Syllabus For ECON 1160 Principles of Economics 1

ECON 1160 - Principles of Economics 1
Credits: 3.00
An introduction to basic principles of economics with an emphasis on macroeconomic theory.
This course of study will include an analysis of national income, employment, and prices, and
conclude with a discussion of monetary and fiscal policies. It is recommended that students
should follow ECON-1160 with ECON-1170 for a more complete introduction to economics.
OUTCOMES AND OBJECTIVES

Outcome 1: Upon completion of this course, students will be able to demonstrate knowledge
of the particular and distinctive economic terminology, concepts, and tools. These include the
ability to define and apply the following:
Objectives:
1. Concept of demand and supply.

2. Gross domestic product [GDP].
3. Aggregate demand and aggregate supply.
4. Neoclassical economic theory.
5. Keynesian economic theory.
6. Multiplier analysis and fiscal policy.
7. Functions of money and money supply.
8. Banking system and mechanism of money creation.
Outcome 2: Upon completion of this course, students will be able to demonstrate the ability to
understand and use basic economic quantitative information- statistical data. These include the
ability to:
Objectives:
1. Determine price and quantity changes when demand and/or supply change.
2. Determine the GDP, GNP, NDP, NI, PI, and DI.
3. Explain the functioning of economic indexes.
4. Describe the unemployment rate.
5. Calculate APC, APS, MPC, MPS, and income multiplier.
6. Calculate reserve requirements, monetary multiplier, and changes in money supply.
of people, events, ideas, institutions, and historic movements, which have contributed
significantly to the development of a free market economic system in the United States. These
include:
Objectives:
1. Understanding the private-household-consumption and business-investment-sectors.

2. Understanding the government sector and federal government’s fiscal and monetary
policies.
3. Understanding the economic role of the major governmental entities.
of basic concepts of economics as applied to personal and public decision-making. Students
should understand different economic opinions on the following:
Objectives:
1. Distinguish between different types of taxes.

2. Understand causes of unemployment and inflation.
3. Understand the role of savings, investment, and capital accumulation.
of the major economic problems of the day and policy options to deal with such problems.
Objectives:
1. Taxation.
2. Employment.
3. Business cycle.
4. Federal budget deficits.
5. Federal government debt.
6. Free markets.
7. Black [illegal] markets.
8. Underground economy.
COMMON DEGREE OUTCOMES

(Bulleted outcomes apply to the course)
1. The graduate can integrate the knowledge and technological skills necessary to be a
successful learner.
● 2. The graduate can demonstrate how to think competently.
● 3. The graduate can demonstrate how to employ mathematical knowledge.
● 4. The graduate can demonstrate how to communicate competently.
5. The graduate is sensitive to issues relating to a diverse, global society.
COURSE CONTENT OUTLINE
1. Economic Models
a. Market
b. Command
c. Circular Flow
2. Market Equilibrium
a. Demand
b. Supply
c. Price Floor
d. Price Ceiling
3. Measuring Output and Income
a. Expenditures approach
b. Income approach
c. NI
d. PI
e. DI
4. Business Cycle
a. Unemployment
b. Inflation
5. Aggregate Expenditures Model
a. Planned vs. Actual S and I
b. Lump Sum Tax
c. Expenditure Gap
6. Fiscal Policy Deficits Debt
a. Discretionary Non-discretionary
b. Actual Full-employment
c. Domestic vs. Foreign Public Debt
7. Money and Banking
a. M1 M2
b. Structure of the Federal Reserve
c. Functions of the Federal Reserve
d. Money Creation
8. Monetary Policy
a. Open Market Operations
b. Reserve Requirements
c. Discount Rate
Primary Faculty
Trueman, Mark
Secondary Faculty
Associate Dean
Mirijanian, Narine
Official Course Syllabus - Macomb Community College, 14500 E 12 Mile Road, Warren, MI
48088

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ECON 1160 - Principles of Economics 1

OUTCOMES AND OBJECTIVES

1. Concept of demand and supply.

1. Understanding the private-household-consumption and business-investment-sectors.

1. Distinguish between different types of taxes.

COMMON DEGREE OUTCOMES

● 2. The graduate can demonstrate how to think competently.

● 3. The graduate can demonstrate how to employ mathematical knowledge.

● 4. The graduate can demonstrate how to communicate competently.

5. The graduate is sensitive to issues relating to a diverse, global society.

COURSE CONTENT OUTLINE

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