LECTURES
Chapter 1 – Thinking like an Economist
Chapter 2 – Models, Comparative Advantage & Trade
Chapter 3 – Supply & Demand
Chapter 4 – Elasticity
Chapter 5 – Demand
Chapter 6 – Perfectly Competitive Supply
Chapter 7 – Efficiency & Invisible Hand
Chapter 8 – Monopoly, Oligopoly, and Monopolistic Competition
Chapter 9 – Game Theory
Chapter 10 – Behavioral Economics
Chapter 11 – Externalities, Property Rights and Environment
Chapter 12 – Economics of Information
Chapter 13 – Labor Markets, Poverty, and Income Distribution
Chapter 14 – Public Good and Tax Policy
TEXT & MATERIALS
The materials required for the course is the book and the online software called Connect.
- Book: Principles of Microeconomics by Robert H. Frank and Ben Bernanke, 8th edition
- Homework/Test: McGraw Hill Connect – Online companion for Homework & Exams
There are a few format options to pick from:
- Buy physical book from bookstore. The book with come with a code that allows you to access Connect (~$110-$120)
- Buy online version from the course link with ebook and Connect ($100)
- Lay Away Plan – Enroll into Connect before the first assignment with the trial then pay in two weeks. Then you can purchase options 1 or 2.
DESCRIPTION
Microeconomics (EC 201) examines the behavior of producers, consumers, and governments in the economy and how these decision-making “agents’ interact within markets. It addresses the determination of prices in individual markets and how price changes affect production and consumption. In contrast, Macroeconomics (EC 202) focuses on aggregate or economy-wide values such as national output, unemployment, interest rates, and price inflation (or deflation).
Phenomenon-based learning will be used by studying Amazon, Uber, and other companies. We look at how these topics affect market, business, and individual decisions. The class will be taught in a discussion and discovery fashion that centers on a presentation of the most important topics and a discussion. You are expected to ask questions and add color to the discussions. There are no wrong answers or bad questions. The better the discussions are, the easier your exams will be. Economics has many abstract and theoretical topics that will require studying. The lectures will not cover all topics from the book but you will still be responsible for the reading. Reading, attending class, doing homework, and taking notes is the best way to ensure you will get a good grade in class. Especially reading.
GRADING
| Assignment | Percentage |
| Homework (Connect) | 35% |
| Discussion (Blackboard) | 15% |
| Midterm (Connect) | 25% |
| Final (Connect) | 25% |
| Web Paper (Webflow) | Test Replacement |
EXAM
The exams will be administered online through McGraw Hill Connect. It will be timed. The exams are straightforward with 10-20% that may be more difficult. They will include questions from the book, assignments, and lecture.
The exam is not definitional. It requires one to apply what you have learned. They are similar to homework questions but less difficult.
HOMEWORK ASSIGNMENTS
Problem sets will be administered online using McGraw Hill Connect. Purchase the book and online companion as soon as possible. I strongly encourage you to work in groups when doing the problem sets. Make friends and ask for help. Late problem sets are not accepted for any reason. You will be allowed to drop the three lowest scores. THERE ARE NO MAKE-UPS OR EXTENSIONS. Extra credit assignments a given throughout the course.
DISCUSSION
After about every two chapters, there will be an in-class discussion. Participation credit is awarded in class but also can be made through an online discussion as well. Credit is only given when value is added to the discussion. Contribution can be in the form of a shared article, study, personal story, opinion, or stat but should not duplicate previous contributions. If the contribution is an opinion or story, evidence or economic reasoning should be supplied.
SCHEDULE
- Syllabus & Introduction
- Chapter 1 (Thinking Like an Economist)
- Chapter 2 (Comparative Advantage)
- Chapter 3 (Supply and Demand)
- Chapter 4 (Elasticity)
- Chapter 5 (Demand)
- Chapter 6 (Perfectly Competitive Supply)
- Chapter 7 (Efficiency, Exchange and Invisible Hand in Action)
- Midterm
- Chapter 8 (Monopoly, Oligopoly and Monopolistic Competition)
- Chapter 9 (Games and Strategic Behavior)
- Chapter 10 (Introduction to Behavioral Economics)
- Chapter 11 (Externalities and Property Rights)
- Chapter 12 (The Economics of Information)
- Chapter 13 (Labor Markets, Poverty, and Income Distribution)
- Chapter 14 (Public Goods and Tax Policy)
- Chapter 15 (International Trade and Trade Policy)
- Final