ECONOMICS 103: Principles of Microeconomics



ECONOMICS 104: Principles of Macroeconomics

Fall 2010

Instructor: Dr. Rose-Marie Avin

Office: Schneider 473

Phone: 836-4513

E-mail: avinr@uwec.edu

Office Hours:

Mondays: 11-1 pm

Wednesdays: 12-1 pm

Thursdays: 1-3 pm

And by appointment at any other time

Welcome to Economics 104. This course introduces you to some important and useful economic concepts, theories/models that will help you develop a well-informed and critical understanding of society. Macroeconomics tries to explain the ups and downs of the entire economy; more specifically, it tries to explain why fluctuations in national output, employment, and the price level occur on a regular basis. Macroeconomists are, therefore, concerned with developing policies that can reduce the magnitude of these fluctuations. Of course, these policies are based on economic theories/models/stories that will be discussed in depth in this class.

The following chapters in the textbook will be discussed: Economics and economic reasoning (chapter 1), basic concepts of macroeconomics (chapters 24, 25), history of macroeconomic thought (video, chapter 27), the aggregate demand and aggregate supply model (chapter 27), fiscal policy and deficits and debt (chapters 34, 35), finance, money, and the economy (chapters 30, 31, 32).

UWEC: THE BACCALAUREATE GOALS

“The University seeks to foster the intellectual, personal, cultural, and social development of each student… The baccalaureate degree at UWEC provides students with the knowledge and abilities needed for lifelong learning. In designing the degree, the faculty expect that graduates will have achieved the following goals.

1. Knowledge of Human Culture and the Natural World

2. Creative and Critical Thinking

3. Effective Communication

4. Individual and Social Responsibility

5. Respect for Diversity among People

(University of Wisconsin-Eau Claire, 2010-2011 catalogue, p. 4)

THE COURSE: GOALS AND OBJECTIVES

In keeping with the 5 baccalaureate goals listed above, this course seeks to develop your “intellectual, personal, cultural and social development” within the context of Economics.

More specifically, this course you will help you develop a well-informed and critical understanding of society. In this course, you will:

A. Understand the language used by economists (baccalaureate goal #3). More specifically you will:

1. Define economic terms/concepts.

2. Use economic terms in your economic analysis.

3. Use graphs and basic algebra to illustrate concepts when appropriate.

B. Understand various economic theories/models/stories and their policy implications (baccalaureate goal #2). More specifically, you will:

1. Explain the various assumptions underlying the models.

2. Use graphs and basic algebra, when appropriate, to illustrate the

models.

3. Explain the policy implications of each model.

4. Critically evaluate each model.

C. Examine each topic from various perspectives (baccalaureate goals #2 and 5). Looking at economic concepts, theories and policies from different perspectives will give you a broader understanding of the social, political and economic reality of our society.

D. Relate the models/theories/stories to your personal experience or to the personal experience of someone you know (baccalaureate goal #2). More specifically, you will ask yourselves: “Does the model explain my economic behavior, the economic behavior of my family, or my friends?” It is important to share your experience and perspective with us.

E. Analyze the impact of economic policies on personal aspects of your life or the life of someone you know (baccalaureate goal #2). More specifically, you will ask yourselves: “How will this specific policy affect, my family and my friends?” It is important to share your experience and perspective with us.

F. Be knowledgeable about current economic events and become a more engaged citizen (baccalaureate goal #4). To that effect, we will discuss current events articles from the New York Times, the Washington Post, the Wall Street Journal and other newspapers and magazines.

I. BOOKS

1. REQUIRED: Economics by David C. Colander, 2010, eight edition.

2. RECOMMENDED: Study Guide for Use with Macroeconomics by David Colander, Douglas Copeland, and Jenifer Gamber, 2010, eight edition.

II. OTHER SOURCES

1. The New York Times, The Washington Post, and The Wall Street Journal (Handouts)

2. Handouts from other newspapers and magazines. I encourage you to send me articles that are pertinent to the class.

III. PERFORMANCE EVALUATION

Your grade will be based on:

• Three exams. The first 2 exams have two parts: multiple-choice questions and exercises/problems. The third exam only has multiple-choice questions.

• Six chapter quizzes. The chapter quizzes will consist of exercises and problems OR multiple choices from specific chapters. There is NO MAKE-UP for missed quizzes. Seven chapter quizzes will be given during the semester but only 6 will count toward your course grade. You get to drop the chapter quiz with the lowest grade.

