The University of Texas at Dallas 8/27/08 3:21 PM

The
University
of
Texas
at
Dallas
Global
Leadership
Executive
MBA
Program




Business
Economics:
MECO
6303
Section:
Project
Management
Fall
2008:
August
24
–
November
1,
2008


Professor
Contact
Information
|
Course
Pre‐requisites,
Co‐requisites,
and/or
Other
Restrictions
|
Course
Description
|
Course
Content
and
Materials
|
Grading
Policy
and
Evaluation
|
Discussion
Forum
Participation

Course
Outline
Summary
|
UTD
Policy



Professor
Contact
Information


Peter
Lewin,
Ph.D.
Course
Instructor
Phone:

(972)
883.2729




Fax:






(972)
883.6164
Email:
plewin@utdallas.edu
Office
location.
SM
3.223


Course
Pre‐requisites,
Co‐requisites,
and/or
Other
Restrictions






























































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to
Top
Math
5304
or
equivalent




Course
Description


Economics
 is
 about
 the
 ordinary
 business
 of
 life
 and
 it
 is
 also
 the
 basis
 for
many
courses
in
Business.
 
 It
 also
 contains
 much
 of
 the
 conceptual
 material
 necessary
 for
 an
 intelligent
understanding
of
business
life.
The
approach
in
this
course
to
the
teaching
of
economic
principles
is
to
try
to
ensure
that
students
acquire
the
necessary
conceptual
apparatus
in
a
way
that
is
both
challenging
and
interesting.
This
is
done
by
attempting
to
ensure
that
the
material
is
presented
in
a
lively,
 interesting
 and
 relevant
 fashion.
 We
 will
 constantly
 use
 current
 real
 world
 examples
 to
illustrate
the
application
of
concepts.




Student
Learning
Objectives/Outcomes


¨ Understand
and
be
able
to
apply
the
concepts
of
supply
and
demand,
equilibrium, 

and
the
factors
that
shift
supply
and
demand
to
analyze
the
behavior
of
real
markets
when
conditions
change.
¨ Analyze
the
impacts
of
restricting
markets
from
reaching
the
competitive 

equilibrium
through
price
controls,
taxes,
and
subsidies.
¨ Understand
the
difference
between
monopoly
markets
and
competitive
markets. 

¨ Understand
the
nature
of
production
in
the
modern
economy.
Be
able
to
identify 

the
profit
maximizing
price
and
the
relationship
between
different
types
of
cost.

 

In
addition,
I
would
like
students
to
take
away
from
this
course
at
least
the
following:


I. An
appreciation
of
the
power
of
economic
reasoning
for
understanding
current 

events
II. A
facility
for
analyzing
everyday
economic
problems
using
basic
economic 

analysis
III. An
understanding
of
the
concepts
of 

o supply
and
demand 

o costs
and
benefits 

o and
their
multiple
applications 

IV. An
appreciation
of
the
role
of 

o money
in
the
economy 

o the
dangers
of
inflation 

o the
importance
of
free
trade 

o the
limits
of
regulation 

o the
effects
of
taxes
and
subsidies
of
different
types 

o the
workings
of
the
market
system
is
determining
earnings
(interest,
profits, 


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The University of Texas at Dallas 8/27/08 3:21 PM

wages,
salaries
and
rents)
o the
modern
business
firm,
its
function
and
its
boundaries 

o the
achievements
of
the
American
economic
system 







Course
Content
and
Materials:
































































































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to
Top


Text:





















Economics,
4th 
ed.,
Walter
Wessels,
Barron’s
Educational
Series,
2006
+
supplementary
readings


Course
Outline
Summary


Lesson
# Topic Reading
1 Introduction
to
Economics 
‐
assumptions
and
implications‐
productions
possibility
curves Chapters
1‐2
(two
parts:
part
A
and
part
B)
2 Demand
and
Supply
‐

movements
along
curves
vs.
shifts
of
curves.
Elasticities
of
demand
and
supply;
Engel
curves; 


 Market
Equilibrium. Chapters
3,
4,
17,
30
(Three
parts:
part
A,
part
B
and
part
C)
Supplementary
Reading:
3 Economic
Policies
‐
Price
controls,
taxes
and
subsidies.
Minimum
wages,
rent
controls,
consumer
and
producer
surplus.
(two
parts:
part
A
and
part
B)

