Principles of Economics
ECO 105.04 ~ Spring 2006
Syllabus (Printer-friendly syllabus)
Instructor: David Sackett (Call me David)
Office: STV 422C
Office Hours: M, W 3:30 – 5, or by appointment
Phone Number: 438.7071
Email: dasacke@ilstu.edu
Class Time: T, R 12:00 – 1:50 pm
Class Location: Stevenson Hall 221B
Course Website: http://www.lilt.ilstu.edu/dasacke/eco105/index.htm
Required Text: Principles of Economics 3rd Edition by N. Gregory Mankiw (Thompson / Southwestern, 2004), ISBN 0-324-16862-4.
Overview ~
Economic is an objective framework for understanding the decisions that individuals, households, firms and societies make as they face unlimited wants in a world with limited resources. This course is designed to 1) familiarize you with the basic analytical tools of economics, including models, theories, and laws and 2) bring into focus how economics applies to daily life. The cognitive perspective that we develop will impact us long beyond this semester because economics is about life.
ECO 105 is a course that combines the basic tenants both microeconomic and macroeconomic theory. Microeconomic theory focuses on the behavior of individuals–consumers, firms and resource suppliers–in the economy. We will develop an understanding of how markets work to allocate limited resources to their most highly-valued uses. In particular, we will focus on the conditions necessary for an outcome to be efficient and what it means when those conditions are not met. Macroeconomic theory focuses on the economy as a whole and the determinants of key macroeconomic variables, including the level of employment and the unemployment rate, the price level and the rate of inflation, and the effects of foreign trade on the domestic economy. One of the goals of this course is to help you develop a basic understanding of how the macroeconomy works and, in particular, the extent to which different policies can be used to achieve specific macroeconomic objectives, e.g., full employment and stable prices.
Format for the course:
This course contains five parts, each lasting roughly three weeks.
Part One – Chapters 1-4: Ten Principles, Models, Comparative Advantage, Supply / Demand model.
Part Two – Chapters 5-7, 9: Elasticity, Social Surplus and Efficiency, International Trade.
Part Three – Chapters 13-15, 18: Costs of Production, Profit Maximization, Market Structures, Perfect Competition, Monopoly, Labor Market.
Part Four – Chapters 28, 23-25: Unemployment, Measurement of Income and the Cost of Living, Economic Growth.
Part Five – Chapters 26, 29-30, 33-34: Money, Banks and the Federal Reserve System, Inflation, Fluctuations, Business Cycles, Aggregate Demand / Aggregate Supply Model, Monetary and Fiscal Policy.
Drop Dates: Friday, January 30 is the last day to withdraw with no grade. Friday, March 10 is the last day to withdraw from this class with a WX grade assigned. (My signature will be required).
Graded Work
Homework:
Homework will be assigned on non-exam weeks and will incorporate both graphical work and written answers. Each homework will be worth 15 points; there will be eight assignments in all. Late homework will be accepted until the grading is complete and returned to the class; however, a two-point-per-school day penalty will be assessed.
Article Analysis Papers:
Two three-page article analysis papers will be assigned, one in each half of the course. You will be given an article to read and evaluate critically from an economic perspective. Each will be worth 40 points and will be due apart from the homework and exams.
Exams:
There will be an exam given every three weeks roughly at the end of each part of the course. Each will be worth 100 points; there will be five exams in all. Each will consist of 25 multiple-choice questions, worth three points each, and fill-in-the-blank, graphical and short answer questions for the remaining 25 points. Exception: The fifth exam will be entirely multiple choice questions in order to enable objective grading.
An optional final exam will be given during finals week. The score obtained on the final can replace your lowest exam score. This final will be worth at least 100 points and will consist of half as many multiple-choice questions as points.
Bonus Quizzes:
At least 10 open-book bonus quizzes will be offered throughout the course at my discretion: they will consist of three questions and will be worth 5 points if all three are correct or 3 points if two are correct. No points will be given for only one correct answer. These quizzes are one way that regular attendance can help your grade.
Point Breakdown
|
Homework |
8 |
15 |
120 |
|
Article Analysis Papers |
2 |
40 |
80 |
|
Exams |
5 |
100 |
500 |
|
Total |
|
|
700 |
Scale
A standard 90/80/70/60 scale will be used; thus 627 points are needed for an A. 557 points for a B, 487 points for a C, and 417 points for a D. All points from bonus quizzes are added to the numerator only when calculating your average.
There will be no dropping of grades and no extra credit assignments for any individual. Make-up tests can be requested in advance but will not be arranged after a test has been given. It is your responsibility to contact me as soon as a conflict arises to discuss the possibility of a make-up examination.
STUDYING ECONOMICS
Many students perceive economics as being a very difficult, if not impossible, course to master. However, this perception is, in all likelihood, based on observations of the experiences of other students who did not apply the proper approach to learning economics. In many courses simple memorization is enough. That is not the case in economics. In this course, you will need to understand the meaning of basic terms and concepts, but you also will be required to demonstrate the ability to apply economic concepts in specific situations. In other words, you will be required to demonstrate the ability to think like an economist.
You need to remember that economics is a participation sport. You learn economics by doing economics. Therefore, I recommend the following approach to studying and learning economics.
1) Read over the material we will be covering in class before each session. The idea is not to master the material being covered but rather to familiarize yourself with the concepts to be covered in class.
2) Attend each class, take good notes, and assume an active role.
3) After class read the text again, study your notes and working on the any homework assigned.
Approaching the study of economics in this manner will allow you to get the most out of the course and may actually result in less time spent studying than you might if you resort to “cramming.”
As I noted above, I will expect you to be able to use the tools we develop in class to analyze specific situations. Thus it is important for you to learn how to do economics. It is imperative that you keep up with the material by reading the text on a regular basis, always attending class, and studying your notes. In addition, I recommend that you form study groups that meet on a regular basis. One of the best ways to learn is by teaching someone else. In the study group you can help each other—and yourself—by explaining concepts and analytical techniques and working through sample test questions together. Past students have consistently identified regular class attendance and participation in study groups as the most valuable inputs to their understanding of the material.
General Information:
I am a reasonable person. If for any reason you are having difficulty with this class, let me know what is up. If something is not working and you fail to let me know there is no way that I can fix it. We can do better working together than separately. In my experience the greatest hindrance to learning occurs when student will not get actively involved in the learning process.
Also, I want to get know each one of you and so our interaction will enhance the class atmosphere. I strongly recommend that you take this course very seriously. If it seems as though there is a lot of class work, remember that this is a four semester-hour course. It is designed with that in mind.
There will be no graded group work in this class. Though I understand that this is popular with college courses these days, it may be difficult to evaluate each individual’s performance. Our in-class interaction will be sufficient to allow for you to get to know your fellow students.
Of course, cheating and plagiarism will not be tolerated. Any student guilty of either will fail this course and may face further disciplinary action from ISU.
If you have a documented disability and need a reasonable accommodation for contact Disability Concerns at 309.438.5853 or 309.438.8620 (TTY) or go to their office at 350 Fell Hall.