THE BASICS OF MACROECONOMICS
Weekly Learning Outcomes
This week students will
- Apply global economic terms in practice and to real-world situations.
- Evaluate capitalism and socialism.
- Explore price floors through minimum wage legislation.
Introduction
This week will introduce many important economic terms that you will need to understand as the terms will be used in future chapters. The week will cover the basic concepts of supply and demand. You will apply these terms to real-world situations to ensure you understand them. Using your economic knowledge, you will debate two current controversial subjects dealing with capitalism versus socialism and the raising of the minimum wage, which will lead to a discussion of income inequality.
Required Resources
Texts
Gwartney, J. A., Stroup, R. L., Sobel, R. L., & Macpherson, D. A. (2018). Macroeconomics: Private and public
choice (16th ed.). Retrieved from https://www.cengage.com
• Chapter 1: The Economic Approach
• Chapter 2: Some Tools of the Economist
• Chapter 3: Demand, Supply, and the Market Process
• Chapter 4: Demand and Supply: Applications and Extensions
Tamny, J. (2015). Popular economics: What the Rolling Stones, Downton Abbey, and LeBron James can teach
you about economics. Retrieved from https://www.redshelf.com
• Chapter 7: Wealth Inequality Is Beautiful
Recommended Resources
Articles
Bourguignon, F. (2018, March). Spreading the wealth. Finance & Development, 55, 22–24. Retrieved from
https://www.imf.org/external/pubs/ft/fandd/index.htm/
• The full-text version of this article is available through the EBSCOhost database in the
University of Arizona Global Campus Library. This article discusses taxation and income
transfer to the poorest segment of society. The article points out that the transfer of cash is not
enough to lift income inequality and that education and training need to be considered as well.
This article will give you more information and a different perspective on income inequality and
may assist you with the Capitalism Versus Socialism discussion forum this week.
The Economist. (2016, April 2). Wages and jobs; Poor economics. The Economist, 27. Retrieved from
https://www.economist.com/
• The full-text version of this article is available through the ProQuest Central database in the
University of Arizona Global Campus Library. This article gives a global perspective on
minimum wage as it discusses Britain’s minimum wage (national living wage). This view of
Britain helps us understand what could happen here in the US. This article may assist you in
your Minimum Wage (Price Floor) (Debate) discussion forum this week.
Kuhn, M., Schularick, M., & Steins, U. (2018, September). Research: How the financial crisis drastically
increased wealth inequality in the U.S. Harvard Business Review. Retrieved from https://hbr.org/
• The full-text version of this article is available through the EBSCOhost database in the
University of Arizona Global Campus Library. This article gives insight into the causes of income
inequality between the classes based on housing and stock investments. Further, the article
gives a view of the racial breakdown of wealth inequality. This article will give you more
information and a different perspective on income inequality and may assist you with the
Capitalism Versus Socialism discussion forum this week.
Manning, A. (2018, January/February). The truth about the minimum wage: Neither job killer nor cure-all.
Foreign Affairs, 97, 126–134. Retrieved from https://www.foreignaffairs.com/
• The full-text version of this article is available through the EBSCOhost database in the
University of Arizona Global Campus Library. This informative article gives both theory and
practical information on both sides of the debate on raising the minimum wage. The article gives
the latest statistics on major cities and sheds light on how individuals and businesses will be
impacted. This article may assist you in your Minimum Wage (Price Floor) (Debate) discussion
forum this week.
Portes, J. (2017, June 23). What Marx got right… and what he got wrong. New Statesman, 32–35. Retrieved
from https://www.newstatesman.com/
• The full-text version of this article is available through the EBSCOhost database in the
University of Arizona Global Campus Library. This article gives a historical view to start
discussing Marx and also a more global perspective on capitalism. The article also gives a
current view of regulation and automation as it relates to capitalism. This article may assist you
with the Capitalism Versus Socialism discussion forum this week.
