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Fall 2016 |
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Semester Start/End Date: |
Sec OW1:
August 22 –December 7 - Grades due 12/22 Sec PS1:
October 13 – April 6. |
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BUSINESS ECONOMICS
COURSE SYLLABUS
MECO 6303/SYSM 6319 various
sections
|Course
Information | Communications| Student Assessments| Reading and Lesson Outline| University Policies Relevant to Students|
I make extensive
use of eLearning in all of my courses. You
should monitor the course on eLearning frequently for announcements, discussions and
supplementary material
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.
2. Prerequisites: MATH 5304 or equivalent.
3. Learning objectives:
Minimal General Learning Outcomes -
the ability to
1. 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.
2. Analyze the impacts of restricting
markets from reaching the competitive equilibrium through price controls,
taxes, and subsidies.
3. Understand the difference between
monopoly markets and competitive markets.
4. 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.
5. Understand and apply the basic
concepts of macroeconomics including the principles of banking, money-creation,
income-determination, inflation and unemployment
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.
4. Instructor Information
1). Contact information
Contact information is:
Email: [email protected]
Office: SOM 3.223,
You can contact me anytime by email, and –
for on-campus sections - see me by appointment in my office.
2). 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 nine grandchildren.
To see more about my professional and
personal life visit my website at http://www.utdallas.edu/~plewin/
5. Course Materials
Textbooks and Materials
The official text book for this course Principles of
Economics,
3rdedition, by Timothy Taylor, published by TEXTBOOK MEDIA. You
can get it online. Here is the information.
·
Go
to http://www.textbookmedia.com/. Register. It will
take about 60 seconds. You will be taken to My Account.
·
You
will see “You currently have no books to view.” To find the Taylor book, click
on Booklist.
·
Locate
the book and click on Pricing Details. You will have three options for the
format (e-book, pdf, and print). Read the descriptions and make your choice.
· Click on Add to Cart,
then Checkout. Then you’ll see a page for Review Order. Once processed, ebook
orders will be in My Account. Print orders may take up to seven business days,
but you’ll have the online book immediately in My Account.
Ideas in economics can be learned from
multiple sources. I will post supplementary material to complement the text and
the lectures. In addition any basic text may help solidify the fundamentals and
add to insight and understanding. [A good example is Economics by Walter
J. Wessels (2012 edition is the latest, any will do), Barrons, Available here.]
[Those students from China or Taiwan, as well
as other students, may also like to read the following: Zhang, Weiying Zhang, Weiying, The Logic of the Market – available in English and Chinese – English version by the Cato
Institute,
Washington D.C.
2015. The Chinese version
is
also available
for
purchase online
here.
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LESSON # |
TOPICS COVERED |
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Suggested Reading The relevant pages in the indicated chapters |
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One |
Course
Access and Self-Orientation Introduction
to Economics –
assumptions and implications- productions possibility curves |
Chapters
1, 2.. |
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Two |
Demand and
Supply – movements along curves vs.
shifts of curves. Elasticities of demand and supply; Engel curves; Market
Equilibrium. |
Chapters
4,7 |
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Three |
Economic
Policies - Price controls, taxes and
subsidies. Minimum wages, rent controls, consumer and producer surplus. |
Chapters
5. |
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Test 1 |
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Four |
Consumer
Theory -The isolated consumer, the
consumer in the market. |
Chapter
8. |
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Five |
Producer
Theory - Monopoly, competition,
production, revenue and costs |
Chapters
9, 10, 11, 12. |
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Test 2 |
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Six |
Production
and Growth – Growth
accounting, the cost of living – price indexes |
Chapters
21-22. |
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Seven |
The
Financial System/Macroeconomics - Saving,
investment and financial markets |
Chapters
24-30 (various sections) |
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Test 3 - Final |
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Student Assessment: Grading/Evaluation
Students will be evaluated on three multiple
choice exams. The exams are worth together 100 points.
There will be two online timed midterms 1 hour
each (25%) and a comprehensive final test (50% - 25 questions from the last
third of course, 25 questions from any part of the course - 2 hour
limit).
