STUDENT COURSE GUIDE BUS 655 Micro and Macro Economics Students learn basic economic concepts, and analyze individual and economy-wide decisions, using the supply and demand framework. The course also focuses on the theories of firm behavior under different market structures and studies the process of resource allocation through the “invisible hand” of the market, sometimes helped by government regulation to ensure a balance between equity and efficiency. Further, aggregate economic behavior is examined through the study of economic growth, inflation, unemployment, and money supply. A number of policy questions and issues are raised, that relate to the way these variables affect the health of the economy in the near and long terms. OUR MISSION ...................................................................................................................................................................3 COURSE OVERVIEW ...........................................................................................................................................................3 MBA PROGRAM OBJECTIVES ............................................................................................................................... 3 COURSE LEARNING OBJECTIVES............................................................................................................................. 3 LEARNING RESOURCES ........................................................................................................................................ 4 COURSE POLICIES ..............................................................................................................................................................4 TECHNOLOGY REQUIREMENTS .............................................................................................................................. 4 WRITING STANDARDS AND RESOURCES .................................................................................................................. 4 CLASS PARTICIPATION AND LATE POLICY ................................................................................................................. 6 ACADEMIC RECYCLING POLICY .............................................................................................................................. 6 COURSE COMMUNICATION .................................................................................................................................. 6 INSTRUCTOR QUESTIONS AND GRADING ................................................................................................................. 6 COURSE AND UNIVERSITY EVALUATION .................................................................................................................. 6 STUDENT ASSESSMENT ...................................................................................................................................................7 DISCUSSION FORUMS ....................................................................................................................................... 7 WEEKLY QUIZZES .............................................................................................................................................. 7 GROUP ASSIGNMENT ......................................................................................................................................... 7 FINAL EXAM ..................................................................................................................................................... 7 COURSE GRADING ........................................................................................................................................... 7 ASSIGNMENTS ............................................................................................................................................................... 10 WEEK ONE – SCARCITY AND ECONOMICS.............................................................................................................. 10 WEEK TWO – DEMAND, SUPPLY, AND ELASTICITY ................................................................................................... 10 WEEK THREE – FIRM PRODUCTION, COSTS, AND PERFECT COMPETITION ...................................................................... 11 WEEK FOUR – MONOPOLY AND IMPERFECT COMPETITION ....................................................................................... 12 WEEK F I V E - FINANCIAL MARKETS AND THE ECONOMY ........................................................................................... 13 WEEK SIX – THE RELATIONSHIP BETWEEN UNEMPLOYMENT AND INFLATION ................................................................. 14 WEEK SEVEN – THE ROLE OF MONEY AND MONETARY POLICY ................................................................................... 15 WEEK E I G H T – F I SC A L P O L I C Y A N D T H E E C O NO M Y ...................................................................................... 16 COURSE MAP ................................................................................................................................................................ 