Textbooks can be purchased though the MBS bookstore
Additional Resources: Wall Street Jurnal, The Economist, Businessweek
http://www.cnn.money.comCourse 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: The instructor's educational philosophy is to provide the students with both the motivation and the information to include economics as an integral part of their professional and personal decision-making. The approach taken, as a result, is very "real world," using the most recent examples available and applying them realistically.
Learning Outcomes:• Using the production possibilities model, discuss the tradeoffs faced by an economy and how this relates to the concept of opportunity cost.
• Using demand and supply analysis, identify and explain the process by which the equilibrium price and quantity of a good are attained.
• Show graphically and explain how price elasticity of demand varies along a given linear demand curve; compare this to the relationship of 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.
• Define 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 a monopolistically competitive firm; discuss the economic efficiency of each.
• Explain government and market failure and public choice theory and taxation
• Compare and contrast inequality and poverty; labor market supply and demand and wage and salary implications
Course Assessment: A combination of tests and a project will be utilized.
Grading: Test 1 20%
Test 2 25%
Research Project 25%
Test 3 30%
The following will be used to assign letter grades:
Below 60 F
Late Submission of Course Materials: If an assignment or project is submitted late, unless there are extenuating circumstances such as illness or military deployment and prior arrangments have been made, each day that the assignment or project is late will result in the lowering of the original grade.
Classroom Rules of Conduct: Mature and responsible conduct is expected of all students.
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. <a href="http://www.park.edu/catalog">
Park University 2004-2005 Undergraduate Catalog</a> Page 101It is completely unacceptable. Depending upon the degree and extent it may result in a failing grade for the course.
Instructors are required to maintain attendance records and to report absences
via the online attendance reporting system.
Park University 2004-2005 Undergraduate
Catalog Page 100
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