Course Syllabus
WELCOME TO Microeconomics 2302 Professor Wanda Fuster
ECON 2302.This course will meet between Mondays to Thursday from 9:30 am. To 11:50 am. in Room #: Corinth Campus
Text Book: Macroeconomics 20 edition, Mc Connell, Brue & Flynn
Important Rules to follow:
Note: Each 50 minutes we will have a break of 5 minutes to use the restroom and drink water, in other words we would have two breaks during the class day. The Instructor reserves the right to change those rules at any time.
Warnings: Telephones, I Pads and I Phones or other electronic devices are strictly prohibited and not allowed during this class. You can make calls and text messages during the breaks only on the lobby area. The Instructor reserves the right to change those rules at any time.
Expected Behavior: I expect from my students at all times respect between peers and between students and your Instructor, this include watch your vocabulary, watch your body language and be courteous at all times. Remember this class would be a great opportunity to share and have a lot of Fun!! Be relaxed, enjoy, work diligently and learn the most that you can!!
Quizzes: For the quizzes I would provide 30 minutes to finish and turn to your instructor.
Tests: For the Mid Term and Final test I would provide 1 hour and a half to finish and turn to your instructor.
Punctuality: Please be advised that the punctuality in my class is a win situation; if you are punctual you have advantages over the ones that are not punctual.
Participation in Class: Is expected, I would like to see a courteous and respectful discussions in class, also I will be asking questions on a Socratic method. If you don't know about the Socratic Method this means about to answer the Professor (Instructor) questions shortly. I do promote a constant participation of each single student to engage in the discussion. Don't be afraid to participate in those intellectual discussions, be prepared and ready to say something meaningful. I won't be allowing any kind of critics or demonstrations of hate between peers. Should be a very soft and nice conversation back and forward between all of us. Enjoy this class it’s an Amazing one!! I can feel it...
Late Assignments: To help a student which can demonstrate that was sick or with transportation or other serious problems or a family situation I can allow turning late assignments with proof in writing about the problem. But be aware that all of those late assignments have a 10% penalty. Example: 25 total expected points less the 10% penalty would be minus- 2.5 points possible.
Module: 1 Limits, alternatives and choices- Please read chapters 1 to 4 for our first week of classes-from the Text Book: Microeconomics 20 edition, Mc Connell, Brue & Flynn
Module 1: Chapter 1-Monday July 10th.
1: Introduction to Economics and the Economy
July 10-Getting Started discussion board-Introduce yourself-Monday July 10th. 2017.
I-Limits, alternatives and choices
1-Scarcity and choices/purposeful behavior/marginal
2-Marginal Analysis, Comparing benefits and costs
Consider this: Fast food lines.
3-Theories, principles and models
4-Microeconomics and macroeconomics/positive and normative economics
5-Individual's economizing Problem: Limited income/Unlimited wants/A Budget line
6-Attainable and Unattainable Combinations/Tradeoffs and Opportunity Costs
7-Choice/Income Changes
Consider this: Did Zuckerberg Winfrey, and James Make Bad Choices?
****Team Work: To Present in front of the class: July 27, 2017: see the rubrics- 200 points.
****Team Work Instructions: To Present in front of the class: July 26 and July 27, 2017: see the rubrics- 200 points.
1-Select a subject matter for analysis.
2-Make your research for this analysis.
3-Share the tasks for this research with your three group members in equal shares.
4-Show a graph almost two graphs for this analysis.
5-Every group would have 20 minutes for the presentation and 5 more minutes to answer the peers and Instructor questions.
6-This Group work would have a 200 points of value.
Rubrics:
1-Use of Technology-Power point-20 points.
2-Professional attire-20 points.
3-Industry analysis-20 points.
4-Percentage of Collaboration between peers-20 points.
5-Defend the relevance of this Industry-20 points.
6-Prepare graphs to present the Industry Price and Quantity- 40 points.
7-Address any kind of Issues-20 points.
8-Create and economic policy to help the company to pursue their goals.-40 points.
Total points-200
|
100%
|
75%
|
50%
|
Content
|
Examples
|
APA format, Times new roman, 12" a' inch on each side margin. Provide references.
|
|
X
|
|
|
Outstanding
|
Provide almost a good one example
|
When you submit a very well paper following the above instructions, using the APA format and provide a crisp explanation to show you master the subject.
|
| |
X
|
|
Good
|
|
When you work and submit an average paper.
|
| |
|
X
|
Poor
|
|
When you miss a good example and when you also miss the format rules.
|
8-Society’s Economizing Problem
A-Scarce resources
B-Resource categories-Land, Labor and Capital.
9-Entrepreneurial Ability.
10-Production possibilities model.
11-Production possibilities Curve.
12-Law of Increasing Opportunity Costs/ shape of the curve/Economic Rationale
13-Optimal allocation.
Consider this: The Economics of War.
14-Unemployment, Growth, and the Future.
15-A Growing Economy.
16-Advances in Technology.
17-Present Choices and Future Possibilities.
18-A Qualification: International Trade.
Module 2: Chapter 2-Part I-Tuesday July 11
1-The market system and the circular flow
A-Economic systems
1-Laissez-Faire Capitalism
2-The command system
3-The Market system
1-Characteristics of the market system.
