[PRINCIPLES OF ECONOMICS]
[EC. 4550- TCA30227]
[***Summer, 2011***]
Instructor:
Professor Michael Tansey
Classroom:
CONWAY 205
Meeting Time: 8:00-12:00 A.M..
Office:
CONWAY 313
Office hours: Tues. 12:00-2:00 and by appointment
Telephone:
(Cell phone at 913-485-7550)
E-mail:
michael.tansey@rockhurst.edu
Course Website: http://cte.rockhurst.edu/tanseym at EC 4550
Fax:
816-501-4693
TEXTOOKS:

Bradley R. Schiller. The Economy Today, 12th edition New York: McGraw Hill 2010
Course materials and this syllabus should be downloaded from the Website
(cte.rockhurst.edu/tansey at EC4550).
check each week for any changes!
All assignments should be sent to me through my E-mail address:
michael.tansey@rockhurst.edu
make sure the SUBJECT LINE of the e-mail bears the title
“MIL11ulastnameWhateversubject”
with whatever subject after your “lastname”. Otherwise, I can’t find the message.
Since an important goal of this course is to achieve paperless communication, you will
need to send your assignments in Microsoft Word, Microsoft Power Point, and/or
Microsoft Excel so I can read it on a PC. You should have the ability to use (and have
daily access to) the Internet, your Rockhurst email account, AND Adobe Acrobat Reader.
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Learning Objectives
After completing the course, students should be able to:
Outline basic macroeconomic theory and basic principle of macroeconomics
-- Identify tenets of major schools of thought including Classical and Keynesian.
-- Identify economic interrelationships and models of economic behavior.
-- Explain the development of economic theory in its social setting.
-- Articulate differing value systems and their relevance to different economic
paradigms.
-- Articulate the interdependence of nations in a global economy.
Identify and analyze problems in the economy
-- Collect and analyze data.
-- Identify and interpret domestic and international macroeconomic data
Analyze and evaluate policy
-- Evaluate macroeconomic policy alternatives
-- Evaluate the role and effectiveness of government in the economy
-- Evaluate issues and policies within the relevant political, legal and
international contexts
-- Appraise the effectiveness of government in achieving social objectives
Demonstrate written communication skills by articulating and supporting ideas using
appropriate economic terminology
Effectively grasp appropriate economic methodology.
Use elementary microeconomic theory and models to understand buyer and seller
behavior in both the product and resource market.
Evaluate the impact of macro and government policy on the firm.
Apply microeconomic theory and models to current events.
Consider and discuss social justice issues, and how they relate to the firm.
Analyze various industry structures and evaluate their effects.
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ASSIGNMENTS: There are seven sections (and assignments) to the course which are
taken in order since they build cumulatively upon each other. Each section must be
passed with a 70% score (or a simple “pass” in case of late assignments) or better on the
assignments you receive each week. The assignments can be turned in (sent to my e-mail
address) anytime during the week. Quiz Sections of assignments are turned in during
class.
 Please title the assignment as "MIL11uNameASSN0_". Where "Name" should be
replaced with your name. Where "0_ " should be replaced with the number of the
assignment that is being turned in.
 Please also name the files you attach as "MIL11uNameASSN0_"
 If you resubmit an assignment (after asking permission to do so) then label it as
"MIL11uNameASSN0_resubmit#" where # indicates the number of
resubmissions.
COURSE REQUIREMENTS: The work done for this class must be done by the
student alone, except when teams are explicitly assigned to perform a task together.
Generally, each student will have a different set of homework problems to perform. If
you need help, consult directly with the professor.
GRADING: There are eight sections (final and assignments) to the course which are
taken in order since they build cumulatively upon each other. Grading is usually done
within a week of your on-time submission. You will receive back through email your
assignments with grades and comments.
Each section must be passed with a 70% score or better (or a simple “pass” awarded
at the end of the course in case of late assignments) on the assignments you receive each
week. If you receive less than a 70% score on any assignment, talk to the professor about
resubmitting the assignment. The grade for the course will be a simple average of your
seven assignments and final exam grades.
A if your average is above 90%
B+ if your average is above 85%
B if all assignments and final exam are above70%
C if any of the assignments or the final is below 70%.
In some cases the professor will ask you to resubmit an assignment. In such cases the
maximum possible grade is “85%”. Only if you are asked to resubmit will the professor
necessarily regrade the homework and the regrade will be done at the end of the semester.
If you want to resubmit an assignment, first talk to (or e-mail) the professor to get
permission. Since the answers to the assignment may already be available, it may be
necessary for the professor to respecify the assignment. Whenever an assignment is
redone it will regraded in its entirety.