17 2 Our Mission Executive Academy of Scottsdale is committed to providing high-quality distance learning graduate business education to a diverse group of learners in a flexible, affordable, and student-centered academic environment. Our programs empower students to achieve career advancement and personal enrichment, and become expert global leaders committed to the application of sound business practices in corporate governance, entrepreneurship, and service to the community. Course Overview MBA Program Objectives Students who successfully complete the Master of Business Administration degree program will be able to: Critical Thinking: solve managerial problems using critical thinking skills and quantitative analysis; Ethical Reasoning: evaluate the moral and ethical principles practiced in the organizational setting; Team Development: analyze the use of managerial and leadership skills to develop productive teams; Decision Making and Execution: research business information to support the decision making process and execute decisions; Effective Communication: assess internal and external communication practices used in business; and Global Thinking: analyze business opportunities and challenges from a global perspective. Course Learning Objectives Upon successful completion of this course, students will be able to: Analyze and show how changes in supply and demand lead to new equilibrium prices and quantities in markets. Analyze how economic theory relates to decision-making, interaction, and the workings of the economy as a whole. Identify the effects of taxation on markets, and evaluate government policy with regards to equity and efficiency Recognize the effect of market structure on firm behavior and market outcomes, including effects on consumer welfare and profitability Describe the use of concepts such as GDP, inflation, and unemployment to measure standard of living and the business cycle. Analyze the nature of the US financial system and the manner in which it channels funds in the economy. 3 Identify the effects of fiscal and monetary policies on the economy’s production, employment and inflation in the short-run and long-run. Learning Resources Required Text Rittenberg, L. & Tregarthen, T. (n.d.). Principles of Economics, v. 2.0 (Flatworldknowledge Study Pass). Retrieved from www.flatworldknowledge.com. Course Policies Student rights and responsibilities and detailed EAS academic information and policies can be found in the EAS University Catalog. The catalog can be accessed, electronically, through EAS web-site www.eascottsdale.org. Specific student responsibilities, policies, requirements, and standards applicable to online coursework are provided below. All university policies apply to students taking this course. Technology Requirements Competencies Students must have the following competencies: Ability to access course and program material on the Internet; Ability to correspond with University staff, faculty, and students through email and the Internet. System Requirements The following system configuration and software are recommended: Platforms: Mac OS X 10.2 or higher or Windows XP or higher; Hardware: 256 Mb RAM, CD-ROM, and 1 Gb free disk space; Productivity Software: Microsoft Word, PowerPoint, and Excel 2003 or higher; Adobe Reader 8.0 or higher; Web Browser: Firefox 3.0 or higher, Internet Explorer 8.0 or higher, Safari 4.0 or higher, or Chrome; Networking: 56k dialup modem, DSL, or Cable modem; Email: Outlook, Outlook Express, Mac Mail, Eudora, Entourage, or Yahoo/Hotmail/Gmail. The following are recommended for optimal performance Productivity Software: Microsoft Word, PowerPoint, and Excel 2007 or higher; Networking: Broadband Internet connection (DSL, cable, or other). Writing Standards and Resources 4 General Guidelines The following writing standards apply to assignments as part of this course. All individual and group papers must be submitted in Microsoft Word (.doc or .docx) or Adobe Acrobat (.pdf) format. All papers must be formatted according to APA Guidelines listed below. Cited sources must be given appropriate credit through inclusion in a reference list at the end of the paper, as well as an appropriately formatted in-text citation must be used. Paper size guidelines are provided so that students can appropriately focus their writing within a specified scope. Students should consider these guidelines as approximations, although a significant deviation on either side of the guideline may be subject to grade penalties. APA Guidelines EAS has adopted the use of APA (American Psychological Association) guidelines for use in written assignments, including papers and discussion posts. These guidelines govern document formatting, organization, style, and citations. The use of APA guidelines for discussion posts is limited to the development of in-text citations and reference lists. A more informal writing style is otherwise acceptable for discussion posts. Below are some sources of additional information about APA style, which are publicly available information. 