CAMERON: SYLLABUS & COURSE OUTLINE MACROECONOMICS SPRING 2011 REGULAR START {16 weeks Lecture} Econ 2302-21 Micro () Second Start SAT 1-5 I. Instructor's Name: PAMELA CAMERON, B.S., M.A., PhD. II Brief instructor bio: Welcome to the class! Dr. Cameron is a highly experienced professor, having taught undergraduate and graduate economics (and statistics) at the University of Oklahoma, the University of Phoenix and here at HCC. She is also an experienced business person. She was the President of, and partner in, a well-known Economics consulting firm in the Washington, D.C. area. She has chosen to teach because of a desire to share that experience, and help her students compete in the market for the best, and highest paying, jobs. She is only too glad to answer any and all of your questions. So, please, pull up your chair and enjoy learning about how markets operate, and how those markets affect you. Office Location and hours: 9-9:30 am TTH Room 208 Learning Hub OR CLASSROOM OR 6:30-7 pm TTH West Loop CLASSROOM Please fill free to ask and I will try my best to accommodate you. It has been my experience that most students will try to see their instructor either before or after class and this is fine, as long as I am not rushing off to another class. Otherwise, please stop by Room 208 in the Learning Hub between 2 and 3 pm on TTH. Or email and we will set up a time. Preferred contact method:E-mail: Pamela.cameron@hccs.edu AND Alternate contact method: pjcameron@comcast.net My students and their success are very important to me. I am almost always available to answer your questions. Feel free to come by Room 208 of the HUB anytime . If I am there I will happily address your concerns. If not, email me, and we will find a time to meet. More importantly, feel free to ask any question at any time during your class. III. Course Meeting Days, Times and Location: CRN Course Number and Name Days Times 70594 ECON 2302 -21 Principles of Microeconomics sat 1-5 pm Page 1 of 13 Room Alief 126 ECON ECON “ IV. Course's Catalog Description and Prerequsites: ECON 2301 Principles of Macroeconomics Prerequisites: Must be placed into college-level reading and be placed into MATH 0308 (or higher) and be placed into ENGL 0310/0349 (or higher) in writing. Credit: 3 hrs (lecture) “Microeconomics examines the fundamentals of the American economy as it relates to business and individual welfare. Emphasis is on basic economic concepts and theories as they affect domestic and international markets. Microeconomics includes cost and production decisions and discusses the role of competition, monopolies, and oligopolies. Core Curriculum Course.” Student Handbook 2010 Textbook: The Economy Today, 12 edition, Bradley R. Schiller (you can use the 3 hole punch version available at the bookstore or the hardbound full edition or the paperback splits as long as it is the 12th edition and includes Connect). On Line Subscription: McGraw Hill Connect- This is necessary to complete homework assignments and to help you, the student better understand the course. Remember this homework system is designed to force students to read the material BEFORE they come to class and hear the lecture. Please check the website weekly for homeworks that are due, as they will expire and cannot be brought back V. CATE none apply to this course VI. Format of course, objectives and methods: Course format is mostly lecture, with the objectives given below. The instructor will, through lectures from the text, examples from the news, and by working problems on the whiteboard, convey the theory and its application. We will discuss current events in class and you will be responsible for anything which we cover in class. Main Course Objectives 1. Understand and be able to apply the concepts of supply and demand and market equilibrium, what causes a change in supply or demand or equilibrium, and be able to show all this graphically. Be able to draw the supply/demand graphs and use them to explain what happens to price and output when there is a change is either supply or demand. 2. Describe and be able to apply the concept of elasticity, particularly the price elasticity of demand. Be able to use the formulas to calculate elasticity and use the calculated values to analyze the impact of elasticity on variables such as revenue. Page 2 of 13 Be able to explain how elasticity effects supply and demand curves. 3. Explain the characteristics of market behavior in both perfectly and imperfectly competitive firms. You must understand the differences between Perfect Competition and Monopolistic Competition, Oligopoly or Monoply. You should be able to draw and explain how firms in each of these industries set price and output. `4. Explain and identify production costs and how they behave in the short and long run. Understand how government attempts to control and prevent monopolistic power through anti-trust laws and regulation—and be able to describe the results and the limitations. VII. Associated websites and textbook: Textbook: The Economy Today, 12 edition, Bradley R. Schiller (you can use the 3 hole punch version available at the bookstore or the hardbound full edition or the paperback