11 19 Main Administration Building
College Park, Maryland 20742-5031
301.405.5232 TEL 301.405.8195 FAX
UNIVERSITY OF
OFFICE OF THE SENIOR VICE P R E S I D N
FOR ACADEMIC AFFAIRS AND PROVOST
April 6,2007
MEMORANDUM
TO:
Edward Montgomery
Dean, College of Behavioral and Social Sciences
FROM:
Phyllis Per@
Associate Provost for Academic Planning and Programs
SUBJECT:
Proposal to Modify the B.S. in Economics (FCC log no. 06046)
At its meeting today, the Senate Programs, Curricula, and Courses committee approved
your proposal to modify the B.S. in Economics. A copy of the approved proposal is enclosed.
The changes are effective Fa11 2007. The College should ensure that the changes are fully
described in the Undergraduate Catalog and in all relevant descriptive materials, and that all
advisors are informed.
Enclosure
cc:
Richard Ellis, Chair, Senate PCC Committee
Sarah Bauder, Office of Student Financial Aid
Mary Giles, University Senate
Barbara Hope, Data Administration
Kathy McAdams, Undergraduate Studies
Anne Turkos, Archives
Linda Yokoi, Office of the Registrar
Katherine Pedro Beardsley, College of Behavioral and Social Sciences
Cynthia Clement, Economics
THE UNIVERSITY OF MARYLAND, COLLEGE PARK
PROGRAM/CURRICULUM PROPOSAL
DIRECTIONS:
Provide one form with original approval signatures in lines 1 - 4 for each proposed action. Keep this form to one page in length.
Early consultation with the Office of the Associate Provost for Academic Planning & Programs is strongly recommended if there are
questions or concerns, particularly with new programs.
Please submit the signed form to Claudia Rector, Office of the Associate Provost for Academic Planning and Programs, 1 1 19 Main
Administration Building, Campus.
Please email the rest of the proposal as an MSWord attachment to pcc-subrnissions~@.umd.edu.
-
PCC LOG NO.
DATE SUBMITTED 1 1
06046
COLLEGEISCHOOL BSOS
DEPARTMENTIPROGRAM ECON
PROPOSED ACTION (A separate form for each) ADD
DELETE
CHANGE X
DESCFUPTION (Provide a succinct account of the proposed action. Details should be provided in an
attachment. Provide old and new sample programs for curriculum changes.)
The Economics Department proposes a new set of requirements for majors that includes three new courses at the
intermediate level and a redistribution of upper level options. New required courses will focus on building
methodological skills and thus bolster students' abilities to analyze economic models central to the discipline. A new
requirement will compel students to include at least one upper level course on the methods of empirical andlor
quantitative analysis. See attachment for old and new sample programs as well as other supporting materials.
JUSTIFICATION/REASONS/RESOURCES(Briefly explain the reasonfor the proposed action. Identzfj, the
source of new resources that may be required. Details should beprovided in an attachment.)
The proposed set of requirements for nnjors will strengthen students' mastery of fundamental analytic concepts and
quantitative reasoning slulls. A small amount of resources needed to transition to the new requirements will be provided
by the College of Behavioral and Social Sciences and the Department of Economics. See attached for more details.
--
APPROVAL SIGNATURES - Pleas
1. Department Committee Cha
2. Department Chair
3. College/School PCC Chair
4. Dean
-0
5. Dean of the Graduate School (if required)
6. Chair, Senate PCC
@&
7. Chair of Senate
#
8. Vice President for Academic Affairs & Provost
/
VF'AAF' 8-05
Page 1 of 29
Table of Contents for Economics Department’s Proposed Changes in
Undergraduate Major Requirements
SECTION_________________________________________________________________Page
1. Current Requirements for Bachelor’s of Arts in Economics .................................................................. 3
2. Proposed Requirements for the Bachelor’s of Arts in Economics ......................................................... 6
3. Identification and Rationale for Proposed Changes.............................................................................. 10
4. Sample Academic Program under Proposed Requirements ................................................................. 15
5. Structure of Prerequisites and Sample Schedule of Course Offerings under Proposed Requirements 18
6. New Courses to be Proposed ................................................................................................................ 19
7. Deleted Courses .................................................................................................................................... 20
8. Impact on Other Departments............................................................................................................... 20
9. Effective Date ....................................................................................................................................... 20
10. Draft Syllabi for Proposed New Courses…...............………………………………………………. 20
Appendix 1: Assessment Overview for Economics……………………...……………...………………31
Appendix 2: Assessment Plan for Economics ...………………………………………………………..32
Page 2 of 34
1. Current Requirements for Undergraduate Majors in
Economics
The current requirements are described on page 110 of the Undergraduate Catalog 2006/2007 as
replicated below. These have been in force since 1988 with only two minor revisions.
Additionally, the College of Behavioral and Social Sciences and the Economics Department’s
advisors distribute the following two pages to prospective and declared majors as a checklist of
requirements.
Page 3 of 34
Page 4 of 34
Page 5 of 34
2. Proposed Requirements for Undergraduate Majors in
Economics
The following describes new requirements for majors proposed by the Economics Department faculty in a
format reflecting the new online catalog management system adopted by the Registrar’s office. The
subsequent two pages show the same proposed requirements in the checklist format distributed by
departmental and college advisors. An X precedes all new courses proposed as part of this change in
requirements; the numbers following the X are tentative until the new courses have been approved by the
Vice President’s Advisory Committee.
Requirements for Major
In addition to the university’s general education (CORE) requirements, students who declare Economics
as a major after May 18, 2007, must earn a minimum of 38 credits via a combination of foundation and
elective courses in Economics and Math as listed below. Economics majors must also complete a
minimum of 15 credits in supporting courses. All courses must be passed with a grade of C or better to
count towards the foundation, elective, and supporting requirements. A course used to fulfill one
requirement for the major may not count towards any other major requirement. Students should see a
departmental advisor for guidance on choosing between various options, especially if future plans
include graduate training in economics. Students who declared Economics before May 18, 2007, can
choose to follow fulfill these new requirements OR the previous requirements – see an advisor for
details.
Foundation Courses:
Credits
ECON200
Principles of Micro-Economics
4
ECON201
Principles of Macro-Economics
4
MATH220
Elementary Calculus I, OR
3
MATH140Calculus I
4
ECONX300*
Methods and Tools for Economic Analysis
3
ECON321
Economic Statistics , OR
3
STAT400Applied Probability and Statistics
3
ECONX326
Intermediate Macroeconomic Theory and Policy
3
ECONX325
Intermediate Microeconomic Theory
3
Economics Electives Courses:
One from:**
3
ECON310
European Economic History
ECON311
American Economic History Before the Civil War
ECON312
American Economic History After the Civil War
ECON314
Economic History, Development and Policy
ECON315
Economic Development of Underdeveloped Areas
ECON416
Theory of Economic Development
One from:**
3
ECON402
Economic Models and Forecasting
ECON422
Econometrics 1
ECON424
Computer Methods in Economics
ECON425
Mathematical Economics
Three from:
9
ECON4-Any 400 level Economics courses
* With permission from the department a major may substitute a math
course (240 or higher) for ECON300.
**The Economics curriculum may be updated over time, given college
and campus approval. Students will be notified as other appropriate
courses are approved that fulfill the requirements for the major.
Page 6 of 34
Supporting Courses:
ELECT300/400 Upper level courses; see NOTES below
15
NOTES:
"Excludes Junior English writing class, internships or experiential learning
outside Economics, and non-traditional courses.
“Additional mathematics courses beyond the required mathematics course
(MATH 220 or 140) may be counted towards supporting courses.
"Additional economics courses may be included among the 15 hours of
supporting courses.
"All supporting courses must be approved by an Economics Department Advisor.
"All courses meeting the supporting course requirement must be completed
with a grade of C or better and may not be taken pass-fail except ECON386,
which can only be taken pass-fail.
Page 7 of 34
College of Behavioral and Social Sciences
Economics Degree Requirements
2007-2008 Academic Year
College Expectations:
As a University of Maryland student, you are an informed and active participant in your education. Therefore, The College of
Behavioral and Social Sciences expects that you will know your academic requirements and formulate a realistic academic plan
leading to a timely graduation. Academic advisors are committed to assisting you in meeting your educational goals.
