Description:

Upon successful completion of this course, the student should be able to explain basic macroeconomic and microeconomic theory, fiscal and monetary policies, the role and significance of international economics and government trade and regulatory policies. In addition, the student should be able to describe the characteristics and consequences of the differing business units in the economy, as well as the functioning of the labor market and how national income is distributed. The course is primarily for students who desire a one-semester, nontechnical overview of the basic components of macroeconomic and microeconomic theory and the functioning of the United States economy. 3 hrs. lecture/wk.

Supplies: Refer to the instructor's course syllabus for details about any supplies that may be required.

Prerequisites: NONE

Textbook(s): For information see - http://bookstore.jccc.net

Course Fees: NONE

Course Objectives:

Upon successful completion of this course the student should be able to:

1. Demonstrate an understanding of how economic activity is determined in a capitalist, market-oriented economy.
2. Explain how and why laissez-faire capitalism in the United States has been modified by government involvement.
3. Describe the ingredients for higher rates of economic growth and higher standards of living within a nation.
4. Describe supply and demand analysis and marginal analysis to determine how prices and output are determined under different market structures.
5. Describe the causes of the business cycle, its effect on unemployment and inflation, and possible remedies.
6. Explain how the government attempts to stabilize the economy through the use of fiscal policy.
7. Explain how the United States banking system operates.
8. Explain how the Federal Reserve System attempts to stabilize the economy through the use of monetary policy.
9. Explain the importance of international trade to an economy and the effects of protective trade policies.

Content Outline & Competencies:

I. Basic Economic Concepts
   A. Define economic systems.
      1. Describe the fundamental economic questions.
      2. Contrast capitalism and socialism.
   B. Summarize the methodology of economics.
      1. Describe what economists do.
      2. Describe the theorizing or model-building process.
      3. Demonstrate the use of graphs.
      4. Summarize the role of statistics and the use of economic
statistics in economic analysis.
   C. Define scarcity.
      1. Summarize the tradeoffs within an economy and define the
opportunity cost of making a choice.
      2. Describe the Production Possibilities Model.
   D. Explain how markets function using supply and demand analysis.
      1. Describe the Circular Flow of Income model.
      2. Define the laws of demand and supply.
      3. Explain the determinants of demand and supply.
      4. Outline the effects of changes in demand and supply on prices and
the amount traded in any market.
   E. Evaluate capitalism.
      1. List and explain the pros and cons associated with capitalism.
      2. List and describe the market failures associated with capitalism
and describe governmental attempts to correct them.

II. Microeconomics
   A. Describe consumer theory.
      1. Define elasticity.
      2. Define marginal utility and describe its role in effecting
consumer behavior.
   B. Describe the theory of the firm.
      1. Outline legal forms of business.
      2. Describe the economic functions of the firm.
      3. Define diminishing returns and production costs.
      4. Outline the characteristics of the four market structures.
      5. Describe the behavior of the profit maximizing firm within pure
competition, pure monopoly, oligopoly and monopolistic competition.
      6. Summarize the effects of firm behavior under different market
structures.
   C. Summarize the role of government in regulating business.
      1. Summarize anti-trust legislation.
      2. Define natural monopolies.
      3. Outline consumer protection policies.
      4. Describe environmental protection policies.
      5. Summarize deregulation policies.
   D. Describe labor market.
      1. Demonstrate the use of demand and supply analysis on the context
of a labor market.
      2. Describe how wages are determined in labor markets.
      3. Summarize the effects of labor unions in labor markets.
   E. Describe how income is distributed.
      1. List the sources of income.
      2. Summarize cause of poverty and possible remedies.
      3. Define discrimination.

III. Macroeconomics
   A. Describe national economic problems.
      1. Define the different types of unemployment.
      2. Define the different types of inflation.
      3. Define economic growth and list the ingredients for economic
growth.
   B. Describe national income accounting.
      1. List the components of GDP.
      2. Contrast real GDP and nominal GDP.
      3. Outline the components of national income.
   C. Contrast Classical and Keynesian approaches to the business cycle.
      1. Describe Say's Law.
      2. Describe aggregate demand and supply analysis in national income
determination.
      3. Summarize supply-side approaches to addressing national economic
problems.
   D. Describe fiscal policy.
      1. Summarize Keynesian fiscal policy recommendations when addressing
national economic problems.
      2. Outline alternative recommendations to the Keynesian approach
when addressing national economic problems.
      3. Contrast deficits and national debt.
   E. Monetary policy
      1. Define the functions of money.
      2. Summarize the role of commercial banks in money creation.
      3. Describe the structure and the functions of the Federal Reserve
System.
      4. Define monetary policy.
      5. Contrast Keynesian and Monetarist recommendations for the use of
monetary policy.

IV. International Economics
   A. Describe international trade.
      1. Summarize the role of specialization and comparative advantage in
international trade.
      2. List and describe protectionist policies.
      3. Outline the role of trade negotiations in international trade.
   B. Describe international finance.
      1. Identify the role of exchange rate determination in international
finance.
      2. Describe the balance of payments for a nation.
      3. Define the gold standard.
      4. Contrast floating and fixed exchange rates.

Methods of Evaluation of Competencies:

Evaluation of student mastery of course competencies will be accomplished using the following methods:

Minimum of four tests                  60-80% of course grade
Written and/or oral reports            10-20% of course grade
Worksheets, problems, attendance, etc. 10-20% of course grade
                                         100%

The student's course grade will be determined using the following grading
scale:

   A = 90-100% of total available points
   B = 80- 89% of total available points
   C = 70- 79% of total available points
   D = 60- 69% of total available points
   F = <   60% of total available points

Caveats: NONE

Disabilities:

If you are a student with a disability, and if you will be requesting accommodations, it is your responsibility to contact Access Services. Access Services will recommend any appropriate accommodations to your professor and his/her director. The professor and director will identify for you which accommodations will be arranged.

JCCC provides a range of services to allow persons with disabilities to participate in educational programs and activities. If you desire support services, contact the office of Access Services for Students With Disabilities (913) 469-8500, ext. 3521 or TDD (913) 469-3885. The Access Services office is located in the Success Center on the second floor of the Student Center.