Course Outline ECON 101-05 (2241) ECON 101-06 (2242)

Introduction to Micro-Economic Principles UNIVERSITY OF MARYLAND BALTIMORE COUNTY

Economics Department
Spring 2013 ECON 101-058:30 9:45a.m. ECON 101-10610:00-11:15 a.m.
Instructor: Dr. Alpha Y. KaiKai

Room: SOND 109 Room ACAD1V 015

CCBC Catonsville
Office Office Hours Voice Mail Fax E-Mail 443-840-4344 443-840-5321 Ad-Fac 327 MW 1:30-3:00 p.m.; TuTh 1 2 p.m.;

UMBC
Public Policy Bldg, Room 364 TuTh 11:30 a.m. - 12:30 p.m. By Appointment Only 410-455-2160 (ECON Dept.) 410-455-1054

akaikai@ccbcmd.edu

akaikai@umbc.edu

I.

Course Description: Economics 101 explains how businesses, households, and public agencies are led by market forces to use their resources efficiently for desired optimal outcomes. Overall Course Objectives: Upon completion of the course, the student should be able

II. to:

1.

Evaluate the fundamental economic problem of society in terms of scarcity, opportunity cost, and production possibilities. Estimate and interpret the impact of market and non-market forces on supply and demand. Interpret quantitative data presented in graphs and tables. Use graphs to analyze relationships among economic variables. Analyze the logic of consumer choice in a world of scarce resources. Estimate the responses of consumers and businesses to price changes and evaluate the effect of these changes on the firm's total revenue.

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Identify and evaluate the performance of different forms of business organization and their effectiveness in utilizing capital resources. Evaluate the behavior of firms under different market conditions--perfect competition, monopoly, etc. Analyze the functions of factor markets and assess their impact upon race and gender discrimination. Apply economic principles in the analysis of at least one contemporary microeconomic issue. Identify and describe significant developments, which have shaped the microeconomic behavior of the U.S, economy. Assess the social consequences of the emergence of a global economy upon microeconomic behavior in the U.S. economy.

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III.

Course Materials: 1. Required: Text: Roger L. Miller, Economics Today: The Micro View,16/E Graph paper (8 or 10 squares per inch).

IV. Attendance Policy: Students are required to attend all class sessions except in cases of emergency or other situations that may render attendance impossible. Attending class regularly and punctually allows students an opportunity to derive maximum benefit from the instruction n and to contribute to the general learning process. Students who miss class must check with the instructor to see if they can make up any class work that they may have missed. Indeed, only by attending class regularly and punctually can a student assure himself of the opportunity to participate in the discussion. To help ensure maximum attendance the roll will be called daily at the beginning of the hour. All students are encouraged to take their seats prior to the roll call and to be prepared to stay for the duration of the class. Students who must leave the room prior to the end of the class session should make sure to sit as close to the door as possible in order to minimize disruption when they leave. V. Classroom Management: To maximize learning the following policy will be strictly enforced: Take your seat before the class begins in earnest, that is, before the lecture starts. Given time for the roll call and review of the previous class material, you have about 15 minutes to do so. If you are going to be more than 15 minutes late, do not bother to show up. You will be considered absent if you do and therefore will not be allowed into the room. Be prepared to stay for the full hour. If you plan to leave before the class is over, make sure to check with the instructor before you do so. Unless you have the instructors prior permission, you must turn off your beeper, cell phone or other communication equipment during class. As a courtesy to everyone, no one will be permitted to talk out of turn or about unrelated matters. If you want to ask or answer a question or simply make a topical comment, just raise your hand so that you may be recognized in turn. Food or beverages will not be permitted in class, as this may cause unnecessary damage to college property. Sleeping and learning do not mix, and will therefore not be tolerated. You cannot learn if you sleep, and you do not sleep when you learn. Youre right to

