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MECO
6303.5U1/SYSM 6319 5U1: BUSINESS ECONOMICS (Mon : 6:00pm-10:00pm JSOM 1.217)
MECO
6303.5U2/SYSM 6319 5U2: BUSINESS ECONOMICS (Tues : 6:00pm-10:00pm JSOM 2.115)
MECO 6303 SU1: BUSINESS ECONOMICS (Wed : 1:00pm-5:00pm JSOM 1.801)
MECO 6303 0I1: BUSINESS ECONOMICS (Online Class)
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Instructor: |
Peter Lewin |
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Home Page: |
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Semester Start/End Date: |
May 30 – August 10 |
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SUMMER 2012 COURSE SYLLABUS
|Course Information | Communications|
Student Assessments| Reading and Lesson
Outline| University Policies Relevant to Students|
Course Information
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:
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Minimal General Learning Outcomes - the ability to |
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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. |
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Analyze the impacts of restricting markets from reaching the
competitive equilibrium through price controls, taxes, and subsidies. |
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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. |
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
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supply and
demand
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costs and
benefits
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and their
multiple applications
4). An
appreciation of the role of
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money in the
economy
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the dangers
of inflation
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the
importance of free trade
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the limits
of regulation
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the effects
of taxes and subsidies of different types
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the workings
of the market system is determining earnings (interest, profits, wages,
salaries and rents)
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the modern
business firm, its function and its boundaries
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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
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 Principles of Economics, 2nd
edition by Timothy Taylor, published by TEXTBOOK
MEDIA. It may be available in any of the university bookstores or you
may get it online. Here is the
information.
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Go to www.textbookmedia.com. Register. It will
take about 60 seconds. You will be taken to My Account.
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You will see “You currently have no books to view.” To find the Taylor
book, click on Booklist.
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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.
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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 (4th edition is the latest, any will do), Barron’s 2006,
Available here.]
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LESSON # |
TOPICS COVERED |
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One |
Course Access and Self-Orientation Introduction to Economics –
assumptions and implications- productions possibility curves (two parts: part
A and part B) |
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. (Three parts: part A, part B and part C) |
Chapters 4,7 |
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Three |
Economic Policies -
Price controls, taxes and subsidies. Minimum wages, rent controls, consumer
and producer surplus. (two parts: part A and part B) |
Chapters 5, pages 621-625. |
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Test 1 |
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Four |
Consumer Theory -The isolated consumer,
the consumer in the market (two parts: part A and part B) |
Chapter 8 and appendix. |
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Five |
Producer Theory - Monopoly,
competition, production, revenue and costs (four parts: parts A - D) |
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 (three parts: part A, B and C) |
Chapters 21-22. |
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Seven |
The Financial System -
Saving, investment and financial markets (two parts: part A and part B) |
Chapters 24-30 |
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Eight |
The International Economy - Topics
in international trade and finance (two parts: part A and part B) |
Chapters 24-30; chapter 6. |
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Test 3 - Final |
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I make extensive use of e-learning WebCT 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 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.
Student
Assessment: Grading/Evaluation
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).
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Test 1 (covers lessons 1-3) |
25% |
June 22 (12 am) ‐ 24 (11:59 pm) - 1
hour |
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Test 2 (covers lesson 4-5) |
25% |
July 20 (12 am) ‐ 22
(11:59 pm) - 1 hour |
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Test 3 (final, lesson 6-8, 25%, and comprehensive, 25%) |
50% |
August 10 (12 am) ‐ 12 (11:59 pm) – 2
hours |
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For online students only - discussion
participation bonus |
Maximum 5% |
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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.
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
Class Participation
For
the online section only discussion topics will be posted
every few weeks. This will provide an opportunity for students to interact and
deepen their understand of the principles taught in the course. A maximum bonus
of 5% can be earned for this participation based on the quality of the posts.
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
to Students:
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.
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. 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 extend the time windows and 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.
General policies, including policies on Academic Honesty and
Integrity.
Please go to http://go.utdallas.edu/syllabus-policies for these
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.
©
Peter Lewin 2012.