Principles of Economics 1

Western Texas College
Department of Social Sciences


  1. Basic Course Information
    1.  Course description - An analysis of the economy as a whole including measurement and determination of Aggregate
      Demand and Aggregate Supply, national income, inflation, and unemployment. Other topics
      include international trade, economic growth, business cycles, and fiscal policy and monetary
      policy. (Rd, Wtg)
  2. Student Learning Outcomes   
    1. Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making.
    2. Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
    3. Define and measure national income and rates of unemployment and inflation.
    4. Identify the phases of the business cycle and the problems caused by cyclical fluctuations in the market economy.
    5. Define money and the money supply; describe the process of money creation by the banking system and the role of the central bank.
    6. Construct the aggregate demand and aggregate supply model of the macro economy and use it to illustrate macroeconomic problems and potential monetary and fiscal policy solutions.
    7. Explain the mechanics and institutions of international trade and their impact on the macro economy.
    8. Define economic growth and identify sources of economic growth.
  3. Major Course Requirements
    1. Exams.  There will be four major exams spaced throughout the semester.  Exam questions may include any combination of the following:  true/false, multiple choice, fill in the blanks, short answer, graphs, and essay.
    2. Writing Assignments.  There will be multiple writing assignments spaced throughout the semester.
    3. Collaborative Exercises.  There will be several collaborative exercises spaced throughout the semester. Each of these assignments will require you to work with your peers analyzing documents, articles, and other information relating to the study of economics.
    4. Forums:  There will be several discussion forums spaced throughout the semester.  Each discussion will take place online, making use of the college’s online platform—Moodle.
  4. Information on Books and Other Course Materials
    1.  Principles of Macroeconomics The Way We Live by Feigenbaum and Hafer ISBN-13:  978-1-4292-2020-0
  5. Other Policies: Please refer to the Western Texas College Course Catalog for the following:
    1. Campus Calendar
    2. Final Exam schedule
    3. How to drop a class
    4. Withdrawal information
    5. Student Conduct/Academic Integrity
    6. Students with disabilities
  1. Course Organization

    Unit One

    Chapter 1: Economics as a Framework for Making Life Decisions
    Chapter 2: The Benefits and Cost of an Activity: Specialization and Exchange

    Chapter 3: The Demand for and Supply of Economic Goods
    Chapter 4: Applying the Supply-and-Demand Model

    Chapter 5: What are the Big Issues: A Macroeconomic Overview

    Chapter 6: Measuring a Nation’s Price Level

    Unit Two

    Chapter 7: Output and Income
    Chapter 8: The Labor Market and Unemployment

    Chapter 9: The Global Economy
    Chapter 10: The Basics of Growth Economics

    Chapter 11: Other Aspects of Economic Growth: Why Isn’t Everyone Rich

    Chapter 12:  Inflation: What it is, and Why it is Bad

    Unit Three

    Chapter 13: Aggregate Expenditures and Real Output
    Chapter 14: Inflation Expectations and Their Effect on the Economy

    Chapter 15: Can Economic Fluctuations Be Predicted?
    Chapter 16: Fiscal Policy

    Chapter 17: Money, Banking and the US Federal Reserve System
    Chapter 18: Monetary Policy

                          *The above schedule, policies, procedures, and assignments in this course are subject to change.



Last Modified: August 18, 2015