This is an archived copy of the Fall 2014 Catalog. To access the most recent version of the catalog, please visit http://catalog.jccc.edu/.

Economics (ECON)

Courses

ECON 132   Survey of Economics (3 Hours)

Upon successful completion of this course, the student should be able to explain basic macroeconomic and microeconomic theory, fiscal and monetary policies, the role and significance of international economics and government trade and regulatory policies. In addition, the student should be able to describe the characteristics and consequences of the differing business units in the economy, as well as the functioning of the labor market and how national income is distributed. The course is primarily for students who desire a one-semester, nontechnical overview of the basic components of macroeconomic and microeconomic theory and the functioning of the United States economy. 3 hrs. lecture/wk.

ECON 132H   HON: Survey of Economics (1 Hour)

One-credit hour honors contract is available to qualified students who have an interest in a more thorough investigation of a topic related to this subject. An honors contract may incorporate research, a paper, or project and includes individual meetings with a faculty mentor. Student must be currently enrolled in the regular section of the courses or have completed it the previous semester. Contact the Honors Program Office, COM 201, for more information.

ECON 230   Economics I (3 Hours)

Upon successful completion of this course, the student should be able to use economic terminology and principles to explain and discuss basic macroeconomic concepts, including supply of and demand for products, national income determination, money and banking, and monetary and fiscal policy. The student enrolling in this course should have successfully completed one year of high school algebra or the equivalent. (Macro) 3 hrs. lecture/wk.

ECON 230H   HON: Economics I (1 Hour)

One-credit hour honors contract is available to qualified students who have an interest in a more thorough investigation of a topic related to this subject. An honors contract may incorporate research, a paper, or project and includes individual meetings with a faculty mentor. Student must be currently enrolled in the regular section of the courses or have completed it the previous semester. Contact the Honors Program Office, COM 201, for more information.

ECON 231   Economics II (3 Hours)

Upon successful completion of this course, the student should be able to use economic terminology and principles to explain and discuss basic microeconomic concepts, including extended analysis of product supply and demand and theory of the firm and product and resource market structures. Students enrolling in this course should have successfully completed one year of high school algebra or the equivalent. (Micro) 3 hrs. lecture/wk.

ECON 231H   HON: Economics II (1 Hour)

One-credit hour honors contract is available to qualified students who have an interest in a more thorough investigation of a topic related to this subject. An honors contract may incorporate research, a paper, or project and includes individual meetings with a faculty mentor. Student must be currently enrolled in the regular section of the courses or have completed it the previous semester. Contact the Honors Program Office, COM 201, for more information.

ECON 132

  • Title: Survey of Economics
  • Number: ECON 132
  • Effective Term: Fall 2014
  • Credit Hours: 3
  • Contact Hours: 3
  • Lecture Hours: 3

Description:

Upon successful completion of this course, the student should be able to explain basic macroeconomic and microeconomic theory, fiscal and monetary policies, the role and significance of international economics and government trade and regulatory policies. In addition, the student should be able to describe the characteristics and consequences of the differing business units in the economy, as well as the functioning of the labor market and how national income is distributed. The course is primarily for students who desire a one-semester, nontechnical overview of the basic components of macroeconomic and microeconomic theory and the functioning of the United States economy. 3 hrs. lecture/wk.

Course Fees:

None

Textbooks:

http://bookstore.jccc.edu/

Supplies:

Refer to the instructor's course syllabus for details about any supplies that may be required.

Objectives

  1. Demonstrate an understanding of how economic activity is determined in a capitalist, market-oriented economy.
  2. Explain how and why laissez-faire capitalism in the United States has been modified by government involvement.
  3. Describe the ingredients for higher rates of economic growth and higher standards of living within a nation.
  4. Describe supply and demand analysis and marginal analysis to determine how prices and output are determined under different market structures.
  5. Describe the causes of the business cycle, its effect on unemployment and inflation, and possible remedies.
  6. Explain how the government attempts to stabilize the economy through the use of fiscal policy.
  7. Explain how the United States banking system operates.
  8. Explain how the Federal Reserve System attempts to stabilize the economy through the use of monetary policy.
  9. Explain the importance of international trade to an economy and the effects of protective trade policies. 

