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Welcome to the Principles of Microeconomics. This handout explains the basic but important information about the course beginning with the mission of the College of Business as follows:
COLLEGE OF BUSINESS MISSION AND VISION
MISSION STATEMENT: To develop individuals from diverse backgrounds into professionals with a global perspective through a comprehensive education in business, information systems, and public administration that emphasizes academic excellence, professionalism, and innovation in teaching, scholarship, and service.
VISION STATEMENT: The College of Business will be recognized for having premier career-oriented programs in business, information systems, and public administration.
COURSE DESCRIPTION
This course is a study of microeconomics, explaining how the price of a product or a resource is determined under various market structures, how an economy’s resources are allocated, and how factor incomes are determined. Current problems in domestic and international economics are explored. (NOTE: May be taken for honors credit.)
COURSE PREREQUISITE MATH- 125 or higher (excluding Math 127) and/or permission from the instructor
COURSE MATERIALS
Required Text and Online Access Codes
McConnell, Campbell, R., Brue, Stanley, L., and Sean Flynn Economics: Principles, Problems, and Policies. 21st Edition, McGraw-Hill Book Company, 2018.
Note that Bowie State University has a custom edition with the following ISBN specifications: ISBN 978-1-30-708409-2 PPK ECON w/CONNECT PL
THIS ACCESS IS REQUIRED FOR COMPLETING YOUR ASSIGNMENTS . Connect is a powerful online learning system which you can use to learn economics concepts, do your homework, refresh your math skills, follow the study guide, and quiz yourself.
You must also log onto Blackboard, click on any of the Learnsmart or Connect assignments to link your Blackboard to connect and be able to see your complete grade in Blackboard.
How to Register for Connect and Learnsmart
- Access code required: Use one that comes with your book if purchased new from the Bowie State Bookstore, one purchased separately, be ready to purchase one when you sign in or at least for a start use the temporary courtesy access. Note that the last option gives you 14 days of complimentary access !
If however, you took ECON 212 last semester, your code is still valid.
- Log on to blackboard and from your course, ECON 212, click on Assignments or Learnsmart. Alternatively , use the URL provided below and follow the prompts to register
http://connect.mheducation.com/class/a-ntembe-econ-212-001-fall-2018
- Then click on Launch. You will then use the access code that comes with your package or purchased separately (if you are using an old book) to enroll in McGraw Hill Connect. If you do not yet have a code, register using the complimentary access.
- Delaying sign up therefore is NOT an option.
If you have trouble with Connect, please contact Customer Support at http://mpss.mhhe.com/
Suggested Readings
The Wall Street Journal, Business Week, U. S. News and World Report, Times and News Week, Business section of the Washington Post. Economist, the Black Enterprises Magazine, etc.
STUDENT LEARNING OUTCOMES
Students who complete the course successfully should be able to:
- Define economics and explain the economizing problem and economic concepts.
Understand graphs, curves and slopes as they are applied in economics
Utilize mathematics to define and explain the following: demand, supply, market equilibrium and the effects of public policy, indifference curve, consumer choice, input/output relationships and their effects on short and long term production and costs.
Identify the characteristics of the four basic market models
Determine the optimal production mix, pricing policy, and consumer welfare using graphs and algorithms for the short and long runs.
Analyze cost and revenue to determine optimal output
TEACHING MODES
This course will be conducted online via BLACKBOARD. I will however use the collaborate tool in Blackboard for collaborative sessions on the dates that will be communicated during the semester. The use of McGraw-Hill Connect Economics/LearnSmart, will be critical for your success in the course.
STUDENT EVALUATION/GRADING
Evaluation will be based entirely upon performance on tests, quizzes, online/in-class participation, and online/offline assignments/homework. The tests will be based on the text, class lectures, and any handout materials as well as material found online.
Percent of Grade
Points
Pretest and Post test & Survey
5%
25
Connect Assignments
15%
75
Class Participation
5%
25
Connect Quizzes (online)
5%
25
In-Class Quizzes
15%
75
In-Class Activities
10%
50
Midterm Exam
20%
100
Final Exam
25%
125
Total
100%
500
LearnSmart will be Extra-Credit (points earned only if assignment is completed by the scheduled date)
Up to 10 additional points towards final exam
The numerical percentage result obtained will be converted to an equivalent final letter grade for the course in accordance with the following scale:
Numerical Percentage
Points
Grade
90 – 100
450- 500
A
80 – 89
400-449
B
70 – 79
350-399
C
60 – 69
300-349
D
0 – 59
0-299
F
COURSE POLICIES AND EXPECTATIONS
Participation Policy
- No student is allowed to sit in class WITHOUT OFFICIALLY REGISTERING FOR THE COURSE. The student's name should be on the official class roster or the student should carry official proof of registration. It is a violation of University Policy to sit in class without officially registering for the course
- Students shall register and participate in all BSU online Blackboard, McGraw-Hill’s Connect Economics, Learnsmart, Smarthinking, Quizzes, Assignments, and Study Plans as scheduled.
