ECONOMICS 103: Principles of Microeconomics



ECONOMICS 104: Principles of Macroeconomics

Spring 2004

Instructor: Dr. Rose-Marie Avin

Office: Schneider 473

Phone: 836-4513

E-mail: avinr@uwec.edu

Office Hours:

Monday: 10:30-11:30 a.m.

Tuesday and Thursday: 3:30-4:30 p.m.

Wednesday: 10:30-12:30 a.m.

and by appointment at any other time

Welcome to Economics 104. This course introduces you to some important and useful economic concepts that will help you develop a 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: basic concepts of macroeconomics (chapters 20, 21), fundamentals of macroeconomic modeling (chapters 22-24), private-sector components of aggregate demand (chapter 28), history of macroeconomic thought (chapter 32), and stabilization policies (chapters 26, 27).

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. an understanding of a liberal education;

2. an appreciation of the university as a learning community;

3. an understanding of science, the scientific method, and numerical data;

4. an appreciation of the arts;

5. an understanding of values, human behavior, and human institutions;

6. the ability to inquire, think, and analyze as well as write, read, speak, and listen;

7. historical consciousness;

8. international and intercultural experiences.”

(University of Wisconsin-Eau Claire, 2003-2004 Catalogue, p. 5)

THE COURSE: GOALS AND OBJECTIVES

In this course you will:

A. Understand the language used by economists. 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. 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. 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. More specifically, you will ask yourselves: “Does the model explain my economic behavior, the economic behavior of my family, or my friends?”

E. Analyze the impact of economic policies on personal aspects of your life or the life of someone you know. More specifically, you will ask yourselves: “How will this specific policy affect, my family and my friends?”

F. Be knowledgeable about current economic events and become a more engaged citizen. More specifically, you will:

1. Read various handouts from the New York Times and other newspapers and magazines.

2. Discuss handouts.

3. Write short true/false quizzes on handouts.

I. BOOKS

Required:

1. Economics by Timothy Tregarthen and Libby Rittenberg, 2000, second edition.

Recommended:

2. Study Guide by John Brock and Dale R. DeBoer, 2000. This study guide accompanies Tregarthen/Rittenberg’s Macroeconomics , second edition.

II. OTHER SOURCES

1. The Worldly Philosophers, by Robert Heilbroner, 1999, revised seventh edition (ON RESERVE IN THE LIBRARY).

2. The New York Times (RECOMMENDED).

3. Various handouts.

III. PERFORMANCE EVALUATION

Your grade will be based on:

• Three exams. The first 2 exams consist of multiple-choice questions, exercises/problems, and one long essay. The third exam consists of multiple-choice questions and exercises/problems.

• Four chapter quizzes. The chapter quizzes will consist of exercises and/or problems from specific chapters. There is NO MAKE-UP for missed quizzes. Five chapter quizzes will be given during the semester but only 4 will count toward your course grade. You get to drop the chapter quiz with the lowest grade.

• Six current event quizzes. The current event quizzes will come from specific articles assigned from the New York Times. There is NO MAKE-UP for missed current event quizzes. Seven current event quizzes will be given but only six 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

4 chapter quizzes (25 points each) 100 points

6 current event quizzes 60 points

Total 460 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 16

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

(worth 10 points) and in doing short in-class assignments (worth 6 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

Exams must be taken as scheduled. If you think that you have a SPECIAL case, you need to schedule an appointment and discuss it with me before the scheduled exam, but I strongly discourage missing exams. As stated above, there is NO MAKE-UP for missed quizzes.

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.

ACADEMIC DISHONESTY

It will no be tolerated. If a student is guilty of academic dishonesty, a score of zero will be given to the work in question. In addition, a letter will be sent to the Dean of Students notifying him/her of the misconduct.

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. Be prepared to discuss homework assignment.

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:

If you have a disability and are in need of classroom accommodations, please let me know and also contact the Office of Services for Students with Disabilities (Schofield 201, phone: 836-4542).

COURSE OUTLINE, ASSIGNED READINGS AND HOMEWORK

What is Economics?

1. Introduction Read Preface

2. Economics: The Study of Choice? Ch.1 (pp. 1-7) and

handout

Macroeconomic Concepts

1. Topics of Macroeconomics Ch.20, Study Guide

2. Chapter Quiz #1 on chapter 20 (pp. 55-62, 64-66)

3. Measuring Total Output and Income Ch. 21, Study Guide

4. Chapter Quiz #2 on chapter 21 (pp. 67-75, 78-79)

5. Video: If Women Counted

Fundamentals of Macroeconomic Modeling

1. Aggregate Demand (A.D.) and Ch. 22, Study Guide

Aggregate Supply (A.S.)

Chapter Quiz #3 on AD/AS

EXAM #1: THURSDAY, MARCH 4

Private Sector Components of A.D.

1. Video: John Maynard Keynes

2. John Maynard Keynes Ch. 9 of Heilbroner

(On Reserve)

3. A Brief History of Macroeconomic Chapter 32 (pp. 638-

Thought and Policy 642)

4. The Keynesian Model Ch. 28 (pp. 555- 570), Study Guide and Handout

5. Chapter Quiz # 4 on chapter 28

EXAM #2: THURSDAY, APRIL 15

E. Monetary and Fiscal Policy

1. Nature and Creation of Money Ch. 24, S. G.

2. Monetary Policy and the Fed Ch. 26 (pp. 511-522), and S.G.

Chapter Quiz #5 on chapter 24 or 26

3. Government and Fiscal Policy Ch. 27, S. G.

EXAM #3: WEEK OF FINAL EXAMS

OTHER IMPORTANT DATES:

1. January 30: Last day to register for or add full-semester or first-half

classes;

2. February 6: Last day to drop full-semester courses with no record of

enrollment;

Last day to change grade basis (to/from S/U or audit).

3. March 22-26: Spring Break

4. April 9-12: April Break

5. April 13: Last day to file withdrawal from the University with “Ws”;

Last day to withdraw from full-semester classes with “W”

6. December 17-21: Final examinations

EXTRA CREDITS DURING THE SEMESTER:

During the semester, you will have the opportunity to earn a maximum of 16 Extra Credit points. The points are assigned as follows:

a) Six (6) points in doing in-class assignments;

b) Ten (10) points in participating in an out-of-class activity. The goal of the activity is to enhance your cultural diversity (ideas, national and international cultures). The following guidelines must be followed or no full credit:

1. Information about the paper:

• Length: a minimum of two full pages;

• Format: Write an organized summary of the major points of the speaker AND discuss what you have learned from the activity.

• 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 any ticket pertaining to the event to show proof of attendance.

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

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

6. Write your name and section number on the front page of the assignment.

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