Course Syllabus

Course Syllabus: Principles of Macroeconomics
Course Title: Principles of Macroeconomics
Institution: Franklin Pierce University
Instructor: Dr. Marc B. Lewis

Course Description
Welcome to Principles of Macroeconomics! In this course, we examine the aggregate behavior of the economy and the fundamental principles governing national and international economic systems. Our focus will center on key economic indicators, including Gross Domestic Product (GDP), inflation, unemployment, economic growth, aggregate supply and demand, fiscal policy, monetary policy, and global financial markets. Students will learn to apply economic frameworks to analyze policy decisions, evaluate business cycles, and understand the macro environment in which firms and individuals operate.

Course Learning Outcomes
Upon successful completion of this course, students will be able to:

  1. Explain core macroeconomic concepts including scarcity, opportunity cost, supply, demand, and market equilibrium.
  2. Measure and analyze national economic output (GDP), unemployment rates, and inflation indexes.
  3. Utilize the Aggregate Demand/Aggregate Supply (AD/AS) framework to model economic fluctuations and policy impacts.
  4. Differentiate between Keynesian and Neoclassical perspectives in macroeconomic policy.
  5. Evaluate the mechanics and tools of monetary policy implemented by central banks and fiscal policy enacted by governments.
  6. Assess international trade, exchange rates, capital flows, and global financial interdependence.

Course Schedule & Reading Assignments: All chapters may not be covered during the semester.
(Based on OpenStax Principles of Macroeconomics 3e)
Part 1: Fundamentals of Economic Thinking

  • Week 1: Introduction to Macroeconomic Thinking
    ⚬ Reading: OpenStax Chapter 1 (Welcome to Economics!) & Chapter 2 (Choice in a World of Scarcity)
    ⚬ Topics: Scarcity, opportunity cost, division of labor, economic systems.
  • Week 2: Demand, Supply, and Market Dynamics
    ⚬ Reading: OpenStax Chapter 3 (Demand and Supply) & Chapter 4 (Labor and Financial Markets)
    ⚬ Topics: Market equilibrium, price controls, financial market mechanics.
  • Week 3: Elasticity & Overview of Macro Goals
    ⚬ Reading: OpenStax Chapter 5 (Elasticity) & Chapter 6 (The Macroeconomic Perspective)
    ⚬ Topics: Price elasticity, measuring Gross Domestic Product (GDP), real vs. nominal GDP.

Part 2: Core Macroeconomic Indicators

  • Week 4: Economic Growth & Standard of Living
    ⚬ Reading: OpenStax Chapter 7 (Economic Growth)
    ⚬ Topics: Labor productivity, capital accumulation, technology, long-term growth trends.
  • Week 5: Unemployment and Inflation
    ⚬ Reading: OpenStax Chapter 8 (Unemployment) & Chapter 9 (Inflation)
    ⚬ Topics: Types of unemployment, CPI, purchasing power, indexation.
  • Week 6: International Trade Balances & Exam 1
    ⚬ Reading: OpenStax Chapter 10 (International Trade and Capital Flows)
    ⚬ Assessment: MIDTERM EXAM 1 (Chapters 1–10)

Part 3: Macroeconomic Models & Frameworks

  • Week 7: The Aggregate Demand / Aggregate Supply Model
    ⚬ Reading: OpenStax Chapter 11 (The Aggregate Demand/Aggregate Supply Model)
    ⚬ Topics: AD/AS curves, economic equilibrium, recessionary and inflationary gaps.
  • Week 8: The Keynesian Perspective
    ⚬ Reading: OpenStax Chapter 12 (The Keynesian Perspective)
    ⚬ Topics: Aggregate expenditure, sticky prices, the expenditure multiplier.
  • Week 9: The Neoclassical Perspective
    ⚬ Reading: OpenStax Chapter 13 (The Neoclassical Perspective)
    ⚬ Topics: Long-run adjustment, Say's Law, Phillips Curve trade-offs.

Part 4: Monetary and Fiscal Policy

  • Week 10: Money, Banking, and Central Banking
    ⚬ Reading: OpenStax Chapter 14 (Money and Banking) & Chapter 15 (Monetary Policy and Bank Regulation)
    ⚬ Topics: Functions of money, bank balance sheets, the Federal Reserve, interest rate policy.
  • Week 11: Midterm Exam 2 & Government Budgets
    ⚬ Reading: OpenStax Chapter 17 (Government Budgets and Fiscal Policy)
    ⚬ Assessment: MIDTERM EXAM 2 (Chapters 11–15)
  • Week 12: Fiscal Policy & Government Debt
    ⚬ Reading: OpenStax Chapter 18 (The Impacts of Government Borrowing)
    ⚬ Topics: Taxation, government spending, budget deficits, crowding-out effect.

Part 5: Global Macroeconomics & Final Review

  • Week 13: Exchange Rates and Global Financial Flows
    ⚬ Reading: OpenStax Chapter 16 (Exchange Rates and International Capital Flows)
    ⚬ Topics: Currency markets, purchasing power parity, foreign direct investment.
  • Week 14: Global Macroeconomic Policy & Trade
    ⚬ Reading: OpenStax Chapter 19 (Macroeconomic Policy Around the World) & Chapter 21 (Globalization and Protectionism)
    ⚬ Topics: Developing vs. developed economies, trade barriers, global economic integration.
  • Week 15: Final Exam
    ⚬ Assessment: FINAL EXAM (Comprehensive)

Course Policies & Student Expectations
Canvas Communications & Announcements
Course materials, assignments, grade tracking, and announcements will be posted through Canvas. Students are expected to check Canvas regularly.
Academic Integrity
Students are expected to adhere to Franklin Pierce University’s standard of academic honesty. Plagiarism, unauthorized collaboration, or misuse of academic materials will result in administrative action per university policy.
Accessibility & Accommodations
Franklin Pierce University is committed to providing equal access to education. Students needing academic accommodations should contact the Center for Academic Excellence to coordinate official arrangements.