Principles of Macroeconomics: Course Syllabus and Study Guide

Course Overview

Introduction to Macroeconomics

Macroeconomics is the branch of economics that analyzes the behavior of the economy as a whole, focusing on aggregate measures such as GDP, inflation, unemployment, and economic growth. This course introduces students to the fundamental concepts, models, and relationships that govern macroeconomic activity, emphasizing both theoretical frameworks and practical applications.

• Key Focus: Understanding economic relationships at the national and global level.

• Applications: Policy analysis, economic forecasting, and evaluation of economic performance.

• Importance: Provides a basis for informed citizenship and decision-making in a complex economic environment.

Course Structure and Requirements

Types of Instruction

The course utilizes a variety of instructional methods to facilitate learning and engagement.

• Lectures

• Digital Presentations

• Demonstrations

• Multimedia (Video/Audio)

• Case Studies

• Field Experiences

• Online Resources

Assessment methods include exams, quizzes, written assignments, presentations, discussions, and group projects.

Pre/Corequisites

• Prerequisite: High school GPA of 2.8 or higher, or minimum SAT/ACT/Accuplacer scores in math and related subjects.

• Corequisite: None

• Recommended: None

Textbook and Supplies

• Textbook: Economics Today with MyEconLab Access Code by Miller, R.L. (Pearson, 2021 Edition)

• Supplies: Calculator, pencils, erasers, graph paper (not required for online), straight edge, scantrons (not required for online), access to Wall Street Journal (not required for online)

Core Abilities and Learning Outcomes

Core Abilities

Schoolcraft College emphasizes eight core abilities to prepare students for success in life and work. This course focuses on:

• Demonstrate Creative and Critical Thinking

• Demonstrate Social and Cultural Awareness

These abilities are integrated into course activities and assessments.

Course Competencies

Upon completion of this course, students will be able to:

1. Explain key economic terms as they relate to macroeconomics.

2. Graph relationships between two variables.

3. Interpret the graphs used in economic models.

4. Solve a variety of economic problems using mathematical methods.

5. Summarize economic events and their relationship to other social sciences.

6. Differentiate between various types of economic systems.

7. Apply the concepts of aggregate demand and aggregate supply to macroeconomic models.

8. Explore National Income Accounting.

9. Explore the development and role of money in an economic system.

10. Explore the role of the Federal Reserve System and the process by which it controls the money supply.

11. Summarize the Keynesian criticism of Classical Theory.

12. Predict the effects of monetary policy on an economic system.

13. Predict the effects of fiscal policy on an economic system.

14. Differentiate between demand side economics and supply side economics.

15. Predict the effects of international trade on an economic system.

Key Macroeconomic Concepts

Definitions and Examples

• Gross Domestic Product (GDP): The total market value of all final goods and services produced within a country in a given period. Formula: $GDP = C + I + G + (X - M)$, where C = consumption, I = investment, G = government spending, X = exports, M = imports.

• Inflation: The rate at which the general level of prices for goods and services rises, eroding purchasing power.

• Unemployment: The percentage of the labor force that is jobless and actively seeking employment.

• Aggregate Demand: The total demand for goods and services within a particular market.

• Aggregate Supply: The total supply of goods and services that firms in a national economy plan on selling during a specific time period.

• Fiscal Policy: Government policy regarding taxation and spending to influence the economy.

• Monetary Policy: Central bank actions that determine the size and rate of growth of the money supply, which in turn affects interest rates.

• Keynesian Economics: An economic theory stating that government intervention is necessary to ensure economic stability and growth.

• Classical Theory: An economic theory emphasizing free markets, limited government intervention, and the self-regulating nature of markets.

Example: Aggregate Demand and Supply

• Aggregate Demand Curve: Shows the relationship between the overall price level and the quantity of goods and services demanded.

• Aggregate Supply Curve: Shows the relationship between the overall price level and the quantity of goods and services supplied.

• Equilibrium: The point where aggregate demand equals aggregate supply, determining the overall price level and output in the economy.

Grading and Assessment

Grading Scale

Grades are determined by performance on assignments, quizzes, exams, and participation. The final exam is scheduled for the last day of the semester.

Academic Integrity

Policy Overview

Academic integrity is essential for maintaining the value of your education. Plagiarism and cheating are strictly prohibited and may result in failure of the course. All assignments must be original and properly cited.

• Plagiarism includes copying others' work and presenting it as your own.

• Cheating includes unauthorized use of resources or sharing work inappropriately.

• SafeAssign plagiarism detection software is used for assignment submissions.

Student Responsibilities

Expectations

• Check email and course management system regularly for announcements and assignments.

• Seek technical assistance as needed.

• Communicate professionally with instructors and classmates.

• Complete all required coursework and readings.

• Follow college policies regarding academic integrity and conduct.

Important Dates and Policies

Key Dates

Holiday	Date
Labor Day	Monday, September 1, 2025
No Classes	Tuesday-Wednesday, November 25-26, 2025
Thanksgiving Recess	Thursday-Sunday, November 27-30, 2025

Missed or Late Assignments

• No make-up work; due dates are firm.

• Homework must be submitted as assigned; late work is not accepted.

• Technical issues must be documented and reported promptly.

• Students are required to purchase course materials, including MyEconLab access code.

Additional info:

• Some content inferred from standard macroeconomics syllabi and course structures.

• Key macroeconomic terms and formulas provided for academic completeness.