I. General Information
1. Course Title:
Principles of Economics-Macroeconomics
2. Course Prefix & Number:
ECON 2401
3. Course Credits and Contact Hours:
Credits: 3
Lecture Hours: 3
Lab Hours: 0
4. Course Description:
This course provides the basic principles behind the economic process, nature of the free-enterprise system, money and banking, national income, monetary and fiscal policy, and other macroeconomic concepts. Although not required, it is recommended that students complete ECON 1450 prior to taking this course.
5. Placement Tests Required:
6. Prerequisite Courses:
ECON 2401 - Principles of Economics-Macroeconomics
There are no prerequisites for this course.
9. Co-requisite Courses:
ECON 2401 - Principles of Economics-Macroeconomics
There are no corequisites for this course.
II. Transfer and Articulation
1. Course Equivalency - similar course from other regional institutions:
|
Name of Institution |
Course Number and Title |
Credits |
|
St. Cloud State University |
ECON 205 Principles of Macroeconomics |
3 |
|
University of Minnesota Duluth |
Econ 1022 Principles of Macroeconomics |
3 |
|
Winona State University |
Econ 202 Principles of Macroeconomics |
3 |
III. Course Purpose
Program-Applicable Courses – This course fulfills a requirement for the following program(s):
MN Transfer Curriculum (General Education) Courses - This course fulfills the following goal area(s) of the MN Transfer Curriculum:
Goal 5 – History and the Social and Behavioral Sciences
IV. Learning Outcomes
1. College-Wide Outcomes
| College-Wide Outcomes/Competencies |
Students will be able to: |
| Demonstrate written communication skills |
Students will apply macroeconomic theories to understand the structure and process of the World Economy. |
| Demonstrate reading and listening skills |
Students will read assigned material, listen and take notes using a study-guide in lectures, and listen to classmates during class discussion and economic topic debate. |
2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of
the course:
|
Expected Outcome |
MnTC
Goal Area |
|
Employ the methods and data that historians and social and behavioral scientists use to investigate the human condition. |
5 |
|
Examine social institutions and processes across a range of historical periods and cultures. |
5 |
|
Use and critique alternative explanatory systems or theories. |
5 |
I. General Information
1. Course Title:
Principles of Economics-Macroeconomics
2. Course Prefix & Number:
ECON 2401
3. Course Credits and Contact Hours:
Credits: 3
Lecture Hours: 3
Lab Hours: 0
4. Course Description:
This course provides the basic principles behind the economic process, nature of the free-enterprise system, money and banking, national income, monetary and fiscal policy, and other macroeconomic concepts. Although not required, it is recommended that students complete ECON 1450 prior to taking this course.
5. Placement Tests Required:
6. Prerequisite Courses:
ECON 2401 - Principles of Economics-Macroeconomics
There are no prerequisites for this course.
9. Co-requisite Courses:
ECON 2401 - Principles of Economics-Macroeconomics
There are no corequisites for this course.
II. Transfer and Articulation
1. Course Equivalency - similar course from other regional institutions:
|
Name of Institution |
Course Number and Title |
Credits |
|
St. Cloud State University |
ECON 205 Principles of Macroeconomics |
3 |
|
University of Minnesota Duluth |
Econ 1022 Principles of Macroeconomics |
3 |
|
Winona State University |
Econ 202 Principles of Macroeconomics |
3 |
III. Course Purpose
1. Program-Applicable Courses – This course fulfills a requirement for the following program(s):
2. MN Transfer Curriculum (General Education) Courses - This course fulfills the following goal area(s) of the MN Transfer Curriculum:
Goal 5 – History and the Social and Behavioral Sciences
IV. Learning Outcomes
1. College-Wide Outcomes
| College-Wide Outcomes/Competencies |
Students will be able to: |
| Demonstrate written communication skills |
Students will apply macroeconomic theories to understand the structure and process of the World Economy. |
| Demonstrate reading and listening skills |
Students will read assigned material, listen and take notes using a study-guide in lectures, and listen to classmates during class discussion and economic topic debate. |
2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of
the course:
|
Expected Outcome |
MnTC
Goal Area |
|
Employ the methods and data that historians and social and behavioral scientists use to investigate the human condition. |
5 |
|
Examine social institutions and processes across a range of historical periods and cultures. |
5 |
|
Use and critique alternative explanatory systems or theories. |
5 |
V. Topical Outline
Listed below are major areas of content typically covered in this course.
1. Lecture Sessions
- What is the Economic Way of Thinking?
- Scarcity and opportunity cost
- Micro and Macro Economics
- Normative vs Positive Economics
- Factors of Production
- Labor Markets and Income Distribution
- Marginal revenue product (MRP)
- Demand curve for labor
- Derived demand
- Supply curve for labor
- Human capital
- Collective bargaining
- Poverty line
- Comparable worth
- In-Kind transfers
- Gross Domestic Product
- Expenditure Approach
- Transfer Payment
- Final goods
- Circular Flow Model
- Disposable personal income
- National Income
- Real GDP
- Personal income
- Nominal GDP
- Business Cycles and Unemployment
- Recession
- Recovery
- Economic Growth
- Leading indicators
- Coincident indicators
- Lagging indicators
- Unemployment rate
- Civilian labor force
- Discouraged worker
- Types of Unemployment: Frictional, Structural, and
- Cyclical
- Full Employment
- Trough
- Peak
- Inflation
- Consumer price index (CPI)
- Base year
- Deflation
- Disinflation
- Nominal Income
- Real Income
- Wealth
- Real interest rate
- Nominal interest rate
- Demand-pull inflation
- Cost-push inflation
- Hyperinflation
- Aggregate Demand and Supply and Fiscal Policy
- Aggregate Demand Curve (AD)
- Real balances or wealth effect
- Interest-rate effect
- Net exports effect
- Aggregate Supply Curve (AS)
- Classical Economists
- Keynesian Range
- Intermediate Range
- Classical Range
- Stagflation
- Discretionary fiscal policy
- Spending multiplier
- Marginal propensity to consume
- Tax multiplier
- Automatic stabilizers
- Budget surplus
- Budget deficit
- Supply-side fiscal policy
- Laffer Curve
- The Public Sector
- Government expenditures
- Benefits-received principle
- Ability-to-pay principle
- Average tax rates
- Marginal tax rate
- Regressive tax
- Proportional or flat tax
- Public Choice Theory
- Benefit-cost analysis
- Rational Ignorance
- National Debt
- Net Public Debt
- Debt ceiling
- Internal national debt
- External national debt
- Crowding-out effect
- Crowding-in effect
- Money, The Federal Reserve System, and Monetary Policy
- Barter
- Medium of exchange
- Unit of account
- Store of value
- Commodity money
- Fiat money
- M1 and M2
- Currency
- Checkable Deposits
- Federal Reserve System
- Federal Open Market Committee (FOMC)
- Federal Deposit Insurance Corporation (FDIC)
- Board of Governors
- Required reserves
- Excess reserves
- Money multiplier
- Open market operations
- Discount rate
- Federal funds market
- Federal funds rate
- Transactions demand for money
- Precautionary demand for money
- Speculative demand for money
- Demand for money curve
- Monetarism
- Velocity of money
- International Trade and Finance
- Comparative advantage
- Absolute advantage
- Free trade
- Protectionism
- World Trade Organization (WTO)
- Embargo
- Tariff
- Quota
- Balance of payments
- Balance of trade
- Exchange rate
- Depreciation of currency
- Appreciation of currency