Description:
The undergraduate program in Economics is designed to give students an understanding of the methods of analysis typically
used in the discipline as well as knowledge of the American economic system and our country's economic relations with the
rest of the world. Students analyze the economic forces which determine the production of goods and services, the level of
prices, the distribution of income, and other economic factors which influence the quality of life. The program of study
includes empirical and analytical techniques as well as opportunities to focus on policy issues and current economic problems.
Major Change Process:
Students who wish to declare this major must first meet with a departmental advisor to learn more about the program. Next,
students must develop a semester-by-semester academic plan to complete their degree in a timely manner and submit the plan
to BSOS Advising. Once the plan is approved, the major will be changed. Access to courses restricted to majors does not
occur until the major designation has been officially changed to Economics.
Satisfactory Progress Benchmarks:
Students who enter UMD in Fall 2005 or later as freshmen or transfers from non-Maryland public institutions must meet
satisfactory progress benchmarks. Prerequisites for all Economics courses will be enforced.
Thirty Attempted Credit Benchmark Criteria
Economics (ECON) majors must complete the following courses within 30 attempted credits of entering the major:
• Must complete with a ‘C’ grade or higher: ECON 200, ECON 201, MATH 220 or 140, and ECON X300.
• Satisfactory completion of four CORE Distributive Studies courses, which can include ECON 200, ECON 201, and
MATH 220 or 140.
• Satisfactory completion of English Fundamental Studies course requirement.
Forty-five Attempted Credit Benchmark Criteria
In addition to the benchmark courses indicated above, students must complete ECON X325, ECON X326, and ECON 321
with a ‘C’ grade or higher within 45 attempted credits of entering the major. Students should strive to complete this
requirement as quickly as possible. If one or more required lower-level courses have already been completed at time of entry
to the major, a plan that accelerates the completion of this credit requirement is strongly advised.
These benchmarks may not be appropriate for all incoming freshmen, depending upon credit earned prior to college entrance
and math placement. Freshmen wishing to declare an Economics major should see an advisor immediately in order to set
appropriate expectations and a graduation plan.
Academic Advising:
BSOS Advising
For Advising Before Completing Benchmarks
General questions, registration, exceptions to University policy, academic
probation, limited enrollment questions, graduation concerns
BSOS Advising Center
2148 Tydings Hall
(301) 405-1697
bsosque@bsos.umd.edu
Web Resources:
ECON Advising
For Advising After Completing Benchmarks
Major requirements and courses, registration, internships, career
questions, permission for restricted courses
Thomas Gray
Shanna Edinger
3127C Tydings Hall
3127B Tydings Hall
(301) 405-3513
(301) 405-7845
gray@econ.umd.edu
edinger@econ.umd.edu
ECON Undergraduate Program: http://www.bsos.umd.edu/econ/info/index.html
BSOS Advising Student Handbook: http://www.bsos.umd.edu/advising/student_handbook/
Degree Navigator: http://www.testudo.umd.edu/dnentry.html
Page 8 of 34
University Requirements
Grade of D or better required unless otherwise noted
Plan
Course Requirement
Grade
CORE Fundamental Studies
Fundamental English (Choose one of the following options)
ENGL 101
Verbal SAT score of 670 or higher
AP English Language score of 4 or 5
Portfolio Review or MHEC Waiver
Fundamental Math (Choose one of the following options)
MATH 110 or higher (except 210 and 211)
Math SAT score of 600 or higher
AP Calculus score of 4 or 5
AP Statistics score of 4 or 5
College Board Achievement Test in Math, Level I or
II, score of 600 or higher
Professional Writing (Choose one of the following options)
ENGL 391, 392, 393, 394, or 395
ENGL 101 (not 101A or 101X) with A
CORE Distributive Studies
Humanities and the Arts
No more than two courses can be taken from the Physical Sciences list or the
Life Sciences list. No more than one Interdisciplinary course can be taken
HL: Literature
HA: History or Theory of the Arts
HL, HA, or HO: Humanities
or IE: Interdisciplinary
Mathematics and Sciences
PL or LL: Physical or Life Sciences Lab
PS or LS: Physical or Life Sciences Non-lab
MS: Math and Formal Reasoning
(MATH 220 or 140)
Social Sciences and History
SH: Social or Political History
SB: Behavioral & Social Sciences (ECON 200)
SB: Behavioral & Social Sciences (ECON 201)
Diversity
May double count with another CORE or major requirement
D: Diversity
CORE Advanced Studies
Courses must be upper-level (300-400) and taken after earning 60 credits.
Major, supporting sequence, professional writing, internship, or other
experiential courses may not fulfill these requirements.
Course 1
Course 2
Total Credit and Residency Requirements
120 total credits are required.
At least 30 credits must be taken at UMD.
The final 30 credits must be taken at UMD.
15 of the final 30 credits must be upper-level (300400)
Page 9 of 34
Major Requirements
Grade of C or better required unless otherwise noted
The requirements listed below are applicable to students who
declare economics as a major after May 18, 2007. Students who
declared before that date can fulfill these new requirements OR
the previous requirements.
Grade
Course Requirement
Foundation Courses – minimum 20 credits
ECON 200
ECON 201
MATH 220 (or MATH 140)
ECON X300 (or MATH 240 or 241 by permission)
ECON 321 (or STAT 400)
ECON X325
ECON X326
Plan
Economics Electives – 15 credits
One course from History or Development group
One course from Quantitative Methods group
Any 400-level Economics course
Second 400-level Economics course
Third 400-level Economics course
Economic History or Development Group:
ECON 310, 311, 312, 314, 315, or 416
Quantitative Methods Group:
ECON 402, 422, 424, or 425
Supporting Courses – 15 credits
• Courses used to satisfy this requirement must be taken at the upperlevel (300-400), except for math courses beyond the first semester of
calculus. Options may include additional ECON courses or courses
from other departments.
• All supporting courses must be approved by an ECON Advisor.
• ECON 386 may be used to satisfy this requirement
• ECON 387, internship, professional writing and 386 courses outside
of economics may not be used to satisfy this requirement.
Course 1
Course 2
Course 3
Course 4
Course 5
3. Identification and Rationale for Proposed Changes
The current requirements for a major in economics at the University of Maryland College Park have been
in force since 1988 except for minor revisions. In the intervening time period methodologies for
conceptual and empirical analysis have grown increasingly sophisticated. Material that was once the
realm of specialized theoreticians has become standard fare for market and policy analysts. Advances in
computer technologies have expanded both computational tools and available data, so that now even entry
level jobs within economics require prior knowledge and experience in quantitative analysis. During this
same time period the quality of undergraduate students enrolling at the University has improved
dramatically, so that now a large majority possesses the aptitudes needed to handle more rigorous courses.
As a result, the Department of Economics recommends that the following set of changes be made to the
current requirements.
(i) Expand the foundation courses required of all majors to include one new 3 credit, 300-level economics
course which teaches the use of key methodological tools in economic analysis. The emphasis will be on
building understanding of and ability to apply the various conceptual and mathematical techniques most
frequently used by economists in the formulation and evaluation of relationships between economic
variables. (Students who complete MATH 240 or MATH 241 could be exempted from this requirement.)
(ii) Require all majors to take two new 300-level intermediate theory courses, 3 credits each, on macro
and microeconomic models and analysis instead of the existing required theory courses. These two new
courses will emphasize rigorous development of relevant economic theories and models, building on the
skills covered in the new methodological tools course as well as the basic concepts introduced in the
principles courses.
(iii) Add a new requirement of one 3 credit, 400-level economics course which focuses on the
development and application of quantitative or empirical skills; students would be allowed to choose from
four (or more) options to meet this requirement.
(ii) Eliminate the “Area D” requirements which presently can be fulfilled by any 300 or 400 level
economics course.
