Course Number/Section MECO 6303/SYSM 6319
Course Title Business Economics
Term Spring 2024
Office Phone 972-883-2729
Email Address plewin@utdallas.edu
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.
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.
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.
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).
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.
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.
|
TOPICS COVERED |
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.
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Test 3 - Final |
|
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.”
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.
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