More on Consumer and Producer Surplus
Stossel on Price Gouging

 Test

1
(Covering
lessons
1
–
3)
September
12
‐14 

4 Consumer
Theory
‐ Chapter
18
The
isolated
consumer,
the
consumer
in
the
market
(two
parts:
part
A
and
part
B) Supplementary
Reading:
More on Indifference Curves
5 Producer
Theory
‐
 Chapters
19,
20
,
22
Monopoly,
competition,
production,
revenue
and
costs Supplementary
Reading:
(four
parts:
parts
A
‐
D)
Monopoly in Mexico - the real thing

 Test

2
(Covering
lessons
4
and
5)
October
3
‐
5 

6 Production
and
Growth
– Chapters
6,
26,
27
Growth
accounting,
the
cost
of
living
–
price
indexes Supplementary
Reading:
(three
parts:
part
A,
B
and
C)
More on Production Functions
Types of Foreign Aid
7 The
Financial
System
– Chapters
7,
8,
9,
12,
13,
16,
28,
31
Saving,
investment
and
financial
markets
(two
parts:
part
A
and
part
B)

 Test

3
(½
comprehensive
and
½
covering
lessons
6
–
7)
October
30
–
November
1




Grading
Policy
and
Evaluation


















































































































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to
Top


[1]
Evaluation 
‐
Grading
Formula
· Test
1



























































25%







September
12
‐14
· Test
2



























































25%







October
3
‐
5
· Test
3



























































50%







October
30
–
November
1
· Maximum
Participation
Bonus












5%


Individually
Written
Examinations











































































There
are
three
exams
for
this
course.


Anyone
missing
an
exam
will
automatically
receive
a
grade
of
zero
for
that
test.
Exceptions
for
documented
medical
or
family
reasons
may
be
permitted.
Where
possible,
either
the
course
manager
or
I
should
be
contacted
prior
to
the
time
of
the
exam.

At
my
discretion,
either
a
make‐up
exam
will
be
scheduled
or
a
reallocation
of
the
weight
to
remaining
examinations
will
be
made.

Exams
will
be
based
on
the
assigned
reading
material
and
class
lectures.



The
timed
examinations
are
located
on
Blackboard.

You
can
take
the
exam
at
any
time
during
the
three
day
interval.

Once
you
begin,
you
have
a
set
time
to
complete
the
exam.
You
can
only
take
the
examination
once.

Examinations
are
to
be
done
individually.

Evaluation
is
based
on
the
correctness
of
the
response.







Discussion
Forum
Participation

















































































































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to
Top
 
There
will
be
4
online
discussions
on
topics
related
to
the
course
material
designed
to
stimulate
thought
and
enhance
understanding.

Participation
is
strongly
encouraged
and
good
posts
will
be
rewarded
a
bonus
of
up
to
5%.



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The University of Texas at Dallas 8/27/08 3:21 PM

· Excellent
contribution
‐‐‐
Insightful;
key
points
and
ideas
set
tone
of
other
contributions.
· Good
contributions
‐‐‐
Used
key
points
and
issues
to
add
value
to
the
overall
discussion
thread.
· Acceptable
contribution
‐‐‐
Contribution
was
on
topic;
built
on
other’s
ideas.


UTD
Policy
on
Cheating:














































































































































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to
Top


Students
in
this
class
will
be
held
to
the
standards
established
by
Regents’
Rules
and
Regulations
(Part
One,
Chapter
VI,
Section
3,
Subsection
3.2,
Subdivision
3.22)
which
states:
Candidates
are
expected
to
be
above
reproach
in
scholastic
activities.
Candidates
who
engage
in
scholastic
dishonesty
are
subject
to
disciplinary
penalties,
including
the
possibility
of
failure
in
the
course
and
dismissal
from
the
University.
“Scholastic
dishonesty
includes,
but
is
not
limited
to
cheating,
plagiarism,
collusion,
the
submission
for
credit
of
any
work
or
materials
that
are
attributable
in
whole
or
in
part
to
another
person,
taking
an
examination
for
another
person,
any
act
designed
to
give
unfair
advantage
to
a
student
or
the
attempt
to
commit
such
acts.”
Professors
randomly
use
“Turnitin.com”
to
screen
papers
against
other
published
works
on
the
web
to
insure
against
plagiarism.

[1]
I
do
not
use
the
traditional
grading
cutoffs.
I
use
ones
that
are
more
generous,
based
on
the
class
performance.

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