Active Outline

General Information

Course ID (CB01A and CB01B)
ECOND004.
Course Title (CB02)
Economics of Public Issues
Course Credit Status
Credit - Degree Applicable
Effective Term
Fall 2024
Course Description
This course is an introduction to the economics of various public policy issues. Students will evaluate and analyze contemporary public policy issues and the role of government in the economy. Specifically, students will learn about the minimum wage, rent control, drug prohibition, health care, Social Security, international trade, organ markets, the impact of sports stadiums, discrimination and freedom of association, education, fiscal and monetary policy, property rights, and the environment, and antitrust policy.
Faculty Requirements
Discipline 1
[Economics]
FSA
[FHDA FSA - ECONOMICS]
Course Family
Not Applicable

Course Justification

This course is transferable to UC and CSU. This course is also for °®¶¹´«Ã½ GE, CSU GE, and IGETC. This course belongs on the Liberal Arts AA degree. This course will benefit students in all disciplines who wish to be part of a democratic system and who want to engage in discussions of various contemporary economic issues and public policies.

Foothill Equivalency

Does the course have a Foothill equivalent?
No
Foothill Course ID

Course Philosophy

Formerly Statement

Course Development Options

Basic Skill Status (CB08)
Course is not a basic skills course.
Grade Options
  • Letter Grade
  • Pass/No Pass
Repeat Limit
0

Transferability & Gen. Ed. Options

Transferability
Transferable to both UC and CSU
°®¶¹´«Ã½ GEArea(s)StatusDetails
2GDX°®¶¹´«Ã½ GE Area D - Social and Behavioral SciencesApproved
CSU GEArea(s)StatusDetails
CGDYCSU GE Area D - Social SciencesApproved
IGETCArea(s)StatusDetails
IG4XIGETC Area 4 - Social and Behavioral SciencesApproved

Units and Hours

Summary

Minimum Credit Units
4.0
Maximum Credit Units
4.0

Weekly Student Hours

TypeIn ClassOut of Class
Lecture Hours4.08.0
Laboratory Hours0.00.0

Course Student Hours

Course Duration (Weeks)
12.0
Hours per unit divisor
36.0
Course In-Class (Contact) Hours
Lecture
48.0
Laboratory
0.0
Total
48.0
Course Out-of-Class Hours
Lecture
96.0
Laboratory
0.0
NA
0.0
Total
96.0

Prerequisite(s)

Corequisite(s)

Advisory(ies)

EWRT D001A or EWRT D01AH or ESL D005.

Limitation(s) on Enrollment

Entrance Skill(s)

General Course Statement(s)

(See general education pages for the requirements this course meets.)

Methods of Instruction

Lecture and visual aids

In-class exploration of Internet sites

Quiz and examination review performed in class

Collaborative learning and small group exercises (discussions, problem sets)

Discussion and problem solving performed in class

Discussion of assigned reading

Quiz and examination review performed in class

Assignments

  1. Assigned readings from textbook and supplementary readings to enhance understanding of the material will be evaluated for comprehension and analysis using quizzes, exams, essays, and oral presentations.
  2. Assigned papers/reports on topics related to material will be evaluated for completion, analysis, and interpretation.
  3. Optional outside Internet assignments will be offered to further enhance student understanding and will be assessed using short answer questions and/or essays.
  4. Students will use various government, Federal Reserve, and private organization websites to obtain and analyze data and information

Methods of Evaluation

  1. Objective (multiple choice, true/false) portions of midterms and final exam will be used
  2. Short essay quizzes will be assigned in addition to exam evaluated for comprehension and analysis.
  3. Oral participation/discussion, online debates (used at discretion of the instructor) evaluated for comprehension, analysis, and interpretation.
  4. Papers/critical essays/short answer questions on exams for comprehension, analysis, and interpretation.
  5. Homework problem sets to be evaluated for comprehension, analysis, and interpretation.
  6. Presentations will be used to assess understanding (comprehension, analysis and interpretation) of the material covered in class (used at discretion of the instructor).

Essential Student Materials/Essential College Facilities

Essential Student Materials: 
  • None
Essential College Facilities:
  • None

Examples of Primary Texts and References

AuthorTitlePublisherDate/EditionISBN
Miller and BenjaminThe Economics of Public Issues, 20thPearson2021/20thISBN-13: 9780137525331
Robert C. GuellIssues in Economics TodayMcGraw Hill2024/10thISBN13: 9781264658893
Miller and BenjaminThe Economics of Macro IssuesPearson2017/8thISBN-13: 9780134532370

Examples of Supporting Texts and References

None.