1. APA Style website from the American Psychological Association http://www.apastyle.org/learn/faqs/index.aspx 2. The OWL (Online Writing Lab) from Purdue University http://owl.english.purdue.edu/owl/section/2/10/ 3. The BibMe website to automatically generate APA citations for paper bibliographies. www.bibme.com Plagiarism EAS takes academic honesty very seriously. Students are expected to always submit original work, and outside sources should be appropriately credited whenever used. Works that require citation include, but are not limited to, hard copy or electronic publications (copyrighted or not), communication (verbal or otherwise) originating from identifiable sources. Academic dishonesty occurs when: students use words or ideas that are not their original work in assignments, citations are not included for all used outside sources, work is recycled from another course taken by the same student (unless agreed with the instructor in advance), documents, such as transcripts or diplomas are forged, etc. (EAS University Catalog, 2012) Faculty members are trained and encouraged to try and prevent plagiarism in their classes. Some steps in that direction are for a faculty member to make it very clear, through announcements or assignment instructions, what constitutes plagiarism (as well as the potential consequences), and how assignments and citations should be formatted. Both students and faculty members are encouraged to check assignments through a plagiarism checking software. Instances of plagiarism are addressed immediately. (EAS University Catalog, 2012) Academic Research Academic research and papers must meet quality standards recognized by the academic community. Research should include Primary (original) or Secondary credible sources written by experts in the 5 area of study. Peer-reviewed journal articles are required in major course written assignments. Educational websites such as Wikipedia, Investopedia or others are not recommended for academic research and referencing in course assignments. Class Participation and Late Policy Students are expected to participate and actively contribute to class assignments (including discussions), demonstrating knowledge of the concepts and theories studied, and the ability to apply that knowledge when analyzing current events, assigned case studies, or real business questions from their own organizations and communities. Assignments should be completed timely and within the posted deadlines. Limited extensions of time may only be granted for unexpected business, health, or personal emergencies, whenever those are communicated in advance of missing a due date. All late submissions, otherwise, will result in a late penalty of 10% per day that the assignment is late. In the rare occurrence of a technical issue preventing students from submitting assignments on time, the late penalty will not be applied, provided the technical issue is universitywide and outside of the control of individual students. Academic Recycling Policy Re-using of papers submitted for other courses, is generally, not acceptable. Partial recycling may be allowed, provided that the student receives permission from the faculty member, given the individual circumstances for each assignment. Using coursework from a previous class, partially or in its entirety, without explicit prior approval of the faculty member may result in a failing grade for the assignment. Course Communication Our MBA programs place a high importance on effective written communication. We encourage you to visit the classroom daily, and to participate in classroom discussions a minimum of 3 days per week. Students are expected to contribute a minimum of 8 substantive posts per week in order to earn participation credit. Faculty and students will use the in-course messaging system to exchange private communications related to the course. For questions that concern the majority of the students in the class, it is best to post the question in the respective forums assigned for process questions in the virtual classroom. Instructor Questions and Grading Questions posted in the course classroom and sent via the course messaging system or email will be answered within 48 hours. Personal information and questions related to grading must be handled via private communications in order to protect students’ privacy rights. Discussion board grades will be posted within 48 hours after the end of each week, i.e. by end of day each Tuesday. Individual and Written Assignment grades will be posted within 72 hours after the end of each week, i.e. by end of day on Wednesday after the week they are due. Final grades will be posted within 7 days after the course ends, i.e. by end of Sunday following the end of the course. Course and University Evaluation Students are asked to submit a course evaluation at the end of their course. Your feedback is very important to your university and faculty members. Your feedback will allow us to improve the quality of our programs and ensure successful and productive student experience for future cohorts. 