Eco 212 Essay

College of Staten Island The City University of New York Department of Political Science and Economics Income and Employment Spring 2013 Professor:Dr. Davood Taree Email: [email protected] rutgers. edu Office hours: MW: 1:30- 2:30 PM Course Information: Course Num. : Eco 212 Location: 2N 219 Course Description: This course examines the economy at the macro level in the long run, this would simplify learning Macroeconomics. Attention is given to the concept of supply and demand, the nature and operation of market structures.

Other topics include measuring the national income, production and growth, saving, investment, fiscal and monetary policies Text Book: Karl E. Case, and Ray G. Fair, and Sharon M. Oster, Principles of Macroeconomics, Tenth Edition, Pearson, Prentice Hall -Students are asked to keep abreast of current economic news. Reading of the Wall Street Journal, the Financial Times, Economist, is highly recommended which may be a part of every class discussion. Course requirements: Final grades will be determined by your performance in the exams, oral presentations, project and the class participation.

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Homework is assigned but will not be collected First Exam Second Exam Project due date | (March 6, 2013)(April 17, 2013)(May 8, 2013)| Final Exam | ( May 20,2013)| There will be NO Make-up exam except for very special circumstances (The reason should be fully documented). You will receive a grade of zero if you miss an exam. It is expected that students attend all lectures. Anything covered in class including the materials beyond the text book is eligible for test material. Cell phone cannot be used instead of calculator during the exams

NO grades will be given by the e-mail Small Informal Oral Presentations Each student will present Two, one-page ORAL report from the list of the current events. Submission of typed report is not required. Your informal oral presentation should focus on:a. summary of the Index/analysisb. personal analysis and opinion * please provide photocopy or clippings of your source * provide data of issue and title of the source (a complete bibliographical entry) What is a Scholarly Journals or How to recognize a scholarly research? If you don’t see foot notes/endnotes/ references within the text do not use the article (Except HBR).

Sources : Wall Street Journal , Financial Times, Economist,, Harvard Review (HBR),Columbia Journal of World Business, Bloomberg News /publication, IMF, World Bank, Institute of Supply Management, University of Michigan, Labor Department, Commerce Dept. , Treasury Dept. , The Conference Board. Yahoo Finance. | Number Two Pencils are required for ALL exams. Attendance Policy: All assignments are made on the assumption that you will be present in class each day. I reserve the right to change the schedule if needed with proper notice to the class. Attendance will be taken each day.

You are expected to attend class regularly and to arrive in class on time. Protect Yourself: Please keep photocopies of all the work you submit, including the exam scantrons. Save Electronic Copies: Please save electronic copies in your electronic mailboxes Penalty: Cheating of any kind will result in an “F” for the course. Duplicating/repeating/copying another student/classmate’s past or present work cutting and pasting resulting in plagiarism will be considered as cheating for both parties involved. The University administration will be notified.

Class Participation, Cellular Phones, and Text messaging ;amp; Laptops: Constructive participation is highly encouraged, destructive participation or disturbing the class is discouraged. Having your cellular phone ring during class is very destructive. Using your Laptop use in class is an excellent idea but misusing it by surfing the web or checking email is unacceptable. The same rules apply for the misuse of cellular phones, as outlined below. Constructive participation means coming to class on time, being in the class regularly and submitting and presenting assignments on time. Let me know your problems ahead of time.

Destructive participation will result in minus grading or in other words fewer points or zero points from the allocated score for the class participation as shown in the key to the grading system. Destructive participation means “disturbing in a way which obstructs professor teaching, delay in handling the class routine, causing classmates not to be able to focus or take notes gainfully. ” Cellular Phones. Cellular phones must be off at all times while class is in session. It must be put away, out of sight, in a backpack ;amp; not in your lap. The first time you are sighted Text Messaging; you will be given a warning.

