Peter Lewin, Ph.D.

Course Instructor

Phone: (972) 883.2729

Fax: (972) 883.6164

Email: plewin@utdallas.edu

Office location. SM 3.223

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.
¨ 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
III. An understanding of the concepts of
o supply and demand
o costs and benefits
o and their multiple applications
IV. An appreciation of the role of
o money in the economy
o the dangers of inflation
o the importance of free trade
o the limits of regulation
o the effects of taxes and subsidies of different types
o the workings of the market system is determining earnings (interest, profits, wages, salaries and rents)
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, 4^th ed., Walter Wessels, Barron’s Educational Series, 2006 + supplementary readings

Course Outline Summary

Lesson #	Topic	Reading
1	Introduction to Economics - assumptions and implications- productions possibility curves (two parts: part A and part B)	Chapters 1-2
2	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)	Chapters 3, 4, 17, 30 Supplementary Reading: More on Consumer and Producer Surplus Stossel on Price Gouging
3	Economic Policies - Price controls, taxes and subsidies. Minimum wages, rent controls, consumer and producer surplus. (two parts: part A and part B)
	Test 1 (Covering lessons 1 – 3)
4	Consumer Theory - The isolated consumer, the consumer in the market (two parts: part A and part B)	Chapter 18 Supplementary Reading: More on Indifference Curves
5	Producer Theory - Monopoly, competition, production, revenue and costs (four parts: parts A - D)	Chapters 19, 20 , 22 Supplementary Reading: Monopoly in Mexico - the real thing
	Test 2 (Covering lessons 4 and 5)
6	Production and Growth – Growth accounting, the cost of living – price indexes (three parts: part A, B and C)	Chapters 6, 26, 27 Supplementary Reading: More on Production Functions Types of Foreign Aid
7	The Financial System – Saving, investment and financial markets (two parts: part A and part B)	Chapters 7, 8, 9, 12, 13, 16, 28, 31
	Test 3 (½ comprehensive and ½ covering lessons 6 – 7)

Grading Policy and Evaluation Back to Top

Student Assessment: Grading/Evaluation

There will be three online tests, two midterms (25%) and a semi-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 17 (12 am) ‐ 19 (11:59 pm) - 1 hour
Test 2 (covers lesson 4-5)	25%	March 30 (12 am) ‐ April 1 (11:59 pm) - 1 hour
Test 3 (final, lesson 6-7, and comprehensive)	50%	May 4 (12 am) ‐ 6 (11:59 pm) – 2 hours

I do not use the traditional grading cutoffs. I use ones that are more generous, based on the whole class performance.

Tests

There are three exams for this course. Anyone missing an exam will automatically receive a grade of zero for that test. Exceptions for documented medical or family reasons may be permitted. Where possible, either the course manager or I should be contacted prior to the time of the exam. At my discretion, either a make-up exam will be scheduled or a reallocation of the weight to remaining examinations will be made. Exams will be based on the assigned reading material and class lectures.

The timed examinations are located on Blackboard. You can take the exam at any time during the three day interval. Once you begin, you have a set time to complete the exam. You can only take the examination once. Examinations are to be done individually. Evaluation is based on the correctness of the response.

The following are the grades that are possible to earn in this class.

A, A-, B+, B, B-, C+, C, C-, and F, X.

Discussion Forum

There is a possible maximum bonus of 5% for participation in the discussions – found on the Discussion Board. Pay attention to when they come online and when they expire. Even if you don’t post it is a good idea to read the discussions.

UTD Policy on Cheating: Back to Top

Students in this class will be held to the standards established by Regents’ Rules and Regulations (Part One, Chapter VI, Section 3, Subsection 3.2, Subdivision 3.22) which states: Candidates are expected to be above reproach in scholastic activities. Candidates who engage in scholastic dishonesty are subject to disciplinary penalties, including the possibility of failure in the course and dismissal from the University. “Scholastic dishonesty includes, but is not limited to cheating, plagiarism, collusion, the submission for credit of any work or materials that are attributable in whole or in part to another person, taking an examination for another person, any act designed to give unfair advantage to a student or the attempt to commit such acts.” Professors randomly use “Turnitin.com” to screen papers against other published works on the web to insure against plagiarism.

eLearning Information:

Technical Information

In addition to a confident level of computer and Internet literacy, certain minimum technical requirement must be met to enable a successful learning experience. Please review the important technical requirements and the web browser configuration information.

Course Access and Navigation

This course was developed using a web course tool called eLearning. It is to be delivered entirely online. Students will use their UTD NetID account to login to the course at: http://eLearning.utdallas.edu. Please see the course access and navigation information. To get started with an eLearning course, please see the Getting Started: Student eLearning Orientation. UTD provides eLearning technical support 24 hours a day/7 days a week. The services include a toll free telephone number for immediate assistance (1‐866‐588‐3192), email request service, and an online chat service. The UTD user community can also access the support resources such as self‐help resources and a Knowledge Base. Please use this link to access the UTD eLearning Support Center: http://www.utdallas.edu/elearninghelp.

Communications

This eLearning course has built‐in communication tools which will be used for interaction and communication. Some external communication tools such as regular UTD email and a web conferencing tool may also be used during the semester. Please see more details about communication tool information.

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 my personal email, plewin@utdallas.edu 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 Resources

The following university resources are available to students:

UTD Distance Learning: http://www.utdallas.edu/oee/distance/students/cstudents.htm

McDermott Library: Distance Learners (UTD students who live outside the boundaries of Collin, Dallas, Denton, Rockwall, or Tarrant counties) will need a UTD‐ID number to access all of the library’s electronic resources (reserves, journal articles, ebooks, interlibrary loan) from off campus. For UTD students living within those counties who are taking online courses, a Comet Card is required to check out materials at the McDermott Library. For more information on library resources go to http://www.utdallas.edu/library/distlearn/disted.htm.

Peter Lewin, Ph.D.

Phone: (972) 883.2729

Fax: (972) 883.6164

Introduction to Economics - assumptions and implications- productions possibility curves

(two parts: part A and part B)

Test 1 (Covering lessons 1 – 3)