As a matter of presentation, we will henceforth designate ECON 321, Economic Statistics, as a
“foundation” course, since it is an essential component of an economist’s basic education and not an
elective. A comparison of current and proposed requirements is shown in Table 1 on the next page. The
net effect of these changes on the total number of courses and credit hours required to earn a degree in
economics is zero. As in the previous section, an X precedes all new courses proposed as part of this
change in requirements; the numbers following the X are tentative until the new courses have been
approved by the Vice President’s Advisory Committee. ECON X300 is used below to denote the new
course on methodological tools in economic analysis, ECON X325 is used to denote the new intermediate
macroeconomic analysis course, and ECON X326 is used to denote the new intermediate microeconomic
analysis course.
Page 10 of 34
Table 1: Comparison of Current and Proposed Requirements for Economics Majors
Requirement
Principles
Calculus I
Intermediate
Methods and
Theory
Statistics &
Quantitative
Analysis
Current
ECON 200, 201
MATH 220 or MATH 140
ECON 305, 306
Proposed
same
same
ECON X300, X325, X326
ECON 321 or STAT 400
History and
Development
One of the following:
Econ. History (310, 311, 312)
Econ. Development (315, 416)
Econ History & Dev. (314)
3 electives from ECON courses
at the 400 level
2 electives from ECON courses
at 300 or 400 level
5 electives from any departments’
courses at 300 or 400 level (or
200 level courses in MATH or
CMPS)
ECON 321 or STAT 400
One of the following courses:
ECON 402 - Economic Models & Forecasting
ECON 422 - Quantitative Methods I (Econometrics)
ECON 424 - Computer Methods in Economics
ECON 425 - Mathematical Economics
same
Upper level
Economics
Other economics
Supporting
sequence
same
eliminated
same
Rationale
The Economics faculty proposes the set of changes described above in order to strengthen majors’
preparation for future careers and/or further education and to keep the undergraduate program aligned
with developments in the discipline. Whatever career path economics majors pursue after they leave the
University – business, finance, government policy, law, graduate training in economics – they will find
that employers and graduate schools now routinely expect quantitative skills and capabilities for rigorous
analysis.
Correspondingly, the Economics Department has set as goals three broad learning outcomes: mastery of
conceptual models fundamental to the discipline, ability to carry out quantitative analysis, and ability to
apply economic reasoning to policy issues. 1 The changes proposed directly target improvements in these
key learning outcomes. As a result of the change in requirements, students will now spend more course
time focused on the mastery of conceptual models and development of abilities for quantitative and less
on electives. The proposed new required courses deepen students’ grounding in both the theoretical
models which provide the basis for all subsequent analysis and also the modeling techniques which are
important to understand in order to adapt models to specific issues. Better learning outcomes at the
intermediate stage will in turn enable students to conduct more rigorous policy analysis in upper level
courses. The proposed new quantitative elective extends students’ opportunity to learn and apply
empirical testing of hypotheses beyond the foundational course in statistics.
1
The Department’s assessment overview and plan are attached as an appendix to this proposal. Note that these were
prepared prior to development of this proposal, and once the proposal is approved, the assessment plan will be
revised to reflect the new requirements.
Page 11 of 34
Available evidence suggests that the current foundation courses are not adequately supporting the key
learning outcomes. Prior to this year’s first formal assessment of learning outcomes, the faculty perceived
that many undergraduate students miss several specific learning objectives. 2 In particular, outcomes in
the intermediate theory classes are not satisfactory due to a combination of two problems. First, the
current intermediate theory courses attempt to cover both the substance of theoretical models and the
methods used to develop and apply these models. The result is that students learn too little of either
substance or methods. Second, instructors find that the analytical and mathematical prerequisites
presently in place are too weak, so that a significant number of majors are ill-prepared to use the higher
order logic central to micro- and macroeconomic theory. The principles courses are designed for nonmajors as well as majors and therefore introduce the basic concepts and show how they relate to current
economic issues, leaving the more abstract, analytical constructs until the next level. To succeed in the
intermediate theory courses, majors need to build on knowledge of elementary calculus as well as the
concepts introduced in the two principles courses. Many students passed calculus in high school, two or
three years before they take the intermediate course, and have limited recollection of what they had
learned previously. One semester of calculus does not routinely introduce partial differentiation, a
technique utilized heavily in both micro and macroeconomic analysis.
Thus, we expect that a wide range of our majors would benefit from a course that builds their
understanding of how economists model behavior and refreshes and extends their familiarity with various
mathematical techniques. Such preparation will enable students to succeed in the new intermediate
courses, wherein they will focus their newly developed methodological skills on the theoretical models
crucial to economic analysis. These results in turn will help students to succeed in the 400-level courses
where they practice their analytic skills via application to specific economics topics and policy issues.
Current upper level requirements are so broad that they do not ensure every economics major has been
exposed to an adequate grounding in empirical analysis or advanced modeling techniques. The required
economics statistics course is a prerequisite for only three upper level courses, and students are not
compelled or routinely counseled to take any of these courses. Students could quite easily fulfill the
existing requirements without ever attempting to estimate an economic parameter, solve a mathematical
model of an economic problem, or empirically test an economic hypothesis. As a result, economics
majors all too often leave the University lacking skills valued by potential employers or expected by
graduate programs. The new requirement for a “Quantitative Methods” elective allows students to choose
an option suited to their future career pursuits in business and finance, policy analysis, economic research,
or law.
The proposed foundational requirements include two options to substitute MATH/STAT courses for
ECON courses. These options are included for the benefit of students who intend to pursue graduate
training in economics, as the vast majority of Ph.D. programs in economics today expect entrants to have
significant background in mathematics. In both instances, majors who took either option would then take
one or more economics courses wherein the knowledge and skills gained in the foundation courses would
be extended and further developed. For example, all majors, regardless of whether they take ECONX300
or one of the alternatives, MATH240 or MATH241, will be required to take ECONX325 and ECONX326
before proceeding to 400-level courses. Similarly, all majors, whether they took ECON321 or STAT400,
will need to take one of the approved electives for the upper level quantitative methods requirement. The
options allow our best and brightest students to prepare not only for subsequent economics courses but
also the advance calculus and probability theory courses they need to take in order to gain admittance to
top tier Ph.D programs.
2
Results of the first formal assessment of learning outcomes are currently being compiled.
Page 12 of 34
Comparison with other Universities
The changes in requirements that have been proposed would keep our undergraduate program in line with
the curriculum at similar state universities. Table 2 on the next page shows relevant requirements at the
University’s peer institutions and two other highly ranked economics departments.
All of these other programs have more stringent requirements that compel students to master analytical
methods at a higher level of rigor than our current program. The differences can be seen most clearly in
the number and type of math requirements. In particular, other programs require either (a) the same
number of calculus courses but only accept the more rigorous version designed for math and physical
science majors and engineers (denoted by “full” in the accompanying chart); (b) additional calculus
beyond the first semester at either the “business and social science” or “full” level; or (c) both a higher
number of courses and a higher level of rigor. Furthermore, the economics departments in the majority of
our peer institutions have higher standards for AP calculus. University of Michigan Economics does not
accept the AB version of the AP Calculus exam to fulfill their calculus requirement, only the BC version.
Hence, students there could take either the equivalent of MATH 140 while in university OR pass the AP
exam equivalent to MATH 140 and 141. The economics departments at University of CaliforniaBerkeley and UCLA give credit for both required semesters of calculus only if a student scores a 5 on the
BC exam.
The changes recommended herein increase the program’s level of rigor in a better way than simply
adding another semester of calculus and an econometrics requirement. The proposed methods course will
help students to understand the economic motivation behind the use of math, the new intermediate
requirements will equip students to use economic models and methodologies to analyze a variety of
economic issues, and the various options for upper level courses in empirical and quantitative methods
provide students an opportunity to choose a course that most closely fits their specific career ambitions.