The second time, 10 points will be taken away from your total points. The same rules apply to me: if my cell phone rings, then I will give everybody a 10-point addition to their final grade. GRADING SYSTEM Exams| Points| Grade | Key| | | A 450| or more| Exam 1| 100| A–| | Exam 2 | 100| B+ 435| 449| Exam 3 | 100| B 420| 434| | | B– 400| 419| Project| 100| C+ 385| 399| | | C 350| 384| | | D 300| 349| Oral presentations [email protected]| 60| | | Class Participation| 40| F 29 9| or less|

Total| 500| | | Recommended readings: * The Wall Street Journal, /daily * The Financial Times (daily newspaper, available online through the ABI INFORM/PROQUEST database on the college library website); * The Economist (weekly magazine, available online through the ABI INFORM/PROQUEST database on the college library website); * Business Week (weekly magazine, available online through the ABI INFORM/PROQUEST database on the college library website); * Harvard Business Review (monthly magazine, available online through the EBSCO/Business Source Premier database on the college library website).

PROJECT The project topic will be chosen in consultation with the instructor. Each group consists of 3 students is required to research and prepare a paper on one of the topics listed in this syllabus or any other topics of their choice. The topic of the paper should be finalized by Feb 20Th. Once approved you cannot change your topic. The group will present their papers at some point in April. You are encouraged to choose the date of your presentation or you will be assigned an available slot. The date of your presentation should be finalized by March 4Th.

Should group fail to present their presentation on the date it is scheduled; they will not get the assigned share of the project’s grade. In addition, an 8-10 page (double pace) essay (excluding the appendix) on the topic must be submitted by May 8 Th (a preliminary version should be given the lecture prior to the actual presentation). The final version of your paper should be delivered in a hard copy as well as electronically. It is expected that the paper be in conformity with the standard writing format. A preliminary list of topics is provided in this course outline.

Half of the points of the project will be allocated to the presentation and the other half to the essay. Failure to observe the above requirements will reduce your project portion of the course grade. The final examination will be semi – comprehensive and will cover most of the course material .Course Outline: Given the facts that some of the students are taking this course without any prior knowledge of Economics, there will be a quick review of the introductory subjects covered in the first four chapters. Chapter 1: The Scope and Method of Economics * The Scope of Economics * Introduction to the Mathematics of Economics Graphs, Equations, etc. Chapter 2: The Economic Problem: Scarcity and Choice * Scarcity, Choice, and Opportunity Cost * Production Possibilities Frontier * Types of Economics Systems * Comparative Advantage, Absolute Advantage, etc. Chapter 3: Demand, Supply, and Market Equilibrium * Firms and Households * Demand and Supply in Output Markets * Input Markets and Output Markets * Circular Flow * Demand and Supply in Product Markets * Changes in Quantity Demanded vs. Changes in Demand * The Law of Supply * Market Equilibrium Chapter 4: Demand and Supply: Applications * Allocation of Resources * Price Rationing * Market Efficiency Consumer Surplus * Producer Surplus * Potential Causes of Deadweight Loss Homework # 1: (Ch 2: 9,11,13,15; Ch 3: 1,4,6,8,9,11,14,18; Ch 4: 1,9,10,14,15,17) Chapter 5: Introduction to Macroeconomics * Macroeconomic Concepts * Inflation, Deflation, Stagflation * Short-run and long-run growth * Unemployment * Government Influence * Fiscal Policy, Monetary Policy, etc. * Trends in 20th Century U. S. Economy * The Business Cycle

* Trends in the U. S. Economy since 1970 FIRST EXAM (Covers chapters 1, 2, 3, 4, and 5) Chapter 6: Measuring National Output and National Income * Gross Domestic Product 0. Final Goods and Services Calculating GDP * The Expenditure Approach * The Income Approach * Nominal vs. Real GDP * Calculating the Real GDP * Calculating the GDP Deflator Chapter 7: Unemployment, Inflation, and Long-Run Growth * Defining and Measuring Unemployment * The Costs of Unemployment * The Benefits of Recessions * Defining Inflation * Price Indices * Calculating Price Indices Chapter 8: Aggregate Expenditure and Equilibrium Output * Aggregate Output and Income * Income, Consumption, and Saving (Y, C, and S) * Planned Investment (I) * Planned Aggregate Expenditure (AE) * Equilibrium Aggregate Outcome * Saving/Investment Approach to Equilibrium Adjustment to Equilibrium * The Multiplier * The Multiplier Equation * Examples of the Multiplier Chapter 9: The Government and Fiscal Policy * Government in the Economy * Government Purchases, Net Taxes, and Disposable Income * Equilibrium Output: Y = C + I + G * Types of Multiplier * Government-Spending Multiplier * Tax Multiplier * Balanced-Budget Multiplier * Federal Budget * The Budget * The Surplus/Deficit * The Debt Chapter 10: The Money Supply and the Federal Reserve System * Overview of Money * Definition of Money * Private Banking System * Money Multiplier * Federal Reserve System * Functions of the Federal Reserve Required Reserve Ratio * Discount Rate