6 Student Assessment Students have a number of opportunities to demonstrate learning through the measures of evaluation provided below. Please, use the table below to identify the days of the week as referenced in this section. Please, note that each week starts with Monday and ends with Sunday. Day 1 Monday Day 2 Day 3 Day 4 Day 5 Day 6 Day 7 Tuesday Wednesday Thursday Friday Saturday Sunday Discussion Forums Each Week there will be discussion activities, which require critical thinking and responses that are based in theory, readings, current events, and personal experiences. All discussions pertaining to the topics of a particular week must take place within that week. Students should plan to begin participating in discussions early in the week, so as to allow a substantive discussion and exchange of ideas to take place within the week. Weekly Quizzes Every week, there will be quizzes offered in the online classroom, which consist of multiple-choice problems. Quizzes are meant for practicing of the concepts and theories studied in class. Quizzes can be taken multiple times and are scored automatically. Group Assignment Students are required to work in study groups of 3-4 people, to complete one group assignment. Your faculty member will assign students into groups during Week 1. It is expected that all group members will contribute to group assignments, and faculty members reserve the right to assign individual grades to group assignments as needed. Final Exam There is a final exam, which is administered in the virtual classroom and is open for students throughout Week 8. The final exam may include a variety of question types, including definitions, calculation problems, or analysis from all topics covered throughout the term. Course Grading MBA Program Grading Philosophy Students should note that the average grade for EAS is a grade of “B”. Students, whose performance is solid and meets expectations consistently, can expect to earn this grade. Our university is very focused on ensuring that classes are not grade inflated and as such, grades of “A” are only provided for those assignments and activities for which a student goes beyond expectations. Please, note that per university policy, grades less than B are not meeting standards of graduate school competency and students whose cumulative GPA falls below B are subject to being placed on Academic Probation or Dismissal, as detailed in 7 the University Catalog . Course Grading Rubric The following grading rubric will be used in evaluating student work in discussions and written assignments. Above Expectations (A range) Critical Student uses relevant, Thinking/Originality professional or personal experience in a unique and insightful manner that adds substantially to the knowledge on the topic. Content/Subject Student thoroughly Knowledge. addresses all elements of the question and demonstrates an advanced knowledge of the theory behind the question Meet Expectations (B range) Student uses relevant, professional or personal experience. Below Expectations (C-F range) Student poorly applies relevant, professional or personal experience to the topic. Student addresses most of the elements of the discussion question, and demonstrates a basic knowledge of the theory behind it. Frequency of Participation for Discussions Student responds in a substantive manner to Discussion Questions or colleagues’ responses at least 8 times during the respective week as counted in all discussion forums together. Student responds in a substantive manner to Discussion Questions or colleagues’ responses at least 5 times during the respective week as counted in all discussion forums together. Organization and Mechanics Writing contains very few, if any, minor errors related to grammar, spelling, sentence structure or clarity. Student properly cites resources, if applicable Writing contains errors related to grammar, spelling, sentence structure or clarity, but the errors do not impact understanding of the content. Student cites resources, if applicable. Student fails to address a majority of the elements in the discussion question, and does not demonstrate basic knowledge of the topic. Student responds nonsubstantively to Discussion Questions or colleagues’ responses and/or responds less than 5 times during the respective week as counted in all discussion forums together. Writing contains errors related to grammar, spelling, sentence structure, and citations, and the errors impact the clarity of the post. Course Grading Breakdown Please note that there are no D grades or plus or minus signs. Letter Grade Percent A B C F 90-100 80-89 70-79 69 and below 8 Grading Percent Breakdown Discussion Forums Individual Quizzes Group Assignment Final Exam Total: 36% 24% 20% 20% 100 % 9 Assignments Week One – Scarcity and Economics Objectives Specify how economic theory relates to decision-making, interaction, and the workings of the economy as a whole. Define concepts such as scarcity, efficiency, and thinking at the margin. Understand the resources to production and identify the role of government in the economy. Assignments Overview Assignment Due Date Format Post your Introduction