| Course
Information | Technical Information |
Student Resources | Communications
| Assessments | Course Outline | Scholastic
Honesty | Course Evaluation | UTD Policies |
|
|
Course Information Course Number/Section Course Title Term and Dates |
MECO6303.0T1 Economic Analysis / Business Economics Spring 2008, Jan 7 – April 28,
2008 |
Professor
Contact Information
Professor
Peter Lewin
Office
Phone
972-883-2729
Email
Address
plewin@utdallas.edu
Office
Location
SOM 3.223,
UT Dallas
Mailing
Address
P.O. Box 830688, SM 31, Richardson,
TX 75083-0688
Online Office
Hours You can contact me anytime by phone or
email.
(You may contact me using the Mail
facility provided for this course. See the explanation under Communications
below. )
Course Pre-requisites, Co-requisites, and/or Other Restrictions
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.
Catalogue
Description.
Business Economics (3 semester hours)
Foundations of the economic analysis of business problems, with special
emphasis on the function and determination of market prices in production and
consumption. Supply and demand, price theory, production theory, trade theory
with reference to the global economy, the effects of tax and other policies in
the economy, and essential elements of the banking system and monetary policy
are addressed.
Student
Learning Objectives/Outcomes
|
Minimal General Learning Outcomes - the ability to |
|
· 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. |
|
·
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. |
I would like students to take away
from this course at least the following:
1.
An
appreciation of the power of economic reasoning for understanding current
events
2.
A
facility for analyzing everyday economic problems using basic economic analysis
3.
An
understanding of the concepts of
·
supply
and demand
·
costs
and benefits
·
and
their multiple applications
4.
An
appreciation of the role of
·
money
in the economy
·
the
dangers of inflation
·
the
importance of free trade
·
the
limits of regulation
·
the
effects of taxes and subsidies of different types
·
the
workings of the market system is determining earnings (interest, profits,
wages, salaries and rents)
·
the
modern business firm, its function and its boundaries
·
the
achievements of the American economic system
Required
Textbooks and Materials
Required Texts
The text book is "Business
Economics" by Steven E. Landsburg and N. Gregory Makiw (Southwestern:
2005) ISBN # 0-324-34573-9. You can also use ISBN # 0-324 -33890-2 (It is a
custom book from the publisher.)
Textbooks and other materials can be
ordered online through, MBS Direct Virtual Bookstore or Off-Campus Books web ordering site. They are also available
in stock at UTD Bookstore and Off-Campus Books.
Instructor
Information
Instructor brief biography
I was born and grew up in Johannesburg
, South Africa. I received a BA (honors) degree in Economics and History from
the University of the Witwatersrand in Johannesburg in 1969. In September 1972,
after teaching at the business school at that University, I left to study at
the University of Chicago. I received a Ph.D. in Economics from the University
of Chicago in 1979. I was fortunate to have as teachers at least four Nobel
prize winners. In January 1979 I moved with my family to Dallas, where we have
lived ever since. After seven years as an academic, I tried my hand in an
entrepreneurial venture and joined a friend in a startup business called Soft
Warehouse. Today it is called CompUSA. I was one of its founding shareholders. It
was a difficult but very educational experience. In 1992 I decided to return to
academics and have been with the UTD School of Management since 1997. I love my
job. I have a passion for teaching and for economics.
My wife and I were married in December
1969. We have four children and two grandchildren.
To see more about my professional and
personal life visit my website at http://www.utdallas.edu/~plewin/
·
Technical
Requirements and Technical Support Information
·
Additional
tool you may need for this course is a zip file expansion tool such as: Winzip or Stuffit
Expander
Student
Resources
·
UT TeleCampus Student Handbook
·
Online Learning Assistance - Smart Thinking
·
UT
TeleCampus Digital Library
·
UT TeleCampus Student Service Support and Technical Support
Interaction with Instructor: I
will communicate with students mainly through the Discussion Boards and
Course Announcements. Students may send personal concerns or questions to
me using the course Email tool. I will reply to student emails or Discussion
Board messages within 3 working days under normal circumstances.
