The course is
organized by weeks. We will cover approximately one chapter of the
text (together with all the supplementary material for that chapter) each
week.
For each week, the course website will
contain a summary of or a guide to the text
material
-and-
For most weeks, it will provide extensive supplementary material NOT covered in the
text.
For each week the
following schedule gives:
The week number (in Blue text)
The date of the
beginning of that week
A brief description of the topics of
that week
Text references
Quiz information
Week 1 starting Wed Aug 16
Wed Aug 16 is first day of school
This
week is the “get
organized” period. Use this period to familiarize yourself with the course
website, get the materials you need, get organized, etc. If you
have sent me your email address or if you attend one of the
orientation meetings then you will have received instructions for logging on to
the course website.
If you have trouble
accessing the course website or have other questions or want to see a demo of
the course website or are just plain curious, there will be two identical
and OPTIONAL orientation
meetings:
OPTIONAL
and
IDENTICAL on-campus orientation sessions:
Times will be:
Sat
Aug 19 10:00 AM-12 Noon Room 209 of main campus library
Mon
Aug 21
6:00-8:00 PM Room 209 of main campus library
Notes regarding orientation
sessions:
-
These REALLY ARE optional-
If you follow the instructions that I will email you (in mid-August, after you email me) then you should be able to log on to the course website. Do that and explore the website and learn
the rules and regulations and you will understand just about everything that
will be covered at the orientation meeting.
(Note: If you were unable to register for the course and are trying to
add, then you DO have to attend one of the orientation sessions.)
-
The meetings will
be IDENTICAL--
Feel free to attend one or the other but there is no reason to attend both.
Your job
this first week is to access and familiarize yourself with the course website, the
course rules and regulations, the course schedule and to get the text and
whatever else you need.
Then start reading Chapter 1 (There will be LOTS of supplementary material the
following
week.)
***NO QUIZ AT END OF THIS
WEEK***
This is
orientation and registration week.
Be totally ready to
go by Aug 22 -- The material starts then and there is LOTS of
it!!
Week
2
starting Mon Aug 21
Ten principles of economics--some terms and ideas
that will reappear at different points in the course. Also--intro to the
publisher's website which contains self-tests and review questions and other
supplementary materials.
Text - Chapter 1
***Quiz
on material of Week 2 at end of this week***
Week 3
starting Mon Aug 28
More economics intro material; the
"circular flow" model; resources, capital, production, diminishing returns and
the "production possibilities curve";
Be sure to read the not only Chapter
2 but also, to review fundamentals of graphing, check the Appendix to
Chapter 2
Text - Chapter
2
***NO QUIZ at end of this week***
This is
Labor Day weekend; material will be covered on Week 4 Quiz.
Week 4
starting Mon Sept 4
Mon Sept 4 is Labor Day-
school holiday
Why international
trade can benefit ALL people -- production possibilities, "comparative
advantage" and gains from trade
Text - Chapter 3
-ALSO-
Start the "supply-demand" model of a
freely competitive market
Text - Chapter 4 through page
75
***Quiz on material of Weeks 3 and 4 at end of this
week***
Week 5
starting Mon Sept 11
Finish supply-demand
model --
Text - Rest of chapter 4
-ALSO-
Some basic accounting principles; some facts
about the household and the business sectors of the US economy; "capital" and "investment"; start
meaning and measurement of GDP; GDP and the circular flow; Investment, saving
and the circular flow
Text - Chapter 5 through page
99
***Quiz on material of Week 5 at end of this week***
Week 6
starting Mon Sept 18
GDP and the circular
flow; some facts about the government sector; the Federal
deficit, the Federal surplus and the National Debt; "fiscal policy"; some facts
about the international economy (the "rest-of-the-world"); "real GDP" vs "nominal GDP"
Text - More of
chapter 5
***Quiz on material of Week 6 at end of this
week***
Week 7
starting Mon Sept 25
"Real GDP" vs "Nominal GDP"; Real GDP and
"Potential real GDP" or "potential output"; Potential real GDP and the
production possibility curve
Text -Rest of chapter 5
-ALSO-
Measures of the price level -- the
"CPI" (Consumer Price Index) and the "GDP Deflator"; Meaning of inflation and
the "rate of inflation"; "Indexation"; the "real rate of interest"; the "Rule of
70"
Text - Chapter 6
***Quiz on material of Week 7 at end of this week***
Week 8 starting Mon Oct 2
Meaning, importance and measurement
of "economic growth"; Growth and Potential real GDP; Productivity and
growth; Determinants of productivity; Business investment and growth; Population
growth and diminishing returns and economic growth; Public policy, growth
and our future well-being
Text - Chapter
7
***Quiz on material of Week 8 at end of this week***
Week 9 starting Mon Oct 9
Mon Oct 9 is school
holiday
No new material this week but
catch up if we have gotten behind schedule
***MIDTERM
EXAM AT END OF THIS WEEK (but no quiz)***
NOTE: Midterm will be available starting Thursday Oct 12 to make things better if you want a long weekend.****
Week 10 starting Mon Oct 16
The financial markets,
financial intermediaries, interest rates, bond prices and stock prices; Saving,
business investment, government deficits/surpluses and the circular flow;
The market for "loanable funds" and the long run theory of real interest
rates
Text - Chapter 8 and Chapter 9 through page
178
***NO QUIZ AT END OF THIS
WEEK***
You
deserve a break after the midterm!