Content Outline and Competencies:

I. Basic Economic Concepts
   A. Define economic systems.
      1. Describe the fundamental economic questions.
      2. Contrast capitalism and socialism.
   B. Summarize the methodology of economics.
      1. Describe what economists do.
      2. Describe the theorizing or model-building process.
      3. Demonstrate the use of graphs.
      4. Summarize the role of statistics and the use of economic
statistics in economic analysis.
   C. Define scarcity.
      1. Summarize the tradeoffs within an economy and define the
opportunity cost of making a choice.
      2. Describe the Production Possibilities Model.
   D. Explain how markets function using supply and demand analysis.
      1. Describe the Circular Flow of Income model.
      2. Define the laws of demand and supply.
      3. Explain the determinants of demand and supply.
      4. Outline the effects of changes in demand and supply on prices and
the amount traded in any market.
   E. Evaluate capitalism.
      1. List and explain the pros and cons associated with capitalism.
      2. List and describe the market failures associated with capitalism
and describe governmental attempts to correct them.

II. Microeconomics
   A. Describe consumer theory.
      1. Define elasticity.
      2. Define marginal utility and describe its role in effecting
consumer behavior.
   B. Describe the theory of the firm.
      1. Outline legal forms of business.
      2. Describe the economic functions of the firm.
      3. Define diminishing returns and production costs.
      4. Outline the characteristics of the four market structures.
      5. Describe the behavior of the profit maximizing firm within pure
competition, pure monopoly, oligopoly and monopolistic competition.
      6. Summarize the effects of firm behavior under different market
structures.
   C. Summarize the role of government in regulating business.
      1. Summarize anti-trust legislation.
      2. Define natural monopolies.
      3. Outline consumer protection policies.
      4. Describe environmental protection policies.
      5. Summarize deregulation policies.
   D. Describe labor market.
      1. Demonstrate the use of demand and supply analysis on the context
of a labor market.
      2. Describe how wages are determined in labor markets.
      3. Summarize the effects of labor unions in labor markets.
   E. Describe how income is distributed.
      1. List the sources of income.
      2. Summarize cause of poverty and possible remedies.
      3. Define discrimination.

III. Macroeconomics
   A. Describe national economic problems.
      1. Define the different types of unemployment.
      2. Define the different types of inflation.
      3. Define economic growth and list the ingredients for economic
growth.
   B. Describe national income accounting.
      1. List the components of GDP.
      2. Contrast real GDP and nominal GDP.
      3. Outline the components of national income.
   C. Contrast Classical and Keynesian approaches to the business cycle.
      1. Describe Say's Law.
      2. Describe aggregate demand and supply analysis in national income
determination.
      3. Summarize supply-side approaches to addressing national economic
problems.
   D. Describe fiscal policy.
      1. Summarize Keynesian fiscal policy recommendations when addressing
national economic problems.
      2. Outline alternative recommendations to the Keynesian approach
when addressing national economic problems.
      3. Contrast deficits and national debt.
   E. Monetary policy
      1. Define the functions of money.
      2. Summarize the role of commercial banks in money creation.
      3. Describe the structure and the functions of the Federal Reserve
System.
      4. Define monetary policy.
      5. Contrast Keynesian and Monetarist recommendations for the use of
monetary policy.

IV. International Economics
   A. Describe international trade.
      1. Summarize the role of specialization and comparative advantage in
international trade.
      2. List and describe protectionist policies.
      3. Outline the role of trade negotiations in international trade.
   B. Describe international finance.
      1. Identify the role of exchange rate determination in international
finance.
      2. Describe the balance of payments for a nation.
      3. Define the gold standard.
      4. Contrast floating and fixed exchange rates.

