DCC Economics 105
Dutchess Community College Final Exam
Issues in Economics Today by Robert C. Guell, 7th edition
Note: This course satisfies the graduation requirement of a ½ credit in Economics and may be taken instead of D655, Economics. Upon successful completion of the course the student will also earn three SUNY credits that can be used to satisfy the Economics credit many college students are required to take.
The purpose of this class is to introduce students to the world of economics. In this class the basic principles of economics will be explored. The student will gain a clear understanding of why economics is so important to every society. The choices and decisions every society has to make regarding their economic policies and the affect these choices have on its people will be analyzed.
The course is a college course, therefore, it is designed for much student involvement and interaction. There will be plenty of class discussions, group exercises, contests, and student reporting.
Students will be required to express their educated views and opinions professionally both in oral and written form.
Topic Presentation 10%
Final Exam 20%
There will be no extra credit provided in this course. This is a college course and you are expected to do all assignments on-time and in a professional manner.
Areas of Study Include:
Fundamental Economic Concepts
- What Is Economics
- Scarcity and the Science of Economics
- Basic Economic Concepts
- Economic Choices and Decision Making
- Economic Systems and Decision Making
- Economic Systems
- Evaluating Economic Performance
- Capitalism and Economic Freedom
- Business Organizations
- Forms of Business Organization
- Business Growth and Expansion
- Other Organizations
- What Is Demand?
- Factors Affecting Demand
- Elasticity of Demand
- What Is Supply?
- The Theory of Production
- Cost, Revenue, and Profit Maximization
- Prices and Decision Making
- Prices as signals
- The Price System at Work
- Social Goals vs. Market Efficiency
- Market Structures
- Competition and Market Structures
- Market Failures
- The Role of Government
· Employment, Labor, and Wages
- The Labor Movement
- Resolving Union and Management Differences
- Labor and Wages
- Employment Trends and Issues
· Sources of Government Revenue
- The Economics of Taxation
- The Federal Tax System
- State and Local Tax Systems
- Current Tax Issues
- Social Security Tax
- Personal Income Tax
· Government Spending
- The Economics of Government Spending
- Federal Government Expenditures
- State and Local Government Expenditures
- Deficits, Surpluses, and the National Debt
- Money and Banking
- The Evolution of Money
- Early Banking and Monetary Standards
- The Development of Modern Banking
- Financial Markets
- Savings and the Financial System
- Investment Strategies and Financial Assets
- Investing in Equities, Futures, and Options
- School Vouchers
- Private vs. Public
- Cost of Higher Education
- Merit Pay and Tenure
- Economic Performance
- Measuring the Nation’s Output
- GDP and Changes in the Price Level
- GDP and Population
- Economic Growth
- Economic Instability
- Business Cycles and Fluctuations
- Poverty and the Distribution of Income
- The Fed and Monetary Policy
- The Federal Reserve System
- Monetary Policy
- Monetary Policy, Banking, and the Economy
- Achieving Economic Stability
- The Cost of Economic Instability
- Macroeconomic Equilibrium
- Stabilization Policies
- Economics and Politics
- Impact on the Economy
- Regulated Monopolies
International and Global Economics
- International Trade
- Absolute and Comparative Advantage
- Barriers to International Trade
- Financing and Trade Deficits
· Comparative Economic Systems
- The Spectrum of Economic Systems
- The Rise and Fall of Communism
- The Transition to Capitalism
- The Various Faces of Capitalism
- Developing Countries
- Economic Development
- A Framework for Development
- Financing Economic Development
- Global Economic Challenges
- The Global Demand for Resources
- Economic Incentives and Resources
- Applying the Economic Way of Thinking
Each student will need a binder to store all the various articles, worksheets and exercises that will be given out during the semester. It is crucial that students save and keep this material since it will be used as material for tests, presentations, and reports.
During the semester students will be required to take notes on the various topics covered in the class. Each student is required to have a notebook to copy down the notes. Taking good notes is an integral part of this course and can be the difference in whether a student passes or fails the course.
