EC 251 - Principles of Macroeconomics

1. Use scarcity, opportunity cost and cost/benefit analysis to analyze how decisions are made.
2. Understand how GDP, inflation, unemployment, and economic growth are measured and discuss the limitations of these measurements as well as how they relate to our macroeconomic goals. (GELO3)
3. Explain how fiscal and monetary policy tools impact the economy and the limitations of these tools.
4. Use the aggregate demand and aggregate supply model to analyze national economic conditions and macroeconomic policy alternatives.
5. Apply economic theory to explore their individual rights and responsibilities as part of a civil society, including understanding the debates around issues of public policy. (GELO1)

A. Scarcity, choice, and opportunity costs

B. Production possibilities model

C. Comparative advantage, specialization, and trade

D. Supply and demand model

II. Analyzing our Measurements of Economic Performance

A. Business cycles and national income accounts

B. Inflation

C. Unemployment

D. Economic growth

III. Developing a Macroeconomic Model and Evaluating Policy Options

A. Aggregate demand and aggregate supply

B. Fiscal policy and debt

C. Money, banking, and financial markets

D. Monetary Policy

Facilitated Discussion: 10-40%

Group Work: 10-40%
Mandatory Course Components:
All sections of this course will include written assessments that constitute a minimum of 25% of the course grade.  All sections of this course will require student participation in class (either in person or online) that constitute a minimum of 10% of the course grade.
Equivalent Courses:
None

Essential Abilities - Economics

The Grand Rapids Community College economics faculty has specified essential abilities (technical standards) critical to the success of students in any GRCC economics class. Students must demonstrate these essential abilities to succeed in their program of study. Qualified applicants are expected to meet all admission criteria and matriculating students are expected to meet all progression criteria, as well as these essential abilities (technical standards) with or without reasonable accommodations.

I. Essential judgment skills to include: ability to identify, assess, and comprehend economic assumptions, theory, models, and data for the purpose of problem solving and economic analysis.

II. Essential physical/neurological functions to include: ability to use the sense of sight to make correct judgments regarding graphs, charts, and written material. Behaviors that demonstrate essential neurological and physical functions include, but are not limited to observation, listening, understanding relationships, writing, graphing, calculations and psychomotor abilities consistent with economics course expectations.

III. Essential communication skills to include: ability to communicate effectively with fellow students, faculty, and all members of the economics programs. Skills include verbal, written, mathematical, and nonverbal abilities as well as information technology skills consistent with effective communication.

IV. Essential emotional coping skills: ability to manage potential stressors that accompany tasks necessary to safely engage in the study of complex, technical economic models and a variety of economic issues. These may include but are not limited to discussions of poverty, inequality, wages, discrimination, the environment, and political debates around economic issues.

V. Essential intellectual/conceptual skills to include: ability to calculate, analyze, synthesize, and evaluate to engage competently in the practice of economics.

VI. Other essential behavioral attributes: The student must demonstrate responsibility and accountability for actions as a student in the economics department.

Grand Rapids Community College strives to be more than ADA compliant. We strive to be accessible and welcoming to all students of all abilities. After reviewing the Essential Abilities/Technical Standards for this program; your responsibilities as a student entail determining if you can complete all associated coursework either:

1. With Accommodation. I am otherwise qualified to meet the same academic standards as any other student entering the program. However, based on a medically documented condition or diagnosis, I would qualify for reasonable accommodation under the Americans with Disabilities Act (1990). I will meet with Disability Support Services on campus to arrange those accommodations in an interactive process with the department of economics.
    
2. Without Accommodation. I am able to complete the program without need for reasonable accommodation or modification. In the event my medical documentation reveals otherwise or a condition manifests that would necessitate an accommodation; it is my responsibility to inform a responsible authority figure within the department of economics and work with Disability Support Services to see if a reasonable accommodation or modification can be made.

If you have a medically documented condition or diagnosis, please contact the economics office, or contact Disability Support Services (DSS) at disability@grcc.edu or by phone at 616.234.4140 to arrange accommodations through our interactive process.