MECO 6303.0T1 Course Syllabus

MECO6303 - BUSINESS ECONOMICS COURSE SYLLABUS

School of Management

The University of Texas at Dallas

	Course:	MECO6303 - Business Economics, Spring 2008
	Instructor:	Peter Lewin

	Sections Call Numbers:	501 and 502 12507 and 13392
	Home Page:	http://www.utdallas.edu/~plewin/

	Course Start/End Date: Final exam:	Jan. 7 – April 28, 2007 May 1, 2008

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 two 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 Makiw (Southwestern: 2005) ISBN # 0-324-33890-2. (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

Course	Number	Section	Call Number	Title	Days	Start	End	Room
MECO	6303	501	12507	BUSINESS ECONOMICS	TR	5:30 p.m.	6:45 p.m.	SOM2.722
MECO	6303	502	13392	BUSINESS ECONOMICS	R	7:00 p.m.	9:45 p.m.	SOM2.106

*Week*	*Week of Tuesday/Thursday*	*Coverage Lesson #*
1	8, 10-Jan	One