Principles of Macroeconomics
Principles of Macroeconomics
Principles of Macroeconomics
Common Course ID: ECON 202
CSU Instructor Open Textbook Adoption Portrait
Abstract: This open textbook is being utilized in a macroeconomics course for undergraduate students by Professor Lisa Grobar , Ph.D. at CSU Long Beach. The open textbook provides 35 chapters, each identifying the learning goals. The main motivation to adopt an open textbook was that it was free, since many of my students were not able to afford the printed textbook. Most student access the open textbook directly online.
Description:
Principles of Macroeconomics covers the scope and sequence for a one-semester economics course. The text also includes many current examples, including: the housing bubble and housing crisis, Zimbabwe’s hyperinflation, global unemployment, and the appointment of the United States’ first female Federal Reserve chair, Janet Yellen.
The pedagogical choices, chapter arrangements, and learning objective fulfillment were developed and vetted with feedback from educators dedicated to the project. The outcome is a balanced approach to economics, to both Keynesian and classical views, and to the theory and application of economics concepts. Current events are treated in a politically-balanced way, as well.
Principles of Macroeconomics PDF and web view versions have been updated to include current FRED (Federal Reserve Economic) data.
Senior Contributing Author: Timothy Taylor, Macalester College
Senior Content Expert: Steven A. Greenlaw, University of Mary Washington
Formats: PDF
Supplemental resources: Includes links to Getting Started Guide for both students and faculty as well as faculty-only resources. I previously used Macroeconomics (McGraw-Hill Economics), by David Collander. It currently sells for $188 on Amazon. With 100 students per semester, this results in a total savings of $37,600.
Accessibility and Diversity
Not all formats of the textbook have been evaluated yet, but the most recent version is available in a Bookshare format, which supports DAISY and Braille-Ready-Format (BRF).
Except where otherwise noted, Principles of Macroeconomics is licensed under a Creative Commons License 4.0 International. This license lets others copy and redistribute the material in any medium or format; remix, transform, and build upon the material for any purpose, even commercially; as long as they credit the author and license their new creations under the identical terms.
ECON 100: Principles of Macroeconomics
Description:
Business organization, price theory, allocation of resources, distribution of income, public economy.
This is an introductory course for the economics major, and is also a GE course.
Prerequisites: MATH 103 or higher.
GE credit: 3 units
Learning outcomes:
Each of the chapters has its own learning outcomes. A few of the important ones follow:
- Explain the concepts of scarcity and opportunity cost and how they relate to the definition of economics.
- Distinguish between the following pairs of concepts: demand and quantity demanded, demand schedule and demand curve, movement along and shift in a demand curve.
- Distinguish between the following pairs of concepts: supply and quantity supplied, supply schedule and supply curve, movement along and shift in a supply curve.
- Use demand and supply to explain how equilibrium price and quantity are determined in a market.
- Define real gross domestic product and explain how its calculation avoids both double-counting and the effects of changes in the price level.
- Define inflation and deflation, explain how their rates are determined, and articulate why price-level changes matter.
- Discuss various explanations for wage and price stickiness.
- Define money and discuss its three basic functions.
- Explain the primary functions of central banks.
Curricular changes:
I also adopted the Sapling Learning resource that is recommended with the text. This product was designed to provide students with a more interactive and engaging learning environment. The content enhances student understanding of core economics concepts by employing a range of question types including graphing, quantitative analysis, and conceptual reasoning. Sapling Learning places a strong emphasis on the application of economic concepts to real-world examples and scenarios, so that students understand concepts, rather than simply memorize definitions. Although this resource costs $40 it enhances the learning process for the student.
Teaching and learning impacts:
Collaborate more with other faculty: No
Use wider range of teaching materials: No
Student learning improved: Unsure
Student retention improved: Unsure
Any unexpected results: No
Sample assignment and syllabus:
Link or upload a sample assignment that illustrates how the open textbook is used in the course. Include the rubric that is used for evaluating student work.
OER Adoption Process
I adopted the Openstax text for my Introduction to Macroeconomics class because I realized that many students were not buying a textbook due to cost. The Openstax textbook solves this problem, as students can read it for free in a digital format.
I was made aware of the Openstax free textbooks, and so I went to their site to evaluate the quality of the book. Once I found that the textbook covers all of the necessary material, and is of good quality, I decided to adopt.
Student access: The students can read it on the Openstax website, download it from Openstax as a PDF, or they can purchase a low-cost, professionally printed hard copy.
Student feedback or participation:
They are very happy to have a text that they can afford,and like to have a choice about the format of their textbook.
Share any feedback from students regarding usage of the open textbook. If students participate in open textbook development or formal review, describe here.
Link or upload to student survey results or other student outcome reports here.
Instructor Name Professor Lisa Grobar
I am an economics professor at the California State University Long Beach. I teach Intro to Macroeconomics, International Economics, Money and Banking, and Development Economics.