Syllabus

Course Number / Item Number: ECO 200

Title: Principles of Microeconomics

Prerequisites: Intermediate Algebra (MAT 098)

Recommended: English Composition (ENG 101)

College: Seattle Central Community College

Instructor/email address: Jim Hubert / jhubert@sccd.ctc.edu

Economics 200, 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 within your student work groups.

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 may 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

• The Economic Way of Thinking
• Substitutes Everywhere: The concept of Demand
• Opportunity Cost and the Supply of Goods
• Supply and Demand: A Process of Cooperation
• Supply and Demand: Issues and Applications
• Efficiency, Exchange, and Comparative Advantage
• Information, Middlemen, and Speculators
• Price Setting and the Question of Monopoly
• Price Searching
• Competition and Government Policy
• Profit
• The Distribution of Income
• Externalities and Conflicting Rights
• Markets and Government
• The Limitations of Economics

Team Discussion

It is assumed that students will actively participate in discussion and problem solving utilizing the course’s interactive components. This facility is the students' primary source of support and the focal point for the exchange of ideas. The instructor will monitor the course and Team communications and, periodically, respond to the most frequently asked questions (FAQ).

Participation Policy

Students are expected to participate in a variety of Team activities throughout the course. These team or group activities will be outlined in the weekly assignments. Ad hoc assignments will be posted periodically. Your participation grade will reflect your participation with your Team.

Ad Hoc Assignments

I will periodically assign readings of interest with a required response from students.  Ad hoc assignments may be individual or Team in nature. 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

• Participation points will reflect your attendance in and contribution to Team discussion, response to the instructor’s comments, and response to ad hoc readings.   All assignments, including any ad hoc assignments, must be completed and submitted in a timely fashion to receive any participation points.  Students are to read all communications to and from all students, as I will infuse economic theory into my responses to student questions and comments.
• Participation points will be allocated on a sample basis. I will randomly select one or more assignments and determine the level of student participation. Meaningful contribution, to be determined subjectively by the instructor, will result in full participation points for the course. The absence of meaningful contribution will result in zero participation points.

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 group work as well as individual study. Study groups will be organized to address and analyze a variety of economic issues. Active participation is required. NOTE: This is a college level course…spelling counts!

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."

September 22, 2006