Learning Outcomes and Objectives

Course Objectives

  • Analyze the economic way of thinking and opportunity cost
  • Analyze and Explain Supply and Demand, Elasticity, and Consumer/Producer Surplus
  • Explain the Theory of Firm and Analyze Market Structures
  • Define and Calculate Unemployment, Price Level, and GDP
  • Define and Analyze Using Aggregate Demand and Supply Model; Evaluate Fiscal and Monetary Policy
  • Explain the Basis for International Trade and Define Economic Growth
  • Explain the Importance of Property Rights and Analyze the Results of the Tragedy of the Commons
  • Define Market Failure and Externalities and Analyze both Positive and Negative Externalities Using Graphs
  • Analyze Various Public Policy Issues and the Impact of Policies on Diverse Populations

CSLOs

  • Evaluate the effects and unintended consequences of individual choice and government intervention in the economy.

  • Analyze various economic and public policies.

  • Compare and contrast various macroeconomic schools of thought.

Outline

  1. Analyze the economic way of thinking and opportunity cost
    1. Define economics and explain the concept of opportunity cost
    2. Interpret opportunity cost using the production possibilities frontier
    3. Evaluate decision using the economic way of thinking
  2. Analyze and Explain Supply and Demand, Elasticity, and Consumer/Producer Surplus
    1. Explain behavior using the concept of elasticity
    2. Define equilibrium/market-clearing price
    3. Evaluate unintended consequences of price controls
    4. Define consumer and producer surplus and model both
  3. Explain the Theory of Firm and Analyze Market Structures
    1. Explain the law of diminishing marginal product
    2. Define short-run and long-run
    3. Explain the difference between accounting and economic profit
    4. Explain the differences between perfect competition, monopoly, monopolistic competition, and oligopoly
    5. Analyze decision-making using game theory
  4. Define and Calculate Unemployment, Price Level, and GDP
    1. Define frictional, structural, and cyclical unemployment
    2. Explain how changes in price level affects purchasing power
    3. Identify the cause of inflation
    4. Define GDP and explain the ways of measuring GDP
    5. Explain the differences between nominal terms and real terms
    6. Model the business cycle and identify the various points on the graph
    7. Evaluate different theories of the causes of the business cycle
  5. Define and Analyze Using Aggregate Demand and Supply Model; Evaluate Fiscal and Monetary Policy
    1. Define aggregate demand and supply
    2. Explain what AD, SRAS, and LRAS represent
    3. List the factors that shift AD, SRAS,and LRAS
    4. Analyze a recessionary gap, long-run equilibrium, and expansionary gap using the AS-AD model
    5. Distinguish between fiscal and monetary policy
    6. Demonstrate the assumptions of the Classical and Keynesian schools of thought using AS-AD model
    7. Explain fractional reserve banking
    8. Describe the structure of the Federal Reserve
    9. List the three tools of monetary policy
    10. Explain the difference between deficit and debt
  6. Explain the Basis for International Trade and Define Economic Growth
    1. Explain the benefits of voluntary trade
    2. Analyze and evaluate the effects of trade barriers
    3. List the factors that affect economic growth
    4. Explain the role of institutions in economic growth
  7. Explain the Importance of Property Rights and Analyze the Results of the Tragedy of the Commons
    1. Explain the importance of clearly defined property rights
    2. Explain the tragedy of the commons
  8. Define Market Failure and Externalities and Analyze both Positive and Negative Externalities Using Graphs
    1. Explain what market failure means
    2. Define the term externality
    3. Explain characteristics of a public good
  9. Analyze Various Public Policy Issues and the Impact of Policies on Diverse Populations
    1. Health care and government-provided insurance
    2. Economics of prescription drugs and impact on different groups
    3. Economics of crime and analysis of socio-economic, racial, and ethnic factors.
    4. Economics of discrimination and the impact on various groups
    5. Minimum wage and impact on various age, race, and ethnic groups
    6. Rent Control
    7. Farm policy
    8. Economics of K-12 education and the impact on various racial and ethnic groups
    9. College and university education
    10. Economics of sport stadiums
    11. Antitrust laws and competition
    12. Economics of prohibition and impact on various age, race, and ethnic groups
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