(But material will be
covered on Week 11 Quiz.)
Week 11 starting Mon Oct 23
Population and the
"labor force" and the "labor force participation rate"; Unemployment and
the "unemployment rate"; The "natural" unemployment rate; Relationship between
natural unemployment rate and natural output or Potential real GDP;
Frictional and structural unemployment; Cyclical unemployment; Minimum wage laws
and unions
Text - Chapter 10
***Quiz on material of Weeks 10 and 11 at end of this
week***
Week 12 starting Mon Oct 30
Money; Money and the banking system; The Federal Reserve (the "Fed")
as a "central bank"; The Fed and banks and money; Fractional reserves and
the creation of money by private banks; "Monetary policy" and the Fed
Text
- Chapter 11
***Quiz on material of Week 12 at end of this
week***
Week 13 starting Mon Nov 6
Fri Nov 10 is Veterans Day- school holiday
Inflation and the value of money; Long run: The long run theory of the demand for money and the "velocity of money"; Economic growth, monetary growth and the long run theory of
inflation; "Hyperinflation"; Inflation and interest rates; Costs of inflation; "Anticipated" vs. "unanticipated"
inflation
Text - Chapter 12
-also-
Short run: Some facts about economic
fluctuations and the "business cycle"; Business cycles (short run) vs.
economic growth (long run)
Text - Chapter 15 through
page 320
Note: We are skipping Chapters 13 and 14
***NO QUIZ AT END OF THIS
WEEK***
Veterans Day holiday gives a 3-day weekend. Enjoy!
(But the material will be
covered on the Week 14 Quiz.)
Week 14 starting Mon Nov 13
Long run vs. short run:
"Long Run Aggregate Supply" or "LRAS"; Why LRAS is vertical; LRAS and "Natural
rate" of Unemployment and the "Natural rate" of Output and Potential Real GDP;
"Short Run Aggregate Supply" or AS; AS as a relationship
between Real GDP and the price level; Anticipated prices and time for
adjustment; Why As is upward sloping; Shifts in
RAS;
Text - Parts of Chapters 15
and 16
***Quiz on material of Weeks 13 and 14 at end of this
week***
Week
15 starting Mon Nov 20
Thurs Nov 23 and Fri Nov 24 are holidays-
Thanksgiving
LRAS and AS; "Aggregate Demand" or "AD"; AD as relationship between real GDP and the price level; The "Liquidity
preference" short run theory of the demand for money and interest as an
explanation of AD; Shifts in AD
Text - Parts of
Chapters 15 and
16
***NO QUIZ AT END OF THIS
WEEK***
Enjoy the Thanksgiving weekend. (But the material will be
covered on the Week 16 Quiz.)
Week
16 starting Mon Nov 27
Continuing the Week 15 material...
LRAS and AS; "Aggregate Demand" or "AD"; AD as relationship between real GDP and the price level; The "Liquidity
preference" short run theory of the demand for money and interest as an
explanation of AD; Shifts in AD
Text - Parts of
Chapters 15 and
16
***Quiz on material of Weeks 15 and 16 at end of this
week***
Week 17 starting
Mon Dec 4
AD and LRAS as explanation of and
inflation and growth in the long run;
AD and AS as explanation of business
cycles, "boom and bust" and unemployment in the short
run
Effects of Fed.
monetary policy; Monetary policy and business cycles; Effects of fiscal policy
on AD; The "spending multiplier"; Fiscal policy and business cycles;
"Stabilization policy" ; Effects of fiscal policy on AS and LRAS;
"Supply-side economics" vs. "Demand-side economics"
Text - Rest of
Chapters 15 and
16
******Quiz on material of Weeks 15, 16 and 17 at end of this
week - serves as review for final******
Week 18 starting Mon Dec 11
NO NEW MATERIAL! Final exams
For regular classes, Tuesday is last day of classes; Final exams start
Wednesday.
On campus final exam schedule for this class:
-
Sat Dec 16 - 10AM - Noon - Cloud Hall, Room 260
--OR--
-
Mon Dec 18 - 6PM - 8PM - Cloud Hall, Room 260
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