splits as long as it is the 12th edition and includes Connect). ISBN Number: 0077398149 On Line Subscription: McGraw Hill Connect- This is necessary to complete homework assignments and to help you, the student better understand the course . You are given a code to register when you buy the Connect. You would then use the link given above/below to get into the class where you do your homework. Required: Textbook’s website -this site is an invaluable tool to help you begin to discover economics ! http://highered.mcgraw-hill.com/sites/0077247418/student_view0/index.html Department website: http://learning.swc.hccs.edu/courses/social-behavioral-sciences/economics-homepage/ Please look at the department website for additional useful and fun economics related websites. VIII. Required Textbook Textbook: The Economy Today, 12 edition, Bradley R. Schiller (you can use the 3 hole punch version available at the bookstore or the hardbound full edition or the paperback splits as long as it is the 12th edition and includes Connect). On Line Subscription: McGraw Hill Connect- This is necessary to complete homework assignments and to help you, the student better understand the course. An email has been sent which contain the url for the Connect link. You must first buy the Connect from McGrawHill and register, then use the link to get into Page 3 of 13 your class. LINK: http://connect.mcgrawhill.com/class/p_cameron_econ_2302___micro_second_start__3-5pm_tth___spring_2011 IX. Lab times- This course has no lab, but the Connect assignments are practical problems similar to test questions that give the student practice with applications of economics. You, the student will find them to be very useful. X. ADA Statement-Any student with a DOCUMENTED disability (e.g. physical, learning, psychiatric, vision, hearing, etc.) who needs to arrange reasonable accommodations must contact the Disability Services Office at the respective college at the beginning of each semester. Faculty are authorized to provide ONLY the accommodations requested by the Disability Support Services Office. If you have any questions please contact the counselor, Becky Hauri at 713-718-7909 (Southwest campus) as soon as possible to make the necessary accommodations. The counselor will inform instructors on the recommended accommodations. If you still have questions contact Donna Price at 713-718-5165. The information in this publication will be made available in large print, taped or computer-based format upon request. Should you receive such a request, the office of Disability Support Services at your college has the expertise and equipment necessary to accommodate it. HCC CAMPUS CLASSES ONLY: If you have a physical handicap that necessitates assistance during a building evacuation, contact the instructor on the first day of class and a buddy will be assigned to you. This buddy along with the instructor and security personnel will assist you in the unlikely event of a building evacuation. XI. BEHAVIOR IN THE CLASSROOM Instructors in the department welcome appropriate classroom behavior. This includes attendance as well as verbal participation in class including, but not limited to: Answering the instructor‘s questions, being alert and awake for each class period and refraining from inappropriate classroom behavior. We cordially ask that you refrain from inappropriate classroom behavior which includes, but is not limited to: Talking in class, touching or attempting to touch another student, throwing any object at any time, interrupting the instructor or another student, being unprepared for class by not bringing necessary materials to class and snoring. XII. As a student active in the learning community of this course, it is your responsibility to be respectful of the learning atmosphere in your classroom. To show respect of your fellow students and instructor, you will turn off your phone and other electronic devices, and will not use use these devices in the classroom unless you receive permission from the instructor. Page 4 of 13 XIII. Academic Honesty: A student who is academically dishonest is, by definition, not showing that the coursework has been learned. And that student is claiming an advantage not available to other students. The instructor is responsible for measuring each student's individual achievements and also for ensuring that all students compete on a level playing field. Thus, in our system, the instructor has teaching, grading, and enforcement roles. You are expected to be familiar with the University's Policy on Academic Honesty, found in the catalog . What that means is: If you are charged with an offense, pleading ignorance of the rules won’t help you. When you submit work in this class, you certify that it is your own work and that you are not submitting the work of others or doing any of the following:1. Looking on another student's paper, 2. copying another student's work, 3. plagiarism in any form, 4. talking during any graded assignment, 5. receiving or giving unauthorized information before or during a graded assignment. Cheating includes, but is not limited to the aforementioned items. Basic rule: Avoid the very appearance of evil. This