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PRINCIPLES OF ECONOMICS I |
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Class Hours: 4.0 |
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Credit Hours: 4.0 |
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Laboratory Hours: 0.0 |
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Revised: Fall 08 |
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Note: This course is
designed for transfer credit. |
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Catalog Course
Description: |
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A presentation of basic
economic concepts including supply and demand, competition, money and
banking, employment, inflation, and market models. Topics include
resource allocation, current economic problems of the |
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Entry Level Standards: |
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Students must be able to
read and write at the college level. |
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Prerequisites: |
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N/A |
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Corequisites: |
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College-level math |
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Textbook(s) and Other
Course Materials: |
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Required Textbook: Economics: Principles, Problems, and Policies
, (16th Edition), McConnell, Campbell R. and
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I. Week/Unit/Topic
Basis: |
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Week |
Topic |
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1 |
Chapter 1 The Nature
and Method of Economics (pp. 3-21) Chapter 2 The
Economizing Problem (pp. 22-38) |
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2 |
Chapter 4 The Market
System (pp. 60-72) Chapter 3 Individual Markets:
Demand and Supply (pp. 39-59) |
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3 |
Chapter 20 Supply and
Demand: Elasticities and Government-Set Prices (pp. 356-364; 369-371) Chapter 22 The Costs of
Production (pp. 392-412) |
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4 |
Chapter 23 Pure Competition
(pp. 413-437) |
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5 |
Chapter 24 Pure Monopoly
(pp.438-459) |
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6 |
Chapter 25 Monopolistic
Competition and Oligopoly (pp. 460-483) Chapter 32 Antitrust Policy
and Regulation (pp. 598-613) |
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7 |
Chapter 7 Measuring Domestic
Output, National Income, and the Price Level (pp. 112-130) |
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8 |
Chapter 8
Introduction to Economic Growth and Instability (pp. 131-151) |
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9 |
Chapter 9 Basic Macroeconomic
Relationships (pp. 152-170) |
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10 |
Chapter 11 Aggregate Demand
and Aggregate Supply (pp. 193-213) |
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11 |
Chapter 12 Fiscal
Policy (pp. 214-230) |
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12 |
Chapter 13 Money and
Banking (pp. 232-251) |
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13 |
Chapter 15 Monetary
Policy (pp. 268-290) |
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14 |
Chapter 18 Deficits,
Surpluses, and the Public Debt (pp. 325-337) |
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15 |
Final Exam |
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II. Course Objectives*: |
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A. |
Demonstrate a complete and
thorough understanding of American capitalism, economics of the firm and
resource allocation. I, III, IV, IV |
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B. |
Exhibit an adequate
understanding of national income, employment, and fiscal policy. I,
III, IV, VI |
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C. |
Demonstrate knowledge of
money, monetary policy and economic stability. I, III, IV, VI |
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D. |
Explain the basic concepts involved
in international economics and the world economy. I, III, IV, VI |
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E. |
Acquire the basic rudiments
of an economics vocabulary. I |
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*Roman numerals after course
objectives reference goals of the university parallel program. |
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III. Instructional
Processes*: |
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Students will: |
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1. |
Practice elements of the work
ethic such as professionalism, preparedness, punctuality, honesty,
cooperation, dependability, contribution, effectiveness, and good manners.
Communication Outcome, Transitional Strategy, Active Learning Strategy |
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2. |
Perform course assignments
such as class discussions, experiential exercises, written presentations,
Internet research, etc. that help develop critical thinking and problem
solving skills. Communication Outcome, Social/Behavioral Sciences Outcome,
Technological Literacy Outcome, Transitional Strategy, Active Learning
Strategy |
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3. |
Use email to communicate
problems, questions, and issues to instructor. Communication Outcome,
Technological Literacy Outcome |
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4. |
Complete a minimum of three
written analyses of articles relating to current economic events. Communication
Outcome, Social/Behavioral Sciences Outcome |
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*Strategies and outcomes
listed after instructional processes reference TBR’s goals for
strengthening general education knowledge and skills, connecting coursework
to experiences beyond the classroom, and encouraging students to take active
and responsible roles in the educational process. |
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IV. Expectations for
Student Performance*: |
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Upon successful completion
of this course, the student should be able to: |
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1. |
Explain how economics is
related to scarcity. A,E |
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2. |
Explain the difference between
positive and normative economics. A,E |
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3. |
Identify the 4 factors of
production and provide examples. A,E |
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4. |
Discuss in detail the
production possibilities concept including opportunity cost, law of
increasing opportunity cost, and the shifting of the production possibilities
frontier. A,E |
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5. |
Construct a production
possibilities curve. A,E |
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6. |
Explain the characteristics
of the market system. A,E |
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7. |
Identify and explain the
Four Fundamental Questions. A,E |
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8. |
Define demand and supply,
graph demand and supply, and state the law of demand and the law of
supply. A,E |
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9. |
List the factors that shift
demand and supply and determine equilibrium price and quantity. A,E |
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10. |
Define and calculate the
price elasticity of demand as well as explain the determinants of demand
elasticity. A,E |
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11. |
Define economic profit, accounting
profit, fixed costs, and variable costs. A,E |
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12. |
Explain the law of
diminishing returns. A,E |
