SYLLABUS
Economics 4346 (Survey of Economics)
Wayland Baptist University—Hawaii Campus
Fall Semester 2010
Mr. Timothy C. Fawcett
Mission Statement: Wayland Baptist University exists to educate students in an academically challenging, learning-focused, and distinctively Christian environment for professional success and service to God and humankind.
Instructor: Mr. Timothy Fawcett—my biography can be accessed on the school website (syllabi).
Instructor Contact Information: 808-554-0383 (evening hours are best)
Timothy.C.Fawcett@gmail.com
Office Hours: I will be available for at least 30 minutes after class. If necessary, alternate appointments or meeting times can be arranged.
Class Meeting Time and Location: Thursday evenings, 5:00pm—9:30pm, HALE
Catalog/Course Description: As stated in the Wayland Baptist University
Academic Catalog (p. 341), Econ 4346 is a “survey course covering macroeconomics
and microeconomics. Credit not awarded for Econ 2307 or Econ 2308 and Econ 4346.”
Economics 4346 (Survey of Economics) is an important social science cornerstone.
While there are no prerequisites for attending this course, it will serve as a key requirement/prerequisite for graduation from both the Wayland Baptist University
School of Business and School of Behavioral and Social Science.
Simply described, this survey format is a one-semester, three (3) credit hour course focusing on the most important principles of Economics. General topics will include: supply and demand; pricing and production decisions of firms; the role of government in the economy; the determination of national income; money and banking; monetary and fiscal policy; and government finance.
Prerequisites: As stated previously, there are no prerequisites.
Required Text and Resources: Mankiw, N. Gregory (2009) Principles of
Economics, Fifth Edition. Mason, Ohio: South-Western CENGAGE Learning.
Students should also have access to a computer with Microsoft Office (Excel ’97 or later).
Optional Materials: One goal of this course is to encourage critical, economic thinking. As such, I will assign additional readings and direct the students to various
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SYLLABUS
Economics 4346 (Survey of Economics)
Wayland Baptist University—Hawaii Campus
Fall Semester 2010
Mr. Timothy C. Fawcett websites for further exploration.
Learning Objectives: Upon completion of this course, students should be able to:
1. Define scarcity, opportunity cost, elasticity of demand and supply, inflation, unemployment, and gross domestic product.
2. Identify a production possibility frontier and use the frontier to demonstrate the potential for growth in an economy and to illustrate the concept of opportunity cost.
3. Illustrate the process by which supply and demand for a product converge to market equilibrium.
4. Analyze price ceilings, price floors and tax burdens using the supply and demand model.
5. Define standard business organizational forms, stocks and bonds, present value and economic profit.
6. Demonstrate with graphs and verbal analysis the essential features of short-run and long-run production costs for firms.
7. Apply the concepts of marginal analysis and opportunity costs to consumer theory and to the profit-maximizing behavior of firms in both competitive and monopolistic markets, and compare competition to monopoly on efficiency grounds.
8. Apply the model of aggregate supply and aggregate demand to make predictions about inflation and real gross domestic product.
9. Understand the necessary conditions for an economy to experience sustained, long- term growth.
10. Explain the money creation process.
11. Explain the mechanics of fiscal and monetary policies, and evaluate how well various policies promote economic growth and stability.
12. Identify Mankiw’s Ten Principles of Economics and be able to apply each.
Attendance/Classroom Expectations: Although a survey format, Econ 4346 is a demanding, challenging course. Students are required to keep up with the textbook and strongly encouraged to read ahead. Homework will be assigned every
Thursday. As such, in order to be successful, students are expected to physically attend every class. All absences should be pre-coordinated, if at all possible. Based on the nature of the absence, we will mutually determine how the work will be made up. In general, I will follow the attendance criteria as set forth in the 2010-
2011 Catalog (p.88). We are all adults and will be treated with the appropriate level of trust and decorum—in accordance with the University’s Christian principles.
However it is, nonetheless, important to state the following:
 During class meetings, all cell phones will be set to vibrate. If you receive a phone call (this is a reality, as we are parents and hold “day jobs”), please quietly go and take the call outside of the classroom.
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SYLLABUS
Economics 4346 (Survey of Economics)
Wayland Baptist University—Hawaii Campus
Fall Semester 2010
Mr. Timothy C. Fawcett
 Absolutely no texting, tweeting, and/or posting Facebook status during class.