Day 1 (1st post) Discussion Forum General Readings Discussion Day 3 (1st post) Discussion Forum Test Your Understanding Quiz Day 7 Quiz Readings 1. Rittenberg, L. & Tregarthen, T. (n.d.). Principles of Economics, v. 2.0 (Flatworldknowledge Study Pass). Retrieved from www.flatworldknowledge.com. Chapters 1-2 Discussion Forums Participate in the following Discussion Forums: 1. Due by Day 1. Post your Introduction on the discussion forum titled, "Post Your Introduction." Briefly introduce yourself to your cohort and faculty member. Identify your primary skills and qualifications as they relate to business and economics and describe what you would like to gain from this course, as well as your goals for the program in general. Additionally, explain what economics is from your point of view and based on your experience. Greet and respond to your fellow students’ postings. 2. Initial Post Due by Day 3. General Readings Discussion. Read the assigned textbook chapters and post an overview of the readings - discuss the concepts and theories presented. Use your personal experience or work examples, to clarify or illustrate the concepts. Respond to some of your colleagues’ posts. All responses must be completed by Day 7. Week Two – Demand, Supply, and Elasticity Objectives Understand the determination of market prices through the interaction of supply and demand. Define the factors which impact price elasticity of demand and supply. 10 Assignments Overview Assignment Due Date Format General Readings Discussion Day 3 (1st post) Discussion Forum Current Events Discussion Day 5 (1st post) Discussion Forum Test Your Understanding Quiz Day 7 Quiz Readings 1. Rittenberg, L. & Tregarthen, T. (n.d.). Principles of Economics, v. 2.0 (Flatworldknowledge Study Pass). Retrieved from www.flatworldknowledge.com. Chapters 3-5 2. Current Event articles posted on the course web-site (under Current Events Discussion Forum). Discussion Forums Participate in the following Discussion Forums: 1. Initial Post Due by Day 3. General Readings Discussion. Read the assigned textbook chapters and post an overview of the readings - discuss the concepts and theories presented. Use your personal experience or work examples, to clarify or illustrate the concepts. Respond to some of your colleagues’ posts. All responses must be completed by Day 7. 2. Initial Post Due by Day 5. Current Events Discussion. Read the articles posted under Current Events Discussion forum. Summarize the readings and analyze the current events using economic concepts and principles learnt in this week’s reading materials. Respond to some of your colleagues’ posts. All responses must be completed by Day 7. Week Three – Firm Production, Costs, and Perfect Competition Objectives Understand the determination of market supply through the production function, inputs and costs. Apply marginal analysis in the determination of output, prices, and profits. Analyze the structure and behavior of perfectly competitive firms. Assignments Overview Assignment Due Date Format General Readings Discussion Day 3 (1st post) Discussion Forum Current Events Discussion Day 5 (1st post) Discussion Forum Test Your Understanding Quiz Day 7 Quiz 11 Readings 1. Rittenberg, L. & Tregarthen, T. (n.d.). Principles of Economics, v. 2.0 (Flatworldknowledge Study Pass). Retrieved from www.flatworldknowledge.com. Chapters 8-9 2. Current Event articles posted on the course web-site. Discussion Forums Participate in the following Discussion Forums: 1. Initial Post Due by Day 3. General Readings Discussion. Read the assigned textbook chapters and post an overview of the readings - discuss the concepts and theories presented. Use your personal experience or work examples, to clarify or illustrate the concepts. Respond to some of your colleagues’ posts. All responses must be completed by Day 7. 2. Initial Post Due by Day 5. Current Events Discussion. Read the articles posted under Current Events Discussion forum. Summarize the readings and analyze the current events using economic concepts and principles learnt in this week’s reading materials. Respond to some of your colleagues’ posts. All responses must be completed by Day 7. Week Four – Monopoly and Imperfect Competition Objectives Understand firm behavior under Monopoly, Oligopoly and Monopolistic Competition. Compare and contrast the characteristics of the different market structures. Identify government policies to correct inefficiencies associated with some market structures. Assignments Overview Assignme nt General Readings Discussion Due Date Format Day 3 (1st post) Discussion Forum Test Your Understanding Quiz Day 7 Quiz Paper Assignment Day 7 Group Assignment Readings Rittenberg, L. & Tregarthen, T. (n.d.). Principles of Economics, v. 2.0 (Flatworldknowledge Study Pass). Retrieved from www.flatworldknowledge.com. Chapters 10-11. NOTE: No Current Events discussion this week. Discussion Forums Participate in the following Discussion Forums: Initial Post Due by Day 3. General Readings Discussion. Read the assigned textbook chapters and post an overview of the readings - discuss the concepts and theories presented. Use