Richard W. Stratton Foundations of Economic Analysis
Foundations of Economic Analysis
3250:600
Course Syllabus
Description:
This course will provide an introduction to economic analysis. Students will learn to apply basic economic tools, processes, theories and models to issues especially relevant to managers. The focus is on the United States economy and institutions. Problems will include market demand and supply, market structure, cost structure, decision-making, determination of output, employment, unemployment, interest rates, inflation, monetary and fiscal policies, public debt, and international economic issues.
Instructor contact information:
Office: College of Arts and Sciences (CAS) room 444. Phone number: 330-972-7440 Zip+: 1908
On-line: By email at
Required text:
Economics for Managers, by Paul G. Farnham, Copyright: 2005
Publisher: Prentice Hall, ISBN: 0-13-092425-3
Companion web site url: http://wps.prenhall.com/bp_farnham_econmgr_1
Expectations:
Education is a cooperative effort. You and I must each contribute our best efforts to succeed in our goal of learning. Research clearly demonstrates that learning is positively correlated with (1) time on task, (2) effort, and (3) feedback.
What you can expect from me:
You can and should expect my best effort to provide you with a quality education. This includes treating each student fairly and without prejudice, structuring the course to help you succeed, being available to assist you when you have questions, providing prompt and useful feedback on your performance and responding to changing student needs within ethical and practical boundaries.
If you contact me, you can expect me to respond within two business days (Monday through Friday). My phone number and email address are listed above.
How quickly I can provide feedback on your performance varies with the type of assessment. Most assessments will be returned within five business days. Those assessments which usually take the longest to review, such as papers, should be returned within ten business days. Overall grades and other grade related information will be posted on WebCT within two days after each major assessment is returned.
This course is under constant development to improve its structure. The current syllabus is the most recent revision. Any changes in the course will be announce in class and posted on WebCT as soon as they are made.
What I expect of you:
First and foremost I expect you to treat everyone in class with respect and courtesy, this includes respecting yourself. Do not short change yourself by giving less than the optimal effort in this class, do your own work and give credit where credit is due.
The University’s statement of student responsibilities can be found on the Web at rule number 3359-42-01 Student rights and responsibilities. These responsibilities include refraining from the commission of plagiarism and from aiding or abetting another student in the commission of plagiarism. For help the Office of the General Counsel provides “Guidelines for Avoiding Plagiarism” at their website http://www.uakron.edu/ogc/PreventiveLaw/plagiarism.php
I expect you to spend significant time on this course, to give me your best effort, and to respond promptly if the feedback provided raises questions.
Time:
I expect you to come to every possible class ready to focus your attention on learning. In new student orientation sessions, students are told they should spend an average of two hours per week outside of class for every hour of lecture. For this course, that means spending a MINIMUM of 6 hours of quality time per week outside of class (every week). Therefore, plan to spend a MINIMUM of 9 hours per week, every week on this class! During this time you should complete all assigned activities; including reading the textbook and completing the assigned work. You should memorize the meaning and use of new terms, struggle with understanding new concepts and contemplate how the ideas discussed might apply to your life.
Effort:
I expect you to come to every possible class ready to focus your attention on learning. This means that you are prepared, rested, and alert. You should have paper and writing instruments. All assigned activities should be complete. You should have read the appropriate sections in the textbook; memorized new terms, their meanings and use. You should have struggled with understanding new concepts and have contemplated how the ideas discussed might apply to your life. The course is designed to encourage you to be an active learner. Being prepared is essential to fully and successfully engage in the classroom activities.
I expect you in inform me at the earliest possible opportunity, if there are any special circumstance of which I must be aware to treat you fairly or that I should accommodate to help you succeed.