 All class participants will be treated with respect. Everyone is encouraged to actively participate and interact.
 Keep “side bar” conversations to a minimum.
It should be noted that homework is critical to success in this course. Homework will be assigned weekly, starting with the first class on 7 October. All homework is due to my email ( timothy.c.fawcett@gmail.com
) no later than 2359hrs (11:59pm) on Wednesday night (e.g., your homework assignment for 7 October will be due on
13 October). This allows me to assess your weekly progress, provide feedback, and we will go over the homework in class. If you make an honest attempt to complete all homework questions, you will receive full credit. Working in groups/partnership to solve the homework problems is acceptable—in fact, I encourage this practice.
There will be simple algebra/geometry/math involved in the homework and coursework in general. Not to worry. I will make every effort to remediate and provide additional assistance.
Academic Honesty: Wayland Baptist University expects that all students will act in a Christian manner that reflects personal and intellectual honesty. Students should review the 2010-2011 Catalog (p. 88).
Disability Statement: In compliance with the Americans with Disabilities Act of
1990, it is the policy of Wayland Baptist University that no otherwise qualified person with a disability be excluded from participation in, be denied the benefits of, or be subject to discrimination under any educational program or activity in the university. The Coordinator of Counseling Services serves as the coordinator of students with a disability and should be contacted concerning accommodation requests at (806)291-3765. Documentation of a disability must accompany any request for accommodations.
Course Requirements and Grading Criteria:
Attendance and classroom participation
Test #1
10%
20%
Test #2
Homework Assignments
Final Exam (Cumulative)
20%
20%
30%
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SYLLABUS
Economics 4346 (Survey of Economics)
Wayland Baptist University—Hawaii Campus
Fall Semester 2010
Mr. Timothy C. Fawcett
Tentative Schedule:
7 October INTRODUCTION
Readings: Mankiw Chapters 1, 2, 4, & 5.
Homework: Classroom Assignment on Graphing.
Mankiw Chapter 4: 2, 6, 7 & 14
Chapter 5: 1, 2, & 11
Due date: 13 October (2359)
14 October
Elasticity.
Economics: Foundations and Models; Trade-offs and the
Market System; Interaction of Demand and Supply; Economic Efficiency;
Readings: Mankiw Chapters 6, 7, 8, & 10.
Homework: Reading Handout and essay question
Mankiw Chapter 6: 3 & 9
Chapter 7: 3 & 11
21 October
Chapter 8: 7 & 12
Due date: 20 October (2359)
Price Setting, Taxes, and Government Policies; Consumers and Market Efficiency ; Externalities.
Readings: Mankiw Chapters 20 and 21
Homework: No homework due; review for test #1
28 October Test #1
Economic Profit versus Accounting Profit; Income Inequality and Poverty; Consumer Choice (Indifference Curves)
Readings: Mankiw Chapters 13, 14, 15, 16, & 17
Homework: Mankiw Chapter 13: 1 &4
Chapter 14: 10
Chapter 15: 8 & 9
4 November
Chapter 16: 11
Chapter 17: 5
Costs of Production; Competition; Monopolies; Oligopolies
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SYLLABUS
Economics 4346 (Survey of Economics)
Wayland Baptist University—Hawaii Campus
Fall Semester 2010
Mr. Timothy C. Fawcett
Readings: Mankiw Chapters 18, 23, 24, & 25
Homework: Mankiw Chapter 18: 5 & 6
Chapter 23: 10
Chapter 24: 7 & 10
Chapter 25: 3
11 November Labor Markets/Markets for factors of production; National
Income; Gross Domestic Product; Production and Growth
18 November
Readings: Mankiw Chapters 26, 27, & 28
Homework: Mankiw Chapter 26: 7
Chapter 27: 2 & 5
Chapter 28: 3 & 8
Savings, Investment, and the Finance System; Basic Tools of
Finance; Unemployment
Readings: Mankiw Chapters 29, 30, and 33
Homework: No homework due; review for test #2
Thanksgiving Break
2 December
Demand
9 December
Examination
Test #2
Monetary System; Money Growth and Inflation; Aggregate
Readings: Mankiw Chapters 3 (review), 31, & 32
Homework: Mankiw Chapter 31: 12
Chapter 32: 5 & 7
International Trade; Globalization Issues; Review for Final
16 December
Homework: review for Final Examination
FINAL EXAMINATION (Cumulative)
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