means avoid those things that even appear to be cheating, Remember, cheating will get you a zero on the test, and a zero on the paper. XIV. Attendance Policy: Student success is enhanced by regular class attendance. Each day in the class in important and being in class on time is critical to achieving success. I want you to succeed in this class and it is important to me, but it must be important to you as well. It is requested that students first contact the instructor should any extraordinary problem occur. An extraordinary problem is one that causes you to miss 2 or more consecutive classes or 3 or more hours of class. Your in-class grade may suffer as a result of absences. It is essential that you do not take a casual attitude toward course attendance and participation. Student absences are HIGHLY correlated with LOW grades. Please come to each class prepared to thoughtfully discuss the material for that day. Being unprepared will likely adversely affect your grade. XV. HCC policy is that a student MAY be dropped from a course after 6 class hours have been missed. The policy in this class is that you will be dropped if you miss seven (7) or more hours. If you anticipate any major problems with attendance, see your instructor immediately and get the situation resolved. YOU MUST CONTACT THE REGISTRAR’S OFFICE TO DROP ANY CLASS. After the drop date, ALL STUDENTS WILL BE ASSIGNED THE GRADE OF A, B, C, D, F or I. The grade of I will only be assigned to a student under extraordinary circumstances. XVI. NOTICE: Please be aware that students who take a course for the third time or more must now pay significant tuition/fee increases at HCC and other Texas public colleges and universities. At HCC it is an additional $50 per credit hour. Also, the state of Texas has passed a new law limiting new students to no more than six withdrawals throughout their academic career in obtaining a baccalaureate degree. If you are considering course withdrawal because you are not earning passing grades, confer with your instructor/counselor as early as possible about your study habits, reading and writing homework, test-taking skills, attendance, course participation, and opportunities for tutoring or other assistance that might be available. Your success is very important. Page 5 of 13 XVII. Grading policy- Computation of Final Course Grade: If your average is: 900- 1000 points your grade will be A; 800-899 B; 700-799 C; 600-699 D; Below 600 will be an F Final Examination: There are 3 equally weighted exams, no ‘final’. The last test , test 3, will be given on the final day of class. XVII. Course requirements: Other than the basic mathematics and the ability to use the computer for research and Connect, there are no additional course requirements. See section IV. . XVIII. Student Learning Outcomes: As stated also in section VI. XX. Instructional Objectives: Instructional Objectives : to enable my students to meet all of the Objectives described in Section VI above. This includes, lecturing and working with students to help then: 1. Describe the concepts of supply and demand and market equilibrium, what causes a change in supply or demand or equilibrium, and be able to show all this graphically. Be able to draw the supply/demand graph and use it to explain what happens to price and output when there is a change is either supply or demand. Be able to distinguish between a change in Demand and a Change in the quantity demanded. 2. Describe and be able to apply the concept of elasticity, particularly the price elasticity of demand. Be able to use the formulas to calculate elasticity and use the calculated values to analyze the impact of elasticity on variables such as revenue. Be able to explain how elasticity effects supply and demand curves. 3. Explain the characteristics of market behavior in both perfectly and imperfectly competitive firms. You must understand the differences between Perfect Competition and Monopolistic Competition, Oligopoly or Monopoly. You should be able to draw and explain how firms in each of these industries set price and output. 4. Explain and identify production costs and how they behave in the short and long run. Understand how government attempts to control and prevent monopolistic power through antitrust laws and regulation—and be able to describe the results and the limitations. As you receive instructions concerning all of your required assignments at the beginning of the semester in your syllabus, late work is not acceptable. As a dedicated college student, it is your responsibility to complete your assignments on time. As discussion concerning your assignments will be ongoing during the class, you may ask questions about the projects any time during the semester. Your questions are welcomed as you are not the only student wanting the information. Make-ups are not allowed for class assignments, research papers or tests. Students missing exams one or two will have exam three count twice. There is no makeup for exam 3, given on the last day of class. XIX. Make up policy: Page 6 of 13 XXI. Course Calendar: Instructional Topics/Tentative Schedule: (see textbook for specific chapter topics)(Note: Instructor reserves the right to alter this schedule to meet optimal teaching rates for student comprehension.) It is expected that the chapters be read prior to the class meeting to which those chapters correspond. The purpose of Connect is to force students to read the material before they come to class and hear the lecture on a given topic, Always check to see if you have a homework due. Ch denotes ‘chapter.’ Week/Dates 1 F 12 2 F 19 3 F 26 4 M2 Topics Assignment(s) Read chapters 1-2 Overview & and check Connect Ch 1&2, start 3; for Homework. Production Check for Possibilities, homework at least Opportunity cost twice a week. Read chapters, articles for paper, and do Homework Ch 3 Supply and Demand Read chapters 1,2, 3 and 4 and if Ch 3 you have not Supply and Demand, already done so. equilibrium and Connect Elasticity. Ch 3 Homework, begin Price floors, study for test 1. price ceilings and non equilibrium, elasticity Ch 19, Market Failure Ch 4 Week/Dates 9 test 2 A9 10 A 16 Ch 23, and ch 24 Topics Review and Read chapters and prepare for test 2 Connect Homework, on April 14… on please be working cost and on your paper. competition. You should have read 23 and 24 by this week. Ch 25, 26 and we will discuss comparative advantage if time permits Paper due April 21 at start of class. Class starts at1pm, not 1:30pm or 4pm. No late papers accepted. EASTER HOLIDAY 11 A 23 . Assignment(s) You should read ch.’s 25 and 26 by this week. Don’t forget remaining homeworks. Read chapters 19 Review and Test 3 Ch 3 Price Review and Test and do Connect april 30 unless we floors, price 12 3 Homework. get behind and ceilings and non A 30 Second Start is a Review for test 1on must use the finals equilibrium, 12 week course week-may 7 elasticity Ch 19, Market Failure March 10 TEST 3 Ch 4 COMPREH TEST 1 ENSIVE Page 7 of 13 5 M 12 6 M 19 7 M 26 8 A2 Good time to work on your paper. Read chapters, do Begin ch’s 20 homeworks. Don’t &21 Costs of forget the paper. production. You should be able Competition to do a draft by now, even if draft is not complete. 14 SPRING BREAK Cont. ch 21 Competition Ch 22 13 MAY 7 All tests are of equal value and duration, therefore, test 3 is given the last day of FINALS WEEK class BEGINS Read ch 22. Please remember you are supposed to have read every relevant chapter before the lecture. And, there will be homeworks in all weeks so check. At minimum, you should have a rough draft of your paper by now. Read ch 22 on competitive markets. Don’t forget your paper. 15 16 FINALS WEEK Regular start has 16 weeks Spring Break is March 15-20 HOLIDAYS: You can consult the HCC website: www.hccs.edu for a list of HCC holidays. XXII. Other important information: 1 You will be graded on your demonstrated understanding of the the material. Showing up and taking the tests is not enough. You must understand the material and be able to apply the theory to real life situations and hypothetical situations . 2 Start reading articles about the economy now. Bring your questions in to the class and we will discuss them. Please. Do not leave the paper until the last week, It has been demonstrated semester after semester that you simply cannot write a college quality paper in one weekend. If you do leave it until the last minute, you most likely will not get more than a D on that paper. 3 You may bring one notebook sized piece of paper to each test. You can write on both sides, and put anything you want on that paper. What you can’t do is use your neighbor. Any question about it, and I will pick up the paper and it will automatically be assigned a zero grade. Page 8 of 13 4 LATE POLICY: To avoid being counted absent, see me after class if you come in late. If you must arrive late, please enter quietly and take the nearest seat available so as to minimize the disruption to the class. 5 As regards the Paper, there is no late policy. I will not accept a late paper. The due date and the topic are both known well in advance. From time to time things happen which cause us to be ‘out of commission’ for a few days. Therefore, make sure your paper is done the week before it is due, and you will not have to worry about getting a zero on the paper if something comes up. XXIII. HCC Core Curriculum Statement: "For information regarding HCC's Core Curriculum, see P. 46 of the HCC Catalog. For information about HCC's Social Sciences Exemplary Educational Objectives, see P. 59-60 of the HCC Catalog." XXIV. PAPER INTRUCTIONS : THESE ARE NOT RECOMMENDATIONS, REQUIREMENTS!S: THEY ARE SUBJECT: Application of Supply and Demand model to the current market for “all wheel drive automobiles”. This is an application of S/D concepts to events in the real world. You gain the ‘real world’ knowledge by reading articles online and listening in class. Specifically, start by summarizing and analyzing the market for this type of auto. Then explain your supply/demand theory. This means you must first define the theory and be able to graph it and explain what’s happening by referring back to your graph in your paper (theory section). It also means you must start now by going online to read articles and to find data/info which are relevant. You will inevitably find words