MECO 6303.0T1 Course Syllabus

MECO6303 - BUSINESS ECONOMICS COURSE SYLLABUS

School of Management

The University of Texas at Dallas

	Course:	MECO6303 - Business Economics, Summer 2009
	Instructor:	Peter Lewin

	Section Call Number:	5U1 10142
	Home Page:	http://www.utdallas.edu/~plewin/

	Course Start/End Date: Final exam:	May 26 – Aug. 3, 2009 August 11, 2009

Course Information

1. 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.

2. Prerequisites: MATH 5304 or equivalent.

3. Learning objectives:

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.

4. Instructor Information

1). Contact information

Contact information is:

Email: plewin@utdallas.edu

Phone: 972-883-2729
Office: SOM 3.223, UTD

You can contact me anytime by phone or email, and 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 six grandchildren.

To see more about my professional and personal life visit my website at http://www.utdallas.edu/~plewin/

5. Course Materials

Required Textbooks and Materials

The official text book for this course is Business Economics by Steven E. Landsburg and N. Gregory Mankiw (any of three editions see below). (It is a custom book from the publisher.)

Ideas in economics can be learned from multiple sources. I will post supplementary material to complement the text and the lectures. In edition any basic text may help solidify the fundamentals and add to insight and understanding. A good example is Economics by Walter J. Wessels (4^th edition is the latest, any will do), Barron’s 2006, Available here.

Textbooks and other materials can be often be ordered online through, MBS Direct Virtual Bookstore or Off-Campus Books web ordering site. They are also available when in stock at UTD Bookstore and Off-Campus Books.

Communications

I make extensive use of WebCT in all of my courses. You should monitor the course on WebCT frequently for announcements, discussions and supplementary material

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 plewin@utdallas.edu. 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.

Course Outline/Schedule

*Week*	*Week of Tuesday*	*Coverage Lesson #*
1	26-May-09	One, Two
2	2-Jun-09	Two
3	9-Jun-09	Three
4	16-Jun-09	Three
	June 19 - 21 Online*	Test 1*
5	23-Jun-09	No Class
6	30-Jun-09	Four
7	7-Jul-09	Five
	July 10 – July 12, Online*	Test 2 *
8	14-Jul-09	Six
9	21-Jul-09	Seven
10	28-Jul-09	Eight
	4-Aug-09	No Class
11	11-Aug-09	*Final Exam in class*
*Online Testing: All tests require the use of the Lockdown Browser instead of your usual browser. 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

Student Assessment: Grading/Evaluation

There will be two online timed midterms 1 hour each (25%) and an on-campus comprehensive final test (50% - 25 questions from the last third of course, 25 questions from any part of the course).

Test 1 (covers lessons 1-3)	25%	*June 19 -* *(12 am) – June 21 (11:59 pm) Online -* *1 hour time limit*
Test 2 (covers lessons 4-5)	25%	*July 10* *(12 am)* *– July 12* *(11:59 pm) Online* *- 1 hour time limit*
Test 3 (final, comprehensive)	50%	*August 11 in class normal time -* *2 hour time limit*

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.

Reading and Lesson Outline

LESSON #	TOPICS COVERED		SUGGESTED READING
LESSON #	TOPICS COVERED	ISBN 978-0-324-61699-6 (2008 edition)	ISBN 0-324-34573-9 (2007 edition)	ISBN 0-324 -33890-2 (2006 edition)
One	Course Access and Self-Orientation Introduction to Economics – assumptions and implications- productions possibility curves (two parts: part A and part B)	Chapter 19. Pages 258-259.	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)	Chapter 1	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)	Chapter 8 (through page 251). Appendix to Chapter 8. Chapter 9.	Pages 17-25; 229 -263	Pages 17-25; 229 -263
	*Test 1*
Four	Consumer Theory -The isolated consumer, the consumer in the market (two parts: part A and part B)	Chapters 3, 4.	Chapters 2, 3	Chapters 3, 4
Five	Producer Theory - Monopoly, competition, production, revenue and costs (four parts: parts A - D)	Chapters 5, 6 7, 10.	Chapters 7, 10	Chapters 7, 10
	*Test 2*
Six	Production and Growth – Growth accounting, the cost of living – price indexes (three parts: part A, B and C)	Chapter 6, 21, 22.	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 23, 25.	Chapter 20	Chapter 20
Eight	The International Economy - Topics in international trade and finance (two parts: part A and part B)	Chapters 2, 24.	Chapters 17, 21	Chapters 17, 21
	*Test 3 - Final*

University Policies Relevant to Students:

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 and Scholastic Dishonesty

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.

