ECN 360 Intermediate Economics Course Information:

ECN 360Intermediate EconomicsCourse Information:This course focuses on microeconomic principles and techniques of analysis from the perspective of the firm and the study of the national economy. Topics include the costs of production, market structures, profit maximization, regulation and deregulation of business, labor markets, GDP and measures of economic well-being, national income accounting, the effects of business cycles, an overview of fiscal, monetary and supply side policies, and role of money, banks, and the Federal Reserves System in the United States.PrerequisitesECN 220Required Course Materials:•Schiller B. (2010), The economy today (12th ed.). McGraw-Hill. ISBN: 13:9780073375892 customized textbook using selected chapters only. •Refer to individual modules for other specific required readings and resources.•If you need help formatting assignments, go to the Writing Center in the Student Success Center, read the style guide, and use the templates for this course.Topics, Objectives, and Assignments:Module 1: Topic and Objectives Market and Government Failure •Define Economic Freedom and how it is measured. •Explain Market Failure and the rationale for government intervention in the economy.•Describe the difference between private goods and public goods. •Explain how externalities occur and why the market fails to account for them accurately. •Define and give examples of merit goods. •Explain why government failure occurs. Module 1: AssignmentsMarket & Government Problems1) Complete the following problems from the problem set of your textbook: chapter 4, problems 1, 5, and 6. 2) Use Microsoft Excel to complete any graphs.3) Submit the completed assignment to your instructor in one Excel file by the end of Module 1.Discussion Forum1) The instructor will assign specific prompts/questions for the discussion forum in this module.2) Complete the assigned discussion forum requirements as indicated by the instructor.Module 2: Topic and Objectives Regulation and Deregulation of Business •Examine the relationships between price, revenue, and cost for a natural monopoly.•Examine the relationships between price, revenue, and cost for a regulated business.•Describe various aspects of deregulation.•Compare and contrast various issues related to regulation and deregulation of business.Module 2: AssignmentsDe(Regulation) of Business Problems 1) Complete the following problems from the problem set of your textbook: chapter 26, problems 1, 2, and 3. 2) Use Microsoft Excel to complete any graphs.3) Submit the completed assignment to your instructor in one Excel file by the end of Module 2.Case of United States vs. Microsoft1) In the well known case of United States vs. Microsoft, the US Department of Justice alleged that Microsoft abused "monopoly power" when it bundled its Internet Explorer Browser with its Windows Operating System. 2) Based on your Internet research, write an analysis of 750-1,000 words on the merits of the DOJ's antitrust case against Microsoft and the company's defense. 3) Delineate which market participants you believe benefited from the final court decision and whose interests were harmed. 4) Submit the assignment to the instructor by the end of Module 2.Discussion Forum1) The instructor will assign specific prompts/questions for the discussion forum in this module.2) Complete the assigned discussion forum requirements as indicated by the instructor.Module 3: Topic and Objectives Labor Markets•Identify factors that determine the demand for labor. •Identify factors that determine the supply of labor. •Explain why wage differentials occur. •Assess the impact of a minimum wage on unskilled labor.•Analyze the impact of legal immigration on the U.S. economy.Module 3: AssignmentsLabor Market Problems1) Complete the following problems from the problem set of your textbook: chapter29, problems 3, and 4. 2) Use Microsoft Excel to complete any graphs.3) Submit the completed assignment to your instructor in one Excel file by the end of Module 8.Discussion Forum1) The instructor will assign specific prompts/questions for the discussion forum in this module.2) Complete the assigned discussion forum requirements as indicated by the instructor.Module 4: Topic and Objectives Macro Equilibrium and Business Cycles•Explain how aggregate demand and aggregate supply determine macro equilibrium. •Describe why macro equilibrium may not be at full employment.