you do not understand, articles that are not clear to you, or perhaps be unable to find certain data. Bring these questions to class and I will help you clarify these. Also, it will benefit the rest of the class if we discuss these concepts in class. So please feel free to ask any question. MECHANICS: There is no word limit. The paper should be however long it needs to be for you to get the job done, and no longer. I will read and comment on an outline, but I cannot pre-read any paper. If I did it for one, I would have to do it for all. Style is up to the author, however, whether you use MLA type footnotes or some other style, you must document ALL cites and sources clearly. References/CITES are required for each number that you did not personally develop. A reference is also required for each quote and for ideas used which are not your own. You must have at least 20 sources cited on your Reference Page. You may not cite Wikipedia as a source. You must use Headings and sub-Headings. SEE BELOW. You must have an executive summary a k a ‘summary and conclusion’ section right up front. Instructions: Page 9 of 13 Write from an outline. Let me repeat that, because it's really helpful: write from an outline. I know of no one who can reel off a coherent paper more than one or two pages long without some kind of strategy. You must use Headings and sub-headings. This will ensure your reader knows exactly where you are going with your thoughts and is the basis for your outline. You must include an executive summary at the beginning. Since it is a summary, it cannot be written until your paper is done., Note: Draw your Aggregate Supply and Demand graphs before the changes discussed in your paper---and any individual market supply and demand graphs you feel are relevant. Start with equilibrium and then show the changes that are expected to occur or that you think have occurred. All on one graph. If you bring up your results to class, we can discuss them and you will be able to ‘proof’ your results in a sense. You do not have to use 'real' price level and real GDP or quantities in your graphs. Describe what happened and why, referring to your graph. Label all axes and lines. Define your symbols. Be sure to explain any differences between a movement along a supply or demand curve (change in quantity demanded or supplied) and shift of the aggregate demand/supply curve. Be prepared to discuss this assignment in class. Remember that a graph, or a table of data is totally meaningless unless you discuss it [ie tell how it is relevant to your research or your theory] in your paper. You may leave space and pencil in your graphs. Points will be lost for each failure to label, for each failure to define symbols, and for each failure to discuss the significance of any quote you use. Long quotes and the use of many quotes tells the reader that you do not understand the quote or the issue being discussed. Therefore, do not use quotes of more than two sentences, and no more than two quotes per page, Executive/Summary. Don't even try to write the introduction until after the rest of the paper is written. Only then will you really know what it was you said, and be able to summarize it. Your paper must have a cover sheet which contains your name and other class information, eg the class [eg. Econ 2301 TTH at 9:30 am) information, and the semester in addition to the title .. 10 points will be lost for failure to provide a cover. The paper must be double spaced so that I have room to give comments. Two points will be lost for every misspelled word or grammatical error. Three points for a sentence that makes no sense. Proofing eliminates the possibility of losing points in this manner.. And, its FREE! AT MINIMUM YOU WILL HAVE THE FOLLOWING HEADINGS IN YOUR PAPER You may need or want subheadings or, even, additional headings. But, the following are required.. I. Page 10 of 13 Executive Summary This is a ‘summary and conclusion’. Summarize the important parts. This should be no more than a page or page and a half double spaced. II. III. Statement of the Problem: here you develop and summarize the topic , what are you trying to accomplish? What was the assisgnment? Research and Theoretical Models Used. I would put Research Method as IIIA and Theory as IIIB. This section should discuss the S/D model using your book to help you explain the model and how it works. For the research you discuss what you researched and how. The key findings Your assumptions are important. Every slope has a cause. If supply or demand curves shift, they must have a cause. Note: Draw your Supply and Demand graph for all wheel drive vehicles before any changes discussed in your paper---and any other individual market supply and demand graphs you feel are relevant. Start with equilibrium and then show the changes that are expected to occur or that you think have occurred. You do not have to use 'real' prices and quantities in your graph. Describe what happened and why. Label all axes and lines. Define your symbols. Be sure to explain any differences between a movement along a supply or demand curve (change in quantity demanded or supplied) and shift of the aggregate demand/supply