ECONOMICS 111-03, Introduction to Economics, Fall 2011
Jessica Hennessey
Office: Hipp 201R
Email: jessica.hennessey@furman.edu
Class: MWF 9:30-10:20am (Hipp 209)
Office Hours: TuTh 1-3pm
Course website: www.aplia.com
COURSE DESCRIPTION
This course is an introduction to the essential concepts of economic analysis and their
implications for public policy. We will study decisions of individuals and firms
(microeconomics); we will also study how to evaluate the operation of the national economy
(macroeconomics). We will use both theory and current policy applications to study these topic
areas.
COURSE GOALS
Students take this course for many reasons. I hope to provide you with a solid foundation of
economic intuition that will be necessary for those taking upper level economic courses and
useful for all who want to be more informed citizens. By the end of the course, you will:
1. Understand economic concepts and vocabulary.
2. Apply basic economic theory to help answer real-world questions.
3. Ask questions from the perspective of an economist.
When you read the Wall Street Journal or the Economist, or when you talk to your parents and
friends about health care reform, I want you to not only be informed about the issues, but
confident enough to ask challenging questions based on the principles of economics.
TEXT
Required:
Optional:
Aplia Access for Gregory Mankiw, Essentials of Economics, 6th Edition.
(Includes eBook access)
Hardcover version. Gregory Mankiw. Essentials of Economics.
ACADEMIC INTEGRITY
Furman University policy 121.5 states, "academic integrity is the foundation of the academic
enterprise and essential both to the validity of the educational process and to the healthy
functioning of the learning community." Academic integrity is not just about honesty in your
own academic work. Academic integrity on campus also involves encouraging values such as
honesty, trust, respect, fairness, and responsibility.
I expect all students to review Furman’s policies on academic integrity. You are responsible for
upholding these standards as you complete the assignments and take the exams for this course.
You should be aware of the consequences of cheating, fabrication, facilitation, and plagiarism.
Detailed information on the expectations of students and consequences of academic dishonesty
are available at www.furman.edu/ integrity.
COURSE REQUIREMENTS
During this course, to complete certain assignments, you will be required to access a website
dedicated to students and instructors of economics. To access the website, you need to register
for an account with Aplia at http://login.cengagebrain.com/. I will provide you with an
instruction sheet as well as a course key so that you can register. Please register on the website
within 24 hours after I pass out the course key.
Each Aplia assignment is worth one unit, regardless of the number of points that are possible on
the assignment. The normalized score for each assignment is the fraction of correct answers out
of all possible answers. I will rank these normalized scores, drop the lowest one, average, and
multiply by 100 to get your final Aplia assignment score. Late completion of Aplia assignments
will not be permitted.
Grades will be based on the following:
Aplia Assignments: 20%
Writing Assignments: 15%
Class Participation
5%
Four Exams:
40% (each exam will have equal weight)
Final Exam:
20%
Grades will be determined by the following scale: A (93-100), A- (90-92), B+ (87-89), B (8386), B- (80-82), C+ (77-79), C (73-76), C- (70-72), D+ (67-69), D (63-66), D- (60-62), F (0-59).
Makeup Exam Policy:
No makeup exams will be given for any reason. If a student misses an exam due to serious
illness or other compelling circumstance beyond the student’s control, the weight of the missed
exam will be transferred to the final exam.
If you have an anticipated excused absence (required extra-curricular activity, official
representative of Furman), you must talk to me in advance so we can make alternate
arrangements. If you don’t talk to me until after the missed exam, I will consider that an
unexcused absence.
The final exam must be taken at the established date and time. Any request to take the exam at a
different time must be approved in advance by the Associate Academic Dean, Paula Gabbert. A
student whose absence from the final exam is unexcused will be given a grade of zero.
Other Information:
Students with disabilities who need academic accommodations should contact Gina Parris in the
Office of Disability Services at 864-294-2320 as early as possible. This office is located in the
Administration Building, Room 207.
The Office of Academic Assistance provides academic support to students in the form of free
tutoring services and counseling for improved study skills, test taking strategies, time
management, etc. See http://www.furman.edu/aa/index.htm for more information or visit them in
on the bottom floor of the library, Room 040.
HOW TO GET THE MOST OUT OF THIS COURSE
Your goals for this course may range from it being preparation for upper level Economics
courses to meeting a requirement for graduation. Whatever the case may be, I think there are
common studying practices that will enable you to get the most out of the course.
First, and hopefully most obvious, come to class and be an engaged participant. It will help if
you read the relevant chapter in the book before class. This will serve as an introduction to the
topic, and allow you to come to class with questions about the material.
Second, be ready for the exams by keeping up with the reading, working through the Aplia
assignments, and reviewing your class notes. When you get your grade back, go through the
provided solutions and work through how to correctly solve questions.
Third, learning often happens faster and easier when working in groups rather than working
alone. I often learn best by seeing how others approach problems, and by explaining to others
how I work through problems. It’s also nice to have peers to turn to when you’re completely
lost. You are more than welcome to work in groups on the Aplia assignments.
Fourth, my door is always open. I am here to answer questions or discuss anything you may
want to learn more about.
COURSE SCHEDULE
Any important updates/changes will be announced in class and posted on Moodle.
8/24
8/26
Introduction [Ch1]
Thinking like an Economist [Ch 2]
8/29
8/31
9/2
Gains from Trade [Ch 3]
Gains from Trade [Ch 3]
Supply and Demand [Ch4]
9/5
9/7
9/9
No Class – Labor Day
Supply and Demand [Ch4]
Supply and Demand [Ch4]
9/12
9/14
9/16
Elasticity [Ch 5]
First Exam
Government Policies [Ch 6]
9/19
9/21
9/23
Government Policies [Ch 6]
Government Policies [Ch 6]
Efficiency of Markets [Ch 7]
9/26
9/28
9/30
Taxation [Ch 8]
Externalities [Ch 10]
Public Goods [Ch 11]
10/3
10/5
10/7
Second Exam
Costs of Production [Ch 12] [First writing assignment due]
Costs of Production [Ch 12]
10/10 Competitive Markets [Ch 13]
10/12 Competitive Markets [Ch 13]
10/14 No Class – Fall Break
10/17 Monopoly [Ch 14]
10/19 Monopoly [Ch 14]
10/21 Third Exam
10/24 Measuring a Nation’s Income [Ch 15] [Second writing assignment due]
10/26 Measuring a Nation’s Income [Ch 15]
10/28 Cost of Living [Ch 16]
10/31 Production and Growth [Ch 17]
11/2 Savings and Investment [Ch 18]
11/4 Savings and Investment [Ch 18]
11/7 Unemployment [Ch 20]
11/9 Fourth Exam
11/11 The Monetary System [Ch 21]
11/14 The Monetary System [Ch 21]
11/16 Money Growth and Inflation [Ch 22]
11/18 No Class
11/21 Aggregate Demand and Supply [Ch 23]
11/23 No Class – Thanksgiving
11/25 No Class – Thanksgiving
11/28 Aggregate Demand and Supply [Ch 23]
11/30 Monetary and Fiscal Policy [Ch 24]
12/2 Monetary and Fiscal Policy [Ch 24] [Third writing assignment due]
12/5
Review for final
12/13 FINAL EXAM, 8:30-11:00am