12/17/14 DATE Social Science DIVISION
REQUIRED COURSE NEW COURSE
ELECTIVE COURSE x REVISION
LAKE LAND COLLEGE
Course Information Form
COURSE NUMBER ECO130 TITLE The American Economy
SEM CR HRS 3 LT HRS 3 LAB HRS SOE HRS ECH
COURSE PCS # (Assigned by Administration)
PREREQUISITES: None
Catalog Description (40 Word Limit): Combines Macroeconomics and Microeconomics and focuses on basic supply and demand analysis, national income accounting, business cycles, inflation, unemployment, fiscal and monetary policy, and international economic problems.
CONTENT LECTURE LAB OUTLINE HOURS HOURSIntroduction to Economics 8
The Market System 8
National Income Accounting 8
Types & Structure of Competition 5
Cost Structures Used in Economic Thinking 5
Fiscal Policy 5
Monetary Policy 3
International Economics (Time Permitting) 3
EVALUATION: Quizzes X Exams X Oral Pres. Papers X
Lab Work Projects Comp.Final Other Problem Sets and
Homework Exercises
Textbook: Title Essentials of Economics
Author Schiller
Publisher McGraw/Hill
Volume/Edition 3rd Edition Copyright Date 1999
SEE REVERSE FOR CONTENT DETAIL
Major Course Segment Hours Learning Outcome
INTRODUCTION TO ECONOMICS An introduction to basic
Definitions, Pitfalls, Graphing and Other 2 concepts and laws of
Economic Tools economics. The student
Factors of Production and Fundamental 1 will be able to demonstrate
Economic Questions the ability to read and
Other Economic Systems - Traditional 2 interpret charts and graphs
Command, Market, Soc., Comm.
Absolute and Comparative Advantage 1
Production Possibilities Curve 1
Circular Flow Economic Model 1
THE MARKET SYSTEM
Define Demand and Its Determinants 1
Compare and Contrast a Change in Demand 1
and a Change in the Quantity Demanded
Graphically, Verbally and Qualitatively 1
Show the Effects of a Change in Demand
Define Supply and its Determinants 1
Compare and Contrast a Change in Supply 1
and a Change in the Quantity Supplied
Graphically, Verbally and Quantitatively 1
Show the Effects of a Change in Supply
Explain the Concept of Equilibrium, 2
Surpluses and Shortages
NATIONAL INCOME ACCOUNTING
Define and Explain the Concept of Gross 1
Domestic Product Using the Expenditure
Approach
Define, Construct and Utilize a Price Index 2
to Explain the Concept of Real GDP
Define and Give a Historical Context of 2
the Business Cycle
State and Explain the Costs of Unemployment 1
State and Explain the Types and Conditions 1
of the Three Types of Inflation
ATTACH ADDITIONAL PAGES IF NEEDED
Major Course Segment Hours Learning Outcome
TYPES AND STRUCTURE OF COMPETITION
Define and Explain Sole Proprietorships, 1
Partnerships and Corporations
Define and Explain the Characteristics and
Differences Between:
A. Pure Competition 1
B. Monopolistic Competition 1
C. Oligopoly 1
D. Monopoly 1
COST STRUCTURES IN ECONOMICS
Costs and Profits 1
Define and Explain Fixed, Variable, and 2
Marginal Costs
Total and Marginal Revenue
Define and Explain the Concept of 2
Equilibrium Using Cost Revenue Analysis
FISCAL POLICY
Explain and Derive the APS, APC, MPS & MPC 1
Utilize the Multiplier Concept to Define 2
Equilibrium Output
Define and Utilize Fiscal Policy 2
MONETARY POLICY
Define and List the Functions of Money 1
Explain the Basis for the Backing of the 1
Current U.S. Money Supply
Define and Explain the Functions of the 1
Federal Reserve System
List and Explain the Tools of Monetary Policy 2
THE INTERNATIONAL SETTING TIME PERMITTING
Trading on the World Market
Arguments For and Against Trade Restrictions
Explain the Balance of Payments
Compare and Contrast Floating' Currencies Compared to Set Values
International Economic Transactions
THE FOLLOWING GENERAL EDUCATION GOALS ARE MET IN THIS COURSE:
Critical Thinking: Students are required to identify real life examples of the economic principles taught in class. This requires students to take knowledge that is theoretical in nature and then use this information to analyze real life events.
Problem Solving: Students will use graphs to illustrate many different economic principles. In doing so, students will become proficient in drawing and interpreting two-variable graphs. Students will also be required to perform mathematical operations and use percentages throughout the semester.
Diversity: Students are exposed to several different schools of economic thought. Through this, students will see how it is possible to reach a variety of conclusions depending on your economic perspective.
Course Outcomes: At the successful completion of this course, students will be able to:
· Students will demonstrate an understanding of supply and demand
· Students will have a basic understanding of the circular flow economic model