Introduction to Economics
ST. PETERSBURG COLLEGE
Department of Social & Behavioral Science
Tarpon Springs Campus
ECO 2000-1001 (1936)
Prefix
INTRODUCTION TO ECONOMICS
Number
3
Course Title
Cr.Hrs.
INSTRUCTOR:
Name: Gloria Pray
Contact Information: pray.gloria@spcollege.edu
Instructor Availability: T / R, 2:00pm – 2:30pm
Instructor Web Page: http://www.spcollege.edu/instructors/id/pray.gloria
ACADEMIC DEPARTMENT:
Dean: Dr. Joseph Smiley
Office Location: PS 105
Office Number: 727-712-5783
Academic Chair: Dr. David Liebert
Office Location: PS 109
Office Number: 727-712-5776
COURSE INFORMATION:
A.
Course Description:
This course is designed to provide students with a general knowledge of the structure and function of
economic systems with major emphasis on the American economy and its current economic problems. We
will lean about demand and supply schedules and study a few formulas, but practical theory will be the
focus. Both macroeconomic and microeconomic principles will be introduced. We will also look briefly at
the history and economic thought. 47 contact hours.
B.
Major Learning Outcomes:
1. The student will demonstrate knowledge of the basic tools needed to understand current economic
theory.
2. The student will develop an understanding of basic economic principles.
3. The student will develop an understanding of the operation of the market economy.
4. The student will develop an understanding of the role of government within the framework of a free
enterprise system.
5. The student will develop an understanding of the effects of aggregate demand and aggregate supply upon
employment, output, and prices.
6. The student will demonstrate knowledge of the usefulness of monetary and fiscal policy as methods of
implementing national economic goals.
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Introduction to Economics
7. The student will develop an understanding of the importance of international trade and the role of foreign
exchange in international trade.
8. The student will develop an understanding of how basic economic theory is used to examine current
economic problems.
9. The student will demonstrate knowledge of the different market models studied in microeconomics.
10. The student will develop an understanding of price and output determination for a firm.
11. The student will develop an understanding of how individual markets work.
12. The student will develop an understanding of the concept of elasticity as it relates to economics.
13. The student will develop an understanding of the concept of elasticity as it relates to economics.
14. The student will demonstrate knowledge of personal financial planning.
C.
Course Objectives Stated in Performance Terms:
1. The student will demonstrate knowledge of the basic tools needed to understand current economic theory
by:
2.
a.
defining economic terminology.
b.
identifying and recalling mathematical formulas used to solve problems involving basic economic
principles.
c.
identifying, illustrating and interpreting graphs.
d.
recalling basic math and algebra.
The student will develop an understanding of basic economic principles by:
a.
illustrating these principles graphically.
b.
identifying and explaining these principles.
3. The student will develop an understanding of the operation of the market economy by:
4.
5.
a.
defining basic supply and demand data.
b.
recognizing a market equilibrium condition.
c.
determining the equilibrium effects of changes in demand and/or supply.
The student will develop an understanding of the role of government within the framework of a free
enterprise system by:
a.
recalling the economic functions of government.
b.
determining specific government programs which augment and promote free enterprise.
The student will develop an understanding of the effects of aggregate demand and aggregate supply upon
employment, output and prices by:
a.
identifying the macroeconomic equilibrium at various levels of aggregate demand.
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Introduction to Economics
b.
classifying the individual components of aggregate demand and aggregate supply.
6. The student will demonstrate knowledge of the usefulness of monetary and fiscal policy as methods of
implementing national economic goals by recalling the fiscal and monetary policies appropriate to each
level of economic activity.
7.
The student will develop an understanding of the importance of international trade and the role of foreign
exchange in international trade by:
a.
identifying the basic reasons for specialization and trade.
b.
explaining the relationship between foreign exchange and international trade.
8. The student will develop an understanding of how basic economic theory is used to examine current
economic problems by:
a.
grouping the various concepts and theories into possible solutions for current economic problems.
b.
recognizing the apparent incompatibility between basic economic objectives.
