ECONOMICS 201
Fall 2007
Instructor:
Professor Richard Wallace
Office: Main 309
Telephone: 597-4572
E-Mail: wallacerm@wofford.edu
Required Texts
Paul Heyne, The Economic Way of Thinking (11h ed.)
Miller & North, The Economics of Public Issues (15h ed.)
GRADING:
The final grade in the course will be determined by the following weights:
1st Hour Test
20%
2nd Hour Test
20%
Homework Assignments
10%
Daily quiz average
20%
Final Examination
30%
DAILY QUIZZES
There will be approximately ten (10) unannounced daily quizzes. The quizzes will cover
readings assigned for the day, material discussed in the preceding class, and readings assigned
from The Economics of Public Issues for the day. No make-ups will be given. If the absence is
excused, the quiz will not count in the final average, otherwise it will be recorded as a zero.
The daily quizzes will be principally short answer, definitions or arithmetic problems.
HOUR TESTS AND FINAL EXAMINATION
The final exam and hour tests will be cumulative with regard to material from the textbook and
class lecture or discussion. Collaboration and discussion among students outside of class are
encouraged. Tests taken in-class are not collaborative and are covered by the Wofford College
Honor Code. (Don’t even think about cheating.)
The questions on the hour tests and final examination will be short essays along with some
arithmetic problems and graphical analysis.
PRE-REQUISITES FOR COURSE
There are no prerequisites for this course. The only knowledge assumed is that of basic algebra.
No background in economics is necessary for this course.
CLASS ATTENDANCE
Class attendance is required in this course. Each unexcused class absence will result in the final
average for the course being reduced by one point. Any student with more than two unexcused
absences will be required to withdraw from the course. Any quiz that is missed as the result of
an unexcused absence will result in a grade of zero on that quiz. A quiz missed because of an
absence excused by the Dean of the College or by the instructor will not count in the final
average. If you miss class, whether the absence is excused or not, you are required to
contact the instructor by phone or e-mail with an explanation on the day of the absence.
PROMPTNESS IN CLASS ATTENDANCE
Class will begin and end promptly, as scheduled. Late arrival to class is very disruptive for the
class and demonstrate disregard for other students, as well as for the instructor. Any time you
arrive after the scheduled start of class, you must see me after class and tender an apology and
explanation. Late arrival to class may be treated as an absence from class that day, with all the
attendant penalties.
GRADING SCALE
Letter grades will be reported to the Registrar according to the following scale:
A = 93.50 – 100
A- = 88.50 – 93.49
B+ = 86.50 – 88.49
B = 82.50 – 86.49
B- = 79.50 – 82.49
C+ = 76.50 – 79.49
C = 72.50 - 76.49
C- = 69.50 – 72.49
D = 63.00 – 69.49
F = < 62.99
Extra Credit
Extra credit for the course will be offered only in the form of attendance of a lecture presented by
an outside speaker. You will be notified at least one week in advance of the time and place for
the lecture. The extra credit will be in the form of dropping the lowest daily quiz grade at the end
of the semester. This will be the only extra credit opportunity.
Economics Department Goals: The economics department has identified eight
goals of student achievement. Within these goals the department has identified
specific Learning Objectives and Outcomes. Each economics course satisfies at
least several of these Learning Objectives and Outcomes. The principles of
microeconomics course is designed to satisfy the following objectives:
3.1 Explain the nature and causes of the wealth of nations and demonstrate
the relative importance of various factors in facilitating prosperity
3.2 Explain the function of markets and prices in allocating resources
3.3 Apply the concept of equilibrium to both microeconomics and
macroeconomics
3.6 Identify and explain major types of “market failures”
4.3 Explain the contribution and relationship of economics to non-market
social issues
5.1 Describe how economic trade-offs and social values impact
public/private policy, and the success or failure of policies to achieve
intended outcomes
6.1 Present economic arguments in non-quantitative terms
6.2 Synthesize and summarize the arguments found in both academic and
popular economic media
7.1 Present viewpoints and alternative hypotheses on economic issues
7.2 Recognize underlying assumptions in economic models
7.3 Demonstrate ability to use the economic tools of analysis
In addition to these goals, this course will encourage critical thinking and attempt to
develop arts of written and oral expression. It is the over arching goal of the course to
help the student understand better how the world works, as well as their own part in that
world.