The notes given in class as well as the articles, current event topics and group exercises discussed in class will be the material that the student will be tested on.
The tests will be a combination of multiple choice, and true and false. Each test will consist of about 50 questions. The subject of the tests will be the material covered in class. While some of this material might come from the textbook most of the information will come from the notes, articles and topics discussed in class. All tests will be announced at least two days before they are given.
On occasion a quiz may be given unannounced. In some cases a quiz will be an open notebook quiz which means students may use their notes, handouts and articles to complete the quiz. Allowing students to use their notes and material, hopefully, will encourage students to take appropriate notes and keep their material organized.
During the semester students will receive a variety of homework assignments. These assignments will include the following:
· answering a series of questions
· reading and summarizing an article
· providing an opinion on a particular issue or topic
· researching and reporting on a topic
Homework assignments usually will be assigned two days before they are due. Minor assignments will be due the next day. Every homework assignment will be graded using a scale from 0 to 10. Every day a homework assignment is late, 10% will be deducted from the grade. No homework will be accepted two days past the due date.
Each student will be required to select a topic to report on. A list of topics will be given to the student and the student can select a topic that most interests them. Topics will be assigned on a first come first serve basis.
If there is an economic topic that a student is interested in that is not on the list, the student can ask the teacher for permission to do the report on their preferred topic.
In order to do this the student must write up a detail outline on the issue they would like to report on. After the student submits the proposal the teacher will either accept or reject the topic.
Report requirements: Once the student selects a topic they will be required to do extensive research on the topic. Once the research is completed the students will need to write a detail report highlighting the information they discovered. The report should be four pages doubled spaced using the Courier New font with a size of 11. The report should include the following information:
- A detail explanation of the topic
- The significance of the topic. For example how the topic affects the broad economy on the whole and/or how it impacts everyday economic life.
- Why the student chose the topic
- Work Cited - at least three different sources
Oral Presentation: As part of the topic assignment each student will be required to present their topic to the class. The oral presentation should be a summary of the topic. The student will not be allowed to read directly from the written report during their presentation or refer to a PowerPoint presentation.
However, the student can use flash cards and/or summary notes during the presentation. The student also needs to be prepared to answer questions from both the instructor and other students after their presentation. The oral presentation should be at a minimum five minutes.
Each student will receive a class participation grade. This grade will be a combination of attendance, preparation for class, behavior in class and participation in group activities.
At the beginning of the semester each student will be asked to pick three stocks that they feel are promising and have growth potential. The student must submit these stock picks to the teacher along with an explanation of why the particular stocks were chosen. The explanation for each stock should be a paragraph or two in length.
There will be a maximum of five winners to the contest at the end of the semester. The student whose stock price increased the most percentage wise will be awarded first prize. The remaining prizes will be distributed based on the percent of increase achieved. No prizes will be awarded to any student whose value falls below the initial price that was invested.
The extra points earned can be added to either the class participation grade, homework grade or test grade or a combination of all three.
During the course of the semester contests, competitive exercises and current event sheets will be handed out to the class. The purpose of this work will have a variety of purposes: to reinforce some of the topics that were previously discussed, learn about a new topic, delve further into a topic of interest. Students/Groups that successfully complete the work and/or win the competition will earn extra points. The extra points earned will be added to the student’s test grade.
However, students who are late to class, behave inappropriately or are inattentive in class will lose five bonus points for each occurrence.
You can contact me anytime regarding any issue that is on your mind. I am available during my lunch period or after school. Please feel free to make an appointment with me during any of these times or just stop by room 162 during my free periods.
If you feel more comfortable sending me an e-mail, my e-mail address is firstname.lastname@example.org
Grading for reports
Any reports submitted by the student will be grading based on the report rubric below:
Oral Presentation (5)
reason for choosing the topic(1)
reason for choosing the topic(1)
Total score __