Course Outline
EC 230
Principles of Economics I
PROFESSOR: Dr.
Athanasius O. Njoku
COURSE: EC 230 Principles of Economics I
OFFICE: Duckett Hall 226
TELEPHONE: (803) 253-5406
OFFICE HOURS: Monday, Wednesday, Friday- 11:00-12:00
Tuesday
& Thursday- 1:00-2:30/ 4:00-5:00
*****Other times made by appointment*****
Text: Macroeconomics
16th Edition, Samuelson and
This course is an introduction to the Principles of Modern Economics. The material deals with the Principles of Macroeconomics- the Economics of the State, Nation, or any other large aggregate unit. Topics covered are the Determination of National Income, the Effects of Saving, Consumption, Government Spending, Investment on National Income, and Macroeconomics Policies to Combat Unemployment and Inflation.
· To provide students with a general knowledge of the basic macroeconomics principles and policies and to relate these to the major economic institutions that forms the backbone of the American Free Enterprise System.
· To help students gain a better understanding and the ability to analyze important macroeconomics matters that effect their daily lives.
· The course will serve as an important step toward a student’s plan for advance study in Economics.
OTHER
Students are expected to bring to class news that pertains to Economics. Some class time will be allocated for each identified student to state the news and relate it to concepts learned in the class (sec EC 231). The instructor reserves the right to call students to tutorial sessions. The date and time will be announced in advance.
Students are to dress in collegiate attire for class.
NO SHORTS ALLOWED!
Also, plan to go to graduate school!
ATTENDENCE
Students are to adhere to the College’s attendance policy.
Students who miss class should get notes and assignments form classmates and consult with the instructor for assistance and clarification. Being absent is not an excuse for not getting classwork.
COURSE
OBJECTIVES
After
the completion of the course, students will be able to:
·
Explain
what Economics is all about and read and work with graphs.
·
Explain
and understand Demand and Supply and the price system.
·
Understand
business fluctuation, unemployment and inflation, Real World indices and their
problems.
·
Understand
the circular flow of income and product
·
Measure
the Economy’s performance, Aggregate Demand and Aggregate Supply, Aggregate
Demand- Consumption and Investment.
·
Understand
income and employment discrimination.
·
Explain
the Acceleration Principle and the interaction between accelerator and
multiplier.
·
Understand
Fiscal and Monetary Policy and the Banking system
·
Understand
the process of Money Creation, the Federal Reserve, and Monetary Policy.
·
Explain
Comparative Advantage in International Trade, Exchange rates, and the Balance
of Payments.
·
Explain
inflation, Rational Expectation, Supply Side Economics, and Economic Growth
·
Understand
Capitalism and the American Economy, Government and Public Choice, Government
Spending and Taxation.
·
Understand
International Trade, Economics of Developing Countries and other Economic
Systems
Four exams are tentatively scheduled. Students are expected to maintain progressive grades to pass the course. Exams will be at least 25% essay. A student scoring grades like 40, 60, 70 and 80 will earn a grade of “C” or better. While a student with the grades like 80, 70, 60, and 40 will earn a grade of “D” or worse.
McEachern,
William A. Macroeconomics 5th edition. Southwestern Publishing
Company, Cincinnati, Ohio, 1997.
Roy,
J. Ruffine and Paul R. Gregory. Principles of Economics, Scott Forman and
Company, 1983.
The
Wall Street Journal and The State Newspaper.
Macroeconomics,
McConnel, Campbell and Bruce Stanley. McGraw-Hill, N.Y., 1995.
Macroeconomics,
Hall, R.E. and Marc Lieberman. Southwestern Publishing, Cincinnati, Ohio, 1998.