Interaction with other students: You
may communicate and interact with other students using either email, discussion
board or the Collaboration tool shown on the course menu.
Student Assessments:
Grading/Evaluation
There will be three online tests, two
timed midterms (25%) and a comprehensive final (50%). The tests will be
composed of multiple choice questions. In addition 5% can be added to
your grade by participation.
|
Test 1 (covers lessons 1-3) |
25% |
February. 8 - 10 |
|
Test 2 (covers lessons 4-5) |
25% |
March 14 - 16 |
|
Test 3 (final, comprehensive) |
50% |
April 25 – 27 |
|
Bonus for class participation |
5% |
|
Class Participation (up to a
possible 5% bonus added to your score)
You may participate in class discussion by following the discussions on the “Discussions
Boards” link on your course menu (on the left side of the screen). I will
create and manage a series of separate discussion topics and questions at
different points during the semester. Discussion on particular topics will be
open for only a limited time period. So, you should watch for current and new
topics. I encourage you to post questions or comments on the topics (this is a
public space, so everyone will see your posting). You will be rewarded for
evidence that you understand the material and that suggests good thinking. You
will not be rewarded for postings that do not fall into this category – and you
could be penalized for subjecting me and your fellow classmates to postings
that are a waste of time. So keep your postings short and make sure they have
some value.
In addition to providing you with the
possibility of earning a bonus, the discussions will prepare you for the tests.
So I urge you to at least read the discussions and my replies as part of your
learning and preparation.
To ask general questions, or make a
general comment – related to the course in general and not to a specific topic
– make use of the topic space entitled “Questions for Peter Lewin.”
Remember everyone in the class will see these, so use this space for
communications that may be of interest to everyone. To communicate with me
privately, on topics of interest or pertinent only to you, please use the “Send
Email” link on your course menu (on the left side of the screen). To keep
abreast of the latest topics and on announcements relating to the course –
which could include supplementary course information – be sure to consult the “Announcements”
link on your course menu (on the left side of the screen.
Online Testing
You can access tests by clicking the
"Tests" link on the course menu and then clicking the available test
title links. Each test is timed and can only be accessed once within the
scheduled time window. Please read the on-screen instructions carefully before
you start the test. You may review your test results after the test results are
released.
All tests must be completed within the
scheduled 3-day time window. No make-up tests will be allowed.
Grades
You can check your grades by accessing the “Student Gradebook” on the
course menu.
Class Participation
Students are required to login
regularly to the online class site. The instructor will use the tracking
feature in WebCT to monitor student activity. Students are also required to
participate in all class activities such as discussion board activities, chat
or conference sessions and group projects.
Virtual Classroom Citizenship
The same guidelines that apply to
traditional classes should be observed in the virtual classroom environment.
Please use proper netiquette when interacting with class members and the
professor.
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LESSON # |
TOPICS COVERED |
SUGGESTED READING |
|
|
Text edition ISBN 0-324-34573-9
|
Text edition ISBN 0-324 -33890-2
|
||
|
One |
Course Access and Self-Orientation Introduction to Economics – assumptions and implications- productions possibility curves (two parts: part A and part B) |
Pages 477-490; 291-297, Chapter 4. |
Pages 477-490; 291-297, Chapter 2. |
|
Two |
Demand and Supply – movements along curves vs. shifts of curves. Elasticities of demand and supply; Engel curves; Market Equilibrium. (Three parts: part A, part B and part C) |
Pages 1-17; 188 -189. |
Pages 1-17; 188 -189. |
|
Three |
Economic Policies - Price controls, taxes and subsidies. Minimum wages, rent controls, consumer and producer surplus. (two parts: part A and part B) |
Pages 17-25; 229 -263 |
Pages 17-25; 229 -263 |
|
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Test 1 (February. 8 - 10) |
|
|
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Four |
Consumer Theory -The isolated consumer, the consumer in the market (two parts: part A and part B) |
Chapters 2, 3 |
Chapters 3, 4 |
|
Five |
Producer Theory - Monopoly, competition, production, revenue and costs (four parts: parts A - D) |
Chapters 7, 10 |
Chapters 7, 10 |
|
|
Test 2 (March 14 - 16) |
|
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Six |
Production and Growth – Growth accounting, the cost of living – price indexes (three parts: part A, B and C) |
Chapter 6, 18, 19 |
Chapter 6, 18, 19 |
|
Seven |
The Financial System - Saving, investment and financial markets (two parts: part A and part B) |
Chapter 20 |
Chapter 20 |
|
Eight |
The International Economy - Topics in international trade and finance (two parts: part A and part B) |
Chapters 17, 21 |
Chapters 17, 21 |
|
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Test 3 - Final (April 25 – 27) |
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The University has policies and
discipline procedures regarding scholastic dishonesty. Detailed information is
available on the Scholastic
Dishonesty web page. All students are expected to maintain a high
level of responsibility with respect to academic honesty. Students who violate
University rules on scholastic dishonesty are subject to disciplinary
penalties, including the possibility of failure in the course and/or dismissal
from the University. Since such dishonesty harms the individual, all students
and the integrity of the University,
policies on scholastic dishonesty will be strictly enforced.
