Session 2015-2 Spring
Location: A129
Class Date & Time: Tuesday
6:00 p.m.-10:00 p.m.
3/10/15-4/28/15
Instructor: Victor Chukwudebe
Office: D 227
Cell phone (217)836-1669
e-mail:vchukwudebe@ben.edu
Office hours: Wednesday 5pm-6pm.
Pre-Assignment Please read Chapters 1-3 for 03-12-2014 class
meeting using the chapter study guides attached along with the
syllabus. If you have any questions, call me at the above phone
number. Thanks.
ECON 102-70-PRINCIPLES OF MICROECONOMICS
I. COURSE DESCRIPTION: Demand-Supply model, consumer and firm
decision-making, market structures, price determination, resource
allocation.
II. TEXTBOOK: ECONOMICS by Campbell R. McConnell and Stanley L.
Bruce, 19th Edition ISBN-978-0-07-351144-3
RECOMMENDED READING: N.Y. Times (Business Section), Wall Street
Journal, Business Week, and Fortune.
III. MISSION STATEMENT:
Benedictine University is dedicated to the education of
undergraduate and graduate students from diverse ethnic, racial
and religious backgrounds. As an academic community committed to
liberal arts and professional education distinguished and guided
by our Roman Catholic tradition and Benedictine heritage, we
prepare our students for a lifetime as active, informed and
responsible citizens and leaders in the world community.
IV. GOALS, OBJECTIVES, AND STUDENT LEARNING OUTCOMES
A. Benedictine Core Goals
Benedictine University's core mission is to prepare students
for active participation in an increasingly interconnected
world. Its Core Curriculum advances this mission by enabling
students to attain a broad range of learning goals, listed
below:
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1. Demonstrate an effective level of cognitive,
communicative, and research skills;
2. Achieve a college level of computational skills and an
ability to understand and interpret numerical data;
3. Acquire a knowledge of the history and heritage of
western civilization, to include
 the contributions of religious faith and philosophical
thought to understanding the person in community,
 the relationship of the individual to society:
membership and participation in groups and institutions,
 scientific literacy through a knowledge of the history,
the methods, and the impact of science on the
individual, society, and the environment,
 artistic and literary heritage;
4. Develop an understanding of global society: cultural
diversity, mutual relationships, interdependence of peoples
and nations;
5. Apply liberal learning in problem-solving contexts as
preparation for active participation in society;
6. Make informed ethical decisions that promote personal
integrity, the legitimate rights and aspirations of
individuals and groups, and the common good.
B. Course Goals/Objectives/Outcomes
As a distribution course within the Core Curriculum, ECON
102 was designed with the above Core goals in mind. Thus,
upon successful completion of this course, the student will
be able to demonstrate mastery of the following objectives
and student learning outcomes:
1. Define economic terminology and apply it to current
events
2. Analyze the impact of consumer behavior and utility
maximization on economic choices
3. Understand the normal behaviors of product and
resource markets within the context of the four market
models.
4. Consider the ramifications of market structure on
resource payments, including wages.
5. Describe the impact of government in “correcting”
inequalities and market failure.
V. TEACHING METHODS/DELIVERY SYSTEM:
Combination of lecture, discussion and outside reading. Students
must read all assignments prior to class. The instructor will
cover areas deemed important to each chapter and could be tested
by unannounced quizzes prior to or after the lectures. In order
to complete the course successfully, students must come to class
and must be prepared to discuss the reading assignments and to do
the in-class work.
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VI. COURSE REQUIREMENTS
Attendance Policy, Reading Assignments, Written Assignments, and
the Academic Integrity.
This course is highly accelerated, and students will need to take
a great deal of responsibility for their own learning outcomes.
Attendance is required in each class meeting for the full period
of time. Any absence must be due to extraordinary circumstances
and will require documentation for it to be considered excused.
Documentation must be provided immediately in order to determine
what, if any, accommodations are reasonable or possible. Class
attendance will directly impact your final grade, and each
undocumented absence will be considered unexcused and will result
in a 20% reduction in the final grade for the course.