Page 13 of 34
Table 2: Key Components of Economics Major Requirements at Various Universities
Peer Institutions
UC
Berkeley
UCLA
Math
requirement
2
semesters
of calculus
either
version
2
semesters
of “full”
calculus
Econometrics
required
Methods
course
Yes
Yes
Page 14 of 34
Yes
Univ. of
Illinois at
UrbanaChampaign
2
semesters
of “full”
calculus OR
1 semester
business
calculus
and 1
semester
linear
algebra
Univ. of
Michigan
at Ann
Arbor
1 semester
of “full”
calculus
Univ. of NC
at Chapel
Hill
1 semester
of “full
calculus”
OR 1
semester of
economic
methods
Yes
In lieu of
calculus
Univ. of Maryland
College Park
current
proposed
Other Highly Ranked
Economics Departments
UC San
Univ. of
Diego
Texas Austin
1 semester
of calculus
either
version
1 semester
of calculus
either
version
2
semesters,
either
version
No
4 options
Yes
No
Yes
Yes
3
semesters
of “full”
calculus
4. Sample Academic Program under Proposed Requirements
The sample academic program presented on subsequent pages shows a progression of courses which could be
followed by an incoming freshman with no relevant AP credits and with math placement into Elementary
Calculus I. Such a student could readily finish a degree within 4 years. However, it should be noted that less
than 10% of our current majors decided on economics as a major during or before their freshman year. Over
50% of our current majors declared during their junior year after taking three or four of the current foundation
courses. Both of these facts continue long-standing patterns.
A transfer (internal or external) student who has already taken both principles courses and one semester of
calculus be done in 4 semesters:
Semester
1
2
3
4
Major Relevant Courses
ECON X300, History/Development elective, 1st supporting course
ECON X326, ECON 321, 2nd supporting course
ECON X325, 400-level ECON elective, a 2nd 400-level ECON elective, 3rd
supporting course
3rd 400-level ECON elective, Quantitative Methods elective, 4th and 5th
supporting course
A transfer student with the two principles courses on his/her transcript and placement into a pre-calculus course
could be done in 6 semesters:
Semester
1
2
3
4
5
6
Major Relevant Courses
MATH 113 or 115, History/Development elective
MATH 220 or 140 and 1st supporting course
ECON X300, 2nd and 3rd supporting course
ECON X326, ECON 321, 4th supporting course
ECON X325, 1st and 2nd 400-level ECON elective
3rd 400-level EC, Quantitative Methods elective, 5th supporting course
Note: The University does not offer any economics courses at the 100-level. Freshmen routinely take
ECON 200 and/or ECON 201 to meet CORE or gateway requirements for other programs. Similarly,
sophomores who have decided on ECON as a major early in their university education normally take
intermediate level classes at the 300-level.
Page 15 of 34
College of Behavioral and Social Sciences
Academic Planning Worksheet
This worksheet will help you plan how to complete your remaining degree requirements in a timely manner. Fill in the Course
Planned column for each semester with the courses you still need to take. Remember to include courses for minors, special
programs, and electives to help you reach a minimum of 120 total credits. Then, after each semester, fill in the Course Taken
column with courses and grades, and make any necessary changes to your plan. Submit initial and revised plans to BSOS
Advising at 2148 Tydings Hall.
Name (Last, first, middle initial)
Major(s)
UID
Date of Academic Plan:
Economics (ECON – 22040)
ECON 200 (CORE SB)
MATH 220 (CORE MS)
CORE (HA)
ENGL 101
UNIV 101
Semester: 2nd Semester at UMCP
Course Planned
Credit Hours
Course Planned
Credits Planned:
Course Planned
ECON 321
ECON X326
CORE (PS or LS)
CORE (HL, HA ,HO, or IE)
Elective
16
Credit Hours
Credits Earned:
Credit Hours
Grade
Credits Earned:
Course Taken
Credit Hours
Grade
4
3
3
3
3
Credits Planned:
16
Credit Hours
ECON X300
ECON History or
Development Elective
CORE (PL or LL)
Elective
Elective
Semester: 4th Semester at UMCP
Course Taken
2
4
3
3
3
2
ECON 201 (CORE SB)
CORE (SH)
CORE (HL)
CORE (D)
Elective
Semester: 3rd Semester at UMCP
of
1
NOTE: Courses in bold indicate Satisfactory Progress Benchmark courses.
Credits Planned:
15
Semester: 1st Semester at UMCP
Course Planned
Page
Credits Earned:
Course Taken
Credit Hours
Grade
3
3
4
3
3
Credits Planned:
Credit Hours
15
Credits Earned:
Course Taken
Credit Hours
Grade
3
3
3
3
3
Disclaimer: This sample graduation plan is only one example of a way to complete your degree in four years. This is simply a
suggestion and DOES NOT replace actual advising.
Page 16 of 34
Name (Last, first, middle initial)
UID
Major(s)
Date of Academic Plan
Economics (ECON – 22040)
Semester: 5th Semester
Course Planned
Course Planned
Credits Planned:
Course Planned
Course Planned
2
Credits Earned:
Course Taken
Credit Hours
Grade
3
3
3
3
3
Credits Planned:
15
Credit Hours
Credits Earned:
Course Taken
Credit Hours
Grade
3
3
3
3
3
Credits Planned:
15
Credit Hours
ECON 400-level elective
Supporting Course
Advanced Studies
Elective
Elective
Semester: 8th Semester
15
Credit Hours
ECON 400-level elective
Supporting Course
Supporting Course
Professional Writing
Elective
Semester: 7th Semester
of
2
ECON X325
Supporting Course
Advanced Studies
Elective
Elective
Semester: 6th Semester
Page
Credits Earned:
Course Taken
Credit Hours
Grade
3
3
3
3
3
Credits Planned:
Credit Hours
15
Credits Earned:
Course Taken
ECON Quantitative elective
3
ECON 400-level elective
3
Supporting Course
3
Elective
3
Elective
3
Advisor Approval: ‰ Approved ‰ Approved with Changes ‰ Denied
Advisor Signature
Credit Hours
Grade
Date
Disclaimer: This sample graduation plan is only one example of a way to complete your degree in four years. By no means do
you have to take these courses in the order described here. This is simply a suggestion and DOES NOT replace actual
advising. (7/11/2005)
Page 17 of 34
5. Prerequisites Structure under Proposed Requirements and Sample Schedule of
Course Offerings
Table 3 on this page shows the prerequisite structure of all required and optional courses included in the proposed requirements. All courses must
be passed with a C (2.0) or higher grade to fulfill a prerequisite. Table 4 on the next page illustrates a sample schedule of course offerings that
would allow students to progress through the requirements. The distribution of seats across course offerings the first year reflects the fact that
some students would follow the older requirements, whereas many more students would fall under the new requirements by the second year.
Table 3: Sequence of Pre-requisites for Proposed Requirements
Phase
Abbreviated Course Title
Principles of Micro and Macro
Course Number
ECON 200 and 201
Pre-requisites
MATH 110, or placement in MATH 115 or higher
Calculus I
MATH 140
or
MATH 220
ECON X300
MATH 115 w/C or better, or permission of the Math Department
1
2
3
4
Methodological Tools for Econ.
Analysis
Economic Statistics
or
Applied Probability and Stat.
Economic History/Development
options
Intermediate Macro. and
Microeconomic Theory and
Analysis
400-level electives
Quantitative elective
Page 18 of 34
ECON 321
or
STAT 400
ECON 310, 311, 312, 314, 315
ECON 416
ECON X325 and X326
Any 400 level course
ECON 402, 422, 424, 425
MATH 113, or MATH 115, or permission of the Math Department
ECON 200 and 201 and MATH 140 or 220
ECON 200 and 201and MATH 140 or 220
MATH 141
ECON 200 and 201
ECON X325
ECON 300, or MATH 141 and permission of the department
ECON X325, or ECON X326, or both, depending on the course
ECON 321 (or STAT 400) and ECON X325 or ECON X326, or
both, depending on the course
Table 4: Illustrative Course Schedule for First Two Years under Proposed Requirements
Course
No.
Course Title
Fall 07 #
Seats
Spr. 08 #
Seats
Fall 08 #
Seats
Spr. 09 #
Seats
Note: New courses in bold, and courses that meet the new upper level Area A requirement have gray background.
200
201
Principles of Microeconomics
Principles of Macroeconomics
1476
665
1170
840
1476
665
1170
840
X300
Methodological Tools for Econ.