• Five current event quizzes. The current event quizzes will come from specific articles assigned from various newspapers and magazines. There is NO MAKE-UP for missed current event quizzes. Six current event quizzes will be given but only 5 will count toward your course grade. You get to drop the current event quiz with the lowest grade.

Weight

Exam #1 100 points

Exam #2 100 points

Exam #3 100 points

6 chapter quizzes (20 points each) 120 points

5 current events quizzes (10 points each) 50 points

Total 470 points

Grades will be determined according to the following grading system:

A = 94-100% C = 73-76%

A- = 90-93% C- = 70-72%

B+ = 87-89% D+ = 67-69%

B = 83-86% D = 63-66%

B- = 80-82% D- = 60-62%

C+ = 77-79% F = below 60%

ATTENTION: Students will have an opportunity to earn a MAXIMUM of 20

EXTRA CREDITS in participating in an out-of-class activity

(worth 10 points) and in doing short in-class assignments (worth 10 points). There is no make-up for missed EXTRA CREDIT assignments. (See the last page of the syllabus for more information.)

POLICY ON MISSED EXAMS AND QUIZZES

Exams and quizzes must be taken as scheduled. If you think that you have a special case (supported by documents from the dean of students’ office), you need to schedule an appointment and discuss it with me.

HOMEWORK

Problems and exercises will be assigned from the Study Guide. They are NOT required but doing them will help you understand the material better.

ATTENDANCE

Class attendance is voluntary. Attendance will normally be taken at each class session and regular attendance is expected. Attendance will not play a major role in grade determination, but could be a factor when grades are borderline. (Note: If your grade is borderline, you need to have two absences or less in order to get the higher grade.)

ACADEMIC INTEGRITY

Academic misconduct in this course is a serious offense and I will pursue the strongest possible academic penalties for such behavior. The disciplinary procedures and penalties for academic misconduct are described in the UW- Eau Claire Student Services and Standards Handbook.

CLASS ETIQUETTE: DO’S AND DON’T

Do: 1. Take advantage of my office hours. Please feel free to see me for help.

2. Ask questions in class. We can learn from exchanging ideas.

3. Read assigned chapters before class.

4. Turn off your cell phone before walking into the room.

Do not 1. Always be late for class. If you have difficulty being on time because of another class, please inform me.

2. Leave the classroom in the middle of lecture. If you have to leave early because of circumstances beyond your control, please let me know.

3. Consistently chat with the person next to you.

OTHER IMPORTANT INFORMATION:

Any student who has a disability and is in need of classroom accommodations should let me know and contact the Office of Services for Students with Disabilities (OL 2136, phone: 836-4542). You can also visit the website at uwec.edu/ssd.

COURSE OUTLINE, ASSIGNED READINGS AND HOMEWORK

What is Economics?

1. Introduction First day of class

2. Economics and Economic Reasoning Ch.1, and Preface for

the Student (pages xxiii to xxvi)

3. Economics and Economists On E-Reserve

(pages 11-15)

4. Thorstein Veblen Handout

Chapter Quiz #1 on chapter 1, E-Reserve article and handout

Macroeconomic Topics

1. Growth, Business Cycles, Ch. 24

Unemployment, Inflation

Chapter Quiz #2 on chapter 24

2. Measuring the Aggregate Economy Ch. 25 and Handout

Chapter Quiz #3 on chapter 25

3. Video 1: If Women Counted

EXAM #1: WEDNESDAY, OCTOBER 6 AND FRIDAY, OCTOBER 8

Macroeconomic Framework

1. The Aggregate Demand (A.D.) and Ch. 27 (pp. 624-644)

Aggregate Supply (A.S.) Model

Chapter Quiz #4 on A.D. and A.S. curves

Chapter Quiz #5 on Integrating the

Short run and Long run Frameworks

Macroeconomic Framework (Continued)