Student Holistic Academic Health Center:
Instructor: Richard Stratton444 CAS; 330-972-7440; / Tutor Programs:
Economic Graduate Student Teaching Assistants – CAS 443
How to use WebCT http://webct.uakron.edu / Aplia.com http://econ.aplia.com
If you have a problem with WebCT, try the WebCT Help List Serv at:
/ CBT hours: http://cbt.uakron.edu/labhours.htm
Writing Lab http://www3.uakron.edu/univcoll/wl.html / University tutoring http://www3.uakron.edu/univcoll/tp.html
Math Lab http://www3.uakron.edu/univcoll/ml.htm / Reading Lab http://www3.uakron.edu/univcoll/rl.html
If you believe that you have a disability that limits your learning, you may contact the
Office of Accessibility, SAS 125, (330) 972-7928 (v) or (330) 972-5764 (TDD)
www3.uakron.edu/access / Counseling, Testing and Career Center (CTCC)
http://www3.uakron.edu/counseling/
Free, comprehensive psychological services are offered to currently enrolled students
CTCC College Survival Kit
The Office of Student Development
Enriching your collegiate experience through involvement in co-curricular programs
http://www.uakron.edu/studentaff/osd/ / Center for Career Management
The comprehensive career services office at The University of Akron.
http://www.uakron.edu/ccm/
Tutoring:
Economic Graduate Student Teaching Assistants are usually available in College of Arts & Sciences 443, across the hall from my office during the day. When this room is being used for classes you can find the graduate assistants in room 437. There is no cost for the help these students provide. However, your best bet will probably be to contact me for a mutually acceptable time.
The on-campus tutoring office offers peer-tutoring services for this class free of charge in Carroll Hall 215A. Contact them for an appointment. http://www3.uakron.edu/univcoll/tp.html
The instructor is available during office hours and by appointment. Contact me by e-mail or by phone at 972-7440. You may also call the Department at 972-7546. After class is often the best time to continue and expand classroom discussion.
Course Objectives:
These objectives are based on a set of proficiencies for undergraduate economics students proposed in an article by W. Lee Hansen[1] and recently adopted by the Economics Department. Students who successfully complete this course should be able to:
1. access existing knowledge about economics
a. You will be able find information on economics – current issues, theories, tools and related data.
2. find and interpret existing economic data
a. You will be able to obtain some current macroeconomic data, from a variety of sources.
b. You will be able to explain the meaning of these data, as well as limitations to their use.
3. demonstrate command of that knowledge
a. You will be familiar with the terms used by economists and understand their meaning. You will be able to explain, in your own words, important and defining the differences between alternative theories and/or explanations of economic events.
b. You will be able to identify appropriate and inappropriate use of economic knowledge.
4. interpret and apply existing knowledge in a variety of economic situations
a. You will be able to identify economic issues, describe the essential economic concepts, and select appropriate theories and tools to analyze the issues in situations you have not previously encountered.
5. effectively employ selected analytical and critical thinking tools used by economists
Additionally, research indicates that student learning and retention increases if students are active rather than passive. One way to enhance active learning is with small groups or teams (Together Everyone Achieves More). Therefore, students will have the opportunity to form teams to enhance their opportunity to succeed. Small groups can also allow more flexibility to accommodate students with different primary learning preferences.
Publications:
A major objective of this course is to promote the application of principles and concepts presented to current events, since students who are able to do so seem to learn the material better, retain it longer, and indicate more satisfaction with the course. Reading publications such as The Economist, U.S. News and World Report, Newsweek, The Wall Street Journal, and Forbes can alert students to current events to which concepts discussed in class can be applied.
Evaluation:
Homework / 300 points / Homework assignments (~10) will be assigned during the term.
Your best six (6) of these worksheets will count. They are due at the beginning of class (first 5 minutes) on the days indicated. I will accept no late submissions for ANY reason (illness, death in the family, or the family dog).
Essays / 100 points / There are two essays required for the course; one at the end of the microeconomic section, one at the end of the term. Each essay will be worth 50 points.
Hourly Exams / 500 points / There are a total of three (3) hourly exams. One at the end of each major section of the course. They will be given during the class period on the day indicated. These exams will be modeled after the homework. The lowest score will count 100 points; the other two will count 200 points each.
Final Exam / 200 points / There will be a comprehensive final exam during the time and date set by the university.
Total available points / 1100 points
Grading:
Grade / Points / Grade / PointsA / 900 / C / 700
A- / 880 / C- / 680
B+ / 840 / D+ / 640
B / 800 / D / 600
B- / 780 / D- / 580
C+ / 740 / F / Below 580
Course Structure:
Prior to meeting in class, students will complete the assigned readings, learn the “Key Terms”, complete all “Technical Questions” and be ready to discuss all “Application Questions” at the end of the assigned chapter(s).
Readings: Students should read the assigned chapters in the textbook, memorized new terms, their meanings and use, and at least struggled with understanding new concepts presented.