Due to the accelerated nature of the course, should you
experience a medical condition which prevents you from attending
any class(es), appropriate medical documentation must be provided
immediately so it may be determined what, if any, accommodations
are reasonable or possible.
Quizzes that are missed for any reason may not be made up. If the
final exam is missed for any reason, it may not be made up. If
the absence occurred on the date an assignment is due, the late
penalty for assignments (outlined below) still applies. Again,
NOTE: This policy includes any prearranged absences. In order
words, the absence counts and all parts of the policy apply
whether the absence is prearranged or not.
Reading Assignments
Please see the Course Outline and Calendar (Section VIII). This
includes reading the material and doing any written assignments as
may be assigned. You are expected to work on the written
assignments prior to the date indicated in the course schedule.
Note well: Once the answers have been discussed in class, credit
will not be given for late assignments. Note that the schedule of
course assignments is subject to change at the instructor's
discretion.
Written Assignments and Projects.
 There will be one term paper.
 The paper must be typed, double spaced and be between five to
seven pages (1000-1200 words minimum) with bibliography and
notes where necessary.
 The term paper will involve class presentation and discussion
and each student will be allowed 10 minutes.
Note-Instructors Delay. I will make every effort to be prepared to
start at the regularly scheduled time.
However, there may be
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situations when I may be late or unable to be present. If there
are no other instructions and I am not in the classroom by twenty
minutes after the scheduled starting time, you are to assume that
the class meeting will not be held. You are, however, responsible
for any assigned material for that class material meeting and to
continue on in your assigned reading.
Benedictine University at Springfield Academic Honesty Policy
The search for truth and dissemination of knowledge are the
central missions of a university. Benedictine University of
Springfield pursues these missions in an environment guided by
our Roman Catholic tradition and our Benedictine heritage.
Integrity and honesty are therefore expected of all University
students. Actions such as cheating, plagiarism, collusion,
fabrication, forgery, falsification, destruction, multiple
submission, solicitation, and misrepresentation are violations of
these expectations and constitute unacceptable behavior in
University community.
Student’s Responsibility
Though there is no formal honor code at Benedictine University at
Springfield, students are expected to exhibit academic honesty at
all times. Violations against academic honesty are always serious
and may result in sanctions that could have profound long-term
effects. The final responsibility for understanding the Academic
Honesty Policy of the institution, as well as the specific
policies for individual courses normally found in syllabi, rests
with students. If any doubt exists about what constitutes
academic dishonesty, students have the responsibility to talk to
the faculty member. Students should expect the members of their
class to be academically honest. If students believe one or more
members of the class have been deceitful to gain academic
advantage in the class, students should feel comfortable to
approach the faculty member of the course without prejudice.
Violations of the Academic Honesty Policy will be reported to the
Office of the Dean of Academic Affairs. Along with a verbal
warning, the following are consequences a student may face for
academic dishonesty:



a failing grade or “zero” for the assignment;
dismissal from and a failing grade for the course; or
dismissal from the Institution.
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VII. MEANS OF EVALUATION
Your final grade will be based on assignments point Allocation
weighted as follows:







1 term paper
Quizzes
Class attendance
Class participation
Homework
Midterm Exam.
Final Exam.
20 pts.
10 pts.
5 pts.
5 pts.
20 pts.
20 pts.
20 pts.
100 pts.
Grade scale is as follows: A=100-90. B=89-80. C=79-70.
D=69-60. F=59-0.
No makeup exams will be given without prior permission. There
will be no quiz makeup given under any circumstances. There will
be no missed quizzes dropped in calculating your final grade.
If a student believes that an error has been made in reporting a
grade, an appeal must be made in writing to the instructor and
must be initiated 60 calendar days after the end of the term in
which the grade in question was recorded. The appeal should
contain specific information on why it is believed the grade
reported is inaccurate. See the Student Handbook for details.