As required by UTD academic
regulations, every student must complete an evaluation for each enrolled course
at the end of the semester. An online instructional assessment form will be
made available for your confidential use. Separately students will also submit
a course evaluation required by UTTC. Please check course Announcement area for
course evaluation access information towards the end of the course.
Student Conduct &
Discipline
The University of Texas System and The
University of Texas at Dallas have rules and regulations for the orderly and
efficient conduct of their business. It is the responsibility of each
student and each student organization to be knowledgeable about the rules and
regulations which govern student conduct and activities. General
information on student conduct and discipline is contained in the UTD
publication, A to Z Guide, which is provided to all registered students
each academic year.
The University of Texas at Dallas
administers student discipline within the procedures of recognized and
established due process. Procedures are defined and described in the Rules
and Regulations, Board of Regents, The University of Texas System, Part 1,
Chapter VI, Section 3, and in Title V, Rules on Student Services and
Activities of the university’s Handbook of Operating Procedures.
Copies of these rules and regulations are available to students in the Office
of the Dean of Students, where staff members are available to assist students
in interpreting the rules and regulations (SU 1.602, 972/883-6391).
A student at the university neither
loses the rights nor escapes the responsibilities of citizenship. He or
she is expected to obey federal, state, and local laws as well as the Regents’
Rules, university regulations, and administrative rules. Students are
subject to discipline for violating the standards of conduct whether such
conduct takes place on or off campus, or whether civil or criminal penalties
are also imposed for such conduct.
Academic Integrity
The faculty expects from its students
a high level of responsibility and academic honesty. Because the value of
an academic degree depends upon the absolute integrity of the work done by the
student for that degree, it is imperative that a student demonstrate a high
standard of individual honor in his or her scholastic work.
Scholastic dishonesty includes, but is
not limited to, statements, acts or omissions related to applications for
enrollment or the award of a degree, and/or the submission as one’s own work or
material that is not one’s own. As a general rule, scholastic dishonesty
involves one of the following acts: cheating, plagiarism, collusion
and/or falsifying academic records. Students suspected of academic dishonesty
are subject to disciplinary proceedings.
Plagiarism, especially from the web,
from portions of papers for other classes, and from any other source is
unacceptable and will be dealt with under the university’s policy on plagiarism
(see general catalog for details). This course will use the resources of
turnitin.com, which searches the web for possible plagiarism and is over 90%
effective.
Email Use
The University of Texas at Dallas recognizes
the value and efficiency of communication between faculty/staff and students
through electronic mail. At the same time, email raises some issues concerning
security and the identity of each individual in an email exchange. The
university encourages all official student email correspondence be sent only to
a student’s U.T. Dallas email address and that faculty and staff consider email
from students official only if it originates from a UTD student account. This
allows the university to maintain a high degree of confidence in the identity
of all individual corresponding and the security of the transmitted
information. UTD furnishes each student with a free email account that is
to be used in all communication with university personnel. The Department of
Information Resources at U.T. Dallas provides a method for students to have
their U.T. Dallas mail forwarded to other accounts.
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