•Explain the causes and effects of business cycles. •Explain a Black Swan event and its relevance to the current recession. Module 4: AssignmentsMacro Equilibrium and Business Cycle Problems1) Complete the following problem questions: chapter 8, problems 3, 5, and 62) Submit the assignment in one Excel file to the instructor by the end of Module 4.Discussion Forum1) The instructor will assign specific prompts/questions for the discussion forum in this module.2) Complete the assigned discussion forum requirements as indicated by the instructor.Module 5: Topic and Objectives Fiscal Policy and Government •Describe the fiscal policy tools used by government to manage the economy. •Explain the multiplier effect of fiscal policy. •Explain the effects of automatic stabilizers. •Weigh the benefits against the concerns for using government debt to finance fiscal policy. Module 5: AssignmentsFiscal Policy and Government Problems1) Complete the following problem questions: chapter 11, problems 1, 2, 3, 5, 6, and 7.2) Submit the assignment in one Excel file to the instructor by the end of Module 5.Discussion Forum1) The instructor will assign specific prompts/questions for the discussion forum in this module.2) Complete the assigned discussion forum requirements as indicated by the instructor.Module 6: Topic and Objectives The Role of the Federal Reserve Bank and Monetary Policy •Define the role and responsibilities of the Federal Reserve Bank. •Describe the major instruments used by the FRB to manage the economy. •Explain and assess how effective the FRB has been in responding to the current economic crisis. •Explain and analyze the changes that have occurred to the traditional role of the FRB as reflected in its balance sheet. Module 6: AssignmentsCollaborative Learning Community: Federal Open Market Committee1) Students will work in teams of four and act a ‘mini' Federal Open Market Committee responsible for making a decision on the direction of short-term interest rates. As a team, students will research and gather information on the following economic indicators: a) GDP b) CPIc) Nonfarm payroll employment d) Industrial Production/Capacity Utilizatione) Advance Report on Durable Goods Shipments, New Orders, and Unfilled Ordersf) Housing Starts g) Retail Sales h) S&P 500 Stock Index 2) Based on this information, the team will write a report of 750-1,000 words, addressing the following items: a) An analysis of current economic conditions, b) Expectations of economic, financial and international conditions for the near future, c) Identification of economic issues of special concern at the present time or in the near future, d) A recommendation as to whether short-term interest rates should be raised, lowered, or kept the same. 3) The economic data required for this exercise can be found on the Federal Reserve Bank Website at http://www.federalreserveeducation.org/resources/detail.cfm?r_id=38d00f79-a2ee-4f57-bb91-5bc875f7c63f 4) Submit the assignment by the end of Module 6.Discussion Forum1) The instructor will assign specific prompts/questions for the discussion forum in this module.2) Complete the assigned discussion forum requirements as indicated by the instructor.Module 7: Topic and Objectives Supply Side Policy •Explain the rise of supply-side policy as a result of stagflation and as an alternative to the more traditional demand side policies.•Describe the major tools of supply-side policy.•Assess the effectiveness and weaknesses of supply-side policy. Module 7: AssignmentsEPA Policies1) Write a 750-word essay on how the Environmental Protection Agency's policies impact business in the United States. 2) Use the Environmental Protection Agency Web site: http://www.epa.gov/superfund/related.htm. Ensure your report includes at least one specific EPA program and explain whether the program promotes business investment or discourages it. 3) Submit the assignment to the instructor by the end of Module 7.Discussion Forum1) The instructor will assign specific prompts/questions for the discussion forum in this module.2) Complete the assigned discussion forum requirements as indicated by the instructor.Module 8: Topic and Objectives Macro Policy in the Global Economy •Explain the difference between a closed and open economy. •Describe the impact of trade flows on the national economy. •Describe the impact of capital flows on the national economy.•Describe the impact of exchange rate policy on the national economy. •Examine and assess the roles of the supranational institutions charged with oversight of the international economy Module 8: AssignmentsInternational Economy 1) You have been invited by world leaders to be part of a team of international economists selected to make recommendations on how the international community might work together more effectively to ensure the global economy does not experience severe economic shocks that could lead to a worldwide recession. 2) Write a 750-word essay with two to three recommendations on how this might be accomplished.3) Submit the assignment to the instructor by the end of Module 8.Discussion Forum1) The instructor will assign specific prompts/questions for the discussion forum in this module.2) Complete the assigned discussion forum requirements as indicated by the instructor.