A-Private property
B-Freedom of enterprise and Choice
C-Self-Interest
D-Competition
4-Markets and Prices
5-Technology and capital goods
6-Specialization
7-Division of labor
8-Geographic specialization
9-Use of money
10-Active, but limited, Government
Part II- Five fundamental questions
1-What will be produced?
2-How will the goods and services be produced?
3-Who will get the output
4-How will the system Accommodate change?
5-How will the system promote progress
6-Capital accumulation
Part III-The Invisible hand
A-Efficiency
B-Incentives
C-Freedom
Part IV- The Demise of the command systems
1-The coordination problem
2-The incentive problem
Part v- The circular flow model
1-Households
2-Businesses-A sole proprietorship/The partnership.
3-Product Market
4-Resource market
Part VI- How the Market system deals with risk?
1-The profit system
2-Shielding employees and suppliers from business risk
3-Dealing with losses
Part VII-Benefits of Restricting Business Risk to owners
1-Attracting inputs.
2-Focussing Attention.
Module 3: Chapter 3-part I-Wednesday July 12
Price, Quantity and Efficiency.
1-Markets
2-Demand/Law of Demand/The Demand Curve.
3-Market Demand.
5-Changes in demand.
6-Number of buyers.
7-Income
8-Prices of related goods
Assignment #3: Module 3-To turn Thursday June 20,2017
Module 3: Part II
1-Changes in Quantity Demand.
2-Supply.
3-Law of Supply.
4-The Supply Curve.
5-Market Supply.
6-Determination of Supply.
7-Changes in Supply/ Resource Prices.
8-Taxes and Subsidies.
9-Prices of other Goods.
10-Producer Expectations.
11-Number of Sellers.
Quiz #1 Module #:3 -(25 points-July 13, 2017
Module 3: Part III
1-Changes in Quantity supply.
2-Market Equilibrium.
3-Equilibrium Price and Quantity.
Consider this: Ticket Scalping: A Bum Rap!
4- Rationing Function of Prices.
5-Efficient Allocation.
6-Changes in Supply, Demand, and Equilibrium
A-Changes in Demand.
B- Changes in Supply.
C-Complex cases.
D-Supply Increase; Demand Decrease.
Consider This: Salsa and Coffee Beans.
7-Supply Decrease; Dem
and Increase
8-Supply Increase; Demand Increase
9-Supply Decrease; Demand Decrease
Application: Government-set Prices
10-Price Ceilings on Gasoline
A-Graphical Analysis.
B-Rationing Problem.
11-Black Markets.
12-Rent Controls.
13-Price Floors on Wheat.
Module 4: Chapter 4-Part I-Thursday July 13
Market Failures: Public Goods and Externalities
1-Market Failures in Competitive Markets.
2-Demand- Side market Failures.
3-Supply Side Market Failures.
4-Efficiently Functioning Markets
5-Consumer Surplus.
6-Producer surplus.
7-Efficiency Revisited
A-Productive efficiency
B-Allocative Efficiency
8-Efficiency loses (Or Deadweight Losses)
9-Public Goods
10-Private goods characteristics
A-Rivalry
B-Excludability
11-Public goods characteristics
A-Nonrivalry
B-Nonexcludability
12-Optimal Quantity of a Public good
13-Demand for Public goods
14-Comparing MB and MC
15-Cost benefit analysis
A-Concept
B-Illustration
16-Quasi Public Goods
17-The reallocation Process
18-Externalities
A-Negative externalities
B-Positive externalities
19-Government Intervention
A-Direct controls
B-Specific Taxes
C-Subsidies and Government Provision
D-Subsidies to producers
E-Government Provision
20-Society’s optimal Amount of Externality Reduction
21-Government’s Role in the Economy
Module 5 Chapter#5
Government’s Role and Government Failure
1-Government Economic Role
2-Government’s Right to Coerce
A-Force and Economic Efficiency
3-The Problem of Directing and Managing Government
Module 6 Chapter#6
Elasticity
Module 7 Chapter #7
Utility Maximization
Module 8 Chapter #8
Behavioral Economics
Module 9 Chapter #9
Business and the Costs of Production
Module 10 Chapter # 10
Pure competition
Module 11 Chapter #11
Pure Competition in the Long Run
Module 12 Chapter #12
Pure Monopoly
Module 13 chapter #13
Monopolistic Competition and Oligopoly
Module 14 chapter #14
The Demand for Resources
Module 15 Chapter #15
Wage Determination
Module 16 chapter #16
Rent, Interest, and Profit
Module 17 chapter #17
Natural Resources and Energy Economics
Module 18 chapter #18
Public Finances: Expenditures and Taxes
Module 19 chapter #19
Antitrust Policy and Regulation
Module 20 chapter #20
Agriculture: Economics and Policy
Module 21: Chapter #21
Income Inequality, Poverty, and Discrimination
Module 22 Chapter #22
Health Care
Important dates to remember
|
Assignments
|
#1-july 13
|
#2-July 20
|
#3-July 27
|
#4-August 4th.
|
50 points each one
|
|
Quizzes
|
#1-July 13
|
#2-July 20
|
|
|
50 point each one
|
|
Mid Term Test
|
July 20
|
|
|
|
100 points
|
|
Final Test
|
July 27
|
|
|
|
150 points
|
|
Group Final Research
|
August 4th.
|
|
|
|
200 points
|
|
Total points
|
|
|
|
|
750 points Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|