- The bulk of the readings will be from the course text. You will also have online supplemental materials. Students are expected to complete all LearnSmart activities, quizzes, assignments, including, but not limited to, assigned readings,
- All Online activities are accessible through blackboard- McGraw-Hill’s Connect Economics/LearnSmart, Assignments, and quizzes, and Blackboard assignments MUST BE TAKEN ON THE SCHEDULED DATES. All online work is expected to be wcompleted by 11:59 pm on the date outlined in the calendar listed. Note that due dates are not necessarily in sequence by chapter as activities in a later chapter may be due before all assignments in an earlier chapter are due.
- Smarthinking provides virtual tutoring services. Check it out through Blackboard, the university has it all covered for you. So there is no additional charge.
- Students that do not possess and use all required materials for this course are at high risk of failing the course.
- All students are expected to attend classes regularly and promptly. Absences and tardiness can detrimentally impact your grade. Remember! A missed class can be excused but the missed information may never be given in the same way.
- In the event that you miss a class, it is your responsibility to find out what topics were discussed, what additional assignments may have been given, and what material may have been distributed in class.
- Be sure to pay close attention to deadlines—there will be no make up assignments or quizzes, or late work accepted without a serious and compelling reason and instructor approval.
Communication Policy
- The Bowie email is what we will use for email communication in this class, hence students should make sure their email connected to Blackboard is never full and that they enable emails to be forwarded to their preferred email addresses by completing the requested process on the Bowie State website.
Students must check the Announcement Page in Blackboard regularly for updates.
Examination Policy
- The final examination may draw upon all areas.
- Make-up Tests: Tests must be taken at the scheduled time. The professor retains complete discretion regarding the policy pertaining to examinations missed by students. In other words, students are not entitled to “make up” a missed examination.
The exams and quizzes can consist of any of the following formats-- problems, definitions, short essays, and multiple-choice questions.
Professional Conduct Policy
Students are required to act in a professional, respectable, and courteous fashion at all times in each interaction with other students and with members of the faculty.
Also, see College of Business Student Code of Professional Expectations
Policy on Accommodation
University Policy on Incomplete Grades
Although the student has the sole responsibility for making a formal written request to the instructor for an incomplete grade, the decision to assign an incomplete grade rests solely with the instructor based on university policy guidelines. As the university policy stipulates, incomplete grades will not be assigned except in unusual circumstances and only to students who have attended and completed most of the course (at least 75 %) and have at least a C grade but who, as a result of circumstances beyond their control (e.g., illness or family emergency), are unable to complete the remainder of the course. If the student has failed to complete the major portion of the course by the drop date, he/she is advised to withdraw from the course. If the instructor agrees to comply with the student’s request, he/she must establish specific “makeup” conditions, which must be recorded on the Incomplete Contract Form, which has to be approved by the department chair and college dean. Any grade of “incomplete” must be completed by the following semester in accordance with University policy. Note that only the portion of the course that was missed by the student is eligible to be completed. That is, incomplete grades are not given in order for a student to retake or re-do portions of the course that had already been completed in order to improve his/her grade.
University Policy on Student Rights and Responsibilities for Academic Integrity
- Students have the right of free and honest inquiry and expression in their courses, to know the requirements of their courses and to know the manner in which they will be evaluated and graded
Students have the obligation to complete the requirements of their courses in the time and manner prescribed and to submit their work for evaluation.
Students have the right to be evaluated fairly, equitably and in a timely manner appropriate to the course and its objectives.
Students shall not submit as their own work any work which has been prepared by others. Outside assistance in the preparation of this work, such as librarian assistance, tutorial assistance, typing assistance or such special assistance as may be specified or approved by the appropriate faculty member, is allowed.
Students shall make all reasonable efforts to prevent the occurrence of academic dishonesty. They shall, by their own example, encourage academic integrity and shall themselves refrain from acts of cheating and plagiarism or other acts of academic dishonesty.
When instances of academic dishonesty are suspected, students shall have the right and responsibility to bring this to the attention of the faculty or other appropriate authority.
Students are expected to conform to a strict standard of academic honesty. Cheating on examinations, plagiarism, unauthorized collaboration with others on assignments, submitting without authorization duplicate assignments for credit in more than one course and improper acknowledgement of sources of material are intolerable offenses which carry serious penalties.
