Mr. Patrick Keaveney
Introduction to Economics
Before School and 5th Block: Room 205
Introduction to Economics seeks to provide students with a clear understanding of fundamental economic concepts as they relate to the political and social fabric of the United Sates and the emerging global community. The different economic structures will be examined. Principles of supply and demand, business organization, labor forces, government policy, and fiscal policy will be topics of discussion.
McConnell, Campbell R., Staley L. Brue and Sean M. Flynn Economics: Principles, Problems, and Policies (Eighteenth Edition). McGraw Hill. Boston, Massachusetts: 2009
MICROECONOMICS: The primary objective of the first part of the course is the study of the behavior of individual components of the economy, (such as firms, households, or consumers) and the economic relationship among them. For example, a typical problem in the microeconomic portion of the course would be to determine the optimal price a company should charge for a new product. In determining the solution to this problem, it would be necessary to consider such microeconomic data as the company’s own production costs, the degree to which the price changes affect the quantity demanded of the new product, and the prices which competing firms charge for similar products.
MACROECONOMICS: The primary objective of the second part of the course is the study of the determinants of the aggregate level of economic activity in a global economy. Attention focuses on the demand for output by households (consumption), businesses (investment), government and trade with the rest of the world (net exports), as well as the roles played by fiscal and monetary policies. In addition, interest centers on problematic inflation, unemployment, federal budget deficits, and stimulating economic growth. Topics covered include measuring levels of output and income, Keynesian and classical models of aggregate supply and demand, the banking system and money creation, impacts of government fiscal and monetary policies, inflationary processes and models of inflation, unemployment-inflation tradeoff controversies, public debt burdens, and determinants of economic growth.
Tests: There will be four or five written tests over the semester. The material for these tests will be drawn from class discussions, notes, and assigned readings. Make-up tests will be given for absences from class only. There will be a comprehensive final exam.
Projects: There will be several papers/projects for this course. The number of projects for the course is left to my discretion. Late papers/projects will be penalized. The assignment will be graded for content, spelling, grammar, and neatness. Extensions will be given only in extreme circumstances and must be discussed with me before the due date.
Quizzes: Quizzes (announced or unannounced) will occur on a regular basis (so do your reading or review what we did in class every night!).
Homework: Nightly homework will usually be reading or reviewing. There is the possibility of written work. Written assignments should be typed or written neatly on loose-leaf paper. Late homework will not be accepted.
Participation: It is expected that every student will come prepared to participate in class each day.
The final grade for the class is determined as follows:
45% - First Quarter Grade
45% - Second Quarter Grade
10% - Final Exam
100% of Final Grade
Required Materials: Every day the student should bring:
§ Their Textbook
§ A notebook
§ A writing instrument
§ A folder or binder for handouts
Statement on Respect
All members of the school community are expected to be respectful of each other. Negative comments about anyone's race, nationality, religion, physical appearance or ability, intellectual ability, gender identity, sexual orientation, socioeconomic status, work ethic, or character are unacceptable and will not be tolerated. Students are encouraged to discuss any concerns with an adult in the building.