1. Video 2: John Maynard Keynes

2. Short History of Modern Macro Ch. 27 (pp. 620-624)

3. Fiscal Policy Ch. 35

4. Chapter quiz #6 on chapter 34

5. Deficits and Debt Ch. 34

EXAM #2: WEDNESDAY, NOVEMBER 10 AND FRIDAY, NOVEMBER 12

E. Money and Monetary Policy

1. Money and the Financial Sector Ch. 30

Chapter Quiz #7 on chapter 30

2. Monetary Policy Ch. 31

3. Video 3: The Federal Reserve

4. Financial Crises, Panics, and Ch. 32

Macroeconomic Policy

5. Video: The Warning

EXAM #3: For 9 am class: Tuesday, December 14, 9-9:50 am

For 10 am class: Friday, December 17, 10-11:50 am

GUIDELINES FOR EXTRA-CREDITS ACTIVITIES

During the semester, you will have the opportunity to earn a maximum of TEN Extra Credit points by participating in ONE out-of-class activity from the Forum Series sponsored by UWEC. The goal of the activity is twofold:

1. To enhance your cultural diversity (ideas, national, and international cultures);

2. To use the university as a learning environment.

List of Forum Activities:

1. Maude Barlow: Blue Covenant: The Global Water Crisis and the Coming Battle for the Right to Water, Tuesday, October 5, 7:30 pm, Zorn Arena

2. Jeremy Scahill: Blackwater: The Rise of the World’s most Powerful Mercenary Army, Tuesday, November 9, 7:30 pm, Zorn Arena

3. Ann Gibbons: The Human Race: The Quest to Find Our Earliest Ancestors, Wednesday, December 1, 7:30 pm Schofield Auditorium

The following guidelines must be followed or no full credit

1. Information about the paper:

• Cover page: Write your name, section number, and the title of the activity;

• Length: a minimum of two full pages;

• Format:

a. Write an organized summary of the major points of the speaker (50 percent of paper) AND discuss what you have learned from the activity (50 percent of the paper).

b. Paper should have an introduction and a conclusion.

• Note: paper should be well-written and grammatically correct. Otherwise, points will be taken off.

2. The summary has to be typewritten or word-processed using Times New Roman (12) font and double-spaced with one-inch left margin.

3. Attach the ticket pertaining to the event to show PROOF OF ATTENDANCE. No credit given without proof of attendance.

4. Turn in the assignment one week after the event.

5. The activity needs to be pre-approved by the instructor.

IMPORTANT NOTE: Be aware that you need to PURCHASE a ticket to attend a Forum presentation.

|2010-2011 |[pic] |

|Registration | |

|Calendar | |

|Back to Calendars  |

|DATE |IMPORTANT REGISTRATION INFORMATION |

|2010 |  |

|August 23 |Last Orientation/Registration day for new freshmen & freshman transfers |

|August 26-Sept 1 |Fall semester Special Student Registration |

|September 2 |Fall semester classes begin; Tuition-Free Auditors may register |

|September 9 |Last day to register for or add a full-semester or first-half fall |

| |semester courses without instructor’s approval |

|September 16 |Last day to drop full-semester fall courses with no record; |

| |Last day to register for or add full-semester fall courses without dean’s |

| |approval; |

| |Last day to change grade basis to/from Satisfactory-Unsatisfactory |

| |or Audit |

|September 24 |Winterim schedule of classes available on MyBlugold & Web |

|October 4 |Spring semester schedule of classes available on Web & MyBlugold |

|October 22 |Fall 2010 final exams available on MyBlugold |

|Week of Oct. 11 |Degree audits & registration appointment times for Spring semester |

| |registration sent to students via e-mail |

|October 4-15 |Winterim priority registration; $100 down payment required; PACs not required |

|Oct. 27 - Nov. 2 |Spring semester Graduate Student Priority Registration |

|Nov. 3 - Dec. 3 |Spring semester undergraduate registration by assigned day/time; $100 down payment required; Undergraduate |

| |who must get PACs from advisers include: (1) all freshmen and sophomores (students with fewer than 60 earned|

| |credits), (2) all first-degree transfer students, and (3) juniors and seniors not in good academic standing,|

| |and (4) all College of Business majors. |

|November 10 |Summer Session schedule of classes available on MyBlugold & Web |

|November 11 |Last day to file withdrawal from the University with “W”s; |

| |Last day to withdraw from individual full-semester classes |

|November 24 |Thanksgiving recess begins at 5 p.m. |

|November 25 |Thanksgiving Day - University closed |

|November 26 |No classes; University closed - State Mandated Employee Furlough Day |

|November 29 |Classes resume |

|December 13 - 17 |Final Examinations |

|December 18 |Commencement |

|December 27 |University Offices Closed - State Mandated Employee Furlough Day |

|December 30 |Deadline to cancel Winterim registration and receive a full fee refund |

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