Method of Evaluation and Competencies:

Minimum of four tests                  60-80% of course grade
Written and/or oral reports            10-20% of course grade
Worksheets, problems, attendance, etc. 10-20% of course grade
                                         100%

The student's course grade will be determined using the following grading
scale:

   A = 90-100% of total available points
   B = 80- 89% of total available points
   C = 70- 79% of total available points
   D = 60- 69% of total available points
   F = <   60% of total available points

Grade Criteria:

Caveats:

None

Student Responsibilities:

Disabilities:

If you are a student with a disability, and if you will be requesting accommodations, it is your responsibility to contact Access Services. Access Services will recommend any appropriate accommodations to your professor and his/her director. The professor and director will identify for you which accommodations will be arranged.

JCCC provides a range of services to allow persons with disabilities to participate in educational programs and activities. If you desire support services, contact the office of Access Services for Students With Disabilities (913) 469-8500, ext. 3521 or TDD (913) 469-3885. The Access Services office is located in the Success Center on the second floor of the Student Center.

ECON 132H

No information found.

ECON 230

  • Title: Economics I
  • Number: ECON 230
  • Effective Term: Fall 2014
  • Credit Hours: 3
  • Contact Hours: 3
  • Lecture Hours: 3

Description:

Upon successful completion of this course, the student should be able to use economic terminology and principles to explain and discuss basic macroeconomic concepts, including supply of and demand for products, national income determination, money and banking, and monetary and fiscal policy. The student enrolling in this course should have successfully completed one year of high school algebra or the equivalent. (Macro) 3 hrs. lecture/wk.

Course Fees:

None

Textbooks:

http://bookstore.jccc.edu/

Supplies:

Refer to the instructor's course syllabus for details about any supplies that may be required.

Objectives

  1. List a nation's economic resources, explain why they are scarce and why their use involves an opportunity cost.
  2. Describe the goals of productive and allocative efficiency, list the ingredients for national economic growth, and express these concepts in the context of the Production Possibilities Model.
  3. Summarize the characteristics of capitalism.
  4. Demonstrate the use of demand and supply analysis in the determination of market prices.
  5. Evaluate the pros and cons associated with capitalism and generally describe how government has attempted to address market failures.
  6. Define gross domestic product and the other common national income accounts, as well as the different types of inflation and the different types of unemployment.
  7. Define the business cycle, describe its different phases, its causes, and its consequences on national income, unemployment and inflation.
  8. Compare and contrast the basic Keynesian and New Classical models of national income determination.
  9. Define fiscal policy and evaluate its use as a tool designed to smooth out the business cycle from the perspective of the Keynesian and New Classical schools of thought.
  10. Define money and the money supply, and explain how the money supply of a nation may change within a free enterprise banking system whether it is desirable or not.
  11. Describe the institutional structure of the Federal Reserve System.
  12. Define monetary policy and evaluate its use as a tool designed to smooth out the business cycle from the perspective of the Keynesian and New Classical schools of thought.
  13. Define absolute and comparative advantage and explain which is relevant for international trade.
  14. Summarize the benefits and costs associated with free and open international trade and why most economists are free trade advocates.
  15. List and define the various types of international trade barriers.
  16. Summarize and evaluate the arguments for and against protectionism.
  17. Evaluate a fixed and floating exchange rate system.
  18. Explain the impact of a change in a nation's exchange rate on its flow of exports and imports.
  19. Describe a nation's balance of payments. 

Content Outline and Competencies:

I. Basic Economic Concepts
   A. Define economics and describe what economists do.
   B. Contrast positive from normative economics.
   C. Contrast macroeconomics, microeconomics and normative economics.
   D. List economic resources and explain why they are scarce.
   E. Define opportunity cost, scarcity, productive and allocative
efficiency, economic growth, and illustrate these concepts in the context
of the Production Possibilities Model.
   F. List the ingredients for economic growth.
   G. Describe the Circular Flow of Income Model.
   H. Demonstrate the use of demand and supply analysis in equilibrium
price and quantity determination in any market.
      1. Define demand and derive a demand curve.
      2. Describe what causes an increase and decrease in demand and
express this graphically.
      3. Define supply and derive a supply curve.
      4. Describe what causes an increase and decrease in supply and
express this graphically.
      5. Graphically determine the equilibrium price and quantity within a
market and explain why this price and quantity traded is equilibrium.
      6. Illustrate graphically a surplus and a shortage and predict the
impact of a surplus and a shortage on the price within a market.
      7. Graphically illustrate and predict the impact of a change in
demand and/or a change in supply on the equilibrium price and quantity
within a market.
      8. Apply demand and supply analysis to product, resource and
loanable funds markets.
   I. Explain the relationship between the product, resource and loanable
funds markets.
   J. Evaluate the pros and cons associated with the capitalism's
market-oriented economy.
   K. Summarize how government has attempted to address the market
failures associated with capitalism.

