Economics 101.01 Economic Issues Winter 2004 1-2:30 MWF Instructor: Office: Telephone: Office Hours: Web Page: D.W. Hedrick Shaw-Smyser 424 963-2426 MWF 9:00-10:00 a.m. and TTH 2:00-3:00 p.m. and by appointment. www.cwu.edu/~dhedrick/ COURSE DESCRIPTION: The course presents economic perspectives on a wide variety of issues confronting societies. COURSE OBJECTIVES: The principal objective of the course is to help students develop an applied understanding of the economic methodology and tools that will allow them an alternative economic view of the nature of problems societies face and the strategies to help address the challenges they present. TEXTBOOK: Required: Carbaugh, R., , 2rd Edition, Thomson – SouthWestern, c2003, Recommended: Ghosh, K. , Study Guide: Contemporary Economics Suggested Reading: The Wall Street Journal LEARNING OUTCOMES: 1. Apply the economic concepts such as scarcity, tradeoffs, and demand and supply, to analyze different issues that society faces. 2. Utilize graphs to simplify and analyze various economic phenomena. 3. Explain the relationships between consumers, producers, and government in a mixed economy. 4. Analyze the efficiency and discuss the equity of market-based outcomes. 5. Identify the underlying economic forces that result in the determination and trends in the following macroeconomic variables: GDP (real and nominal) Sources of economic growth (including capital accumulation, technological innovation, and productivity growth) Consumption spending, saving, wealth, and investment Inflation, Unemployment Fiscal policy (including government spending, taxation, budget deficits, and national debt) Monetary policy (including money supply, interest rates, and the structure of the U.S. banking system) Exchange rates, exports, and imports COURSE OUTLINE: (Subject to change. Some chapters will be read only in part) Topic I. Introduction to Economics Scarcity, Choice, Opportunity Costs, and Circular Flow II. Microeconomics Demand and Supply and Market Analysis Production and Costs Competition, Monopoly, Imperfect Competition Government in a Market Economy Labor Markets III. Macroeconomics The Mixed Economy GDP and Growth The Business Cycle Aggregate Demand and Supply Fiscal and Monetary Policy Text Chapter 1 2, 3 4 5, 6 7 8 9 10 11 12 13, 14, 15 RECOMMENDED STUDY HABITS: Economics is a challenging subject for most and requires significant study to successfully master and apply economic concepts. I suggest that you read, or at least skim, the chapters in the text before they are covered in class. As soon after class as possible, I suggest you retire to a quiet place and reread the text and recopy the lecture notes. This will help reinforce what you have learned and point out areas that you need clarified. Feel free to ask questions in class. Remember, “There is no such thing as a dumb question.” Also, please make use of office hours, particularly when you need a bit more help understanding the material. ASSESSMENT AND EVALUATION: Assessment of each of the learning outcomes occurs through examinations and quizzes. Grades will be based on weekly quizzes, three mid-term examinations, and an optional comprehensive final examination. Important: No makeup quizzes will be given for any reason. Makeup midterms and finals will only be given for emergencies and require a note signed by a physician or by a senior officer in Student Affairs. A total of six weekly quizzes will be given on Friday, excluding the weeks of midterms and the first week of class. Each quiz will count for 25 points and the lowest two quizzes will be dropped. The total points from quizzes will be 100 points. Three midterm examinations will be given. The midterms dates are Friday, January 23, Friday, February 13; and Friday, March 12. If you cannot attend class on these dates, drop the class and take it at another time. Each midterm will count for 100 points. An optional comprehensive final examination will be given. The optional final will count for 100 points and may be used to replace the lowest midterm score. The final date is Wednesday, March 17, 12:00-2:00p.m. No early or makeup finals will be given. GRADING: Based upon the percentage of the 400 possible points from quizzes, midterms and the optional final. The following scale will be used to determine the final grade: A AB+ B BC+ C CD+ D DF >=93% >=90% and <93% >=87% and <90% >=83% and <87% >=80% and <83% >=77% and <80% >=73% and <77% >=70% and <73% >=67% and <70% >=63% and <67% >=60% and <63% <60% MISCELLANEOUS: I hope to make the classroom a productive and interesting learning environment, but I need your help. As a consideration to your classmates, please make an effort to be on time. If you do arrive after the lecture has begun, a quiet entrance would be greatly appreciated. In addition, please refrain eating noisily during class and making others uncomfortable by the rituals that surround chewing tobacco.