Syllabus
Course Number: ECON% 201
Title: Principles of Microeconomics
Prerequisites: Intermediate Algebra (MAT 098)
Recommended: English Composition (ENG 101)
College: Seattle Central Community College
Instructor/email address: J. Hubert / jhubert@sccd.ctc.edu
Economics 201, a microeconomics course, focuses on the activities of individual agents within the economy - firms, households and individual consumers. Topics to be discussed include: scarcity, supply and demand, the market mechanism, prices, factors of production, the theory of the firm, and a variety of current issues such as minimum wage laws, rent control, pollution, divorce and abortion. In this course we will attempt to relate economic theory to the real world - the world of people and businesses making decisions.
Learning Outcomes
To be able to understand and apply the Economic Way of Thinking as presented in the textbook. The first aspect of this quest is gaining an understanding of the vocabulary of economics, learning economic definitions and concepts. Then the student acquires the ability to apply these economic concepts to a variety of issues and topics involving human behavior. This second step, the application, is so important! Application of the theory provides us with a very useful tool to analyze real world problems and issues.
Method of Instruction
Student learning involves independent reading of the textbook and supplemental materials, analysis of study questions, and interaction with other students and the instructor.
The textbook provides the bulk of the course material. It is assumed that students will become comfortable with all textbook material. I define “comfort” as the ability to apply textbook materials to issues and problems. Now, let me point out the obvious about the relationship between the lecture materials and the textbook: my lecture materials do not summarize textbook; my lectures do not outline the textbook; and my lectures do not provide the student with a substitute for reading the textbook. My lectures tend to introduce supplemental materials and, hopefully, insights into “the economic way of thinking.”
I want to emphasize that the interaction with fellow students is an integral part of the learning process. I am a firm believer in collaborative learning: solicit answers and support from your fellow students.
It is important to read ALL communications: all exchanges between students and between the instructor and other students. Economic theory, content, and correct answers will be imbedded in my responses.
The instructor will provide limited feedback on student homework assignments. Correct answers to the lessons will be posted after the due date. Students should expect that their questions and comments might be occasionally met with more questions, rather than a detailed solution. It is expected that all communication from the instructor will be acknowledged and all questions will be answered.
Course Content
Participation Policy
Students
are expected to participate in a variety of course. These activities will be
outlined in the weekly assignments. Ad hoc assignments will be posted
periodically. Your participation grade will reflect your participation.
Ad Hoc Assignments
I will periodically assign readings of
interest with a required response from students. Let me be perfectly
clear about the objective of these assignments: to give the student the
opportunity to apply economic theory to real
world issues and problems. I will expect students formulate a response
utilizing the economic tools from the text and lectures. Student opinions
are not acceptable. I don’t want to hear of student values or emotional
responses.
It should be noted that these readings may
be somewhat controversial in the sense that they may not be as politically
correct as many readings in other social science classes. Also, many of
the readings may fall in the political economy field, which reflects the origin
of economic studies.
Example:
Issue: The government raises the minimum wage in
a community.
Acceptable Response: The theory suggests that the
unemployment rate in the community will increase. The rise in the minimum
wage will create a shortage of jobs. Based on economic theory, I predict
that this will tend to hurt unskilled and untrained youths. (Skilled
workers will be made better off.)
Unacceptable Response: I feel that the minimum wage is too low. Poor people can’t raise a family earning the minimum wage. Life isn’t fair!
Note: Response to the ad hoc assignments
is required in order to earn participation points.
Tests
Quizzes: Short, practice quizzes covering individual chapters are available in the Class tab. A solution set is also provided to allow students to self-correct their work. This self-assessment is an integral aspect of the learning process.
Midterm Exam: A Midterm Exam, scheduled to follow Lesson 4, will cover chapters 1 through 7 in the Heyne textbook. The Distance Learning Office will provide information regarding exam procedures.
Final Exam: The Final Exam includes Lessons 5 through 10, will cover chapters 8 through the end of the textbook. The Distance Learning Office will provide information regarding exam procedures.
Each
test is composed of 50 multiple-choice questions. The test questions are taken
from the same question pool as the weekly practice tests. Students will have
1-1/2 hours to take each closed-book test.
Potential Points and Course Grading
Points
|
Activity |
Points |
|
Participation * |
25 |
|
Homework |
25 |
|
Test One |
100 |
|
Test Two |
100 |
|
Total |
250 |
Grading
|
Grade ** |
Minimum % of Total Points |
|
3.5 |
91% |
|
2.5 |
77% |
|
1.5 |
63% |
|
0.7 |
51% |
|
0.0 |
Less than 51% |
** Approximation only
Study Suggestions
Give yourself ample time! Read each chapter at least twice. Many students (and the instructor) find that outlining the text material is very useful. Practice using the theory and concepts discussed in the text; apply the economic concepts to issues of interest and practice. Discuss the material with others. Use the economic tools to debate issues with your friends and family.
Graphs can be difficult and, at times, confusing. My suggestion regarding graphs is very simple: practice, practice, and practice!
Allow adequate time to the end-of-chapter Questions for Discussion. Refer to the Author's (Heyne’s) Responses to the Questions for Discussion solution set (obtained through the Distance Learning Office) to help in your analysis of the questions. It is important to note that Heyne's solution set may give hints rather than complete answers.
Read all messages between students and the instructor. I frequently use student questions, comments, and other communication to inject new materials.
Finally, exchange ideas and discuss problems with your fellow students in the communication options in the Angel software.
Course Philosophy:
The general philosophy of the course will
be "learning through cooperation rather than competition." Students
will learn together through self-motivated interaction with colleagues as well
as individual study.
Consider the following disclaimer:
"At the same time, recalling my insignificance, I affirm
nothing, but submit all these opinions to the authority of the Catholic Church,
and to the judgment of the more sage; and I wish no one to believe anything I
have written, unless he is personally persuaded by the evidence of
reason."
René Descartes, circa 1625
I share Descartes’ concern regarding
persuasion and evidence - data. I wish no one to believe anything presented in
this class unless he or she is “personally persuaded by
the evidence of reason.”
The emphasis in my classes is on analysis.
This approach tends to challenge my students. To quote R. Jackson Wilson,
Professor of History at Smith College:
"Students come to us having sat around for twelve years expressing
attitudes toward things rather than analyzing. They are always ready
to tell you how they feel about an issue, but they have never learned
how to construct a rational argument to defend their opinions."