The University of Texas at Dallas 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.

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.

Withdrawal from Class

The administration of this institution has set deadlines for withdrawal of any college-level courses. These dates and times are published in that semester's course catalog. Administration procedures must be followed. It is the student's responsibility to handle withdrawal requirements from any class. In other words, I cannot drop or withdraw any student. You must do the proper paperwork to ensure that you will not receive a final grade of "F" in a course if you choose not to attend the class once you are enrolled.

Student Grievance Procedures

Procedures for student grievances are found in Title V, Rules on Student Services and Activities, of the university’s Handbook of Operating Procedures.

In attempting to resolve any student grievance regarding grades, evaluations, or other fulfillments of academic responsibility, it is the obligation of the student first to make a serious effort to resolve the matter with the instructor, supervisor, administrator, or committee with whom the grievance originates (hereafter called “the respondent”). Individual faculty members retain primary responsibility for assigning grades and evaluations. If the matter cannot be resolved at that level, the grievance must be submitted in writing to the respondent with a copy of the respondent’s School Dean. If the matter is not resolved by the written response provided by the respondent, the student may submit a written appeal to the School Dean. If the grievance is not resolved by the School Dean’s decision, the student may make a written appeal to the Dean of Graduate or Undergraduate Education, and the deal will appoint and convene an Academic Appeals Panel. The decision of the Academic Appeals Panel is final. The results of the academic appeals process will be distributed to all involved parties.

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.

Incomplete Grade Policy

As per university policy, incomplete grades will be granted only for work unavoidably missed at the semester’s end and only if 70% of the course work has been completed. An incomplete grade must be resolved within eight (8) weeks from the first day of the subsequent long semester. If the required work to complete the course and to remove the incomplete grade is not submitted by the specified deadline, the incomplete grade is changed automatically to a grade of F.

Disability Services

The goal of Disability Services is to provide students with disabilities educational opportunities equal to those of their non-disabled peers. Disability Services is located in room 1.610 in the Student Union. Office hours are Monday and Thursday, 8:30 a.m. to 6:30 p.m.; Tuesday and Wednesday, 8:30 a.m. to 7:30 p.m.; and Friday, 8:30 a.m. to 5:30 p.m.

The contact information for the Office of Disability Services is:

The University of Texas at Dallas, SU 22

PO Box 830688

Richardson, Texas 75083-0688

(972) 883-2098 (voice or TTY)

Essentially, the law requires that colleges and universities make those reasonable adjustments necessary to eliminate discrimination on the basis of disability. For example, it may be necessary to remove classroom prohibitions against tape recorders or animals (in the case of dog guides) for students who are blind. Occasionally an assignment requirement may be substituted (for example, a research paper versus an oral presentation for a student who is hearing impaired). Classes enrolled students with mobility impairments may have to be rescheduled in accessible facilities. The college or university may need to provide special services such as registration, note-taking, or mobility assistance.

It is the student’s responsibility to notify his or her professors of the need for such an accommodation. Disability Services provides students with letters to present to faculty members to verify that the student has a disability and needs accommodations. Individuals requiring special accommodation should contact the professor after class or during office hours.

Religious Holy Days

The University of Texas at Dallas will excuse a student from class or other required activities for the travel to and observance of a religious holy day for a religion whose places of worship are exempt from property tax under Section 11.20, Tax Code, Texas Code Annotated.

The student is encouraged to notify the instructor or activity sponsor as soon as possible regarding the absence, preferably in advance of the assignment. The student, so excused, will be allowed to take the exam or complete the assignment within a reasonable time after the absence: a period equal to the length of the absence, up to a maximum of one week. A student who notifies the instructor and completes any missed exam or assignment may not be penalized for the absence. A student who fails to complete the exam or assignment within the prescribed period may receive a failing grade for that exam or assignment.

If a student or an instructor disagrees about the nature of the absence [i.e., for the purpose of observing a religious holy day] or if there is similar disagreement about whether the student has been given a reasonable time to complete any missed assignments or examinations, either the student or the instructor may request a ruling from the chief executive officer of the institution, or his or her designee. The chief executive officer or designee must take into account the legislative intent of TEC 51.911(b), and the student and instructor will abide by the decision of the chief executive officer or designee.

These descriptions and timelines are subject to change at the discretion of the Professor.