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CWU ECON 101 - Syllabus

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Department of Economics Syllabus for Economics 101.01 10:50am Summer Quarter 2010 Instructor Information D.W. Hedrick, Ph.D. Professor of Economics Office: Shaw-Smyser 420, 963-2426, [email protected], Office Hours: MWF 9:10-10:00 a.m. and T & TH 12:30-1:30 p.m. and by appointment. Web Page: www.cwu.edu/~dhedrick/ Course Description: The course presents economic perspectives on a wide variety of issues confronting societies. Statement of Purpose: The principal objective of the course is to help students develop an applied understanding of the economic methodology and tools that will allow them an alternative economic view of the nature of problems societies face and the strategies to help address the challenges they present. Course Outcomes: 1. Apply the economic concepts such as scarcity, tradeoffs, and demand and supply, to analyze different issues that society faces. 2. Utilize graphs to simplify and analyze various economic phenomena. 3. Explain the relationships between consumers, producers, and government in a mixed economy. 4. Analyze the efficiency and discuss the equity of market-based outcomes. 5. Identify the underlying economic forces that result in the determination and trends in the following macroeconomic variables: GDP (real and nominal) Sources of economic growth (including capital accumulation, technological innovation, and productivity growth) Consumption spending, saving, wealth, and investment Inflation, Unemployment Fiscal policy (including government spending, taxation, budget deficits, and national debt) Monetary policy (including money supply, interest rates, and the structure of the U.S. banking system) Exchange rates, exports, and importsTextbook: Required: Guell, Robert C.., , 5rd Edition, McGraw-Hill, c2010, Suggested Reading: The Wall Street Journal Course Outline: (The issues chapters will be announced in class) Topic Text Chapter I. Introduction to Economics Scarcity, Choice, Opportunity Costs, and Circular Flow 1 II. Microeconomics Demand and Supply and Market Analysis 2 Elasticity and Consumer Surplus 3 Production and Costs 4 Competition, Monopoly, Imperfect Competition 5 III. Macroeconomics The Macroeconomy 6 Interest and Present Value 7 Aggregate Demand and Supply 8 Fiscal and Monetary Policy 9,10 RECOMMENDED STUDY HABITS: Economics is a challenging subject for most and requires significant study to successfully master and apply economic concepts. I suggest that you read, or at least skim, the chapters in the text before they are covered in class. As soon after class as possible, I suggest you retire to a quiet place and reread the text and recopy the lecture notes. This will help reinforce what you have learned and point out areas that you need clarified. Feel free to ask questions in class. Remember, “There is no such thing as a dumb question.” Also, please make use of office hours, particularly when you need a bit more help understanding the material. Course Requirement: Assessment of each of the learning outcomes occurs through examinations and quizzes. Grades will be based on 5 mini-exams and a comprehensive final examination. Important: No makeup quizzes will be given for any reason. Makeup mini-exams and finals will only be given for emergencies and require a note signed by a physician or a senior officer in Student Affairs. The mini-exams will be held every Friday at the end of class and are worth 300 points in total.Grading: The grade is based upon the percentage of the 400 possible points from the mini-exams and the final. The following scale will be used to determine the final grade: A >=93% A- >=90% and <93% B+ >=87% and <90% B >=83% and <87% B- >=80% and <83% C+ >=77% and <80% C >=73% and <77% C- >=70% and <73% D+ >=67% and <70% D >=63% and <67% D- >=60% and <63% F <60% Miscellaneous: Economics is a challenging subject for most and requires significant study to successfully master and apply economic concepts. I suggest that you read, or at least skim, the chapters in the text before they are covered in class. As soon after class as possible, I suggest you retire to a quiet place and reread the text and recopy the lecture notes. This will help reinforce what you have learned and point out areas that you need clarified. Feel free to ask questions in class. Remember, “There is no such thing as a dumb question.” Also, please make use of office hours, particularly when you need a bit more help understanding the material. The classroom should be a productive, pleasant, and interesting learning environment. As a consideration to your classmates, please make an effort to be on time. If you do arrive after the lecture has begun, a quiet entrance would be greatly appreciated. Texting is not an acceptable classroom behavior and is NOT allowed. In addition, please refrain from eating, yawning noisily, and conversing with colleagues during class. Disrupting the class or distracting the professor will not be tolerated. Students with Disability Students with disabilities who wish to set up academic adjustments in this class should give the professor a copy of their “Confirmation of Eligibility for Academic Adjustments” form from the Disability Support Services Office at the beginning of the course. Appropriate accommodation will be determined. Students with disabilities without this form should contact the Disability Support Services Office, Bouillon 205 or [email protected] or


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CWU ECON 101 - Syllabus

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