End of Chapter study helps: Answers to the even numbered questions at the end of each chapter are available at the end of the textbook. Students should first complete the “Technical Questions”. These will help insure that you are able to work the mechanics and understand at least the essential material. Students should read and try to answer the “Application Questions”. These require a higher level understanding of the material and may be used to begin discussion in class.
Prepare a list of questions: It is very helpful to prepare a list of questions that are unresolved before coming to class. This will help you better understand those points about which you need more clarification or help. Be as specific as you can. This will help you express yourself in class. The specificity of the question will also help you get a satisfactory answer.
Students are encouraged to consult one another as they compose their answers to the “End of Chapter” questions. Learning from peers is a powerful aid to student success.
During class, there will be a variety of activities. Class time is a very limited and valuable resource. We must strive to make the best use of it we can. Classroom activities are designed to encourage individual participation and accountability, group cooperation, and an atmosphere of positive interdependence of the entire class. From time to time work generated during class may be collected for assessment.
Student questions: Most classes will begin with student questions on the selected material, the assigned “End of Chapter” questions and/or current events. This allows the scarce classroom time to be used to address those issues students find most difficult to comprehend.
Lecture: Lectures will be used as necessary.
Group work: Additionally, students may work in groups to develop better understanding of the material covered on a worksheet or in the textbook. If they chose, students may work individually to develop an understanding of important material.
Exams: Are given at strategic points during the course to allow each student to demonstrate her or his command of economic terminology and existing economic knowledge. These tests are part of your learning activity and are modeled after the homework. They will be given in class, at the end of the period indicated.
After class, students will work on homework and essay assignments.
Homework: Homework exercises will be distributed at the end of most classes. They are due at the beginning of the following class meeting. These are NOT a group activity. Each student must submit their own work at the beginning of the class they are due. Any student that fails to submit a completed copy upon entering the classroom will receive no credit for that homework. Copying another student’s work and claiming it as your own is plagiarism. It will not be tolerated.
These exercises should allow students to assess the depth of their understanding of the material. Since the exams are model on the homework, the homework should provide a good study tool.
Disclaimer: This syllabus is subject to change as the pace of the course is determined, in part, by the students in the course. Modifications will be posted on WebCT as soon as they are made.
Notice:
The readings in the outline below are from the text. All readings should be completed before doing the assigned worksheets. Please bring any questions or misunderstandings to my attention as soon as possible.
TENATIVE OUTLINE OF TOPICS, READINGS, and ASSIGNMENTS
Week 1 / Introduction, Economic Thinking
Voluntary Exchange, Markets / Chapter 1 (Economics and Managers) / Homework #1
Week 2 / Demand, Supply and Equilibrium / Chapter 2 (Demand, Supply, and Equilibrium Prices) / Homework #2
Week 3 / Demand Elasticities / Chapters 3 (Demand Elasticities) / Homework #3
Week 4 / Test 1
Week 5 / Short run
Long run / Chapters 5 (Short run Production and Cost Analysis)
Chapter 6 (Long run Production and Cost Analysis) / Homework #4
Week 6 / Price taking behavior
The firm, The Market / Chapter 7 (Market Structure: Perfect Competition) / Homework #5
Week 7 / Price seeking behavior
Pricing strategies / Chapter 8 (Market Structure: Monopoly)
Chapter 9 (Oligopoly) / Essay #1 (application of a microeconomic tool or concept to a current article)
Week 8 / Test 2
Week 9 / Introduction to macroeconomics / Chapter 11 (Measuring Economic Activity) / Homework #6
Week 10 / The real markets / Chapter 12 (Spending on Real Goods and Services) / Homework #7
Week 11 / The money markets / Chapter 13 (The Role of Money in the Macro Economy) / Homework #8
Week 12 / IS-LM Analysis / Chapter 14 (The Aggregate Model of the Macro Economy) / Homework #9
Week 13 / Test 3
Week 14 / The foreign sector / Chapter 15 (International and Balance of Payments Issues in the Macro Economy) / Essay #2 (application of a macroeconomic tool or concept to a current article)
Week 15 / Integration / Chapter 16 (Combining Micro and Macro Analysis for Managerial Decision Making) / Homework #10
The official final exam date can be found at http://www.uakron.edu/registrar/FallExam05.php