Principles of Economics

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 and Quizzes.  There will be several collaborative exercises and quizzes 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
  6. Course Organization and Tentative Schedule*
  7. Week



    Week 1

    Economics as a Framework for Making Lifes Decisions

    Chapter 1

    Week 2

    The Benefits and Costs of an Activity :Specialization and Exchange
    The Demand for and Supply of Economic Goods

    Chapter 2
    Chapter 3

    Week 3

    Applying the Supply-and-Demand Model

    Chapter 4

    Week 4

    What are the Big Issues: A Macroeconomic Overview
    Measuring a Nation's Price Level

    Chapter 5
    Chapter 6

    Week 5

    Output and Income

    Chapter 7

    Week 6

    The Labor Market and Unemployment

    Chapter 8

     Week 7

    The Global Economy
    The Basics of Growth Economics

    Chapter 9
    Chapter 10

    Week 8

    Other Aspects of Economic Growth: Why Isn't Everyone Rich

    Chapter 11

    Week 9

    Inflation : What it is, and Why it is Bad

    Chapter 12

    Week 10

    Aggregate Expenditures and Real Output

    Chapter 13

    Week 11

    Inflation Expections and Their Effect on the Economy

    Chapter 14

    Week 12

    Can the Economic Fluctuations Be Predicted?

    Chapter 15

    Week 13

    Fiscal Policy

    Chapter 16

    Week 14

    Money, Banking, and the US Federal Reserve System

    Chapter 17

    Week 15

    Monetary Policy

    Chapter 18

    Week 16

    Final Exam


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


Last Modified: November 14, 2018