9. The student will demonstrate knowledge of personal financial planning by:
a.
identifying short-term and long- term personal financial goals.
b.
examining components and purposes of a personal net worth statement.
c.
developing a personal budget.
d.
investigating the effects of government actions and economic conditions on personal financial
planning.
e.
explaining how economics influences a personal financial plan.
10. The student will demonstrate knowledge of the different market models studied in microeconomics by:
a.
identifying the characteristics of each market model.
b.
recognizing differences and similarities between the market models.
11. The student will develop an understanding of price and output determination for a firm by:
a.
determining the most profitable level of output using the total revenue-total cost method.
b.
determining the most profitable level of output using the marginal revenue-marginal cost method.
12. The student will develop an understanding of how individual markets work by determining the change in
equilibrium price and output when there is a change in demand and/or supply.
13. The student will develop an understanding of the concept of elasticity as it relates to economics by:
a.
identifying the different types of elasticity.
b.
identifying the factors which make products elastic.
c.
identifying the factors which make products inelastic
REQUIRED TEXTBOOK & OTHER RESOURCE INFORMATION:
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Introduction to Economics
O’Sullivan/Sheffrin/Perez. Survey of Economics (6th Ed.). ISBN13: 978-0132961691
Recommended Reading: Economics in One Lesson, Henry Hazlitt; Capitalism and Freedom, Milton
Friedman
Library: http://www.spcollege.edu/central/libonline
TUTORING: TBA
MEETING INFORMATION:
Course Location: PS 138
Meeting Days: T / R, 08/18/15 – 12/10/15
Class Times: 11:00am – 12:15pm
IMPORTANT DATES:
Non-Class Dates: 9/07/2015, 10/20/2015, 11/11/2015, 11/25-29/2015
Dates to Withdraw with a Refund: 08/21/2015
Withdrawal Date Academic: 10/22/2015
Financial Aid: http://www.spcollege.edu/central/SSFA/HomePage/calendar.htm
DISCIPLINE SPECIFIC INFORMATION:
Discussion, lecture, board work, and handouts are used to present material. Students must be able to
explain, graphically illustrate, numerically calculate and recognize all material presented in class or the
textbook that applies to course objectives.
ATTENDANCE:
The college-wide attendance policy is included in the Syllabus Addendum at
http://www.spcollege.edu/webcentral/policies.htm.
10% of your final grade will be based on attendance and participation. This is designed to reward you for
coming to class, on time, and making an effort. Being absent, tardy, or leaving early will take points
away from that grade. Everyone starts with 100%. How much it helps you depends on your individual
average. At the end of the semester, both your average with and without attendance will be calculated and
you will be given the higher average. If you will be absent for an exam, it is your responsibility to let me
know ahead of time so that you can take it early. If you have a documented medical excuse, then e-mail me
ASAP to make arrangements to take it before you return to class. Otherwise, you will take a make-up
exam which will be considerably more difficult than a regular exam. You are expected to take all three
exams.
A student can voluntarily withdraw from this class up to 10/22/2015. If a student has violated the Active
Participation policy for this class prior to that date, he or she will be given a grade of W/F unless the
student voluntarily withdraws. The Active Participation policy is defined as missing more than 40% of
scheduled classes (or 8 classes up to that date). Following this date, should a student be determined to no
longer be actively participating (an additional 4 classes missed for a total of 12 for the semester), he or she
will be given a grade of F at the end of the semester.
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Introduction to Economics
GRADING:
You will take three exams which will count toward 60% of your final grade (20% each). Your writing
assignment (see assignments below) will account for 30% of your final grade. Finally, attendance and
participation will account for 10% of your final grade. The scale is as follows:
A = 87 – 100
B = 77 –86
C = 63 –76
D = 50 – 62
F = 49 and below
ASSIGNMENTS:
You will be given one writing assignment over the course of the semester in which you will watch a video
and write 2000 words about it. It will be graded on your understanding of the topic as well as
grammatically. I am happy to preview it for content if you send it to me at least a few days early. I also
give extra credit to the grammar portion of the report for using the Writing Center.
All exam reviews are due the class before the exam (I can preview that for you as well).
