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Spring 2014 |
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Home Page: |
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Semester Start/End Date: |
January 13 – May 15, 2014 |
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COURSE SYLLABUS
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Business
Economics – MECO 6303/SYS 6319 (various sections) |
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Class
Section/ Class Number |
Schedule
& Location |
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MECO 6303.0I1
23673 |
Online Class |
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MECO 6303.AI1
26186 |
Online Class |
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SYSM 6319.S01 26215 |
See the table
below
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MECO 6303.PS1
- 90267 |
See the table
below
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|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
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
·
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
·
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 nine 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, 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.
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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.]
Reading and Lesson Outline
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LESSON # |
TOPICS COVERED |
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Suggested Reading |
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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, pages
621-625. |
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Test 1 |
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Four |
Consumer Theory -The isolated consumer,
the consumer in the market. |
Chapter 8 and
appendix. |
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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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Communications
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 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 communication tools
shown on the course menu.
Student
Assessment: Grading/Evaluation
Students will be evaluated on submitted
assignments, one for each lesson and on three multiple choice exams. The
assignments are 15 points each. So half of your grade will be determined by the
assignments and half by the online exams.
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 and assignment schedule for
all sections except section S01 and PS1 (see the last row of the table).
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Total Evaluation 205 points – 105 for the
assignments + 100 for the online exams. Online Tests: (100 points) For
sections AI1 and OI1: |
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Test 1 (covers lessons 1-3) |
25 questions |
Feb 21 (12 am) ‐ 23 (11:59 pm) - 1 hour |
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Test 2 (covers lesson 4-5) |
25 questions |
March 28 (12 am) ‐ 30 (11:59 pm)
- 1 hour |
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Test 3 (final, lesson 6-7, 25 questions, and 25 questions comprehensive) |
50 questions |
May 2 (12 am) ‐ 4 (11:59 pm) – 2 hours |
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Assignments: (15 points each) Due dates: Assignment for |
Lessons
1,2,3 |
Feb 21 |
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Lessons
4,5 |
March 28 |
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Lessons
6,7 |
May 2 |
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For
sections S01 and PS1: test and
assignment dates will be determined. |
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For more information on the Assignments see the assignment page on the
eLearning course module. |
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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.
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 and 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.
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:
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 2013-2014.