Introduction
CAP Economics is a semester-based course that is being offered through Paul Smiths College for students in developing critical skills of analysis, synthesis, and evaluation in a reflective setting on how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy unlimited wants. We will explore the theory of the firm and consumer behavior within a market structure with an emphasis distinguishing between different types of markets and market imperfections and the effect on market pricing and production output. An emphasis on macroeconomics will include an introduction to economic systems, money & banking, monetary and fiscal policy, economic growth (GDP), and the theories and measurement of national income, employment and international trade.
This course will combine a theoretical and practical emphasis on analyzing economic implications and their potential effects on resources, society, and overall quality of life as examined by interpreting economic outlook reports and current economic events resulting in the development and application of economic models. This course places an emphasis on written work, outside reading and analysis of primary and secondary sources. The readings will include a textbook as well as a supplemental outside readings. Students will also be expected to have a basic understanding of current events that influence the economy and the impact of those events on the various roles played within the market system.
- Define and apply basic economic principles.
- Provide examples to illustrate the use of economic logic in making decisions and solving every-day problems.
- Explain the process of interaction among firms, consumers, and the Government in a Market system; relationship to supply & demand, real versus nominal wages, and labor trends.
- Distinguish between different types market structures and market imperfections: monopoly, oligopoly, and monopolistic competition.
- Compare different types of monetary and fiscal policies.
- Interpret and discuss economic outlook reports and public announcements available in the media and electronic resources.
- Explain monetary policy, identifying the relationship of interest rates, recession, and inflation.
- Explain the operation of the interdependent world economy (International Trade) and multiple roles played by consumers, employees, producers, investors, voters, and political leaders.
- Analyze critical information and apply basic economic concepts in real-life employment, consumer, and personal finance decisions and the impact of those decisions on influencing and setting local, state, national, and international policies.
Course Requirements:
The curriculum materials to be used in this course include the following:
• Economics, 5/E, Paul Krugman and Robin Wells; Publisher: Worth Publishers; © 2018
ISBN-13: 978-1-319-06660-4 and ISBN-10: 1-319-06660-7; Format: Cloth Text
Students will be expected to complete daily assignments, homework, and participate in class discussions. Classroom activities will include group discussions, problem solving, simulations, and individualized instruction. Students are encouraged to work interdependently and
assist others.
The curriculum materials to be used in this course include the following:
• Pens/Pencils
• Hand-held calculator (with business mathematic capabilities)
• Folder
Grading Scale:
Paul Smith’s College provides both interim grades and final grades each semester. Only the final grades appear on the student’s transcript. (As per Paul Smiths Grading Policy)
Quality Points (QP) are awarded as follows: (NG=Numerical Grade, L=Letter Grades). Grades are recorded by letter (L).
|
NG
|
L
|
QP
|
NG
|
L
|
QP
|
|
95-100
|
A+
|
4.0
|
70-74
|
C
|
2.0
|
|
90-94
|
A
|
4.0
|
65-69
|
D+
|
1.5
|
|
85-89
|
B+
|
3.5
|
60-64
|
D
|
1.0
|
|
80-84
|
B
|
3.0
|
0-59
|
F
|
0.0
|
|
75-79
|
C+
|
2.5
|
|
|
|
Please refer to the following web address for academic policy and procedures as well as how to request documents such as transcripts: http://www.paulsmiths.edu/offices/registrars/index.php?type=current
Tests....................................................................................................................40%
Homework \ Projects.................................................................................................40%
Quizzes.................................................................................................................20%
Tests: Students retention and application of course content is assessed periodically, usually weekly. Students will be tested at the end of each chapter. Chapter tests may consist of multiple-choice, matching vocabulary, true/false, and short-answer. The time required to complete a chapter test is usually 30–40 minutes. A Final Exam will be administered at the conclusion of this course.
If a student misses a test, it is the student’s responsibility to make arrangements with the instructor to make up the test within three-school days from the date of absence. A fair and reasonable amount of time will be made to accommodate students with lengthy absences.
Homework: Homework will be assigned, collected and graded. All late work will be given one grade less for each day late up to 3 days. After 3 days the grade will be a ‘0’. If a student is absent or ill, they will have one week from the date of absence to make up work.
Quizzes: Student’s retention of course content will be assessed periodically and a grade will be given. If a student plans to be absent, they should contact the teacher and arrange for the quiz to be taken before the date of absence
Chapter Resources:
Check below - Files and Links
Tentative Class Schedule & Assignments: Economic Terminology and Quizlet (Class Link) - https://quizlet.com/join/hqHXRA98H
Resources : Khan Academy and Marginal Revoluation University