your personal experience or work examples, to clarify or illustrate the concepts. Respond to some of 12 your colleagues’ posts. All responses must be completed by Day 7. Written Assignments Group paper assignment due by Day 7. The purpose of this assignment is for students to work together in a group of 3-4 students, to differentiate between different market structures and to identify companies that are representative of each market structure. The outputs of this assignment are two: Please, complete the following table by providing examples of specific organizations that belong in each market structure and then completing all the rows in the table for the respective organizations and structures, according to theory. Perfect competition Monopoly Monopolistic Competition Oligopoly An example of an organization Goods or services produced by the organization Barriers to entry Numbers of organizations Price elasticity of demand Economic profits: Is there a presence of economic profits? (Yes or no) Specify if short-run or long-run. Write a paper of 1500-2000 words detailing each of the four companies that were chosen to illustrate the structures. Gather some information about these companies through research. Provide a brief history of the companies, introduce their products and discuss the market structure, main competitors, pricing, and advertising decisions and profitability. Please, use APA guidelines to format your paper: generally, a title page is required, as well as a reference page including all sources used in the research. Week Five - Financial Markets and the Economy Objectives Describe the fundamentals of the financial system and the way in which it channels funds between borrowers and lenders. Describe the use of Gross Domestic Product (GDP), inflation, and unemployment to measure economic well-being and the business cycle. Assignments Overview Assignment General Readings Discussion Due Date Format Day 3 (1st post) Discussion Forum 13 Current Events Discussion Day 5 (1st post) Discussion Forum Test Your Understanding Quiz Day 7 Quiz Readings 1. Rittenberg, L. & Tregarthen, T. (n.d.). Principles of Economics, v. 2.0 (Flatworldknowledge Study Pass). Retrieved from www.flatworldknowledge.com., Chapter 13 (sections 1 and 2) and Chapters 20-21. 2. Current Event articles posted on the course web-site. Discussion Forums Participate in the following Discussion Forums: 1. Initial Post Due by Day 3. General Readings Discussion. Read the assigned textbook chapters and post an overview of the readings - discuss the concepts and theories presented. Use your personal experience or work examples, to clarify or illustrate the concepts. Respond to some of your colleagues’ posts. All responses must be completed by Day 7. 2. Initial Post Due by Day 5. Current Events Discussion. Read the articles posted under Current Events Discussion forum. Summarize the readings and analyze the current events using economic concepts and principles learnt in this week’s reading materials. Respond to some of your colleagues’ posts. All responses must be completed by Day 7. Week Six – The Relationship Between Unemployment and Inflation Objectives Describe the nature of aggregate demand and aggregate supply and the way unemployment and inflation are determined. Define recessionary gap and inflationary gap and analyze their relationship with a country’s production, employment, and inflation. Assignments Overview Assignment Due Date Format General Readings Discussion Day 3 (1st post) Discussion Forum Current Events Discussion Day 5 (1st post) Discussion Forum Test Your Understanding Quiz Day 7 Quiz Readings 1. Rittenberg, L. & Tregarthen, T. (n.d.). Principles of Economics, v. 2.0 (Flatworldknowledge Study Pass). Retrieved from www.flatworldknowledge.com., Chapters 22-23 2. Current Event articles posted on the course web-site. 14 Discussion Forums Participate in the following Discussion Forums: 1. Initial Post Due by Day 3. General Readings Discussion. Read the assigned textbook chapters and post an overview of the readings - discuss the concepts and theories presented. Use your personal experience or work examples, to clarify or illustrate the concepts. Respond to some of your colleagues’ posts. All responses must be completed by Day 7. 2. Initial Post Due by Day 5. Current Events Discussion. Read the articles posted under Current Events Discussion forum. Summarize the readings and analyze the current events using economic concepts and principles learnt in this week’s reading materials. Respond to some of your colleagues’ posts. All responses must be completed by Day 7. Week Seven – The Role of Money and Monetary Policy Objectives Describe the nature, and creation of money in the economy, and the financial markets. Analyze monetary policy and the role of the Central Bank (the Fed) in reaching the goals of economic growth and low inflation. Assignments Overview Assignment Due Date Format General Readings Discussion Day 3 (1st post) Discussion Forum Current Events Discussion Day 5 (1st post) Discussion Forum Test Your Understanding Quiz Day 7 Quiz Readings 1. Rittenberg, L. & Tregarthen, T. (n.d.). Principles of Economics, v. 2.0 (Flatworldknowledge Study Pass). Retrieved from www.flatworldknowledge.com., Chapters 24-26 2. Current Event articles posted on the course web-site. Discussion Forums Participate in the following Discussion Forums: 1. Initial Post Due by Day 3. General Readings Discussion. Read the assigned textbook chapters and post an overview of the readings - discuss the concepts and theories presented. Use your personal experience or work examples, to clarify or illustrate the concepts. Respond to some of your colleagues’ posts. All responses must be completed by Day 7. 