Analysis
Interm. Macro. Theory and Policy
Interm. Micro. Theory
American Econ. History before
the Civil War
Economic Development
Economic Statistics
Inter. Macro. Theory &
Analytical Methods
Inter. Micro Theory &
Analytical Methods
Money and Banking
International Economics
Economics of Poverty and
Discrimination
Experiential Learning
Honors Thesis
150
150
180
180
435
450
135
330
330
90
330
330
90
290
290
90
180
170
200
150
90
180
170
120
180
150
160
90
120
160
350
180
45
350
205
45
350
180
45
350
135
45
20
25
20
25
20
25
20
25
90
45
90
45
0
45
45
45
90
90
45
45
90
90
90
45
45
90
90
90
45.
45
45
72
45
45
45
45
45
72
45
45
45
45
45
45
45
45
45
45
45
90
45
45
45
45
45
45
90
45
90
45
45
90
45
45
305
306
311
315
321
X325
X326
330
340
375
386
397
401
402
407
414
416
422
423
424
425
435
441
451
454
456
457
460
461
465
470
481
Current Issues in Economic
Policy
Macroeconomic Models and
Forecasting
Advanced Macroeconomics
Game Theory
Theory of Economic
Development
Quantitative Methods I
Quantitative Methods II
Computer Methods in Economics
Mathematical Economics
Financial Markets and the
Macroeconomy
Theory of International
Economics
Public Choice
Theory of Public Finance
Law and Economics
Economics of the Gambling
Industry
Industrial Organization
Economics of Regulation and
Antitrust
Health Care Economics
Theory of Labor Economics
Environ. Econ.
Page 19 of 34
36
45
90
45
45
36
45
90
90
6. New Courses to be Proposed
Three new courses are proposed:
ECON X300, Methods and Tools in Economic Analysis, 3 credits
ECON X325, Intermediate Macroeconomic Theory and Analysis, 3 credits
ECON X326, Intermediate Microeconomic Theory and Analysis, 3 credits
Grading options for all three classes are proposed as Regular, Pass-Fail, Audit, all three will be taught
primarily via lectures, and all three will be restricted to ECON majors. A draft syllabus for each course is
attached to provide more detail on course objectives; see subsequent pages.
7. Deleted Courses
No courses will be deleted from the course catalog as a result of the proposed changes.
8. Impact on other Departments
The current courses on intermediate micro and macroeconomic theory will not be deleted, as they are
currently required courses for other majors and students who declared ECON as a major prior to May
18, 2007. These courses will continue to be taught by faculty and instructors hired by the Department of
Economics in the same way as currently.
9. Effective Date
The Department of Economics proposes that students who declare Economics as a major on or after May
18, 2007, including all incoming freshman and new transfer students for Fall 2007, be subject to the new
requirements. Students who declared Economics as a major before May 18, 2007, will have the option of
completing either the new or the old requirements. The proposed curriculum change does not impact any
articulation agreements or transfer programs.
10. Draft Syllabi for Proposed New Courses
Draft Syllabi for ECON X300, ECON X325, and ECON X326 are attached to provide information on
course content and objectives. Applications are simultaneously being submitted to the Vice President’s
Advisory Committee for creation of these new courses.
Page 20 of 34
ECON X300
Methods and Tools for Economic Analysis
Fall 07 DRAFT Syllabus
Course Description: Students of modern economics need to understand and be able to use specialized
analytical and conceptual tools in order to adequately comprehend economic theories and carry out
economic analysis. ECON 300 covers a basic set of such tools and demonstrates their application to
economic models and problems, including price indices, national income accounting, macroeconomic
growth models, business cycle analysis, consumer demand, production technologies and supply functions,
input demand, general equilibrium models, probability theory, and game theory. The course starts by
reviewing concepts and techniques you have already seen in algebra and the typical first semester of
calculus, and then it introduces components of subsequent calculus and linear algebra courses most
relevant to economic analysis. The use of these concepts and techniques by economists is emphasized
throughout. You will be expected not only to solve mathematical problems but also to explain the logic of
why specific mathematical tools are useful in analyzing different economic issues.
Course Objectives: The main objective of this course is for students to master the techniques and tools
most frequently used by economists in constructing economic models. By the end of the semester,
students will be able to demonstrate and explain economic applications of the following mathematical
concepts and techniques:
Linear, quadratic, power, exponential, logarithmic, concave and convex functions, in both single
variable and multivariable forms;
Differentiation, integration, partial differentiation, optimization, constrained optimization, and matrix
operations;
Present Discounted Value, Effective and Internal Rates of Return, Price and other indices,
Elasticities, Lagrangean Multipliers, Leontief’s Model, Duality Theory, Continuous Distribution
Functions, Normal and strategic forms for games, Nash Equilibrium, and Bayes Theorem.
Pre-requisites: Before starting ECON 300, you must have already passed with a C (2.0) or higher either
MATH 140 (or AP credit) or MATH 220 as well as both ECON 200 and ECON 201 (or received AP
credit). If you have already taken MATH 141, you should talk with the instructor or a departmental
advisor to ascertain if you should complete ECON 300 or go on to take MATH 240 and 241.
Instructors’ Contact Information and Class Logistics:
Instructor:
Section Number:
Office: Tydings Hall
Email: XXXXX@econ.umd.edu
Phone: 301 405 ____
Office Hours:
Teaching Assistants (TAs):
Class Meetings:
Course Website: www.elms.umd.edu. Copies of this syllabus, all problem sets, practice exams, your
grades, and other relevant documents will all be made available through the course website.
The University has adopted email as the primary means of communication outside the classroom. You
will receive emails to update you on any changes to this syllabus or other significant events during the
course. Students are responsible for updating their current email address via the appropriate link on
http://www.testudo.umd.edu/Registrar.html Failure to check email, errors in forwarding email, and
returned email due to “mailbox full” or “user unknown” will not excuse a student from missing
announcements or deadlines.
Page 21 of 34
Textbooks: Knut Sydsæter and Peter J. Hammond: Essential Mathematics for Economic Analysis
Second Edition Financial Times Pearson Education 2006. ISBN: 0-273-68108X. Notice that for oddnumbered problems throughout the text, the authors provide answers at the end of the book. You will
need a graphing calculator and as well as reliable access to the internet for this course.
Other readings will be posted on the website, and you are responsible for obtaining these throughout the
semester.
Expectations of Students: You are expected to attend class regularly and work seriously through both the
problem sets and the problems found in the text, so that you can prepare yourself for the exams. You are
expected to read the assigned chapters and appendices before we discuss them in class, with the single
exception of the first chapter on the first day. If you find that you can’t follow the logic of lectures and
problem sets, please visit office hours or make an appointment to get help before exams.
Grades and Assignments: Your grade will be determined by your performance on problem sets and
exams. The maximum possible points are listed along side each assignment. 90% or more of the total
possible points will earn an A; 80 – 89% a B; 70 – 79% a C, 60 – 69% will earn a D; and less than 60%
will earn a F. Department of Economics’ policy on grading requires instructors to use the grading system
announced at the beginning of the semester in all case and with no exceptions. There will be no
opportunities for extra credit.
Problem Sets:
1st Midterm exam:
2nd Midterm exam:
Final exam:
Total
100 points
100 points
100 points
200 points
500 points
There will be 12 problem sets in total, each worth a possible 10 points. Only the 10 highest scores will be
included in the computation of your course grade. Problem sets are all completed on-line and are open
book. All problem sets must be submitted online by 6 pm Sunday evening, except for the last one that is
due on the last day of classes for the semester. NO LATE SUBMISSIONS WILL BE ACCEPTED!
The first midterm is scheduled for October __ in class, and the second midterm will take place in class on
November __. The format of exam questions is multiple choice. The final exam will be cumulative and is
scheduled for ____________
Students are required to take all three exams. Make-up exams will be granted only to those students
whose excuse complies with University policy. The four valid excuses according to University policy are
medical conditions, religious observances, participation in University events at the request of University
authorities, and compelling circumstances beyond your control. If you believe you need a make-up,
please inform the instructor as far in advance as possible and provide the appropriate documentation. If
you miss an exam and cannot document a valid excuse, your grade will be recorded as a zero.
Students with disabilities who require special accommodations must get in touch with the instructor or a
TA within the first three weeks of class.