II. The Causes and Consequences Associated with the Business Cycle
   A. Define and contrast gross domestic product (GDP), net national
product (NNP), national income (NI), personal income (PI) and disposable
income (DI).
   B. Define the different types of unemployment:
      1. Frictional (transitional) unemployment
      2. Structural unemployment
      3. Cyclical unemployment
   C. Define the different types of inflation:
      1. Demand-pull inflation
      2. Cost-push inflation
      3. Structural inflation
   D. Define the business cycle and describe its different phases (peak,
contraction, trough and expansion).
   E. Contrast the basic explanations for causes of the business cycle
according to the Keynesian and New Classical schools of thought.
   F. Describe the cause-effect chain relationship through which a change
in total spending (aggregate demand, aggregate expenditures) effects
inventories, GDP, employment and national income, as well as inflation
over the course of the business cycle according to Keynesians.
   G. Graphically illustrate a consumption function and explain what
causes shifts in the consumption function.
   H. Graphically illustrate an investment function and explain what
causes changes in the investment function.
   I. Graphically illustrate an equilibrium national income level and how
it may change.
   J. Calculate the simple Keynesian multiplier and explain its role and
its relevance in calculating changes in national income.

III. Fiscal Policy
   A. Define discretionary fiscal policy and describe how it is
implemented.
   B. Summarize discretionary fiscal policy options considered appropriate
by Keynesians over the course of the business cycle.
   C. Define non-discretionary fiscal policy and describe how it is
implemented.
   D. Demonstrate graphically non-discretionary fiscal policy and explain
how it adds stability to the business cycle.
   E. Evaluate the use of fiscal policy from the Keynesian and New
Classical perspectives.
   F. Contrast a fiscal deficit from public debt.
   G. Analyze the consequences of national debt for a nation.

IV. Monetary Policy
   A. Define money and the money supply.
   B. Explain how a single bank can change the money supply.
   C. Explain how an entire banking system can change the money supply.
   D. Calculate a simple money multiplier and explain its role in a
changing money supply.
   E. Explain the institutional structure of the Federal Reserve System.
   F. Define monetary policy and explain how it is implemented.
   G. Describe the tools of monetary policy and what is considered to be
its appropriate use from a Keynesian and New Classical perspective.
   H. Evaluate the effectiveness of monetary policy from a Keynesian
perspective.

V. International Economics
   A. Define and contrast absolute and comparative advantage and explain
which is relevant for international trade.
   B. Describe the benefits and costs to a nation of free and open
international trade.
   C. Explain why most economists are free trade advocates.
   D. List and define the various kinds of international trade barriers.
   E. Summarize and evaluate the arguments for and against protectionism.
   F. Evaluate a fixed and floating exchange rate system.
   G. Explain the impact of a change in a nation's exchange rate on its
flow of exports and imports.
   H. Describe a nation's balance of payments.

Method of Evaluation and Competencies:

Minimum of three tests                            70-85% of course
grade
Class attendance, projects, reports and/or papers 15-30% of course grade
                                                    100%
                                                    
The student's course grade will be determined using the following grading
scale:

   A = 90-100% of total available points
   B = 80- 89% of total available points
   C = 70- 79% of total available points
   D = 60- 69% of total available points
   F = <   60% of total available points

Grade Criteria:

Caveats:

None

Student Responsibilities:

Disabilities:

If you are a student with a disability, and if you will be requesting accommodations, it is your responsibility to contact Access Services. Access Services will recommend any appropriate accommodations to your professor and his/her director. The professor and director will identify for you which accommodations will be arranged.