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13. |
Compute and graph AFC, AVC,
ATC, and MC when given total cost data. A,E |
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14. |
List the causes of
economies and diseconomies of scale. A,E |
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15. |
List the characteristics of
perfect competition. A,E |
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16. |
Use the marginal
revenue-marginal cost approach to determine output produced in the short
run. A,E |
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17. |
Define monopoly and explain
the conditions under which it arises. A,E |
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18. |
Define natural monopoly and
the conditions under which it occurs. A,E |
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19. |
Define price discrimination
and its necessary conditions. A,E |
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20. |
Define monopolistic
competition and explain how price and output are determined. A,E |
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21. |
Define oligopoly and
explain why the price might be sticky in an oligopoly industry. A,E |
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22. |
Explain the major antitrust
acts and their applications. A,E |
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23. |
Define the term GDP and
compute GDP using the expenditure approach when given national income
accounting data. B,E |
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24. |
Distinguish between nominal
GDP and real GDP. B,E |
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25. |
Define recession,
depression, peak, trough, and recovery/expansion. B,E |
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26. |
Define full employment and
the process used to measure the unemployment rate. B,E |
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27. |
Define discouraged workers
and underemployment. B,E |
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28. |
Describe frictional,
structural, and cyclical unemployment. B,E |
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29. |
Define inflation and
describe how the CPI is used to measure inflation rates. B,E |
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30. |
Define demand-pull and
cost-push inflation. B,E |
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31. |
Define APC, APS, MPR, and
MPS. B,E |
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32. |
Identify the determinants
of investment. B,E |
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33. |
Explain how equilibrium output
is determined using the simple Keynesian cross. B,E |
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34. |
Calculate the spending and
tax multipliers and use these to determine the effects of changes in fiscal
policy. B,E |
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35. |
Define recessionary and inflationary
gaps. B,E |
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36. |
Define aggregate demand and
aggregate supply. B,E |
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37. |
Draw the AS curve, label
the three ranges, and explain them. B,E |
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38. |
Identify the factors that shift
the aggregate demand curve. B,E |
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39. |
Explain how/when both
expansionary and contractionary fiscal policies are used. B,E |
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40. |
List the 3 properties of
money and explain the meaning of each. C,E |
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41. |
Explain what backs the
money supply in the |
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42. |
Diagram the money market
and determine the equilibrium interest rate. C,E |
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43. |
Describe the structure of
the |
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44. |
Compute a bank's required
and excess reserves. C,E |
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45. |
Calculate the money
multiplier. C,E |
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46. |
Identify the 3 quantitative
controls and explain how each may be employed by the Federal Reserve to expand
or to contract the money supply. C,E |
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47. |
Describe the demand-side
transmission mechanism of monetary policy. C,E |
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48. |
Explain the effects of
budget deficits on the economy. B,E |
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49. |
Define comparative
advantage and calculate the gains from trade in a 2-country, 2-good
model. D,E |
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50. |
Explain the effects of
quotas, VERs, tariffs, and NTBs. D,E |
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51. |
Enumerate the rationales for
protectionist policies and discuss their merits. D,E |
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*Letters after performance
expectations reference the course objectives listed above. |
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V. Evaluation: |
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A. Testing Procedures: |
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Students are evaluated
primarily on the basis of tests. A minimum of three major tests is
recommended. |
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B. Laboratory Expectations: |
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N/A |
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C. Field Work: |
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Students are required to complete
a minimum of three written analyses of articles relating to current economic
events. Each instructor will provide full details during the first week
of class via a syllabus supplement. |
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D. Other Evaluation
Methods: |
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Class participation and
homework will also comprise the final grade for the course. Each
instructor will provide full details during the first week of class via a
syllabus supplement. |
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E. Grading Scale: |
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92 - 100
A 89 - 91
B+ |
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VI. Policies: |
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A. Attendance Policy: |
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B. Academic Dishonesty: |
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Plagiarism, cheating, and other forms of
academic dishonesty are prohibited. Students guilty of academic
misconduct, either directly or indirectly through participation or
assistance, are immediately responsible to the instructor of the class.
In addition to other possible disciplinary sanctions which may be imposed
through the regular |
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C. Accommodations for
disabilities: |
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If you need accommodation because
of a disability, if you have emergency medical information to share, or if
you need special arrangements in case the building must be evacuated, please
inform the instructor immediately.
Privately after class or in the
instructor's office. To request accommodations
students must register with Services for Students with Disabilities: Goins
127 or 131, Phone: (865) 539-7153 or (865) 694-6751 Voice/TDD. |
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D. Computer Usage
Guidelines: |
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College-owned
or –operated computing resources are provided for use by students of
Pellissippi State. All students are responsible for the usage of
Pellissippi State’scomputing resources in an effective, efficient,
ethical and lawful manner. (Pellissippi State, 2004-2006 Catalog,
pages 67-70) |
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