All chapter outlines, exam reviews, and the writing assignment (with web link) will be uploaded in
MyCourses.
COURSE OUTLINE:
Chapters 1,2:
Chapter 3:
Chapter 4:
Chapter 5:
Chapter 6:
Chapter 7:
Chapter 8:
Chapter 10:
Chapter 9:
Chapter 12:
Chapter 11:
Chapter 14:
Chapter 15:
Chapter 16:
Chapter 17:
Chapter 18:
Intro to Economics
Demand / Supply / Equilibrium (Price Ceilings & Floors)
Price Elasticity of Demand
Economic vs. Accounting Profits, Economic Growth and Productivity (Marginal
Productivity), Production Costs (SR, LR)
Perfect Competition
EXAM 1
Monopoly
Monopolistic Competition, Oligopoly, Business Classifications
Labor & Factor Markets, Consumer Equilibrium, Financial Planning
Market Problems: Imperfect Information, Externalities
Public Sector: Government Spending, Taxation, Public Policy
Unemployment & Inflation
EXAM 2
Business Cycles / Gross Domestic Product (National Income) / Economic
Growth (Per Capita Income Formula)
Aggregate Demand & Supply
Fiscal (Macro) Policy
Money & Banks
Federal Reserve System & Monetary Policy
International Trade & Comparative Advantage
EXAM 3 (FINAL)
CLASS CONDUCT, INSTRUCTOR’S EXPECTATIONS AND EFFORTS:
You are expected to conduct yourself in a mature and courteous manner. Smoking, eating, and drinking
are not permitted in the classroom! Please turn off cell phones and beepers. It is intellectually
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Introduction to Economics
impossible to hold a telephone conversation (including texting) and be actively participating in the class at
the same time. In addition, I ask if you plan on bringing a laptop into the classroom you are using it for
reasons immediately relevant to the conversation at hand and not surfing the internet, playing a video game,
etc. I ask you to disconnect yourself from your radio, CD player, i-Pod, etc. at the start of class. If I see
such disrespect towards the classroom community occurring, I will simply ask you to quietly leave for the
remainder of the class with the expectation we will talk privately prior to our next class meeting.
When communicating online, remember that information is saved and stored and can be referenced.
I strive to ensure the classroom affords a safe environment where every student feels he or she may share
their ideas or voice their opinions. By the nature of many of the topics we address over the course of the
semester, controversy may arise. I welcome the discussion and academic exploration of inherently sensitive
and controversial issues in this classroom. I insist, however, students demonstrate personal respect for all
others in the classroom and state sensitive subject matter in a way that reflects maturity and respect to other
students on topics such as race, culture, gender, or sexual orientation.
I understand obtaining a college education represents a serious challenge for many students that goes
beyond the rigors of the curriculum. I respect the personal sacrifices students make in choosing to take on
the challenges of a college education. Thus, you can expect I will ensure our classroom discussions will be
relevant to the course objectives and class time will be set aside for review questions. I’ll make every effort
to be available to speak with you after class as well as during my office hours. I can assure you that all
assignments will be graded fairly, consistently, and returned promptly (I upload test grades by the next day
but I need 2-3 weeks for term papers). I will start and end class on time and I ask my students to make
every effort to be in class on time as late arrivals are very distracting to the class lectures.
I expect all students to contribute to our classroom community by having the courage to ask questions and
to share critical opinions and thoughts you might have on an assigned topic. If you don’t learn to speak
up and/or ask for help in college, there is a good chance you never will.
STUDENT SURVEY OF INSTRUCTION:
The student survey of instruction is administered in courses each semester. It is designed to improve the
quality of instruction at St. Petersburg College. All student responses are confidential and anonymous and
will be used solely for the purpose of performance improvement. The SSI is completed through the course
Angel page and found under the “Lessons” tab. Your instructor will remind the class at that point in the
semester when the SSI is open and ready to complete.
SIGNATURE PAGE:
I have read, understand, and agree to abide fully by the parameters set in this syllabus and Syllabus
Addendum.
Student Signature:
Date:
Printed Name:
Nickname (if different):
Cell # (optional):
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