ON-Time Assignments. DUE BY ***8:00 a.m..*** on the ***Tuesday***
following the date (see calendar below) on which the assignment is made. NO
EXCEPTIONS (i.e. fairness and economies of scale require all papers to be graded at
once). If assignments are sent late they will receive either a “pass” (equivalent to a “70”
or “fail” grade which is equivalent to a “0”) and will be returned late.
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Topical Outline
DA
TE
SUBJECT
Text
CLASS Notes
Assig
nment
Jn 7
Market Supply and Demand.
Equilibrium. Shortages, surpluses
Market Failure. Government
Interventions. Government failure.
PPT
1-4
Market &
Government
Failure.
CLASS:
Exercise 1ans
Exercise 2ans
1
Exam
ple
Jn
14
BRING COMPUTER TO
CLASS (helps get assignment
5-8,
10a.
m.
to
noo
n
only
done!!)
Aggregate Supply and Demand.
Collecting Data from the Internet.
Technical analysis-forecasting.
Data Transformation: Level, change in
level, percentage change, change of
change. Logarithms.
Data Interpretation: Inventory, change
in inventory, rate of change of
inventory. Stock market. PPT
Chp 6.
National
Accounts
2
Exam
ple.
Jn
22
Business Cycles, Determinants of
aggregate demand and supply.
Injections and Leakages: how to use
I+G+X=S+T+M identity on balances.
QuizE
X
9-11
Regression
3
Exam
ple.
QuizE
X
Regression and forecasting
1.
How to analyze homework to
construct the right model.
2.
Regression analysis: choosing
the right form to find the relationship.
How to read regression.
3.
The model of the business
cycle: prices lead
4.
Barometric forecasting:
Contrarian. PPT
Jn
28
1.
Derivation of Keynesian
Multiplier.
2.
Comparison of multipliers:
impact of trade, taxes (automatic
stabilizers)
3.
Input Output Table. Uses of
Macro
Reading on
modeling the
economy and
Macro
4
Exam
ple.
QuizE
X
4
the input-output table
4.
Vertical markets.
demonstration
PPT
Jly
5
Monetarism: MV=PQ. Banking
system
1.
Banking System: Ponzi
scheme T-accounts
2.
Money multiplier
Suppl.y Side Econmics: Aggregate
Demand and Supply
3.
Equilibrium . Sticky pricessurpluses and shortages- Keynes
4.
Phillips Curve- What has
happened by administration.
13,
15,
1618
Banking
System
Reading and
5
Exam
ple.
Bank model
computer
exercise
QuizE
X
Demand,
Accounting
notes. Final
Version of
exam-ple
6
Exam
ple.
PPT
Jly
12
BRING COMPUTER TO
CLASS Model Building.
12,
19,
20
Deficit and the Debt.
Integrating Economics and
Accounting; PPT
Jly
19
Sensitivity analysis and Scenario
planning: Measuring Market power
and market failure
PPT
21 to
25
QuizE
X
7
Exam
ple.
QuizE
X
Jly
26
Final Exam Final due by noon.
Final
EXCEL
Scenarios
Final
QuizE
X
* To download items above that are blue and are underlined just click on them. In
column 2 all power point lectures used in class (see “PPT”) and any notes or
illustrations developed in class (see “WhatDid”) are available. Clicking column 4
gives you my modifications and elaborations of assigned textbook material.
Illustrations of how to do the assignments (column 5) can be found by clicking
“example” Clicking “QuizEX ” gives you illustrations of class quizzes that may
occur during class on the subject matter from the previous week.
**Assignments, quizzes and worksheets are shown on the dates they are first
assigned in the “Assignment” column. The quiz portion of assignments based on the
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previous week’s topic are turned in during class. The rest of the assignments will be
due AT THE BEGINNING OF CLASS IN THE FOLLOWING WEEK.
Policies
Attendance: Attendance is of great importance. Grades will be reduced by one full
letter for each class missed unless specifically authorized by the instructor- even
then the excuse is not finalized until the material is made up through an extra
homework assignment or quiz. The only exceptions are made for Universitysanctioned events, where I get an email from the sponsor. The only KCUMB excused
absence is taking COMLEX boards.
Professionalism of Assignments: As most of us are preparing for a career in business
or other professional environment, assignments should be submitted as you would
submit them to a business. All assignments should reflect an air of professionalism that
will be required in your career. Assignments will be lowered by at least one letter grade
if not up to those standards.
Academic Honesty Policy: Students are expected to observe the University's policy on
academic honesty in all aspects of this course. Plagiarism (incorporating excerpts of
published works into documents or presentations without proper attribution of original
authors) and cheating (e.g., reliance upon unauthorized resources including, but not
limited to, professors, professionals and published materials and other students) are
serious breaches of ethics and professionalism in both academic and professional settings,
and as such have serious consequences. The latest Rockhurst catalog controls the policy
on academic honesty. Also see Appendix II below for specifics on honesty on
assignments.