JCCC provides a range of services to allow persons with disabilities to participate in educational programs and activities. If you desire support services, contact the office of Access Services for Students With Disabilities (913) 469-8500, ext. 3521 or TDD (913) 469-3885. The Access Services office is located in the Success Center on the second floor of the Student Center.

ECON 230H

No information found.

ECON 231

  • Title: Economics II
  • Number: ECON 231
  • Effective Term: Fall 2014
  • Credit Hours: 3
  • Contact Hours: 3
  • Lecture Hours: 3

Description:

Upon successful completion of this course, the student should be able to use economic terminology and principles to explain and discuss basic microeconomic concepts, including extended analysis of product supply and demand and theory of the firm and product and resource market structures. Students enrolling in this course should have successfully completed one year of high school algebra or the equivalent. (Micro) 3 hrs. lecture/wk.

Course Fees:

None

Textbooks:

http://bookstore.jccc.edu/

Supplies:

Refer to the instructor's course syllabus for details about any supplies that may be required.

Objectives

  1. Compose and interpret graphs and charts displaying economic information.
  2. Describe the role of demand and supply in microeconomics.
  3. Discuss the theory of consumer behavior and its effect on the way a consumer thinks and acts.
  4. Explain the production and cost functions as they relate to consumers and businesses.
  5. Define the four market structures in the product market. These structures will include pure competition, pure monopoly, monopolistic competition and oligopoly.
  6. Analyze graphically and numerically each of the four market structures to determine its profit maximizing output and price.
  7. Explain the market structure in the factor market and determine the price and quantity for each factor.
  8. Discuss international trade and its effect upon the economies of the world.  

Content Outline and Competencies:

I. Foundations of Microeconomics - Supply and Demand
   A. Demand principles
      1. Define the law of demand.
      2. Given a demand schedule, derive a demand curve.
      3. Differentiate between demand and quantity demanded.
      4. Identify the determinants of demand.
      5. Differentiate between the entire demand curve and a point on the
curve.
      6. Demonstrate demand principles through examples.
   B. Supply principles
      1. Define the law of supply.
      2. Given a supply schedule, derive a supply curve.
      3. Differentiate between supply and quantity supplied.
      4. Identify the determinants of supply.
      5. Differentiate between the entire supply curve and a point on the
curve.
      6. Demonstrate supply principles through examples. 
   C. Equilibrium
      1. Define equilibrium.
      2. Given demand and supply tables, derive equilibrium.
      3. Create a graph illustrating equilibrium.
      4. Determine the surplus or shortage based upon the demand and
supply graphs.
      5. Predict the market effects of either a surplus or a shortage.
   D. Elasticity
      1. Define elasticity and list the two types.
      2. Derive the elasticity coefficient stated as a formula.
      3. Find the value of an elasticity coefficient.
      4. Describe how price changes total revenue.
      5. Given price and total revenue, determine elasticity of demand and
supply.
      6. Explain the effect of time upon elasticity, including the market
period, the short run and the long run.
      7. Describe cross and income elasticity of demand and cite examples
of each.
      8. Define the key terms associated with elasticity including price
ceilings and price floors.
      9. Apply the principles of elasticity to government intervention to
control prices.

II. Consumer Behavior
   A. The law of demand
      1. Define income and substitution effects.
      2. Define the law of diminishing marginal utility.
         a. Define the term utility.
         b. Differentiate between total and marginal utility.
         c. Express utility graphically.
   B. The theory of consumer behavior
      1. Describe utility maximization and its applications.
      2. Solve numeric problems relating to utility maximization.
      3. List several examples of utility maximization.

III. Production and Cost
   A. Production function and marginal productivity theory
      1. Explain the relationship between inputs and outputs.
      2. Describe the concept of marginal productivity.
      3. Differentiate between marginal and total product.
      4. Define the law of diminishing marginal productivity.
      5. Solve numeric problems relating to marginal productivity.
   B. Cost function
      1. Differentiate between short-run costs and long-run costs.
      2. Define different types of short-run costs.
      3. Examine the relationship between the various short-run costs.
      4. Solve numeric problems relating to short-run costs.
      5. Develop long-run costs from short-run costs.
      6. Generate long-run curves from short-run curves.

