Rose Hulman Institute of Technology Department of Humanities Social Sciences Winter Quarter 2011 2012 SV151 Principles of Economics th Section 3 5 hour 11 45 12 35 Crapo G 310 th Section 4 6 hour 12 40 1 30 Crapo G 310 Professor Office Phone Fax Email Course Web Site Textbook Kevin Christ Moench Hall A 203D 872 6226 877 8909 kevin christ rose hulman edu http www rose hulman edu christ principles htm Mankiw N Gregory Essentials of Economics 6th ed 2012 Course Description This is a 1 quarter survey course covering essential elements of economics While there are no formal prerequisites for this course students should have a basic knowledge of calculus and an ability to use and interpret data and graphs Mankiw s appendix to chapter 2 surveys the basic concepts Students are encouraged to read widely and look for items in the daily news that relate to the subject matter of this course The author of the textbook Greg Mankiw is an avid blogger His blog is one of the most widely read economics blogs The course website includes links to it as well as links to three other economics blogs Students who want to get the most out of this class will read these blogs regularly This course is required for the economics major and minor and is suitable as a Society and Values elective Furthermore SV151 is a prerequisite for almost all other economics courses at Rose Hulman Course objectives Improve economic literacy Improve critical thinking and problem solving skills by using economic models and tools of analysis to explain economic relationships and evaluate economic arguments Acquaint students with central features of the U S economy and its position in the global economy Prepare students for further work in upper level economics courses Broad Course Outline Foundations Weeks 1 to 3 chapters 1 through 7 Fundamental concepts and economics as a social science Demand supply and equilibrium of individual markets Welfare analysis of markets Microeconomics Weeks 4 to 6 chapters 8 through 14 Market failures and policy implications Production cost and market structure Competitive markets and market power Macroeconomics Weeks 7 to 10 chapters 15 through 24 Business cycles aggregate output prices and unemployment Long term economic growth saving and investment Asset markets and the monetary system Fiscal and monetary policy Grading Grade Component Homework Quizzes Attendance Essays 3 In Term Exams 3 Comprehensive Final Exam Weight 10 30 30 30 Policy toward attendance 4 unexcused absences forfeiture of H Q A credit 6 unexcused absences additional 1 letter grade reduction 8 unexcused absences failure of course Score 90 or better 87 to 89 80 to 86 76 to 79 70 to 76 65 to 69 60 to 65 Less than 60 Grade A B B C C D D F Rose Hulman Institute of Technology Department of Humanities Social Science K Christ Winter Quarter 2011 2012 SV151 Principles of Economics Sections 3 and 4 General Course Policies This syllabus provides a basic schedule and outline for the course Students should consult the course web site for a comprehensive and up to date schedule and for important links to course material Class sessions will be a combination of lectures discussion and problem solving sessions Course content will come primarily from the assigned textbook although internet content and outside readings may be incorporated where appropriate Some emphasis will be placed on understanding and analyzing current economic issues Basic PowerPoint slides used in class will be posted on the course web site each week The text should be viewed as a supplement to classroom lectures and discussions Classroom time will be much more productive if students are familiar with textbook material especially key terms prior to the class for which a reading is assigned Homework assignments will be posted on the course web site and will be due on the day for which they are posted Solutions will be discussed in class only if time permits Homework will be due at the beginning of the class period for which it is assigned and late assignments will not be accepted Unless explicitly informed to the contrary students are responsible for all assigned material This includes material that is linked to the course web site in the Slides and Other Links column of the course schedule The professor reserves the right to amend the course policies and schedule and or to add delete items or topics There will however be no individual extra credit opportunities Any academic misconduct will result in a failing grade for the course Exams Exams may have multiple choice and true false explain questions as well as numeric graphing and short answer problems Sample exams will be posted on the course web site With a written explanation approved in advance by the professor allowance may be made for a missed exam In some cases an exam may be administered at an alternate time in the Student Learning Center or other examinations may be weighted more heavily Such allowances will only be made in extreme situations e g severe illness confirmed by student nurse or a doctor or in the case of pre approved Institute sponsored events The final examination must be taken at the assigned time Essays During the term students will write three short essays on specific topics to be announced at a later date These essays will be due on specified dates during the term and will be returned with comments to students Final versions of all three essays will be due on Monday February 13 Rose Hulman Institute of Technology Department of Humanities Social Science K Christ Winter Quarter 2011 2012 SV151 Principles of Economics Sections 3 and 4 Tentative Course Schedule All chapter references here are to the 6th edition of the Mankiw text If you are using an earlier edition you still are responsible for the content of the chapters that are listed here on the days for which they are listed Date Week 1 Week 2 Week 3 Week 4 Topic M T 11 28 11 29 Foundations Foundations R F M T R F M T R F M T 12 1 12 2 12 5 12 6 12 8 12 9 12 12 12 13 12 15 12 16 12 19 12 20 Economics as a Social Science Specialization and gains from trade Demand and Supply Equilibrium Elasticity Price Elasticity of Demand Elasticity Other Elasticities Markets and government policy restrictions Markets and government policy taxes Welfare analysis of markets Examination 1 Application Taxation Application International Trade Holiday Break December 21 to January 3 R 1 5 F 1 6 Externalities Week 5 M 1 9 Public Goods T 1 10 Production R 1 12 Costs F 1