topics.
If you follow the US news, you have already heard a lot about macroeconomics. Since the Great Recession began in December 2007, the economic news has been dominated by discussions of problems in the financial industry, the housing bubble, the level of employment and unemployment, the Fed and monetary policy, the federal debt, optimal tax rates, and the fiscal cliff. This course helps you understand the economics at work in these important issues. With some work, the world will look differently to you at the end of the course than it does at the beginning.
The more you know about current events, the more you will get out of the course. Consider reading the Wall Street Journal, The Economist, or Business Week. You may also find segments of BBC News, PBS News Hour (pbs.org/newshour) and Charlie Rose (charlierose.com) of interest.
This course uses graphs to show ideas, so the more you know and understand about graphs, the easier this course will be. You are expected to know how to convert an equation into a graph, to convert a table into a graph, and to use a graph to make inferences. Khan Academy breaks the skills you need into videos of no more than 10 minutes each. There is a list of useful links on the Moodle2 site for this course if you need to review. Foundations of Economic Thinking
The required textbook for this course is Principles of • Scarcity and choice Macroeconomics, edition 2.0, by Rittenberg and • Supply and demand Tregarthen. The text is published by Flat World Knowledge, a company that is pioneering low-cost Macroeconomic Measures and Issues textbook publishing. You have several options for • Production and output acquiring the text. These are explained at here. I have • Real and nominal values no preference as to what format you purchase. Any • Inflation notation that I recommend the All Access Pass is a generic statement by Flat World. You know how you study best, so choose accordingly. Macroeconomic Policy
• The Fed and monetary policy This doesn't look like your usual syllabus, right? It has • Fiscal policy all the usual syllabus content. I promise.
Try to forget your ideas about whether this course is Investment easy or difficult, fascinating or boring. Come see for yourself! International trade Cheers, Carol Swartz
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INSTRUCTOR Dr. Carol Swartz [email protected] Office: 217 A Friday Building Office Hours: Monday and Wednesday, 1:00 – 3:00 pm, and by appointment only.
COURSE MATERIALS
This course uses Moodle2 for assignments and class communications.
The textbook is Principles of Macroeconomics, edition 2.0, by Rittenberg and Tregarthen. The text is published by Flat World Knowledge, a company that is pioneering low-cost textbook publishing. You have several options for acquiring the text. These are explained at here.
THIS IS YOUR EDUCATION.
You are beginning your transition from the academic world to your first career. It is important to your future success that you build and strengthen habits of self-reliance. You gain nothing from being told the answer. You must learn to work through problems on your own if you are to succeed. An employee who repeatedly asks her supervisor what to do and what to decide will soon discover that it is easier for the manager to do the work herself – without the employee. Independent workers are independent learners.
Giving a solution right away seldom helps the student and might create a false feeling of understanding of the concepts involved. It is rightfully considered cognitive theft. ~ Shai Simonson, Professor, Stonehill College
I am not a thief. ~ Carol Swartz Professor, UNC Charlotte
Learning is an inherently cumulative and self-managed activity. The ultimate goal of a college education is to develop independent learning skills and to cultivate a desire for lifelong learning. You will likely face several career changes, each presenting new challenges and requiring a new set of abilities. The most important benefit that you can take from college is the ability and confidence to learn independently. It is important to develop problem-solving skills, including the ability to: identify resources and leverage them to your benefit, identify knowledge gaps and fill them, and evaluate the proposed solution for its correctness and relevance to the problem.
No purpose is served by requiring tasks based solely on memorizing material. The purpose of an education is to expand your knowledge and your problem-solving skills. Passing tests is a consequence of learning, not an end in itself. Be resourceful in trying to solve your problems before contacting the instructor. You may be asked to explain the approaches you have already attempted.
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PATH TO SUCCESS: COURSE GROUND RULES
1. Attend class. This is the equivalent of showing up for work.
2. Be prepared for each class meeting. Study the assigned material BEFORE the class meeting AND learn the specialized vocabulary terms.
3. Stay for the entire class time. You may not go out and come back to class. You are expected to refrain from side conversations during the class. Do not leave the class to visit the vending machines, kill an enemy, check Facebook, rob a bank, try a new margarita recipe, or any other reason. Your actions have consequences for you and for others, so limit your footprint, please.
4. The best practice is to avoid using any electronic device during class. Taking notes by hand facilitates learning. Cursive writing produces more retention than printing. There is sound research to support this.
However, some of you will be unable to refrain from using electronic devices. If you plan to use your phone, your tablet, your laptop, your Black and Decker Drill, or a food processor, please sit in the last 5 rows of the classroom.
It is never appropriate to use headphones during class.
5. You may not take pictures or make recordings of the lecture or other class work. These products are the property of the instructor. Your notes are your products and you can do as you like with them provided you do not create disincentives for class attendance.
6. If you miss a class, get the notes from a classmate. The instructor does not deliver instant replays or even summary notes.
7. In addition to time spent in class, you should plan to spend at least 6 hours per week studying for this course alone. Additional time will be required if your prerequisite skills are weak. Additional time is also required to prepare for exams. If you are not prepared to devote this time, week after week, reschedule this course for a semester when you have more time available.
8. Identify and correct any skill deficiencies related to this course. These skills may be the correct use of capitalization and other grammatical conventions, arithmetic and algebraic facility, creating and understanding graphs, or time management skills.