Here is the test schedule for all
sections.
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Total Evaluation 125
points |
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Section
OW1 |
Section
PS1 |
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Test 1 (covers lessons 1-3) |
25 questions – 1 hour |
10/14/16
(12 am) ‐ 10/16/16 (11:59 pm) |
TBA |
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Test 2 (covers lessons 4-5) |
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11/18/16(12
am) ‐ 11/20/16(11:59 pm) |
TBA |
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Test 3 (final, lessons 6-7, 25 questions, and 25 questions
comprehensive) |
50 questions – 2 hours |
12/9/16
(12 am) ‐ 12/11/16 (11:59 pm) |
TBA |
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Assignment – short questions, term paper. |
25 points |
due 12/15 |
TBA |
Please
note the procedure for dealing with questions and concerns after taking a
test. Once the test period has expired and the correct answers have
been released, if you have questions or concerns (maybe an alternative
interpretation of the question yielding a different answer), compose an email
stating clearly your concern or what you do not understand for each question
you wish to discuss and send it to me. Please reference the question by number
and title (if available) and cut and paste as much of it as you can. I will
take all such queries on a first-come/first-serve basis and get back to you as
soon as I can with my answers.
The following are the grades that are
possible to earn in this class.
A, A-, B+, B, B-, C+, C, and F, X.
The actual grade distribution for each test
will be determined by the total class performance. I will publish a grade
distribution, linking scores to grades, after each test and for the course as a
whole.
I make extensive use of eLearning in
all of my courses. You should monitor the course on elearning
frequently for announcements, discussions and supplementary material
Interaction with Instructor: I will communicate with students mainly
through the Course Announcements (copied as an email to students).
Students may send personal concerns or questions to me using [email protected]. 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 communication tools
shown on the course menu.
Distance
Learning Student Resources: Online students have access to resources
including the McDermott Library, Academic Advising, The Office of Student
AccessAbility, and many others. Please see the eLearning Current Students page
http://www.utdallas.edu/elearning/students/cstudents.htm
for details.
Course
Policies
Make-up exams
Make up exams will be given only in
exceptional circumstances
Extra Credit
There will be no extra credit assignments
Special Assignments
There are no special assignments
For all sections: Students are
required to login regularly to the online class site. The instructor can use
the tracking feature in eLearning to monitor student activity.
University
Policies Relevant for Students:
Comet Creed
This creed was voted on by the UT Dallas student body in 2014. It
is a standard that Comets choose to live by and encourage others to do the
same:
“As a Comet, I pledge honesty, integrity,
and service in all that I do.”
UT Dallas Syllabus Policies and Procedures
Please go to http://go.utdallas.edu/syllabus-policies for these
policies.
Scholastic Honesty
The University has policies and discipline
procedures regarding scholastic dishonesty. Detailed information is available
on the UTD Judicial Affairs 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.
Every student should 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. A link to an
online instructional assessment form will be emailed to you towards the end of
the semester.
Online behavior - 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.
Policy on Server Unavailability or Other
Technical Difficulties
The university is committed to providing a
reliable online course system to all users. However, in the event of any
unexpected server outage or any unusual technical difficulty which prevents
students from completing a time sensitive assessment activity, the instructor
will provide an appropriate accommodation based on the situation. Students
should immediately report any problems to the instructor and also contact the
UTD eLearning Help Desk: http://www.utdallas.edu/elearninghelp,
1-866-588-3192. The instructor and the UTD eLearning Help Desk will work with
the student to resolve any issues at the earliest possible time.
University Policies
General policies, including policies on
Academic Honesty and Integrity.
The
information contained in the following link constitutes the University’s
policies and procedures segment of the course syllabus.
http://go.utdallas.edu/syllabus-policies.
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.
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 of the Board
of Regents of the University of Texas System, Part 1, Chapter VI,
Section 3, and in Title V, Rules on Student Services and Activities of
the Course Syllabus Page 8, 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 (SSB
4.400, 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.
The
descriptions and timelines contained in this syllabus are subject to change at
the discretion of the Professor.
© Peter Lewin 2016.