ADA Statement:
Rockhurst University is committed to providing reasonable
accommodations for students with disabilities. Please contact Sandy Waddell in Access
Services: Massman Hall, Room 7, sandy.waddell@rockhurst.edu, 501-4689 to provide
documentation and request accommodations. If the Access Office has already approved
accommodations, please communicate with the instructor of this course regarding these
arrangements by the second week of class in order to coordinate receipt of services.
Student Contact Information Student contact information must be kept current in order
to receive important notices from Rockhurst University. Your contact information is
online via your BannerWeb account. Please check your local address, local phone
number and emergency contact information on BannerWeb and revise as needed. All
course-specific correspondence will be conducted only via RU email address. All
important University notices will be sent only to your RU email address. Please check
your RU email account in addition to any other email accounts you may have. Accounts
are activated at the Computer Services Help Desk (Conway 413).
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APPENDIX I. USING EXCEL
NOTE: WHENEVER YOU TAKE ANYTHING FROM THE INTERNET TRY TO PUT
IT INTO EXCEL. IF YOU TRY TO WORK ON A FILE FROM THE INTERNET, IT
WILL LET YOU, BUT WHEN YOU TRY TO SAVE IT, IT WILL DISAPPEAR- YOU
CAN’T OVERWRITE A FILE FROM THE INTERNET. SO GET EXCEL UP FIRST,
PICK YOUR FILE FROM THE INTERNET (LIKE THE EXAM!), PUT THE
INFORMATION INTO EXCEL AND SAVE IT. THIS IS HOW YOU USE EXCEL:
1. Turn on the computer.
2. Double click the “EXCEL” symbol.
3. The computer responds by giving you a blank worksheet with toolbars across the top.
4.
At the top left corner of your screen click the multi-colored “office” button which
bears the Microsoft logo.
a. FREQUENTLY SAVE YOUR WORK. Click “Save As”. A new Save menu
shows up and you can enter the name you want to store your information in the
white box next to “File name”. Click the drive or folder in which you want to
save the file.
b. IF LOOKING FOR A FILE… Click the “OPEN” folder. In the “OPEN” menu
that is presented, there is a little “Look in” box. Hit the black arrow at the side of
the box a new menu will appear. Double Click on the letter of the drive or folder
in which your desired file can be found. There will be a set of files. Select the one
which you are interested in or the file you have been asked to find.
c. IF WANTING TO PRINT YOUR FILE… Click the “PRINT” button. You can
select from the new menu the “selection” of the page, which pages you want to
print and how many copies you want to print. After making these selections,
Click "OK" at the bottom of that menu. Your results should come out at the
printer.
If worst comes to worst you can always turn off the computer.
APPENDIX II.
Guidelines for Written Assignments and Proper Citation of References
All written assignments are to be professionally prepared, neatly typed, proof-read for
grammatical and typographical errors, paginated, stapled, and so forth. All assignments
should reflect a professional image. Grading will reflect both the content and the degree
of professionalism of the completed assignment.
Students are expected to observe the University’s policy on academic honesty at all
times. Plagiarism (incorporating excerpts of published works into documents or
presentations without proper attribution of original authors) and cheating (e.g., reliance
upon unauthorized resources including, but not limited to, professors, professionals, and
published materials and other students) are serious breaches of ethics and professionalism
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in both academic and professional settings, and as such will have serious consequences.
See latest Rockhurst University Catalog outline procedures, penalties, and due process
accorded students involved in a form of academic dishonesty. If it is not an original
thought on your part, cite the reference. Simply paraphrasing another’s thought
without properly attributing it to the author is considered an act of plagiarism.
The Helzberg MBA in HealthCare Leadership program has adopted the American
Psychological Association (APA) style as the acceptable standard for both citation of
references and formatting written papers and research reports. For information regarding
the APA style, refer to: The Publication Manual of the American Psychological
Association (5th ed.). Washington, D.C.: American Psychological Association. ISBN:
1-5579-791-2 www.apastyle.org.
While there are many other style manuals available, we have adopted APA style as
the standard for the program because it is one of the most widely used, and because it is
familiar to many with a life sciences and/or healthcare background. Students should use
APA guidelines for all papers and research reports submitted for the MBA program.
Depending on the assignment and/or instructor, some written assignments may not
require the use of APA style for format/layout of your paper. In all cases, APA standards
should be used for citing references.
The Helzberg MBA in HealthCare Leadership has also adopted the current edition of
the Gregg Reference Manual as the standard for other business documents (letters,
memos, emails, reports, proposals, etc.). It is an excellent guide for preparing most forms
of business documents, and includes guidelines for grammar, usage etc. Please refer to
this guide when preparing such documents in the MBA in Health Care Leadership
program.
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