COURSE SYLLABUS
Philander Smith College
Division of Business Administration & Economics
Course Prefix and Number: ECON 113
Course Title: Principles of Economics I
Credits: Three Semester Hours
Classroom: BA 114
Class Time: TBA
Office Location: Office hours are posted on office door and by appointment.
Office hours: Office Hours are posted on office door and by appointment
Telephone Number: (501) 370-5251
Textbook: Tucker, Irvin B. (2005). Economics for Today. (4th ed.) Thompson Publishing:
Mason, Ohio
Program Guidelines:
Conceptual Framework CF:
The theme of the conceptual framework for the program is “The Teacher as the
FORCE in the Teaching/Learning Process.” The framework’s four underlying principles are;
Facilitator, Organizer, Reflector, Collaborator, and Energizer. Each principle is aligned with
Pathwise four domains, Arkansas Standards, and NABTE Standards.
Pathwise Domain:
Domain A: Organizing Content Knowledge for Student Learning
Domain B: Creating an Environment for Student Learning
Domain C: Teaching for Student Learning
Domain D: Teacher Professionalism
NABTE Standards:
Standard No. 2:
Standard No. 3:
Preparatory programs in business teacher education are designed to prepare
candidates as public and private school business teachers (including elementary,
middle, junior high, secondary, and postsecondary), teachers/trainers in business
and industry, and other business and industry personnel required to have business
teaching background.
General studies comprise approximately one-third of the preparatory
baccalaureate business teacher education program. Courses such as economics,
business statistics, and business technology applications may be counted as part
of the general education studies.
Business studies comprise approximately one-half of the preparatory
baccalaureate degree programs or the baccalaureate degree earned prior to
entering the business teacher education preparatory program.
Prospective business teachers apply the results of educational research, develop
concepts of research, and interpret professional literature which addresses
research and development.
Standard No. 4:
Standard No. 6:
Course Description: A study of the principles of macroeconomics, price, value, and distribution,
international economics, alternative economic system.
Course Objectives:
1. The student will be able to understand the economic way of thinking. NABTE Standards 2.1, 3.1,
5.11; Pathwise Domain A2, CF 5.52).
2. The student will understand production possibilities, opportunity cost and economic growth.
NABTE standards 2.1, 4.1, 4.3, 4.4,4.5,4.6,4.7,4.8; Pathwise Domain A4, CF 2.26
3. The student will be able to describe the laws of supply and demand. NABTE Standards
2.1,5.1,6.3; Pathwise Domain C2, CF 5.5.5
4. The student will be able to understand how markets operate in the business world. NABTE
Standards 2.1,5.10, 5.11; Pathwise Domain D2, CF 5.57
5. The student will be able to understand price elasticity as it relates to demand and supply. NABTE
Standard 2.1; Pathwise Domain A1, CF 2.2.1.
6. The student will be able to explain the theory of consumer choice. NABTE Standard 2.1;
Pathwise Domain B1, CF 5.53.
7. The student will be able to distinguish between economic and accounting profit. NABTE
Standards 2.1,5.1,6.3; Pathwise Domain CF 5.5.5
8. The student will be able to explain perfect competition. NABTE Standards 2.1, 3.2,3.3,4.4;
Pathwise B3, CF 1.1.3
9. The student will be able to describe the characteristics of the monopoly market environment.
NABTE Standards 1.2,2.11; Pathwise Domain A4, CF 2.2.6
10. The student will be able to describe the characteristics of the monopolistically competitive and
oliogoply market environments. NABTE Standards 5.3; Pathwise Domain D1, CF, 3,3,1.
Technology:
1. Basic operations and concepts


Students demonstrate a sound understanding of the nature and operation of
technology systems.
Students are proficient in the use of technology.
2. Social, ethical, and human issues
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Students understand the ethical, cultural, and societal issues related to technology.
Students practice responsible use of technology systems, information and software.

Students develop positive attitudes towards technology uses that support lifelong
learning, collaboration, personal pursuits, and productivity.
3. Technology productivity tools
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
Students use technology tools to enhance learning, increase productivity and promote
creativity.
Students use productivity tools to collaborate in constructing technology-enhanced
models, preparing publications, and producing other creative works.
4. Technology communication tools
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
Students use telecommunications to collaborate, publish and interact with peers,
experts and other audiences.
Students use a variety of media and formats to communicate information and ideas
effectively to multiple audiences.
5. Technology research tools
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

Students use technology to locate, evaluate and collect information from a variety of
sources.
Students use technology tools to process data and report results.
Students evaluate and select new information resources and technological
innovations based on appropriateness to specific tasks.
6. Technology problem-solving and decision-making tools
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
Students use technology resources for solving problems and making informed
decisions.
Students employ technology in the development of strategies for solving problems in
the real world.
Assignments, Evaluations, Procedures and Grading Policy:
1. Students will submit all in-class and home assignment on a timely basis.
2. Students will be required to attend every class session.
3. Students will be assessed through in-class assignments and exams.
Evaluation Summary:
Group Projects
Exams (3 @25 percent)
Total
25 percent
75 percent
100 percent
Topical Outline:
Introduction to Economics
Economic Way of Thinking
Production Possibilities, Opportunity Cost and Economic Growth
Market Demand Supply
Markets in Action
Price Elasticity of Demand and Supply
Consumer Choice Theory
Production Costs
Perfect Competition
Monopoly
Monopolistic Competition and Oligopoly
Teaching Strategies:
X Lecture
Discovery Learning
X Discussion
Small group Activities
Cooperative Learning
X Demonstration Modeling
Role Playing
X Technology/Media Presentation
Problem Solving
Team Teaching
Individualized Instruction
Other
Teaching Models:
Direct Instruction
General inquiry Model
Inductive Model
Deductive Model
Students with Disabilities Policy:
Attendance Policy:
This course adheres to the students with disabilities policy
outlined in the 2005-207 Philander Smith College Catalog.
This course adheres to the attendance policy outlined in the 2005-2007 Philander
Smith College Catalog
References:
Card, David and Alan B. Krueger. Myth and Measurement: The New Economics of the Minimum Wage
(Princeton, N.J.; Princeton University Press 1995).
Kalish, David, “PC Prices Fall Below $ 400, Luring Bargain-Hunters, “Associated Press/Charlotte
Observer, Aug 25, 1998.
Feder, Barnaby J. “Five Questions for Martin Reynolds: A Computer Price War Leaves Buyers Smiling,
“New York Times, May 13, 2001
Helliker, Kevin, Monster Movie Theaters Invade the Cinema Landscape, “The Wall Street Journal, May
13, 1997.
Tierney, John. “You’ll Wonder Where the Yellow Went, “New York Times, July 12, 1998.
Websites:
http://www.bea.doc.gov
http://www.gpoaccess.gov/eop/index.html
http://www.nber.org/cycles.html