9. You are responsible for solving your own IT problems. If something is not working on your phone, Mac, or tablet, try a Windows computer. Use Firefox as your browser. If you continue to have difficulty, call the help desk at 7 – 6400.
UNIVERSITY POLICIES It is your responsibility to be fully and accurately informed of University policies, including, but not limited to, rules regarding dropping and adding courses, graduation requirements, and student conduct. The Dean of Students Office is the authoritative source for these policies.
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The UNC Charlotte Code of Student Academic Integrity will be actively enforced in this course. The code forbids cheating, fabricating or falsifying information, submitting academic work for multiple requirements, plagiarizing, abusing academic materials, and complicity in academic dishonesty. Be sure you know the meaning of these terms. "I didn't think THAT was plagiarizing." is not an acceptable defense. Any special requirements or permissions regarding academic integrity will be stated by the instructor and are binding on you. You are expected to report cases of academic dishonesty to the course instructor.
If you have a disability that affects your ability to do the work in this course, please contact the Office of Disability Services to obtain a Letter of Accommodation. The office is 230 Fretwell; phone 7.4355.
The Belk College of Business strives to create an inclusive academic climate in which the dignity of all individuals is respected and maintained. Therefore, we celebrate diversity that includes, but is not limited to ability/disability, age, culture, ethnicity, gender, language, race, religion, sexual orientation, and socio- economic status.
GRADES Grades will be based on the following events: Hour exam (4 exams, 100 points each) Quizzes for each chapter in Moodle (120 points total) A cumulative final exam (200 points)
Exams: Barring Acts of God or University closure, the exams will be given on the date scheduled. If an exam is not given on the date scheduled, it will be given in the next class meeting. Prepare in advance for challenging circumstances such as having exams in other courses on the same day.
Students who arrive late for tests and/or the final examination will be permitted to sit the test or exam provided that no student has turned in their paper prior to the student’s arrival. Once a paper has been turned in, late arriving students will not be permitted to begin the test or exam. A student who begins a test or exam late will not be given extra time at the end of the regular test or examination period.
All students are required to take the final exam. It is a comprehensive, cumulative, all-inclusive exam covering all the material from this course.
Grade Replacement Policy: The final exam is divided into five sections, one for the material covered by each of the four hour exams. If your grade on a section of the final is greater than your grade on the corresponding hour exam, the grade from the final will be substituted for the hour exam grade. There is no limit on the number of substitutions allowed with the exception of the missed exam provision above. This system rewards students who learn and retain the material by the end of the semester.
Quizzes: All quizzes will be made available in Moodle 2. They must be completed as indicated on the assignment in Moodle. Each quiz consists of 10 multiple choice questions with four possible answers each. Your highest score for three attempts is the only score counted.
Your two lowest quiz scores will be dropped. Quiz scores are not subject to grade replacement.
Each student is expected to complete the quizzes on their own without the use of outside materials or help from another person. Violations of this rule constitute an Honor Code offense.
Extra Credit: Extra credit opportunities may be available from time to time at the discretion of the instructor.
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Missed Exams: If you miss any exam for any reason, you will be given a grade of 0 for that exam. If you arrive too late to take the exam, you will be given a grade of 0 for that exam. The missed exam will be subject to the grade replacement policy described above.
Course Grades: Grades will be assigned based on your course points according to the following scale:
Course Grade A B C D F
Cumulative Points 648 or more 576 -- 647 504 – 575 432 – 503 Less than 432
COURSE SCHEDULE
Date Day Topic 19 Aug M Chapter 1: Introduction to Economics 21 Aug W Chapter 2: Production Options
26 Aug M Chapter 3: Demand and Supply
28 Aug W Chapter 3: Demand and Supply
2 Sept M Labor Day. No class. 4 Sept W Chapter 3: Demand and Supply; Chapter 4: More Demand and Supply 9 Sept M Chapter 4: More Demand and Supply 11 Sept W Exam 1 16 Sept M Chapter 5: Introduction to Macroeconomics 18 Sept W Chapter 5: Introduction to Macroeconomics
23 Sept M Chapter 6: Measuring Production and Income
25 Sept W Chapter 7: Aggregate Demand and Aggregate Supply
30 Sept M Chapter 7: Aggregate Demand and Aggregate Supply 2 Oct W Exam 2 7 Oct M Fall Break. No Class. 9 Oct W Chapter 8: Economic Growth 14 Oct M Chapter 9: Money 16 Oct W Chapter 9: Money 21 Oct M Chapter 10: Financial Markets and the Economy 23 Oct W Chapter 10: Financial Markets and the Economy 28 Oct M Exam 3 30 Oct W Chapter 11: Monetary Policy and the Fed
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Date Day Topic 4 Nov M Chapter 11: Monetary Policy and the Fed 6 Nov W Chapter 12: Government and Fiscal Policy 11 Nov M Chapter 12: Government and Fiscal Policy 13 Nov W Chapter 14: Investment and Economic Activity 18 Nov M Chapter 14: Investment and Economic Activity 20 Nov W Exam 4 25 Nov M Chapter 15: Net Exports and International Finance 27 Nov W Thanksgiving Break. No Class. 2 Dec M Chapter 15: Net Exports and International Finance 4 Dec W Review 11 Dec W Final Exam 2:00 – 4:30 pm
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