curve. Be prepared to discuss this assignment in class. Remember that a graph, or a table of data is totally meaningless unless you discuss it in your paper. You may leave space and pencil in your graphs. Points will be lost for each failure to label, for each failure to define symbols, and for each failure to discuss the significance of any quote you use. Long quotes and the use of many quotes tell the reader that you do not understand the quote and will cost you points also. IV. Findings and conclusions: Here you describe the outcome of the model applications ( eg this is the interpretation of the ‘after’ situation in your ‘’before and after’ graphs.) Discuss your graphs and what changes you see coming or that happened recently which are relevant to the market. You do not need to use the computer to draw your graphs. You may refer back to your theory section hear when you describe any changes in Price or Output (caused by any changes in Supply or Demand which you identified.) Conclusions are your own, but you will need to back them with your findings. V. Summary; here you summarize your findings and discuss the policy implications or ramifications (eg on the future economy_ This section will also be used and useful to write the section I (Summary and Conclusion) . Page 11 of 13 OTHER POINTS Stick to the subject. IF, for example, the subject had been monetary policy over the past ten years, do not give a history of the Federal Reserve, regardless of how interesting you might have found that history to be. Stick to the POLICY and make sure you go back ten years (definitions, trends of economic variables, etc, are all relevant, but personal histories, or how the FED came into being is not.) Remember that a paper that is written about something other than the topic will result in an automatic zero. The important points should appear at least twice or maybe 3 times: once in the introduction, again in the body of the paper (where you explained it in detail), and finally in the conclusions (where you gave and explained the implications of this ‘point’). Think about the Economic theory that will be incorporated. Look at the textbook and the objectives of the chapters. Think about where and how you will introduce graphs to illustrate your point. You will need graphs to illustrate the theoretical part. REPEAT: Remember that graphs are meaningless unless they are labeled and discussed.. All numbers and charts must be sourced. If in doubt about how to label, just look at how your text deals with labeling of graphs. Label all axes and lines. Define your symbols or you will lose at least 2 points for every symbol used and not defined. . Never assume that the reader knows what you meant. Always explain it. I repeat, because this is important. Plagiarism will not be tolerated. This will get you an automatic zero on the paper. Don’t’ forget that five or more words from any source must be in quotations [ “…” ] and cited or it is plagiarism. The best rule of thumb: just give credit where credit is due. FREE plagiarism check guarantees this will not happen. Remember, as stated above, no late papers , No matter what the excuse. So, have it ready early. It is your responsibility to read this syllabus and make sure you have properly addressed the topic given and have written the paper in proper form, and have turned it in on time. Remember that your reader (i.e. me, in this case) is not a mind reader. Your professor can only give credit for what is written and demonstrated in the paper—not for what you meant to say or show. No excuses. Page 12 of 13 FREE SERVICES! FREE! *FREE TUTORING on campus will begin in February. *FREE PLAGIARISM CHECKS are available online – at HCC askonline, and online generally (just use your search engine to find one._Finally, *FREE PROOFING of papers is also available at askonline. So, there is no excuse for a bad paper. OTHER HELPFUL SOURCES: Some good websites for finding data series on GDP, Unemployment Rates, INFLATION, business cycles and other economic variables: . http://www.econlib.org/library/sourcesUS.html#now . http://www.usa.gov/ www.BLS.gov www.FED.gov www.hccs.askonline.edu http://swc2.hccs.edu/e-tutor/ Try googling for any industry data put out by the auto manufacturers themselves. There is usually an association of manufacturers in every industry. You can find current articles in the Houston Chronicle by going to www.chron.com . This is FREE!. You may not access the archives, however, without a subscription. You can use your parents subscription number, if they subscribe. Or, go to any other major paper. CNN also provides free articles as does the Wall Street Journal. .In general, Your Textbook is where you should start for information. Use it to find information on Fiscal Policy and how it works (the Theory section of your paper) as well as to find out what your text says about the Great Depression. Remember to source any data used. And, remember to discuss the data and its significance to your topic. ON WRITING A COLLEGE PAPER: See “Armando's Paper Writing and Presentations Page” http://www.ucc.vt.edu/stdysk/termpapr.html http://www.fordham.edu/halsall/med/howto.html Page 13 of 13