Academic Integrity: The University of Maryland, College Park has a nationally recognized Code of
Academic Integrity, administered by the Student Honor Council. This Code sets standards applicable to
all undergraduate students, and you are responsible for upholding these standards as you complete
assignments and take exams in this course. Please make yourself aware of the consequences of cheating,
fabrication, facilitation, and plagiarism. For more information see www.studenthonorcouncil.umd.edu
Page 22 of 34
Schedule of Lectures, Exams, and Due Dates
August _
Chs 1 and 2, Algebra review, with applications in Growth Accounting
Sept. _
Ch. 3, Summation, Logic, Proofs, Set Theory, with application to construction of CPI
Sept. _
Sept. _
Ch. 4, Functions of One Variable with applications to Demand and Supply Graphs
Ch. 5, Properties of Functions with applications to Demand and Supply Graphs
Problem Set 1 due by 6 pm on 9/x
Sept. __
Sept. __
Ch. 6, Differentiation with applications to Consumer and Production Theories
Ch. 6 continued
Problem Set 2 due by 6 pm on 9/x
Sept.__
Sept.__
Ch. 7, Derivatives in Use with application to Demand Elasticities
Ch. 7 continued
Problem Set 3 due by 6 pm on 9/x
Sept. __
Sept.__
Ch. 8, Single Variable Optimization with application to the Monopolist’s Decision
Ch. 8 continued
Problem Set 4 due by 6 pm on 9/x
Oct. _
Oct. _
Ch. 9, Integration with applications to Income Distribution and Natural Resource Extraction
Ch. 9 continued
Problem Set 5 due by 6 pm on 10/x
Oct. __
Oct. __
More Economic Applications – Growth Models, Consumer Surplus
First Midterm Exam on Chs. 1 through 9
Oct. __
Oct. __
Ch. 10, Interest Rates and Present Values
Ch. 11, Functions of Many Variables - Production Technology and Demand Elasticities
Problem Set 6 due by 6 pm on 10/x
Oct. __
Oct. __
Ch. 12, Tools for Comparative Statics - Elasticity of Substitution and Economies of Scale
Ch. 12, Continued
Problem Set 7 due by 6 pm on 10/x
Oct. __
Nov. _
Ch. 13, Multivariable Optimization - Price Discrimination and Linear Regression
Ch. 13 continued
Problem Set 8 due by 6 pm on 10/x
Nov. _
Nov. _
Ch. 14, Constrained Optimization - Consumer Theory, Peak Load Pricing
Ch. 14, continued
Problem Set 9 due by 6 pm on 10/x
Nov. __
Nov. __
Second Midterm Exam
Probability Theory – see website for readings
Nov. __
Nov. __
Chs. 15 and 16, Matrix Algebra and Leontief’s Input-Output Model
THANKSGIVING RECESS
Nov. __
Nov. __
Nominal and Real Values – see website for reading
Correlation, Co-movement, and Business Cycle Measurement – see website for reading
Problem Set 10 due by 6 pm on 11/x
Dec. _
Dec. _
Game Theory – see website for readings
More on Differential Equations – see website for readings
Problem Set 11 due by 6 pm on 11/x
Dec. _
Semester Review
Problem Set 12 due by 6 pm on last day of class
Dec. __
Final Exam
Page 23 of 34
ECON X325
Intermediate Macroeconomic Analysis
Spring 2008 DRAFT Syllabus
INSTRUCTORS’ CONTACT INFORMATION AND CLASS LOGISTICS:
Instructor’s Name:
Office: Tydings Hall
Section Number:
Email: XXXXX@econ.umd.edu
Phone: 301 405 ____
Office Hours:
Teaching Assistants (TAs):
Class Meetings:
Discussion Sections:
Course Website: www.elms.umd.edu. Copies of this syllabus, all problem sets, practice exams,
your grades, and other relevant documents will all be made available through the course website.
The University has adopted email as the primary means of communication outside the classroom.
You will receive emails to update you on any changes to this syllabus and other significant events
during the course. Students are responsible for updating their current email address via the
appropriate link on http://www.testudo.umd.edu/Registrar.html Failure to check email, errors in
forwarding email, and returned email due to “mailbox full” or “user unknown” will not excuse a
student from missing announcements or deadlines.
PREREQUISITES: You must have passed ECON 300 with a grade of C or better before
attempting ECON 325. Although it is not required, you may find ECON 326 to be a good course to
take before ECON 325. The reasons for this recommendation can be found in the course
description below. (If you have already taken ECON 305, “Intermediate Macroeconomic Theory
and Policy”, please talk with the instructor or an economics department advisor about the
advisability of taking this course.)
TEXTBOOK: Stephen D. Williamson, Macroeconomics, second edition (2005).
ISBN: 0-321-24093-6
COURSE DESCRIPTION AND OBJECTIVES: Macroeconomics is the study of aggregate
outcomes resulting from the interactions of a large collection of decision-makers. This course
builds on the elementary concepts developed in both ECON 200 and 201, the introductory
economics courses. Although the same issues are addressed, at the intermediate level the logic of
the theoretical models is developed more formally and subjected to more critical analysis. You will
learn not only about the issues of inflation, unemployment, and economic growth but also about
the ways that economists analyze these important components of macroeconomic performance.
Following recent developments within macroeconomics, we will explore the limitations of older
theoretical models, which tended to ignore fundamental microeconomic principles, and work
through the innovations presented by the newer models, which highlight interactions between
incentives and constraints faced by decision-makers. We will also compare and contrast old and
new ways of analyzing macroeconomic policy.
In ECON 325 we utilize many of the mathematical tools of economic analysis covered in ECON
300; you may wish to review logarithmic functions, exponential functions, price indices,
Page 24 of 34
differential equations, constrained optimization, and tools for comparative statics. Explicit use of
mathematical tools is the key difference between ECON 325 and ECON 305; econ majors who go
on to take 400 level macroeconomics courses will be expected to already know the mathematical
formulations we will cover in this version of intermediate theory. Notice that you are responsible
for knowing the material covered in Chapters 2 and 3 of the text, since you covered these subjects
in ECON 300.
By the end of this course, you should be able to explain and critically comment on the models most
frequently used by economists to explain the determinants of long run economics growth and short
run business cycles. You should also be able to describe different policy options for addressing
common macroeconomic problems, and you should be able to explain the linkages between
macroeconomic performance and several important individual markets, including financial, labor
and international flows of goods and capital.
The course will be mainly based on lectures, which closely follow the treatment in the textbook.
Slides for each lecture will be posted on the web beforehand for you to download. It might be a
good idea to have a printed copy of the relevant slides for each lecture. Needless to say, having the
slides will not be sufficient to learn in this course. Making them available to you is an effort to make
it easier for you to understand the material.
Occasionally, we will read and discuss articles during the lectures that I will distribute beforehand.
These will sometimes be the focus of the discussion sessions held by the TAs. The TAs will also
cover additional material and review the material we cover in the lectures as well as answer your
questions during the discussion sections. You will be responsible for all material covered in the
discussion sections.
GRADING: Your grade will be primarily determined by your performance on three exams, but
demonstration of effort will also be factored in via points for class participation. The share or
proportion contributed by your score on each exam to your final grade is listed below. 90% or
more of the total possible points will earn an A; 80 – 89% a B; 70 – 79% a C, 60 – 69% will earn a
D; and less than 60% will earn a F.
Department of Economics’ policy on grading requires instructors to use the grading system
announced at the beginning of the semester in all case and with no exceptions. There will be no
opportunities for extra credit.
25%
25%
35%
15%
Midterm 1 (on _/_/2008, in class)
Midterm 2 (on _/_/2008, in class)
Final Exam (date and time TBA on www.testudo.umd.edu, location TBA in class)
Class Participation
Midterms and Final: The exams will be closed-book. They will be a combination of multiple
choice, math problems, and short essay questions. Midterms will cover all the material up to the
lecture preceding the exam, and the final exam will cover the whole semester.
Students are required to take all three exams. Make-up exams will be granted only to those
students whose excuse complies with University policy. The four valid excuses according to
University policy are medical conditions, religious observances, participation in University events
at the request of University authorities, and compelling circumstances beyond your control. If you
believe you need a make-up, please inform the instructor as far in advance as possible and provide
Page 25 of 34
the appropriate documentation. If you miss an exam and cannot document a valid excuse, your
grade will be recorded as a zero.