2. Initial Post Due by Day 5. Current Events Discussion. Read the articles posted under Current 15 Events Discussion forum. Summarize the readings and analyze the current events using economic concepts and principles learnt in this week’s reading materials. Respond to some of your colleagues’ posts. All responses must be completed by Day 7. Week Eight – Fiscal Policy and the Economy Objectives Describe the roles of the government bodies that determine national fiscal policies. Explain the effects of fiscal policies on the economy’s production and employment. Analyze the nature and determinants of short-run and long-run economic growth. Assignments Overview Assignment Due Date Format General Readings Discussion Day 3 (1st post) Discussion Forum Test Your Understanding Quiz Day 7 Quiz Final Exam Day 7 Individual Assignment Readings 1. Rittenberg, L. & Tregarthen, T. (n.d.). Principles of Economics, v. 2.0 (Flatworldknowledge Study Pass). Retrieved from www.flatworldknowledge.com., Chapters 27, 31, and 34. NOTE: No current Events discussion this week. Discussion Forums Participate in the following Discussion Forums: Initial Post Due by Day 3. General Readings Discussion. Read the assigned textbook chapters and post an overview of the readings - discuss the concepts and theories presented. Use your personal experience or work examples, to clarify or illustrate the concepts. Respond to some of your colleagues’ posts. All responses must be completed by Day 7. Final Exam Individual Assignment Due by Day 7. FINAL EXAM The purpose of this assignment is to provide you with a test of your understanding of economics concepts and analysis. The exam will consist entirely of short-answer questions. Be sure that you understand the concepts and analysis presented in the textbook and course lecture notes. Your exam will be posted in our virtual classroom at the start of Week 8 and can be completed at any time during week 8. The exam will be open book and must be completed without assistance. 16 Course Map The course map illustrates the careful design of the course through which each learning objective is supported by one or more specific learning activities in order to create integrity and pedagogical depth in the learning experience. LEARNING OUTCOME WEEK ASSIGNMENT Analyze and show how changes in supply and demand lead to new equilibrium prices and quantities in markets. 1-8 Discussion Forums Written Assignments Final Exam Analyze how economic theory relates to decision-making, interaction, and the workings of the economy as a whole. 1-8 Discussion Forums Written Assignments Final Exam 1,2,4 Discussion Forums Written Assignments 1-4 Discussion Forums Written Assignments Identify the effects of taxation on markets, and evaluate government policy with regards to equity and efficiency. Recognize the effect of market structure on firm behavior and market outcomes, including effects on consumer welfare and profitability. Describe the use of concepts such as GDP, inflation, and unemployment to measure standard of living and the business cycle. 5-8 Discussion Forums Written Assignments Final Exam Analyze the nature of the US financial system and the manner in which it channels funds in the economy. 5-7 Discussion Forums Written Assignments Discussion Forums Written Assignments Final Exam Identify the effects of fiscal and monetary policies on the economy’s production, employment and inflation in the short-run and long-run 7-8 17 MBA Program Objectives Course Learning Objectives Team Critical Ethical DevelopThinking Reasoning ment Decision Making and Execution Analyze and show how changes in supply and demand lead to new equilibrium prices and quantities in markets. V Analyze how economic theory relates to decision-making, interaction, and the workings of the economy as a whole. V V Identify the effects of taxation on markets, and evaluate government policy with regards to equity and efficiency. V V V V V V Describe the use of concepts such as GDP, inflation, and unemployment to measure standard of living and V the business cycle. V V V Analyze the nature of the US financial system and the manner in which it channels funds in the economy. V V V Identify the effects of fiscal and monetary policies on the economy’s production, employment and inflation in the short-run and long-run V V V Recognize the effect of market structure on firm behavior and market outcomes, including effects on consumer welfare and profitability. V Effective Communication V V V V V 18 Global Thinking V V V V V V V V V