do homework for another class stops at this classroom door. Do not bring it to this class. Any student in violation of this policy will be issued a warning for the first offense. Repeat offenders will be subject to further disciplinary action, such as being told to leave class and not come back until the matter has been satisfactorily resolved. VI. Test Management: Come early, as this will give you plenty of time to take your test. Bring along everything that you will need, such as a number 2 pencil and a calculator. You will not be allowed to share these items with anyone so that everyone may concentrate on the test. To guarantee the integrity of the test and/or your test score, you will not be allowed to leave the room during the test. If you must relieve yourself, try to do so before the test is handed to you or wait until after the test. If you leave during the test, you must first turn in your test as is. It will not be returned to you until it has been graded along with everyone elses. VII Class Participation: Regular class attendance provides students with a valuable opportunity to learn. In addition to reading all assigned readings on time and keeping in touch with the instructor during the semester, class attendance is a unique opportunity for students to demonstrate their knowledge of the assigned textbook material and to seek for clarification of material that they do not understand. Students learn not only from the instructor but also from one another. Students are encouraged to draw upon their individual life, school or work experiences for information that will help shed light on topical issues. But class attendance and participation are not synonymous. Students will not receive credit simply for showing up in class. Rather, they must make a genuine and consistent effort to contribute to the discussion. They may accomplish this objective by raising or answering questions or making comments pertinent to the topic under discussion. VIII. Course Evaluation: A. Requirements: 1. Three (3) unit tests 2. Class participation 3. Chapter quizzes 4. Video assignments 5. A comprehensive final examination 6. Homework (My EconLab) B. Grading policy: The final grade will be calculated on the basis of three unit tests, a comprehensive final examination, 10 (out of 14) chapter quizzes, and class participation. Each test will consist of 50 multiple-choice questions, and must be taken on its scheduled date with the rest of the class. Failure to take a scheduled test on time will result in a grade of zero on that test unless the student justifies his absence in writing to the instructor within a reasonable period of time. Make-up tests will be of the same format (multiple-choice) as the scheduled tests and will cover the same material. However, the questions will be different, and the tests must be taken within a reasonable period of time or forfeited. Students will be advised of their progress in the course when each test is graded and returned in class. You are required to do all the scheduled assignments. An assignment that is not done by its due date will receive a score of zero. The following tables provide information on the computation of the final grade:

Requirement Unit test 1 Unit test 2 Unit test 3 or 4 Class participation Chapter quizzes (10) Video assignments (10) Comprehensive final Total

Raw Points 100 100 100 50 100 100 150 700

Weight 14.3% 14.3% 14.3% 7.1% 14.3% 14.3% 21.4% 100%

Letter grade A B C D F

Point range 630-700 560-629 490-559 420-489 0-419

Percent range 90-100 80-89 70-79 60-69 0-59

IX Outline: Readings

Unit One: Introduction (Chs. 1 3)

Ch. 1 Ch. 2 Ch. 3 Rational Self Interest Scarcity and the World of Trade-OFFS Demand and Supply

Unit Two: Dimensions of Microeconomics (Chs. 7 - 9)

Ch. 7 Ch. 8 Ch. 9 Demand and Supply Elasticity Consumer Choice Rents, Profits, and the Financial Environment of Business

Unit Three: Market Structures (Chs. 10 - 12)

Ch. 10 Ch. 11 Ch. 12 The Fir:, Cost and Output Determination Perfect Competition Monopoly

Unit Four: Labor, Income, and the Environment (Chs. 14, 16, 17)
Ch. 14 Ch. 16 Ch. 17 The Labor Market: Demand, Supply, and Outsourcing Income, Poverty, and Health Care Environmental Economics

Unit Three: Market Structures (Chs. 18 - 19)

Ch. 18 Ch. 19 Comparative Advantage and the Open Economy Exchange Rates and the Balance of Payments

Course Calendar
Unit 1 (Chapters 1 3) Reading Assignment Chapter 1 Chapter 2 Chapter 3 Reading Assignment Chapter 7 Chapter 8 Chapter 9 Reading Assignment Chapter 10 Chapter 11 Chapter 12 Reading Assignment Chapter 14 Chapter 16 Chapter 17 Reading Assignment Chapter 18 Chapter 19 Class Dates 1/29, 31; 2/5 2/7, 12 2/14, 19 Class Dates 2/21, 26 2/28; 3/5 3/7, 12 Class Dates 3/14, 26 3/28; 4/2 4/4, 9 Quiz & Video Due Dates 2/8-10 2/15-17 2/22-24 Unit 2 (Chapters 7 - 9) Quiz & Video Due Dates 3/1-3 3/8-10 3/15-17 Unit 3 (Chapters 10 - 12) Quiz & Video Due Dates 3/29-31 4/5-7 4/12-14 Unit 4 (Chapters 28, 30, 31) Quiz & Video Due Dates 4/19-21 4/19-21 4/26-28 Unit 5 (Chapters 33 34) Test 1 (Chapters 1 3) Testing Period February 22-25

Test 2 (Chapters19 - 21) Testing Period March 15 - 18

Test 3 (Chapters (22 - 24) Testing Period April 12-15

Class Dates 4/11, 16 4/18, 23 4/225, 30 Class Dates

Test 4 (Chapters 28, 30, 31) Testing Period April 26 29

5/2, 7 5/10-12 5/9, 14 5/17-19 Comprehensive Final Examination

(Included in Final Examination)

ECON 101-05 ECON 101-06

Thursday May 16, 8 10 a.m. Tuesday May 21 10:30 a.m. 12:30 p.m.

(Tear-off page: Please complete and return this page to your instructor at the end of class today.)

I have read, I understand and accept the requirements of ECON 1015/ECON 191-06.

NAME_______________________________ (In block letters)

__________________________ Signature

Todays Date:___________________________