Class Participation: All students are expected to attend all lectures and discussion sections and
participate in the class discussions. Your participation in the discussions, not the accuracy of the
things you say will be the basis of your class participation grade. If I determine that a significant
number of students are not attending the lectures and/or the discussion sections or participating in
the discussions, I or the TAs may have unannounced quizzes. Alternatively, I may assign problems
from the textbook or some outside sources. You are expected to solve and turn in these problems to
the TAs in discussion sections. These quizzes and problem sets will count in your class participation
grade.
Students with disabilities who require special accommodations must get in touch with the
instructor or a TA within the first three weeks of class.
Academic Integrity: The University of Maryland, College Park has a nationally recognized Code of
Academic Integrity, administered by the Student Honor Council. This Code sets standards
applicable to all undergraduate students, and you are responsible for upholding these standards as
you complete assignments and take exams in this course. Please make yourself aware of the
consequences of cheating, fabrication, facilitation, and plagiarism. For more information see
www.studenthonorcouncil.umd.edu
Page 26 of 34
COURSE OUTLINE – LECTURES
This outline may be revised during the semester. Check the course webpage to keep up to date.
Dates
Topic
Chapters
Introduction to the Course
1
Consumer and Firm Behavior
4
A Closed-Economy One-Period Model
5
Economic Growth
6
Endogenous Growth and Income Disparity Among Nations
7
MIDTERM 1
A Two-Period Model of Consumption and Saving
8
A Real Intertemporal Model
9
What is Money?
15
A Monetary Intertemporal Model
10
Market Clearing Theories of the Business Cycle
11
Keynesian Business Cycle Theory
12
MIDTERM 2
International Trade in Goods and Assets
13
Money in the Open Economy
14
Unemployment, Inflation & the Phillips Curve
16 & 17
Review and FINAL EXAM
Page 27 of 34
ECON X326
Intermediate Microeconomic Analysis
Spring 2008 DRAFT Syllabus
INSTRUCTORS’ CONTACT INFORMATION AND CLASS LOGISTICS:
Instructor:
Office: Tydings Hall
Section Number:
Email: XXXXX@econ.umd.edu
Phone: 301 405 ____
Office Hours:
Teaching Assistants (TAs):
Class Meetings:
Discussion Sections:
Course Website: www.elms.umd.edu. Copies of this syllabus, all problem sets, practice exams, your
grades, and other relevant documents will all be made available through the course website.
The University has adopted email as the primary means of communication outside the classroom. You
will receive emails to update you on any changes to this syllabus and other significant events during the
course. Students are responsible for updating their current email address via the appropriate link on
http://www.testudo.umd.edu/Registrar.html Failure to check email, errors in forwarding email, and
returned email due to “mailbox full” or “user unknown” will not excuse a student from missing
announcements or deadlines.
You are encouraged to ask questions about lectures of the instructor and questions about the problem sets
of the TAs. Please utilize the office hours listed above or request an appointment via email.
PREREQUISITES: You must have passed ECON 300 with a grade of C or better before attempting
ECON 326. (If you have already taken ECON 306, “Intermediate Microeconomic Theory and Policy”,
please talk with me or an economics department advisor about the advisability of taking this course.)
TEXTBOOKS: (1) Intermediate Microeconomics, Seventh Edition (2006) by Hal Varian. Published by WW
Norton & Company, ISBN: 0393927024.
(2) Workouts in Intermediate Microeconomics, Seventh Edition (2006) by Theodore C. Bergstrom and Hal R.
Varian. Published by WW Norton & Company
COURSE DESCRIPTION AND OBJECTIVES: Microeconomics is the study of economic decisionmaking. We are primarily concerned with the choices and actions taken by buyers (consumers) and sellers
(producers) in the setting of a perfectly competitive market, but we will also examine the implications of
alternative settings, including monopoly, externalities, and asymmetric information. Many of the issues
addressed in the ECON200 principles course are covered again at the intermediate level, but the logic of
the theoretical models is developed more explicitly, and more emphasis is on problem solving and
application of knowledge rather than learning definitions.
In ECON 326 we utilize many of the tools of economic analysis covered in ECON 300; you may wish to
review differentiation, functions of many variables, constrained optimization, and tools for comparative
statics. Explicit use of these methodological tools is the key difference between ECON 326 and ECON
306; econ majors who go on to take 400 level economics courses will be expected to already know the
mathematical formulations we cover in ECON 326.
Page 28 of 34
By the end of this course, you should be able to explain and apply models of consumer behavior, including
demand functions and elasticities. You will also be to explain and apply models of producer behavior,
including supply functions. You will be able to make reasoned predictions about and solve specific
problems to find equilibrium market outcomes (prices and levels of output) as well as changes in outcomes
in response to changes in exogenous variables. You will be able to explain and analyze efficiency and why
inefficiency results from monopoly, externalities, public goods and asymmetric information.
The course will be based on lectures, which closely follow the treatment in the textbook, and discussion of
problems found in the workbook. Slides for each lecture will be posted on the web beforehand for you to
download and bring to class. Needless to say, having the slides will not be sufficient to learn the material
covered in this course; they are provide to make it easier for you to understand the material. In discussion
sections TAs will go over sample problems similar to what you will find on the problem sets and the
exams. All students are expected to attend all lectures and discussion sections.
GRADING: Your grade will be determined by your performance on six problem sets and three
exams. The share or proportion contributed by your score on each exam to your final grade is listed
below. 90% or more of the total possible points will earn an A; 80 – 89% a B; 70 – 79% a C, 60 –
69% will earn a D; and less than 60% will earn a F. Department of Economics’ policy on grading
requires instructors to use the grading system announced at the beginning of the semester in all case
and with no exceptions. There will be no opportunities for extra credit.
18%
23%
23%
36%
Problem Sets (due at intervals throughout the semester – see attached schedule)
Midterm 1 (on _/_/2008, in class)
Midterm 2 (on _/_/2008, in class)
Final Exam (date and time TBA on www.testudo.umd.edu, location TBA in class)
Problem sets will be due at the start of class on the dates indicated. Problem sets submitted late will count
for at most 30% of the possible points.
The exams will be closed-book. They will be a combination of multiple choice, math problems, and short
essay questions. Midterms will cover all the material up to the lecture preceding the exam, and the final
exam will cover the whole semester.
Students are required to take all three exams. Make-up exams will be granted only to those students
whose excuse complies with University policy. The four valid excuses according to University policy are
medical conditions, religious observances, participation in University events at the request of University
authorities, and compelling circumstances beyond your control. If you believe you need a make-up, please
inform the instructor as far in advance as possible and provide the appropriate documentation. If you
miss an exam and cannot document a valid excuse, your grade will be recorded as a zero.
Students with disabilities who require special accommodations must get in touch with the instructor or a
TA within the first three weeks of class.
Academic Integrity: The University of Maryland, College Park has a nationally recognized Code of
Academic Integrity, administered by the Student Honor Council. This Code sets standards applicable to
all students, and you are responsible for upholding these standards as you complete assignments and take
exams in this course. Please make yourself aware of the consequences of cheating, fabrication, facilitation,
and plagiarism. For more information see www.studenthonorcouncil.umd.edu
Page 29 of 34
COURSE OUTLINE – LECTURES
This outline may be revised during the semester. Check the course webpage to keep up to date.
Dates
Topic
Chapters
Consumers and the Budget Constraint
2
Consumers, Preferences and Utility
PROBLEM SET 1 Due ___
3&4
Consumers’ Choice and Demand
5&6
Consumer Surplus
PROBLEM SET 2 Due ___
14
MIDTERM 1
Producers and Technology
18
Profit Maximization and Cost Minimization
PROBLEM SET 3 Due __
19 & 20
Cost Curves and Firm Supply
21 & 22
Industry Supply
PROBLEM SET 4 Due ___
23
MIDTERM 2
Market Demand
Equilibrium and Exchange
15
16 & 31
Monopoly
PROBLEM SET 5 Due ___
24
Externalities and Public Goods
33 & 36
Asymmetric Information and Information Technology
PROBLEM SET 6 Due ___
37 & 35
Review and FINAL EXAM
Page 30 of 34
APPENDIX 1 – Assessment Overview in Economics
Revision, March 2, 2006
A. Process Used to Develop Learning Assessment Plan
In fall 2005, the Undergraduate Director, John Wallis, identified three program areas
within the economics curriculum where learning assessment should be applied: theoretical
concepts, statistics, and applications to policy issues. Dr. Wallis consulted with a number of
individual faculty members who teach classes in each of the three program areas to assemble a
draft plan. The undergraduate studies committee reviewed the draft and presented it to the
faculty of the department for consideration. The draft plan was approved by the faculty and sent
to the College for review. Responses to guidance issued by the College were incorporated into
the current revision. The final plan, if acceptable to the college, will be presented to the entire
department for implementation.