- All directly quoted materials must be identified as such by quotation marks and the sources of this material must be acknowledged.
When borrowed ideas or information is not directly quoted by a student, the student should have so assimilated this material that it is indeed being expressed in his/her own words. However, as in the case of direct quotations, the sources of such borrowed ideas or information must be acknowledged.
The sources of ideas or information lying well within the realm of common knowledge (i.e., material that would be known by anyone familiar with the subject under discussion) need not be acknowledged.
Student Grade Appeal Procedures
Students who have documentation that an error was made in the determination of a course grade or desire to appeal a grade due to alleged arbitrary and capricious grading must first discuss the concern with the faculty member involved. If there are unresolved issues, the student may initiate the grade appeal process. The student must direct the appeal in writing, with documentation, through the appropriate channels: Instructor, Department Chair, School Dean, and Provost. If a course assignment grade is in dispute, the student must initiate the appeal no later than ten (10) working days after receiving the grade. If a final grade is in dispute, the student must submit an appeal no later than thirty (30) days from the end of the semester during which the grade was received. Procedures are detailed below.
1. The student must initially consult with the instructor for a satisfactory resolution of the appeal. If the instructor is no longer with the University or if the student is unable to resolve the issue with the instructor, the student must present the complaint in writing to the Department Chair.
2. The Department Chair will convene a Departmental Appeals Committee for resolution. If the student is not satisfied with the decision of the Departmental Appeals Committee, the Chair renders a decision.
3. If the complaint cannot be resolved at the Departmental level, the student must present the complaint in writing to the College Dean within fifteen (15) days after receiving notification of the Department’s decision.
4. The College Dean will render a final resolution.
Pages 103-104, BSU 2016-17 Catalog
College of Business: Student Code of Professional Expectations
A College of Business student is expected to:
fully engage in the learning process and deliver his/her best performance each and every day
participate in student organizations and other experiential activities
follow the highest standards of ethical conduct and integrity in all of his/her work and interactions with others
behave in a manner that is professional and be respectful of the dignity of others, treating them with civility and understanding
use University resources and facilities in appropriate ways consistent with their purpose and in accordance with applicable policies
purchase his/her textbooks and materials by the end of the first full week of the semester
turns in assignments and homework on or ahead of time
does not cheat, fabricate or plagiarize
stays alert and values information provided during meetings
turns off cell phones and other electronic devices during classroom sessions, convocations, and any other University events unless given advanced permission by the facilitator(s)
seeks help from campus resources consistently, from the start of the semester
values his/her grade point average equally as much as course completion
manages his/her time, sets his or her priorities and plans his/her career path wisely
dresses in business casual attire except on Wednesdays when professional attire is expected.
A successful College of Business graduate:
- has effective oral and written communication skills
has basic information technology skills with special attention to those used in his/her field of study
demonstrates mastery of business knowledge and business skills
solves problems ethically and creatively using critical thinking skills
is aware of the impact of globalization and diversity
has great self-governance and teamwork skills.
COURSE/TOPICAL OUTLINE
Module 1 – Introduction to Economics and the Economy
Week
Topic
Readings
Activities
Due Date
PRETESTS ECON/MATH
1/2
Limits, Alternatives and Choice
Chapter 1
LearnSmart chapter 1
Sunday
1/28
Connect Homework Chapter 1
Friday
2/2
Quiz 1 Chapter 1
Satruday
2/3
3
The Market System and Circular Flow