Discussion Forums
Post Your Introduction. 1st Post Due by Day 1. Post your introduction on Day 1. Macroeconomics studies how the overall economy behaves by examining such factors as inflation, unemployment, gross domestic product (GDP), and economic growth, to name a few. How does macroeconomics impact your daily life? Share a specific example of the influence macroeconomics has on you. Other items in your introduction could include a short bio and a discussion of your course expectations and what you hope to learn in this course. Your introduction should be a video. To post a video introduction, you may use the native video tool in Canvas. Please review the How Do I Record Video Using the Rich Content Editor as a Student? tutorial in order to get started. This resource will familiarize you with the tool and review how to record your introduction in the classroom. As an alternative, you may use an external platform called Screencast-O-Matic. Please review the Screencast-O-Matic Quick-Start Guide instructions in order to get started. This guide will familiarize you with the tool and review how to upload your video to the classroom. If you choose to use another video recording tool for your submission, please follow the guide instructions to upload an MP4 video file into your classroom using the same steps. All submissions require an upload of the video to the classroom. Submission of a link to a video does not fulfill the submission requirements. Guided Response: Respond to at least three of your classmates’ introductions. Add any further personal observations and examples that further the discussion. You are encouraged to post your required replies earlier in the week to promote more meaningful and interactive discourse in this discussion forum. Continue to monitor the discussion forum until Day 7 and respond with robust dialogue to anyone who replies to your initial post.
Minimum Wage (Price Floor) (Debate) [WLOs: 1, 3] [CLOs: 1, 3, 5]. 1st Post Due by Day 3. Prior to
beginning work on this discussion,
• Read Chapters 3 and 4 of Macroeconomics: Private and Public Choice.
For this discussion you will debate with your peers the concept of increasing minimum wage.
In order to participate in a knowledgeable debate, you must have a firm understanding of each side of the issue. Your textbook discusses minimum wage in detail and like many traditional economists, for the most part, does not support increases in the minimum wage citing the negative impacts that such increases may create. Research at least two scholarly and/or credible resources (other than the Macroeconomics: Private and Public Choice text). Use factual information; do not simply document or restate opinion. Write an initial post of at least 200 words that either supports or does not support an increase in minimum wage. Be sure to use economist lingo and to include facts and support your response with at least two scholarly and/or credible resources. Guided Response: Respond to at least two of your fellow students debating the opposite viewpoint or further support expressed facts. Additionally, respond to any instructor posts. Your replies should be substantive and provide information or concepts that they may not have considered. Each response should have a minimum of 100 words and be respectful of others’ opinions and beliefs that differ from your own. Support your position by using information from the week’s readings. You are encouraged to post your required replies earlier in the week to promote more meaningful and interactive discourse in this discussion forum. Continue to monitor the discussion forum until Day 7 and respond with robust dialogue to anyone who replies to your initial post.
2.Capitalism Versus Socialism [WLOs: 1, 2] [CLOs: 1, 3]. 1st Post Due by Day 3. Prior to beginning
work on this discussion,
• Read Chapters 1 and 2 of Macroeconomics: Private and Public Choice.
• Read Chapter 7 of Popular Economics: What the Rolling Stones, Downton Abbey, and LeBron
James Can Teach You About Economics.
For this discussion,
• Define capitalism and socialism and provide examples of countries for both structures.
• Next, discuss why capitalism and socialism are currently being spotlighted in U.S. politics giving
the pros and cons to each organizational structure. Be sure to be specific and give supporting
facts, not just opinions.
• Finally, address the question: Does capitalism create wealth inequality and is this necessarily a
bad outcome?
Your initial response should be a minimum of 200 words. Graduate school students learn to assess the
perspectives of several scholars. Support your response with at least one scholarly and/or credible
resource in addition to the text.
Guided Response: Respond to at least two of your fellow students’ and to your instructor’s posts in a
substantive manner and provide information or concepts that they may not have considered. Each
response should have a minimum of 100 words and be respectful of others’ opinions and beliefs that
differ from your own. Support your position by using information from the week’s readings. You are
encouraged to post your required replies earlier in the week to promote more meaningful and
interactive discourse in this discussion forum. Continue to monitor the discussion forum until Day 7 and
respond with robust dialogue to anyone who replies to your initial post.
Assignment
- Applying Global Economic Terms (MindTap) [WLOs: 1, 2, 3] [CLOs: 1, 3, 5]. Due by Day 7. Prior to
beginning work on this assignment,
• Review Chapters 1, 2, 3, and 4 of Macroeconomics: Private and Public Choice.
Complete the Homework Chapters 1 through 4 in MindTap to apply the basic economic terms to a realworld situation. The homework consists of a total 25 multiple-choice questions. Your score on this
exercise will automatically save to your Canvas gradebook.
