Course Syllabus

MECO 6303/SYSM 6319 Business Economics

 

 

 

Course Information

Course Number/Section             MECO 6303/SYSM 6319

Course Title                              Business Economics

Term                                        Spring 2024

 

Professor Contact Information

Professor                                  Peter Lewin

Office Phone                             972-883-2729

Email Address                           plewin@utdallas.edu

Office Location                         SM 3.223

Online Office Hours                  by appointment – email me.

Web Site                                   Professor Peter Lewin’s Home Page

 

 

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

 

Course Pre-requisites, Co-requisites, and/or Other Restrictions

MATH 5304 or equivalent

 

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.

 

Student Learning Objectives/Outcomes

 

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.

 

Required Textbooks and Materials

 

Texts and Materials

In addition to the PowerPoints and notes, I have provided multiple videos from the online textbook featuring microeconomics and macroeconomics by Tyler Cowen, Alex Tabarok and associates located at: MR University Web Site. The videos available in this online textbook provide valuable additional material. I have indicated which videos are related to which of our lessons in the reading outline below.


I do not use a particular hard copy textbook. All the information you need is in the PowerPoint slides and the notes that accompany them. But, for supplementary reading you may want to check out the hard copy version here: Modern Principles of Economics.

 

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 (any will do), Barrons, Available here: Economics (Barron's Business Review Series).

 

Those students from China or Taiwan, as well as other students, may also like to read the following: 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: 市场的逻辑 (增订本).

 

Instructor Information

  

Contact information:
Email:  plewin@utdallas.edu

Office:  SOM 3.223

You can contact me anytime by email, and – for on-campus sections - see me by appointment in my office.

 

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 ten grandchildren.

 

To see more about my professional and personal life visit my webpage.

 

 

Reading and Lesson Outline

 

 

TOPICS COVERED

Online textbook microeconomics & macroeconomics by Tyler Cowen, Alex Tabarok and associates located here: mru.org

 

The videos available in this online textbook provide valuable additional material.

 

I have indicated which videos are related to which of our lessons in the reading outline below. I have provided links to the specific videos in the online eLearning module.

One

Course  Access and  Self-Orientation

 

Introduction to Economics – assumptions and implications- productions possibility curves

 

Principles of Economics: Microeconomics

 

material from:

Chapters 1,2,3,6 and 13.

 

For links to the specific videos suggested see the online lesson page for this lesson.

Two

Demand and Supply – movements along curves vs. shifts of curves. Elasticities of demand and supply; Engel curves; Market Equilibrium.

 

Principles of Economics: Microeconomics

 

material from:

Chapters 1,2,3,6 and 13.

 

For links to the specific videos suggested see the online lesson page for this lesson.

 

 

Three

Economic Policies - Price controls, taxes and subsidies. Minimum wages, rent controls, consumer and producer surplus.

Test 1

Four

Consumer Theory -The isolated consumer, the consumer in the market.

 

Principles of Economics: Microeconomics

 

Chapter 16.

 

Five

Producer Theory - Monopoly, competition, production, revenue and costs

 

Principles of Economics: Microeconomics

 

Chapters 9,10,11,12.

Test 2

 

Six

Production and Growth – Growth accounting, the cost of living – price indexes

 

Principles of Economics: Macroeconomics

 

material from

Chapters 2 and 3.

 

For links to the specific videos suggested see the online lesson page for this lesson.

 

Seven

The Financial System/Macroeconomics - Saving, investment and financial markets

 

Principles of Economics: Macroeconomics

 

material from

Chapters 1,4,5,6,7,8,9,10,11

 

For links to the specific videos suggested see the online lesson page for this lesson.

 

Test 3 - Final

 

 

 

Student Assessment: Grading/Evaluation

Please note the important information about test proctoring below.

 

Test information

 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 questions) 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).

 

Test Schedule

TEST ONE (covers lessons 1-3)

25 questions – 1 hour

02/16/15/24 (12 am) – 02/18/23 (11:59 pm)

(25 points) 25%

TEST TWO (covers lessons 4-5)

25 questions – 1 hour

03/29/24 (12 am) - 03/31/24 (11:59 pm)

(25 points) 20%

TEST THREE (final, lessons 6-7 plus questions from lessons 1-5)

25 multiple choice questions (lessons 6-7), 25 multiple-choice comprehensive.

