Textbooks can be purchased though the MBS bookstore
Textbooks can be purchased though the Parkville Bookstore
Additional Resources: Supplemental resources and publications: The Wall Street Journal, The Economist, St. Louis Post-Dispatch. Relevant websites delineated below:
http://www.economist.comhttp://bloomberg.comhttp://www.wsj.comCourse Description: An examination of the contemporary American economy, with an in-depth exploration of the operation of the market system currently in existence in the American and global economies. Particular emphasis will be placed on mastery of such microeconomic principles and concepts as: supply and demand analysis, elasticity concepts, market structures, production costs, consumer behavior and a microeconomic examination of both resource and product markets.
Educational Philosophy: The instructor's educational philosophy is one premised on a belief in interactive learning between and amongst students and the instructor using both traditional and contemporary means and formats, including lectures and discussions, quizzes and examinations, internet and website explorations, and written and oral presentations. The instructor has a responsibility to create a learning environment where students are engaged to explore critical economic ideas, issues and problems.
Learning Outcomes:1. Delineate and explain at least three (3) benefits from the study of economic theories and concepts. Identify and explore THE underlying premise which is the basis of all economic knowledge and understanding.
2. Identify, illustrate and explain the four (4) recognized economic resources (a/k/a inputs or factors of production. Demonstrate your understanding of these inputs in the production process with multiple examples.
3. State, define and graphically reproduce the Production Possibilities Frontier (Curve) Model, and analyze all of the key, basic economic concepts illustrated by this model, such as scarcity, constrained choice, opportunity cost, productive efficiency, allocative efficiency, inefficient production, law of increasing opportunity cost, as well as the factors which can result in an expansion or contraction of the PPF curve.
4. State and explain the major determinants of demand, and those variables that determine supply. Evaluate and determine the customary slopes and posittions of market demand and supply curves.
5. Using supply and demand analysis, explain the process by which equilibrium price and equilibrium quantities of a good or service is determined. Distinguish between changes in supply and demand, and changes in the quantity supplied and demanded. Evaluate those variables which result in a change in demand vs. change in the quantity demanded.
6. Delineate, calculate and explain price elasticities of demand and supply for finished goods and services; list and apply those determinants of price elasticity of demand. Explain and measure both cross and income elasticities of demand.
7. Analyze and defend the strengths and advantages of the market system ("laissez faire") vs. a command economic system. Specify and explore how the issue of scarcity is addressed by each system. Summarize how prices communicate the relative value of both inputs and outputs generated in the factor and product markets.
8. Use the income and substitution effects and the law of diminshing marginal utility to explain why consumers buy more of a product when its price drops and less of the product when its price rises. Define and illustrate how a consumer's utility ("well-being") is maximized.
9. Delineate and define those variables or forces which determine or influence the costs of production for business firms; differentiate between economic and accounting profit.
10. Define and explain the relationships between and amongst average fixed, average variable and average total costs; and marginal cost concepts. Demonstrate the differences in cost structures between the short- and long-run time periods.
11. Define and explain the monopoly market structure, and delineate those forces which allow for the establishment and development of monopolists in specific industries. Explain how monopolies affect production costs, total output and the level and scope of innovation in the development of new or better products and services.
12. Define and explain the perfectly competitive market structure, and delineate those forces which allow for the establishment and development of perfectly competitive markets in specific industries. Explain how monopolies affect production costs, total output and the level and scope of innovation in the development of new or better products and services.
13. Define and explain the monopolistically competitive and oligopolistic market structures, and delineate those forces which allow for the establishment and development of oligopolies and monopolistically competitive markets in specific industries. Explain how oligopolists compete based on game theory and strategic decision making processes.
14. Identify and define the major forces which determine prices in the resource markets for labor, capital and land. Explain what forces determine a firm's demand for labor and capital. How are wages determined in the absence of any govenment intervention in the labor market?
15. Identify and define the major forces which determine prices in the resource markets for labor, capital and land. Explain what forces determine a firm's demand for labor and capital. How are rental payments interest income and profits determined in the markets for the underlying resources?
16. Identify, explain and illustrate those forces or factors which increase the long-run average annual rates of economic growth. Determine the role of productivity growth rates on a country's standard of living.
Course Assessment: Final grade will be determined and calculated based on the following tasks and evaluation methods:
1. Two (2) closed-book examinations:
2. One (1) open-book knowledge assessment:
90% - 100% 450 - 500 Points A
80% - 89% 400 - 449 Points B
70% - 80% 350 - 399 Points C
60% - 70% 300 - 349 Points D
Below 60% Fewer than 300 Points and/or three (3) or more unexcused absences from class.
Grading: This course will have a total of five hundred (500) possible points. Total points will be allocated along the following basis: exams (250 pts), knowledge/skills assessment (150 pts) attendance/participation (50 pts), and homework completion (50 pts).
Late Submission of Course Materials: Any and all assignments with a definitive due date must be turned in on or before the due date(s). There will be no exceptions to this policy.
Classroom Rules of Conduct: Students are expected to attend all scheduled classes unless previously excused by the instructor. Punctuality and promptness are necessary to assure an orderly start and finish to every session. Students are expected to conduct themselves in a positive and constructive manner during class. Given the accelerated nature of the course, it is imperative that students have completed all reading and homework assignments prior to class, and be prepared for the scheduled activities and content discussion as delinated and assigned within this syllabus. Homework assignments are to be completed as of the due date.
Course Topic/Dates/Assignments: August 27th: Introductions, expectations, and overview of course syllabus. Delineate the foundational concepts and premises a/k/a "setting the table". The nature and method of economic inquiry; the economic "problem". An introduction to the market system. The circular flow diagram.
September 3rd: Supply and demand analysis, the operation of markets and the role of price in resource allocation. The Production Possibility Frontier model. Supply/Demand analysis applications. The Market System vs. Central Direction.
September 10th: Discussion of price, income and cross elasticity concepts. Review of first 5 chapters prior to administration of First Exam.
September 17th: Consumer behavior and utility maximization, diminishing marginal utility and other related consumer behavior models. The roles of income and substition effects on consumer demand. An introduction to production cost structures of business firms.
September 24th: Production costs discussion (continued). An exploration of the four (4) market structures, including perfectly competitive, monopoly, oligopoly and monopolistically competitive markets; the impact of market structures on business behavior, and ultimately on total industry output, product prices and profitability levels.
October 1st: Market structure discussion continued in connection with monopolies, oligopolies and monopolistically competitive industries.
October 8th: An exploration of the resource markets for labor, land, capital and entrepreneurship. How are the returns on these resources, e.g. wages and salaries, rental income, dividend and interest income and profits determined?
October 15th: Complete analysis and discussion on the resource markets, final review, and the taking of the final exam.
Plagiarism:Plagiarism involves the use of quotations without quotation marks, the use of quotations without indication of the source, the use of another's idea without acknowledging the source, the submission of a paper, laboratory report, project, or class assignment (any portion of such) prepared by another person, or incorrect paraphrasing.
Park University 2005-2006 Undergraduate Catalog Page 85-87
Instructors are required to maintain attendance records and to report absences
via the online attendance reporting system.
Park University 2005-2006 Undergraduate
Catalog Page 89
Park University is committed to meeting the needs of all students that meet the criteria for special assistance. These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, regarding students with disabilities. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Park University is committed to meeting the needs of all learners that meet the criteria for special assistance. These guidelines are designed to supply directions to learners concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the American with Disabilities Act of 1990, regarding learners with disabilities and, to the extent of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page:
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