IV. Market Structures in the Product Market
   A. Profit maximization of a firm under perfect competition
      1. State the characteristics of a perfectly competitive firm.
      2. Define revenue, costs and profit.
      3. Determine the profit maximizing output and price using total
revenue and total cost.
      4. Determine the profit maximizing output and price using marginal
revenue and marginal cost.      
      5. Develop the curves from the relevant revenue and cost.
      6. Solve numeric problems relating to profit maximization for a
perfectly competitive firm.
      7. State the positive and negative traits of a perfectly competitive
product market.
   B. Profit maximization of a firm under the monopoly market model
      1. State the characteristics of a monopoly.
      2. Determine the profit maximizing output and price using total
revenue and cost.
      3. Determine the profit maximizing  output and price using the
marginal revenue and cost.
      4. Develop the curves from the relevant revenue and cost.
      5. Solve numeric problems relating to profit maximization for a
monopoly.
      6. State the positive and negative traits of a monopoly.
   C. Profit maximization of a firm under the monopolistic competition
market model
      1. State the characteristics of a monopolistically competitive
firm.
      2. Relate how this model was derived by combining the perfectly
competitive model and the monopoly model.
      3. Determine the profit maximizing output and price using marginal
revenue and cost.
      4. Develop the curves from the relevant revenue and costs.
      5. Solve numeric problems relating to profit maximization for a
monopolistically competitive firm.
      6. State the positive and negative traits of a monopolistically
competitive firm.
      7. Define the wastes of monopolistic competition.
      8. Examine the impact of advertising upon this model.
   D. Profit maximization of a firm under the oligopoly market model.
      1. State the characteristics of an oligopolistic firm.
      2. Determine the profit maximizing output and price using marginal
revenue and cost.
      3. Develop the curves from the relevant revenue and costs.
      4. Apply game theory to the behavior of a person under the oligopoly
market model.
      5. Examine the four oligopoly models:  the kinked demand curve,
collusive pricing, price leadership and cost plus pricing.
      6. Solve numeric problems relating to profit maximization for an
oligopolistic firm.
      7. State the positive and negative traits of an oligopolistic firm.

V. Market Structures in the Factor Market
   A. State the various factor markets.
   B. Develop the marginal productivity theory of resource demand.
   C. Relate the marginal productivity theory to the resource labor.
      1. Derive the demand for the supply of labor in perfect
competition.
      2. Determine the wage rate and the employment level under perfect
competition.
      3. Derive the marginal resource cost and the supply curve of labor
under imperfect competition (monopsony).
      4. Determine the wage rate and the employment level under monopsony
and bilateral monopoly.
   D. Solve numeric problems relating to the optimum combination of
resources.
      1. Apply the least-cost rule.
      2. Apply the profit-maximizing rule.

VI. International Trade
   A. Describe the economic basis for trade.
   B. Develop the concepts of specialization and comparative advantage.
   C. Discuss the cases for and against protectionism.
   D. Outline various international trade policies.

Method of Evaluation and Competencies:

     Four tests           50 - 80% of grade
     Final examination    10 - 25% of grade
     Other assignments    10 - 25% of grade

Grade Criteria:

Caveats:

None

Student Responsibilities:

Disabilities:

If you are a student with a disability, and if you will be requesting accommodations, it is your responsibility to contact Access Services. Access Services will recommend any appropriate accommodations to your professor and his/her director. The professor and director will identify for you which accommodations will be arranged.

JCCC provides a range of services to allow persons with disabilities to participate in educational programs and activities. If you desire support services, contact the office of Access Services for Students With Disabilities (913) 469-8500, ext. 3521 or TDD (913) 469-3885. The Access Services office is located in the Success Center on the second floor of the Student Center.

ECON 231H

No information found.