PRINCIPLES OF ECONOMICS I

                           SPRING 1997


Dr. George D. Santopietro
Office: Davis 117
Tel.: 831-5891
Student hours: M-F 10:00 - 11:00
E-mail: gsantopi@runet.edu
Homepage: http://www.runet.edu/~gsantopi

Required Text: McEachern, William. Macroeconomics: A Contemporary Introduction, 4th edition.

Recommended News Media: 
     Wall Street Journal
     Roanoke Times
     The Economist

Course Objectives
The objectives of this course in the two course sequence of Principles of Economics include the
following:
     * to understand the nature of the economic problem;
     * to become familiar with the basic structure of the American economic system;
     * to understand the role of consumers, business, banks and government in influencing    the
     level of economic activity in an economy; 
     * to be able to interpret economic vocabulary; 
     * to develop analytical skills.
     * use the World Wide Web to access and retrieve economic data and reports
  
Examinations and grading
     Four mid-terms 15% each       60%
     Final exam                    25%
     Homework assignments          15%

Exam Dates
          Test #1   Jan 27
          Test #2   Feb 17
          Test #3   Mar 19
          Test #4   Apr 9
          Final exams:
          9 MWF     8 am Tues. Apr 29
          11 MWF    2 pm Mon Apr 28          

Attendance policy
No refunds for missed classes.


                    PRINCIPLES OF ECONOMICS I

                           SPRING 1997


                          Course Outline


Topic                                   Text Chapter

I.  Introduction to Economics
     Scientific method                       1
     Scarcity and Choice                     2
     Economic systems                        2
     The market system                       3
     Economic actors                         4

II. Fundamentals of Macroeconomics
     Introduction to AD and AS analysis           5
     Productivity and economic growth             6
     Unemployment and Inflation                   7
     Measuring economic aggregates                8
     
III. Building the AD/AS model 
     Consumption, Investment and Government       9
     Aggregate expenditure and AD                10
     Aggregate supply                            11

IV. Fiscal Policy
     Fiscal policy                               12
     Budget, deficits and debt                   17

V. Monetary Policy
     The Financial System                        13
     Banking and the Money supply                14
     Monetary theory and policy                  15

VI. Policy Debate                                16