* Supply Curve for Money Chapter 11: Money Demand and Equilibrium Interest Rate * Demand for Money * Total Demand for Money * Equilibrium Interest Rate * Supply and Demand in the Money Market * Affect of Money Supply on Interest Rate * Shifts in the Money Demand Curve Homework # 2 (Ch. 6: 1, 3, 9, 14, 15; Ch. 7: 1, 6, 7, 13, 15; Ch. 8: 2, 4, 5,6, 7,12,14; Ch. 9: 2, 3, 4,5,10,12, Appendix: 1; Ch 10: 9,10,11,12,16; Ch 11: 4, 6, 9,14; ) * Second EXAM (Covers Chs 6-11) Chapter 12: Aggregate Demand in the Goods and Money market * Planned Investment and Interest Rate Equilibrium in Both the Goods and Money Markets * Aggregate Demand ( AD ) Curve * Shifts of the Aggregate Demand Curve Chapter 13: Aggregate Supply and the equilibrium Price Level, Aggregate Supply, and Inflation * The Aggregate Supply Curve * Aggregate Supply in the Short Run * Shifts of the Short-Run Aggregate Supply Curve * Causes of Inflation * Demand-Pull Inflation * Cost-Push (Supply-Side) Inflation * Money and Inflation Chapter 14: The Labor Market, in the Macroeconomy * Classical View of the Labor Market * Classical Labor Market and the Aggregate Supply Curve * Unemployment and the Classical View Reasons for Unemployment * Sticky Wages * Efficiency Wage Theory * Minimum Wage Laws * Short-Run Relationship between Unemployment Rate and Inflation

* The Phillips Curve (Explanation and History of): Long- and Short-Run * Aggregate Supply and Aggregate Demand Analysis and the Phillips Curve * Expectations and the Phillips Curve * Long-Run Aggregate-Supply Curve, Potential GDP, and the Natural Rate of Unemployment Chapter 15: Policy Timing, Deficit Targeting, and the Stock Market Effects * Existence of Time Lags Regarding Monetary and Fiscal Policy * Monetary Policy Controlling the Interest Rate * Fed’s Response * Targeting Inflation * Fiscal Policy * Effects of Spending Cuts and Deficits * Economic Stability and Deficit Reduction Homework # 3 🙁 Ch 12: 5, 11,13, 14; Ch 13: 2,3,13, 15; Ch 14: 4,8) Chapter 18: Debate in Macroeconomics: Monetarism, and Supply-Side Economics * Keynesian Economics * Monetarism * Velocity of Money * Quantity Theory of Money (MV = PQ) * Keynesian/Monetarist Debate * Supply-Side Economics * Laffer Curve * Evaluating Supply-Side Economics Chapter 19: International Trade, Comparative Advantage, and Protectionism * Economic Basis For Trade Comparative Advantage * Absolute Advantage * Terms of Trade * Exchange Rates Chapter 20: Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates * Balance of Payments * Current Account * Capital Account * Equilibrium Output in an Open Economy * International Sector * Imports and Exports * Import and Export Prices * Net Exports and Capital Flows * Open Economy with Flexible Exchange Rates * Market for Foreign Exchange * Effects of Foreign Exchange on Economy FINAL EXAM (Covers chapters 12-15, 18, and 19-20)

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