Add/Drop Dates
Please refer to the current Academic Calendar for add/drop dates
Incomplete Request
To qualify for an “I” grade, a minimum of 75% of the course
work must be completed with a passing grade, and a student must
submit a completed Request for an Incomplete form to the
Registrar’s Office. The form must be completed by both student
and instructor, but it is the student’s responsibility (not the
instructor’s) to initiate this process and obtain the necessary
signatures.
Student Withdrawal Procedure
It is the student’s responsibility to officially withdraw
from a course by completing the appropriate form, with
appropriate signatures, and returning the completed form to the
Advising Office. Please refer to the Student Handbook for
important financial information related to withdrawals.
Special instruction to help other students
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Class Expectations
1. You are responsible for all your actions by ensuring that all
homework, written assignments and exams are completed in a timely
manner. Please there will be No excuse.
2. Treat your instructor and other students with the same
dignity and respect that you deserve.
3.
There will be no texting while class is going on.
4.
Be prepared to stay for the duration of the class schedule.
5.
You are expected to attend class on time.
6. When you miss class on a scheduled examination day, call or
get in touch with the instructor before class begins. Tell the
instructor when you plan on taking the make-up examination.
Ensure that you take the examination before the next class
meeting.
7. Call in is ok, but will not qualify you for being in class
for credit. To receive credit, you must be physically present in
class. It is your responsibility to find out what was covered in
class. (Reference #1)
8. Use of laptop computer in class for note taking only will be
acceptable. Surfing the internet is not allowed.
9. Attendance will only be conducted 5 minutes before the end of
the class meet for the day in order to receive full credit for
attendance.
10. Use of Cell phone is not allowed in any form during the exam.
This includes use of the cell phone calculator. This may result
in assigning a zero point for the exam.
VIII. Topical Course Outline and Calendar. The course outline is
as follows:
DATE
TOPICS
Homework
ASSIGNMENTS
03-10
(a) Limits, Alternatives and Choices: The unyielding Truth
that Provided the definition of economics
CH 1
(b)
The Market System and the Circular Flow: Examine the
characteristics of the market system.
CH 2
(c) Demand, Supply and Market Equilibrium: The tools that
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lead to understanding specific economic issues.
CH 3
Please read Chapters 1-3 for 03-10-2014 class meeting using the
chapter study guides attached along with the syllabus. If you
have any questions, call me at the above phone number. Thanks.
03-17(a) Elasticity, Consumer Surplus and Producers Surplus:
Investigate the behaviors and decisions of consumers
and businesses.
CH 4
(b) Market Failures: Public Goods and Externalities:
Differentiates between demand and supply-sides of
market failures.
CH 5
(a) Consumer Behavior: How individual consumers allocate
their income among various goods and services.
CH 6
(b) Businesses and the costs of production:
Payments made in the course of production and
opportunity cost.
CH 7
03-24
(a)
Quiz 1
CH 1-5
(c) Pure Competition in the Short Run: Several basic
models of the market structure.
CH 8
(d) Pure Competition in the Long Run: Several basic
models of the market structure.
CH 9
Pure Monopoly: The opposite end of the Pure
Competition.
(a)
CH 10
(b) Monopolistic Competition and Oligopoly: Develop models
of market structure that closely approximate “realworld” market structure.
CH 11
03-31
(c) Technology, R & D and Efficiency: Define as new and
better ways of producing goods and services.
CH 11Web
(d) The Demand for Resources: Resources defined as Land,
Labor, Capital and Entrepreneurial ability.
CH 12
(e) Wage Determination: What determines our hourly wage
or annual salary.
CH 13
(f)
04-7
Mid-term Exam
CH 1-12
(a) Rent, Interest and Profits: Wages and salaries as
70% of national income.
CH 14
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(b) Natural Resources and Energy Economics:
CH 15
(c) Public Finance: Expenditures and Taxes
Identify the main categories of government spending
and main sources of government revenue.
CH 16
(d) Asymmetric Information: Voting and Public Choice
Describe how information failures may justify
government intervention in some markets.