50 questions – 2 hours

05/10/24 (12 am) - 05/12/24 (11:59 pm)

(50 points) 50%

 

For Online Sections OW1

 

PLEASE NOTE: This course will use Honorlock for the tests– an online exam proctoring tool. To successfully take an exam, you must have

 

You will be prompted to install the Honorlock Chrome Extension (which you can remove after you finish the test). You will then access the exam within your eLearning course and go through the authentication process. The web camera will monitor you throughout your test. Please see the UTD Honorlock Resources and Honorlock Support for additional information.

 

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 ON-CAMPUS section will use Lockdown Browser for the tests. Please consult the instructions on the Test page of the eLearning module.

 

Class discussion requirement for online section OW1 only.

Please be aware of the discussion forum for class discussion online.

 

In this discussion forum, I will be posting questions on current events, sometimes including current articles, that relate to our class material. Every student should post to the discussion board at least three times, exhibiting adequate understanding of the question, during the semester in order to earn a grade for the course.

 

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. 

 

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.

 

 

Technical Requirements

In addition to a confident level of computer and Internet literacy, certain minimum technical requirements must be met to enable a successful learning experience. Please review the important technical requirements on the Getting Started with eLearning webpage.

 

Course Access and Navigation

This course can be accessed using your UT Dallas NetID account on the eLearning website.

 

Please see the course access and navigation section of the Getting Started with eLearning  webpage for more information.

 

To become familiar with the eLearning tool, please see the Student eLearning Tutorials webpage.

 

UT Dallas provides eLearning technical support 24 hours a day, 7 days a week. The eLearning Support Center includes a toll-free telephone number for immediate assistance (1-866-588-3192), email request service, and an online chat service.

 

Communication

This course utilizes online tools for interaction and communication. Some external communication tools such as regular email and a web conferencing tool may also be used during the semester. For more details, please visit the Student eLearning Tutorials webpage for video demonstrations on eLearning tools.

 

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 plewin@utdallas.edu.  I will reply to student emails messages within 2 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 AccessAbility Resource Center, and many others. Please see the eLearning Current Students webpage for more information.

 

Server Unavailability or Other Technical Difficulties

The University is committed to providing a reliable learning management 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 online eLearning Help Desk. The instructor and the eLearning Help Desk will work with the student to resolve any issues at the earliest possible time.

 

Class Materials

The Instructor may provide class materials that will be made available to all students registered for this class as they are intended to supplement the classroom experience. These materials may be downloaded during the course; however, these materials are for registered students' use only. Classroom materials may not be reproduced or shared with those not in class or uploaded to other online environments except to implement an approved AccessAbility Resource Center accommodation. Failure to comply with these University requirements is a violation of the Student Code of Conduct.

 

Class Participation

 

Regular class participation is expected. Students who fail to participate in class regularly are inviting scholastic difficulty. A portion of the grade for this course is directly tied to your participation in this class. It also includes engaging in group or other activities during class that solicit your feedback on homework assignments, readings, or materials covered in the lectures (and/or labs). Class participation is documented by faculty.  Successful participation is defined as consistently adhering to University requirements, as presented in this syllabus. Failure to comply with these University requirements is a violation of the Student Code of Conduct. 

 

Class Recordings

 

Students are expected to follow appropriate University policies and maintain the security of passwords used to access recorded lectures. Unless the AccessAbility Resource Center has approved the student to record the instruction, students are expressly prohibited from recording any part of this course. Recordings may not be published, reproduced, or shared with those not in the class, or uploaded to other online environments except to implement an approved  AccessAbility Resource Center accommodation. Failure to comply with these University requirements is a violation of the Student Code of Conduct.

 

The instructor may record meetings of this course. These recordings will be made available to all students registered for this class if the intent is to supplement the classroom experience. If the instructor or a UTD school/department/office plans any other uses for the recordings, consent of the students identifiable in the recordings is required prior to such use unless an exception is allowed by law.

 

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.”

 

Academic Support Resources

The information contained in the following link lists the University’s academic support resources for all students.  

 

Please go to Academic Support Resources webpage for these policies.

 

UT Dallas Syllabus Policies and Procedures

The information contained in the following link constitutes the University’s policies and procedures segment of the course syllabus. Please review the catalog sections regarding the credit/no credit or pass/fail grading option and withdrawal from class.

 

Please go to UT Dallas Syllabus Policies webpage for these policies.

 

 

The descriptions and timelines contained in this syllabus are subject to change at the discretion of the Professor.

 

 

© Peter Lewin, plewin@utdallas.edu 2024