DATE
The Economic Way of Thinking
(11th Edition)
The Economics of Public Issues
(15th Edition)
Mon., Sept. 3
Wed., Sept. 5
Fri., Sept. 7
Introduction
pp.
3 - 17
PP.
17 - 19
(Ch. 1)
(Ch. 1)->
Readings 1 & 3
Mon., Sept. 10
Wed., Sept. 12
Fri. , Sept. 14
pp.
pp.
pp.
(Ch. 2)->
(Ch. 2)
(Ch. 3)->
Mon., Sept. 17
Wed., Sept. 19
Fri., Sept . 21
pp.
58 - 67
(Ch. 3) ->
pp.
67 - 73
(Ch. 3)
Homework Assignment #1
Reading 22
Mon., Sept. 24
Wed., Sept. 26
Fri., Sept. 28
pp.
75 - 93
(Ch. 4)->
pp.
93 - 97
(Ch. 4)
Homework Assignment #2
Readings 5 & 6
Mon., Oct.
Wed., Oct.
Fri. , Oct.
pp.
99 – 113
pp. 113 - 125
PP. 127 – 153
1
3
5
21 - 35
35 - 43
45- 58
(Ch. 5)
(Ch. 5)
(Ch. 6) ->
Mon., Oct. 8
Wed., Oct. 10
Fri., Oct. 12
PP. 154 – 161
(Ch. 6)->
FIRST HOUR TEST
Homework Assignment #3
Mon., Oct. 15
Wed., Oct. 17
Fri., Oct. 19
pp. 163 – 179
pp. 179 – 196
PROBLEM SET
Mon., Oct.
Wed., Oct.
Fri., Oct.
->
Mon., Oct.
Wed., Oct.
Fri., Nov.
22
24
26
PROBLEM SET
pp. 196 – 203
(Ch. 7)
Fall Academic Holiday
29
31
2
pp. 205 - 219->
pp. 221 – 235
PROBLEM SET
Mon., Nov.
Wed., Nov.
Fri., Nov.
5
7
9
Readings 4 & 30
Reading 23
Readings 7 & 8
Readings 9 & 10
(Ch. 7)
(Ch. 7)
(Ch. 8)
(Ch. 9)
Readings 16 & 17
Readings 18 & 19
pp. 235 – 241
(Ch. 9)
pp. 243 – 263
(Ch. 10))->
SECOND HOUR TEST
Reading 20
Mon., Nov. 12
Wed., Nov. 14
Fri., Nov. 16
pp. 265 – 282
pp. 282 – 289
pp. 291 - 301->
(Ch. 11)->
(Ch. 11)
(Ch. 12)->
Readings 11 & 12
Mon., Nov. 19
Wed., Nov. 21
Fri., Nov. 23
pp. 301 - 307
(Ch. 12) ->
THANKSGIVING HOLIDAY
THANKSGIVING HOLIDAY
Readings 26 & 27
Mon., Nov. 26
Wed., Nov. 28
Fri., Nov. 30
pp. 307 – 315
(Ch. 12)->
pp. 317 – 327
(Ch. 13)->
Homework Assignment #4
Readings 28 & 29
Readings 21 & 24
Mon., Dec.
Wed., Dec.
Fri., Dec.
pp. 327 – 338
pp. 338 – 343
REVIEW
Readings 2 & 31
Reading 25
1
5
7
Mon. Dec. 10
Wed. Dec. 12
(Ch. 13)->
(Ch. 13)
Section A Final Examination (2:00 p.m.)
Section B Final Examination (9:00 a.m.)
Readings 13 & 14