CH 17
04-14
(a) Antitrust Policy & Regulation: Requirement for
businesses to make accommodations for disabled workers
and customers.
CH 18
(b)
Agriculture: Economics and Policy Problems in
agriculture and also one of the nation’s largest
industries.
CH 19
(c) Income Inequality, Poverty, and Discrimination Sources
of income inequality.
CH 20
(d) Quiz 11
CH 13-17
(e) Final Term Paper Due
04-21 (a) Health Care: Why Health care accounts for 14% of U.S.
GDP.
CH 21
(b) Immigration: Describe the extent of legal and illegal
immigration into the United States.
CH 22
(c) International Trade: Deeper analysis of the benefits
of International trade.
CH 37
(d) The Balance of Payments, Exchange Rates, and Trade
Deficits:
Examine the causes and consequences of the large U.S
trade deficits.
CH 38
04-28
Final Exam.
CH 13-38
IX. AMERICANS WITH DISABILITIES ACT (ADA)
Benedictine University at Springfield provides individuals with
disabilities reasonable accommodations to participate in
educational programs, activities, and services. Students with
disabilities requiring accommodations to participate in campussponsored programs, activities, and services, or to meet course
requirements, should contact the Resource Center Learning
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Specialist as early as possible: springaccess@ben.edu or 217-7179253
X.
ASSESSMENT
Goals, objectives, and learning outcomes that will be
assessed in the class are stated in this syllabus in Sections IV
and VI. Instructor will use background knowledge probes, oneminute papers, reflective essays and/or other Classroom
Assessment Techniques as deemed necessary in order to provide
continuous improvement of instruction.
Economics 102: Introduction to Economics (3 semester credits).
Provides an overview of the following:
 Microeconomic analysis through basic economic
concept, explain current, future and historical
happenings.
 View the behavior of individual households, firms
and market to understand how prices and output are
determined by the market.
 Explore the role of prices in determining
production, allocating resources, and distributing
income.
 Overview the influence of market structure and the
government as it relates to both Domestic and
International trade.
JR 12/15/14
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Chapter 1
Limits, Alternatives and Choices
Economic resources explained:
Economics:
Scarce economic resources:
Opportunity Costs:
Utility:
3 participants in the economy(decision makers):
1.
2.
3.
Purposeful Behavior:
Marginal Analysis: Benefits & Costs:
Types of Economics:
(a)
(b)
Individual economizing problems:
1.
2.
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Budget Line(Budget Constraint)defined
Attainable and unattainable combinations:
Trade-off and opportunity cost:
Society’s Economizing problems:
Scare Resources:
Resource categories:
1.
2.
3.
4.
Capital versus Consumer goods:
Entrepreneurial Ability:
1.
2.
3.
4.
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Factors of Production:
1.
2.
3.
4.
Production Possibilities Model:
1. Assumptions:
1.
2.
3.
4.
2. Production Possibilities Table:
3. Production Possibilities Curve:
Law of Increasing Opportunity Cost:
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Chapter 2
The Market System and the Circular Flow
The Economic System:
1.
2.
Characteristics of the Market System:
1.
2.
3.
4.
5.
Division of Labor:
Specialization:
Money and its use:
Businessess:
1.
2.
3.
The Circular Flow Model:
-
Resource Market
Product market
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Chapter 3
Demand, Supply and Market Equilibrium
Market define:
Demand define:
Law of Demand:
Why inverse relationship according to Law of demand:
The Demand Curve:
Determinants of Demand(Shifters)
1.
2.
3. 4. 5.
Change in Demand v’s Change in Quantity Demanded:
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Supply defined:
Law of Supply:
Supply Curve:
Market Supply:
Determinants of Supply(Shifters)
Changes in Supply:
1.
2.
3.
4.
5.
6.
Changes in Quantity Supplied:
Market Equilibrium:
Efficient Allocation:
1.
2.
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Changes in Supply, Demand and equilibrium:
Complex cases for changes in Supply & Demand, & Equilibrium:
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