B. Use of the Assessment Plan’s Results
We plan to the use the results from the first round of surveys to establish baselines for learning
outcomes. We are reluctant to establish numerical criteria for success based on the assessment
measures until we have a better feel for a typical year’s results. We plan to track assessment
measures over time and to use the movement in assessments as a guide to the performance of the
department’s teaching efforts. We expect by 2009 to have built on the base line quantitative
measures.
C. Additional Information
The Economics Department, like most economics departments in other 4-year colleges and
university, is in unanimity over the basic elements of the undergraduate major. All majors are
required to take classes in the following three areas: theory, statistics, and applications.
Basic elements of theory are taught in principles and intermediate levels course; all subsequent
courses within the major build on these basic elements and extend them to more sophisticated
concepts.
Every economics major must take a statistics course, Economics 321 or Statistics 400. The basic
concepts of mean, variance, standard deviation, and sampling are covered, as well as
fundamental tests of difference and statistical significance. All but pure theory courses within
the major afford students opportunity to apply the quantitative skills learned in economic
statistics.
Every economics major, from Economics 200 onward, is taught how to evaluate the effects of
governmental policies on economic outcomes. It is a basic skill that employs various key
concepts. Applications are part of all four of the basic theoretical classes, as well as the applied
classes at the 300 and 400 level
Page 31 of 34
APPENDIX 2 – Assessment Plan in Economics
Assessment Plan
Economics
(PROGRAM OF STUDY / MAJOR / DEGREE LEVEL, ETC.)
Program Contact:
John Wallis/Cindy Clement
Date submitted to Academic Unit Head:
Phone: ext. 5-3552/5-3257
E-mail:
Wallis@econ.umd.edu
clement@econ.umd.edu
March 2, 2006
Program Goals:
The economics department has three clear goals for our undergraduate majors: mastery of fundamental concepts, ability to use tools of quantitative
analysis, and ability to apply economic reasoning to policy issues. Each major should be able to define fundamental theoretical concepts in
macroeconomics and microeconomics and relate those concepts to concrete examples of economic issues and problems. To that end, we require
every major to pass introductory microeconomic theory and macroeconomic theory (Economics 200 and 201) respectively, and intermediate
microeconomic theory and macroeconomic theory (Economics 306 and 305) respectively. We also expect that every student will master fundamental
statistical concepts, taught in Economics 321, the required statistical class. All economics majors take the five classes just mentioned. Finally, we
expect that all economics majors will be able to analyze the effect of government policies. This material is covered in both the lower level theoretical
classes and in most of the upper level classes.
Relevance of goals to the mission statements and/or strategic plans of the University, College, or Program as applicable:
The core sequence in the Economics Department and the learning outcomes we will assess are directly related to two University goals: 1) critical
reasoning and research skills, and 2) science and quantitative reasoning. The theoretical classes require students to master a set of analytic concepts
that can be applied to every aspect of human behavior. The statistics class prepares students to understand fundamental quantitative measures, and
begin to understand how to make meaningful comparison of measures while evaluating the significance of differences in quantitative outcomes.
Page 32 of 34
APPENDIX 2 – Assessment Plan in Economics
Student Learning Objectives
Assessment Measures and Criteria
1.Concepts:
Assessment of fundamental concepts will be conducted in
Every economics major should have a mastery of examinations given during the four core theoretical classes.
Embedded questions covering the basic concepts are already
fundamental concepts in microeconomics and
included in every class and will be identified on each exam;
macroeconomics. This is the material in the
answers will be recorded electronically. One section of each
theoretical core classes: 200, 201, 305, and 306
class will be sampled each semester.
Criteria: see attached rubric.
2. Quantitative Analysis:
Assessment of fundamental statistical concepts will be
Every economics major should have a mastery of conducted in Economics 321. Embedded questions covering
basic statistical concepts and their application to the basic concepts will be identified on each exam and
answers recorded electronically. One class of 321 will be
economic issues.
sampled each semester.
Criteria: see attached rubric.
3.Policy Applications:
Every economics major should be able to
analyze the effect of government policies on the
economy.
The applied 400 level classes – Economics 401, 441, 451,
454, 456, 461, and 470 – all address policy issues. Each
class already includes exam questions in which students are
asked to evaluate the effects of specific policies on the
economy. A sample of 30 exam answers will be drawn from
selected sections of applied 400 level classes each semester.
Answers to applied questions will be photocopied and kept
in a file. Every two years, exam answers will be evaluated.
Criteria: see attached rubric.
Page 33 of 34
Assessment Schedule
Initial year: fall 2006
Subsequent cycle:
Questions will be gathered
every semester and evaluated
by the undergraduate studies
committee every two years,
beginning in fall 2007.
Initial year: fall 2006
Subsequent cycle:
Questions will be gathered
every semester and evaluated
by the undergraduate studies
committee every two years,
beginning in fall 2007.
Initial year: fall semester,
2007
Subsequent cycle:
Answered will be gathered
every semester and evaluated
by the undergraduate studies
committee every two years,
beginning in fall 2008.
APPENDIX 2 – Assessment Plan in Economics
Objective
Assessment Criteria – Economics Learning Assessment Rubric
Novice/Inadequate
Developing
1. Concepts: Every economics major should have
a competent mastery of fundamental concepts in
microeconomics and macroeconomics.
a. Demonstrates knowledge of key terminology
b. Demonstrates ability to illustrate economic
relationships with graphical models
c. Demonstrates ability to analyze
interrelationships amongst economic variables
using functional models
• Does not understand basic
definitions of fundamental
economic concepts
• Shows some
understanding of
fundamental economic
concepts but is not able to
apply knowledge to solving
problems or analyzing
economic issues
• Has good foundation in
fundamental concepts and
shows evidence of basic
ability to apply knowledge to
problem solving and analysis
of economic issues
• Shows exceptional
understanding of
fundamental economic
concepts that will enable the
student to independently
produce economic analysis
and apply concepts to
problem solving
2. Statistics: Understand and apply statistical
concepts and applications.
a. Demonstrates basic knowledge of descriptive
statistics
b. Demonstrates basic knowledge of inferential
statistics
c. Demonstrates ability to use appropriate
statistical application to various word problems
• Does not understand basic
statistical concepts and
applications and is unable to
use appropriate statistical
applications to various word
problems
• Shows some
understanding of basic
statistical concepts and
applications and is
inconsistent in the use of
appropriate statistical
applications to word
problems
• Has good understanding of
descriptive and inferential
statistics and demonstrates
ability to use appropriate
statistical application to word
problems
• Demonstrates exceptional
knowledge of statistical
concepts and applications
that will enable the student
to make a scholarly
contribution
3. Policy Applications: Every economics major
should be able to analyze the effect of
government policies on the economy, using both
conceptual and quantitative analysis.
a. Demonstrates knowledge of linkages between
government policy and economic behavior
b. Demonstrates ability to explain economic
consequences of different government policies for
specific topics
c. Demonstrates knowledge of quantitative
indicators used in making and assessing
government policy
• Does not understand how
to identify linkages between
government policy,
economic behavior, and
economic performance
• Shows some
understanding of the
linkages between economic
behavior and government
policy
• Has good understanding of
linkages between government
policy, economic behavior,
and economic performance;
able to use economic tools to
explain past policy outcomes
• Demonstrates exceptional
knowledge of linkages
between government policy,
economic behavior, and
economic performance; able
to use economic tools to
explain past policy
outcomes and make
reasoned predictions about
new policies
Page 34 of 34
Proficient/Good
Accomplished/Excellent