The University
of Texas at Dallas
Global
Leadership Executive MBA Program
Business Economics: MECO 6303
Section:
MIM
Spring 2008: January 7 February 17, 2008
Professor Contact Information
| Course Pre-requisites, Co-requisites, and/or Other Restrictions
| Course Description | Course Content and
Materials |
Schedule
of Assignments | Week 1 | Week 2 | Week 3 | Week 4 | Week 5 | Week 6 |
Grading
Policy and Evaluation | Discussion Forum Participation
| Retreats | Course Outline Summary | UTD Policy
Peter Lewin, Ph.D.
Course
Instructor Phone: (972) 883.2729
Fax: (972) 883.6164
Email: plewin@utdallas.edu Office
location. SM 3.223 |
|
Carolyn Reichert, Ph.D. Course Manager Phone: (972) 883.2726 (W) (972)
867.7088 (H) Fax: (972) 883.6164 Email: carolyn@utdallas.edu
Office Location: SM 1.506
|
|
Course
Pre-requisites, Co-requisites, and/or Other Restrictions Back to Top
Math 5304 or equivalent
Course Description
Economics
is about the ordinary business of life and it is also the basis for many
courses in Business. It also contains
much of the conceptual material necessary for an intelligent understanding of
business life. The approach in this course to the teaching of economic
principles is to try to ensure that students acquire the necessary conceptual
apparatus in a way that is both challenging and interesting. This is done by
attempting to ensure that the material is presented in a lively, interesting
and relevant fashion. We will constantly use current real world examples to
illustrate the application of concepts.
Student Learning Objectives/Outcomes
|
¨
Understand and be able to apply the
concepts of supply and demand, equilibrium, and the factors that shift supply
and demand to analyze the behavior of real markets when conditions change. |
|
|
¨
Analyze the impacts of restricting
markets from reaching the competitive equilibrium through price controls,
taxes, and subsidies. |
|
|
¨
Understand the difference between
monopoly markets and competitive markets. |
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|
¨
Understand the nature of production in
the modern economy. Be able to identify the profit maximizing price and the
relationship between different types of cost. |
|
|
In
addition, I would like students to take away from this course at least the
following: |
|
|
I.
An appreciation of the power of
economic reasoning for understanding current events |
|
|
II.
A facility for analyzing everyday
economic problems using basic economic analysis |
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III.
An understanding of the concepts of |
|
|
o supply
and demand |
|
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o costs
and benefits |
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o and
their multiple applications |
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IV.
An appreciation of the role of |
|
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o money
in the economy |
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o the
dangers of inflation |
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o the
importance of free trade |
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o the
limits of regulation |
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o the effects
of taxes and subsidies of different types |
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o the
workings of the market system is determining earnings (interest, profits,
wages, salaries and rents) |
|
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o the
modern business firm, its function and its boundaries |
|
|
o the achievements
of the American economic system |
|
Course Content and Materials: Back to Top
Text: Economics, 4th ed., Walter Wessels, Barrons
Educational Series, 2006 + supplementary readings
________________________________________________________________
Week
1: Introduction
to Economics
Dates: January 7
January 13
Topic: Assumptions and Implications
Productions Possibility Curves
Two
parts: A and B. Discussion at the retreat
Readings: Chapters
1 and 2
Retreat
Topic: Introduction to Economics
Date: January
11
_______________________________________________________________
_
Week 2: Demand
and Supply Back to Top
Economic
Policies
Dates: January
14 January 20
Topic: Demand
and Supply: Movements along curves versus shifts of curves; Elasticities of
demand and supply; Engel curves Market Equilibrium. Three parts: A, B and C.
Economic Policies: Price controls; Taxes and
subsidies; Minimum wages; Rent controls; Consumer and producer surplus. Two
parts: A and B.
Readings: Chapters 3, 4, 17, 30,
Supplementary Reading: More on
Consumer and Producer Surplus
Discussion Forum: Discussion on topics related to the course material
for week 2
Comments posted to the Discussion Forum by
January 20
Exam Date: Test 1, Saturday, January
19 Monday January 21
Covers
the material from Weeks 1 and 2
________________________________________________________________
Week 3: Consumer
Theory Back to Top
Dates: January
21 January 27
Topic: The isolated
consumer; The consumer in the market.
Two
parts: A and B.
Readings: Chapter 18
Supplementary
Reading: More on Indifference
Curves
Discussion Forum: Discussion on topics related to the course material
for week 3
Comments posted to the Discussion Forum by
January 27
________________________________________________________________
Week 4: Producer
Theory Back to Top
Dates: January
28 February 3
Topics: Monopoly;
Competition; Production; Revenue and Costs. Four parts: A, B, C and D.
Readings: Chapters 19, 20, 22
Supplementary
Reading: Monopoly
in Mexico - the real thing
Discussion Forum: Discussion on topics related to the course material
for week 4
Comments posted to the Discussion Forum by
February 3
Exam Date: Test 2, Saturday, February
2 Monday February 4
Covers
the material from Weeks 3 and 4
________________________________________________________________
Week 5: Production
and Growth Back to Top
Dates: February
4 February 10
Topics: Growth
accounting; Cost of living; Price Indexes. Three parts: A, B and C.
Readings: Chapters 6, 26, 27
Supplementary
Reading: More
on Production Functions
Types of Foreign Aid
Discussion Forum: Discussion on topics related to the course material
for week 5
Comments posted to the Discussion Forum by
February 10
________________________________________________________________
Week 6: The Financial
System Back to Top
Dates: February
11 February 17
Topics: Saving; Investment and
Financial Markets. Two parts: A and B.
Readings: Chapters 7, 8, 9, 12, 13, 16, 28 and 31
Exam Date: Test 3, Friday, February
15 Sunday February 17
½
is comprehensive
½
covers the material from Weeks 5 and 6
Course Evaluations: Due Monday, February 18
Grading Policy and Evaluation Back to Top
Evaluation[1]
- Grading Formula
·
Test 1 25%
·
Test 2 25%
·
Test 3 50%
·
Maximum
Participation Bonus 5%
Individually Written Examinations