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| Economics 200: Principles of Macroeconomics | |||
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Introductory PageA 5-Credit Online CourseEconomics 200Bellevue Community College -- Distance EducationInstructor: Kit Sims TaylorThis introductory page for Principles of Macroeconomics provides students and prospective students access to the syllabus and other materials. Other course materials are password-protected and only available to registered students. What is Economics?Economics is about money Almost everything in economics is controversial. We even disagree on how to define economics. Some economists like to focus on the mathematical tools of economics and define the field as the "science of choice." Others, including myself and David Colander (the author of the textbook we will be using in this course) focus more on economic institutions. Colander offers the following definitions: The economy is the institutional structure through which individuals in a society coordinate their diverse wants or desires. Economics is the study of the economy. That is, economics is the study of how human beings in a society coordinate their wants and desires.My own definition is similar, but puts emphasis on the evolution of the economy through time: Economics is the investigation of the evolution of market, institutional and technological forces as they affect production and distribution within a capitalist social formation. Of course it takes more than a sentence to explain what economics is about. Colander's first chapter is primarily an extended definition of economics. The curious student can also look deeper into my definition of economics by reading "Economies, Economics and Economists," which is the introductory chapter of my textbook-in-progress for a survey of economics course (Economics 100 at BCC). Macroeconomics and MicroeconomicsEconomics is divided into two major subcategories: macroeconomics and microeconomics. In macroeconomics (Economics 200 at BCC) we study the economy as a whole; in microeconomics (Economics 201 at BCC) we look at individual markets. The distinction is important. In microeconomics we might examine the effects of an increase in the price of tomatoes. We can apply the Law of Demand which tells us that -- all other things remaining the same -- the quantity of tomatoes that people will purchase will go down when the price goes up. We can introduce the concept of price elasticity of demand and attempt to measure how large or small an effect the price increase will have on the quantity purchased. In macroeconomics we might examine the effects of inflation -- all prices going up at once. Obviously, the outcome will be quite different.We would need to make the same type of distinction if we were studying labor markets. If the wages of a particular type of labor -- short-order cooks, for example -- were to increase we could predict that employers would find ways to get by with fewer hours of that type of labor. That is microeconomics. But if wages were to increase across the entire economy, prediction would be much more complicated. When we just study the wages of short-order cooks, we can ignore the effect that their extra earnings will have on their demand for goods and services since they make up a small proportion of the workforce. But when all wages go up, the effect on overall demand is too large to ignore -- so we will have to apply the theories of macroeconomics. In short, microeconomics is the economics of one thing at a time and macroeconomics is the economics of everything at once. Economics 200 -- Course Content in Brief
TransferabilityThe Principles of Macroeconomics course transfers to 4-year colleges and meets the requirements of most business degree programs for a 200-level Macroeconomics course. It will prepare students for the 300-level Macroeconomics course which is required for a four-year degree in business or economics. Students who are not economics majors can apply it to social science distribution credit requirements.Note: Colleges and universities are not consistent in the way we number economics courses. For example, the University of Washington's numbering of its 200-level macroeconomics and microeconomics is criss-crossed from BCC's. So if you are taking one of the courses here and the other somewhere else be certain to check the name of the course, not just the number. If you are not a Business or Economics majorStudents who are not majoring in business or economics usually find Economics 100 (Survey of Economics) a more appropriate course as it explores economics historically and conceptually. And, both macroeconomics and microeconomics are covered in one course. I would particularly recommend Economics 100 for high school teachers who want to incorporate more economic concepts and issues into their history, government, and other social studies courses.PrerequisitesCollege level reading and writing ability is absolutely a necessity for success in this course. Thirty prior credits of college transfer courses recommended. Math through first year high school algebra recommended.Note: Economics 200 is not a prerequisite for Economics 201. Students may take either course first. Prospective students often want to know which of the two courses is more difficult. My answer is that the one you take first will be more difficult. In both courses we examine the relationships between two variables (such as price and quantity demanded) by drawing lines on a graph. Then we examine some situations by moving along one of the lines and others by shifting one of the lines. Beginning students are often baffled by when to move along the line and when to shift it (and often turn rather simple problems into overly complex ones). So, whether you take macroeconomics or microeconomics first, you will need to learn this peculiar methodology; and when you take your second 200-level economics course you will already understand the methodology and be able to concentrate on how to apply it to different issues. RegistrationFor registration information, contact the Bellevue Community College Office of Distance Education. | ||
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