Textbooks can be purchased though the MBS bookstore
Additional Resources: SUPPLEMENTAL RESOURCES; Wall Street Journal, USA Today, Economist and Business Week. Web site CNNFN.COM
Course Description: A study of the market mechanism and the organization of production and distribution activities in society. A major focus is on the determination of prices of goods and factors of production. Analysis of the firm as the main institution in the market. 3:0:3
Educational Philosophy: Students are expected to apply the material in the textbook with current events by reading the reference articles.
Learning Outcomes:Discuss the tradeoffs faced by an economy and how this relates to the concept of opportunity cost using the production possibility model.
Explain the process by which the equilibrium price and quantity of a good are attained using demand and supply analysis.
Show graphiclally and explain how price elasticity of demand varies along a given linear demand curve; compare this to the reatinship between price elasticity of demand and the slope of a demand curve.
Show graphically the marginal cost, average total cost, and average variable cost curves; explain the shape of each curve.
Show graphically the long-run average total cost curve and explain economies of scale, diseconomies of scale, and constant returns to scale.
Show graphically the long-run profit maximizing output of a perfectly competitive firm, a monopolistic firm and monopolistically competitive firm; discuss the economic efficiency of each industry type.
Chapter 20. Students will learn what is the best price to set on products that will maximize the total revenue. What products will they buy more and what ones they will buy less of as their income goes up.
Chapter 21. Learning how to maximize one's money when spending it is the main objective of this chapter. Why we buy more of a product as the price fall and less if it goes up is a goal of this chapter.
Chapter 22. This chapter discusses the cost of production and what combination should business use in producing their products. How should businesses decide to make one product instead of another product
Chapter 23. Students will learn about the first of four market structures that operate in a mixed economy. What are some of the characteristics of pure competition? Is pure competition good for the consumer?
Chapter 24. What are some of the characteristics of pure monopoly? Is a monopoly good for the consumer or is it harmful?
Chapter 25. We will discuss the two most important market structures of the economy and why they are important to us. We will look at some the good and bad characteristics of these market structures.
Chapter 28. What determines our wages will be the main discussion of this chapter and why some earn more than other. Is it fair or not?
Chapter 29. This chapter discusses the three other forms of payments beside wages, which are rent, profits, and interest. What is the impact of these payments on our eoconomy?
Chapter Chapter 34. Why do we income equality and poverty in such a wealthy nation as the U.S.? How does the government try to redistribute the wealth in the U. S.?
Chapter 35. We will discuss the role of labor in the U.S. and how organization affect the role of labor. Are unions good for the country and the workers?
Chapter 37. This chapter will show the students the important role international trade is in their daily life. How it affects their jobs and standard of living.
Chapter 38. Since the currencies are floating what has been the impact on international trade? What is foreign exchange rate and why is is important the people of the world today
Course Assessment: GRADING POLICY.
The final course grade will be determined by using the following.
1. Three non-cumulative test 80%
2. Class debate, homework, paper and class participation 15
A paper on any microeconomic subject at least 5 pages and four sources. 10%
The following will be used to assign letter grades.
Below 60 F or three or more unexcused absences.
Grading: There will be three multiple choice test, each worth 25% of the final grade.
The paper will be worth 15% of the final grade.
Class paraticipationa and home work will be worth 10%
90-100 = A
80-89 = B
70- 79 = C
60-69 = D
Below 60 = F
Course Topic/Dates/Assignments: CLASS MEETING AND EXAMINATION SCHEDULE;
DATE Topic Chapter
24 Oct.Review of syllabus and the course
objectives. Start Chap 20, if time allows. 20
26 Oct. Elasticity of Demand and Supply. 20
31 Oct. Consumer Behavior and Utilty
2 Nov. The Cost of Production. 22
7 Nov. Pure Competition 23
9 Nov. Test Review on chaps. 20-23.
Pure Monopoly. 24
14 Nov Monopolistic Competition and Oligopoly 25
16 Nov. Wage Determination. 28
21 Nov. Rent, Interest, and Profit. 29
23 Nov. Test Review on Chaps 24,25,28, and 29.
Income Inequality and Poverty. 34
28 Nov. Labor Market Instutions and Issues:
Unionism, Discrimination, Immigration 35
30 Nov. International trade 37
5 Dec. International Trade 37
7 Dec. Exchange Rates, the Balance of
Payments, and Trade Deficits. 38
Test review on chaps. 34,35, 37,and 38.
12 Dec. Chap 38 contimued 38
14 Dec. Final Exam.
9 May. The Economics of Developing Countries. 39
11 May. Final Exam
Academic Honesty:Academic integrity is the foundation of the academic community. Because each student has the primary responsibility for being academically honest, students are advised to read and understand all sections of this policy relating to standards of conduct and academic life. Park University 2005-2006 Undergraduate Catalog Page 85-87
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
Attendance Policy: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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