Weekly - online
Times to be determined
Course Alignment
General Education Outcomes are the knowledge, skills, abilities, attitudes, and behaviors that students are expected to develop as a result of their overall experiences with any aspect of the college, including courses, programs, and student services, both inside and outside of the classroom. The General Education Outcomes specifically learned in this course are:
- Communication
- Critical Thinking
Subject Code: ECON
Course Number: 1543
Course Name: Principles of Economics
Course Description:
This is a survey course covering select topics in microeconomics and macroeconomics. It is a study of product and resource markets, market structures, interactions between government and firms, the determinants of economic activity, money and banking, monetary and fiscal policy implications, international trade, and international finance. Students cannot receive credit for this course if ECON 1553 or ECON 1563 has been completed. IAI: S3 900.
Prerequisite Narrative:
Appropriate assessment score or ENGL 1422 with a grade of C or better - Must be taken either prior to or at the same time as this course.
Lecture Hours: 3
Lab Hours: 0
Credit Hours Narrative: 3 Credits
Academic Division: Business and Technology
IAI number: S3-900
IAI title: Principles of Economics
General Education Outcomes: Communication, Critical Thinking
Outcomes
Explain the effect scarcity has on a society
Describe the components and dynamics of markets and analyze how changes in markets affect equilibrium
Analyze demand and supply in the context of price elasticity
Analyze the four market structures and their implications for pricing, economic performance, and possible government action
Describe the causes and effects of business cycles, inflation, and unemployment
Explain the uses of monetary and fiscal policy to stabilize the economy
Analyze the effects of international trade on output, consumption, and welfare
Explain the factors that determine exchange rates
Faculty Contact Information
Office Hours: M/W – 3:00 – 5:00 PM
Outside of these office hours, you can always reach me through email. I will be happy to schedule virtual meetings with you outside of these hours.
Course Information
At the end of this course, students will be able to:
- Explain the effect scarcity has on a society
- Describe the components and dynamics of markets and analyze how changes in markets affect equilibrium
- Analyze demand and supply in the context of price elasticity
- Analyze the four market structures and their implications for pricing, economic performance, and possible government action
- Describe the causes and effects of business cycles, inflation, and unemployment
- Explain the uses of monetary and fiscal policy to stabilize the economy
- Analyze the effects of international trade on output, consumption, and welfare
- Explain the factors that determine exchange rates
You do not have to purchase the book. The textbook is not required for this course -- just the ability to access Canvas for required readings and weekly submissions.
Reflections: Each week, you will be asked to complete assigned readings out of the textbook and additional works as assigned. Each class will contain both a lecture and class discussion of the material you read. Based on these, you will complete a written reflection of what you learned and what questions you still have. A document with prompts will be accessible through Canvas. Some of these will include a mathematical problem to solve, some will not. Reflections will be due the following Monday at 5PM. (The evening before the following week’s Tuesday class)
Class Discussion: Each week will include discussion posts on Canvas regarding the material that has been covered in readings and in lecture, as well as relevant current events. Your participation in these discussions is graded, both on the quality of the insights and questions you provide and the volume of your participation. You will be expected to complete one post in response to the week’s reading that is no less than 500 words, two responses to your peers that is no less than 200 words, and one response to a note you received on your original post that is no less than 200 words.
Exams: The midterm exam will cover the first half of the course. The final exam will cover the second half of the course, as well as select topics from the first half of the course. Exams will include short answer and mathematical questions, as well as the use of graphs or charts.
| Item | Points |
| Class Participation | 25 |
| Weekly Reflections | 25 |
| Midterm Exam | 50 |
| Final Exam | 100 |
| Grading Scale | Grade |
| 90%-100% | A |
| 80%-89% | B |
| 70%-79% | C |
| 60%-69% | D |
| Below 60% | F |
Business, Technology & Human Services
Dean, Paul Carlson; 815-802-8858; V105; pcarlson@kcc.edu; Division Office – W102; 815-802-8650
ATTENDANCE POLICY & MAKE-UP POLICY:
You are expected to attend classes and complete all assignments in-class and at home. It is your responsibility to get missed information/materials from other students if you are late or absent.
You are responsible for completing assignments on time. If you choose not to complete an assignment on time, you will receive a 0 for that assignment. There are no do-overs.*
- If you require additional time to complete an assignment for a personal emergency, email me to accommodate your situation.
- Make-up Exams are given with a valid reason. Please email me prior to the exam if you are not able to make it. No tests are given prior to their scheduled time.
Grading Timeline:
Graded work will be returned in a timely manner. Reflections will most often be returned the following week, discussion grades will most often be posted promptly, and exams will most often be returned within two weeks.
Tips for Success:
A strong grade in this course will not be attainable through lectures exclusively. You will need to be actively involved in your learning in order to succeed. Complete your readings, participate in class discussions, and ask questions to further your understanding. If you do these things, there will be no surprises in the midterm or final course examinations.
Course Methods of Instruction:
As this course will be provided through independent study, we will strive to meet weekly to cover the course material. Lectures will be provided via Canvas in video format, and you will need to participate in discussion forums weekly with your peers. You will be provided reading assignments for each week in class and through Canvas. It is my expectation that you will have read these prior to engaging with the respective video lecture and class discussion.
Given the unique structure of this course, much of the responsibility will fall on YOU to remain up-to-date with weekly assignments.
The course is designed for you to study consistently throughout the semester. There are a number of assignments that include reading, videos, questions, problems, etc. that are to be completed each week in class. There are no extra credit opportunities so consistency is key for success in this course.
Module 1:
- week 1: What is Economics, the miracle of trade
- week 2: Supply and demand
- week 3: Equilibrium
- week 4: The Price System
- week 5: Elasticity and profit
- week 6: Price controls and economic knowledge
- week 7: Taxes and subsidies
- week 8: Midterm Exam
Module 2:
- week 9: Externalities
- week 11: Competition and Property
- week 12: Monopoly and monopoly price
- week 13: The Wealth and Growth of Nations
- week 14: Money and Banking
- week 16: Lighthouses and public goods
Important Dates:
January 12th - first day of class
January 19th – MLK Day, no class
March 9th – 13th – Spring Break
Final Exam: TBD – will be completed online
College Policies, Resources and Supports
For information related to the Student Code of Conduct Policy, Withdrawal Policy, Email Policy, and Non- Attendance/Non-Participation Policy, please review the college’s Code of Campus Affairs and Regulations webpage, which can be found at catalog.kcc.edu under the Academic Regulations & Conduct Guide.
KCC offers various academic and personal resources for all students. Many services are offered virtually, as well as in person. Please visit Student Resources - Kankakee Community College to access student resources services such as:
- Clubs and organizations
- Counseling and referral services
- Office of disability services
- Student complaint policy
- Transfer services
- Tutoring services, etc.
The materials on this course are only for the use of students enrolled in this course for purposes associated with this course. Further information regarding KCC's copyright policy is available at https://kcc.libguides.com/copyright.
|Course syllabus/calendar is subject to change.