Revised Date: October 2009
Philosophy: This is a one semester survey course designed for the non-business major or a business major to use as a prelude to the Principles of Economics. Expectations are that students who satisfactorily complete this course will have a basic understanding of the most essential and fundamental theories and concepts of both Macroeconomics and Microeconomics.
Instructor Objectives: The instructor teaching this course should require students to:
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Demonstrate a basic knowledge of demand and supply market forces in pricing and output determination
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Understand the characteristics of a market system (i.e., capitalism) and how it differs from alternative economic systems
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Extend basic supply and demand analysis to elementary elasticity concepts and applications
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Demonstrate an understanding of production possibilities, economic growth, national income, and Macroeconomic instability
Course Teaching Requirements: Instructor may make use of whatever techniques and methods they deem necessary and/or appropriate to achieve the aforementioned learning objectives.
It is not necessary to cover all the chapters in the textbook. However, the following chapters are so essential and fundamental that they must be covered:
Chapters 1-2 Introduction
Chapters 3-4
Chapter 6
Chapters 12-14
Chapter 16
Price, Quantity, and Efficiency
Product Markets
GDP, Growth, and Instability
Money, Banking, and Monetary Policy
Examinations, quizzes, and homework assignments (online and in the traditional classroom) should include exercises and objective questions that require students to demonstrate an understanding of basic Microeconomic and Microeconomic issues, concepts, and their implications. The final exam must have a comprehensive component and weigh approximately 20-25% of the semester grade.
Assessment Responsibilities: Instructors teaching this course (online and traditional) are expected to participate in assessment activities as required by the University. You will be provided further information/instructions by the lead instructor during the term assessments are to be completed.
Business and Agriculture Division Contact Information:
Division Chair: Robert Mitchum, 501-882-8847, rlmitchum@asub.edu
Lead Instructor: Jack Raber, 501-882-8999, jrraber@asub.edu
Online Course Monitor: Wendell Dillard, 501-882-8914, wldillard@asub.edu