Chapter 2
LearnSmart chapter 2
Sunday
2/4
Connect Homework Chapter 2
Thursday
2/8
Quiz 2 chapters 2
Sunday
2/11
Module 2 – Price, Quantity, Efficiency and Consumer Behavior
Week
Topic
Readings
Activities
Due Date
3/4
Demand, Supply and market Equilibrium
Chapter 3
LearnSmart chapter 3
Tuesday
2/13
Connect Homework Chapter 3
Tuesday
2/20
Quiz 3 Chapter 3 Wednesday 2/2 1
5
Elasticity
Chapter 6
LearnSmart chapter 6
Thursday
2/22
Connect Homework Chapter 6
Thursday
3/1
Quiz 4 Chapter 6
Saturday
3/3
6/7
Utility Maximization
Chapter 7
LearnSmart chapter 7
Tuesday
3/6
Connect Homework Chapter 7
Monday
3/12
Quiz 5 Chapter 7 Tuesday 3/13
8
Midterm Test on chapters 1, 2, 3, 6, and 7
Friday 3/16
9
Spring Break
3/19 – 3/23
Module 3 – Microeconomics of Product markets: Costs and Pure Competition
Week
Topic
Readings
Activities
Due Date
10
Businesses and Cost of Production
Chapter 9
LearnSmart chapter 9
Sunday
3/25
Connect Homework Chapter 9
Saturday
3/31
Quiz 6 Chapter 9
Monday
4/2
11
Pure Competition in the Short Run
Chapter 10
LearnSmart chapter 10
Tuesday
4/3
Connect Homework Chapter 10
Tuesday
4/10
Quiz 7 Chapter 10
Thursday
4/12
12
Pure Competition in the Long Run
Chapter 11
Learnsmart Chapter 11
Thursday
4/12
Connect Homework chapter 11
Sunday
4/15
Quiz 8 Chapter 11
Tuesday
4/17
Module 4 – Microeconomics of Product Markets: Monopoly, Monopolistic Competition and Oligopoly
Week
Topic
Readings
Activities
Due Date
13
Pure Monopoly
Chapter 12
LearnSmart chapter 12
Thursday
4/19
Connect Homework Chapter 12
Tuesday
4/24
Quiz 9 Chapter 12
Wednesday
4/25
14/15
Monopolistic Competition
Chapter 13
LearnSmart chapter 13
Thursday
4/26
Connect Homework Chapter 13
Sunday
4/29
Quiz 10 Chapter 13
Monday
4/30
Oligopoly
Chapter 14
LearnSmart chapter 14
Tuesday
5/1
Connect Homework Chapter 14
Sunday
5/6
POST TEST (ECON)
Comprehensive Final Exam on all chapters in class Monday 5/14
The above schedule may be modified if circumstances in the course of the semester deem it necessary. Also not that in-class quizzes and activities will be announced separately throughout the semester.
Sources of Economic data:
Bureau of Economic Analysis; http://www.bea.doc.gov/ bea/glance.htm (GDP data).
Federal Reserve Bank: http://www.bog.frb.fed.us/releases/h6/about.htm (Money supply data).
Beige Book (FRB): http://www.bog.frb.fed.us/FOMC/BB/ Current/ (report on current economic condition).
U.S Treasury: http://www.public debt.treas.gov/opd/ opdfaq.htm.
U.S Treasury Bureau of Public Debt: http://www.public debt.treas.gov/opd/opdpenny.htm.
Search and navigate through the ‘www’ pages of BLS, OMB, IMF, UNDP,TIAA/CREF, etc.
SELECTED BIBLIOGRAPHICAL REFERENCES
Hall/Lieberman, Economics: Principles and Applications, 6th edition, Cengage, 2013
T John B., Taylor, “Economics,” 3rd Edition, Houghton Mifflin, New York, U.S.A.
Parkin, M., “Economics,” 10th Edition, Addison-Wesley, New York, U.S.A., 2013.
Schillar, B. R., “The Economy Today,” 13th Edition, McGraw Hill-Irwin, New York, U.S.A., 2012.
USEFUL WEBSITES
http://dir.yahoo.com/Social_Science/Economics/ http://dmoz.org/Science/Social_Sciences/Economics/ http://www.helsinki.fi/WebEc/framee.html http://www.economicsnetwork.ac.uk/links/othertl.htm http://www.neiu.edu/~neiulib/websub/webbus.html http://www.tutor2u.net/revision_notes_economics.asp http://www.digitaleconomist.com/ http://www.whitenova.com/thinkEconomics/
“This syllabus is not a contract and it is subject to change with notification.”
Selected Important Dates
August 27 First Day of Classes (Regular and 1st Eight Week Session)
August 31 Last Day to Add/Drop, or Register for Class
September 12 Matriculation Convocation
September 21 Last Day to Withdraw 1st Eight Week Courses
October 5 Last Day to Remove Spring 2018 Grades of “I”(Incomplete) Undergraduates
October 15-19 Mid -Term Evaluation for Undergraduates
October 26 Last Day to Add Drop for 2nd Eight Week Session November 1st and 2nd English
November 5-9 Advisement Week (Undergraduates)
November 16 Last Day to Change from Credit to Audit Last Day to Drop With Grade of “W” November 22-23 Thanksgiving Recess November 26 Classes Resume
Nov. 30-Dec.5 Final Exams for December Graduation Candidates December 7 Grades for ALL December Graduation Candidates due by Noon
December 10 Last Day of Classes December 10 - 13
December 12 - 19 Fall 2018 Final Examinations for Non Graduating Students
December 21 Last Day to Submit Final Grades for Non Graduating Students