EC 105 Syllabus

Economics 105

Survey of Economics

Opportunity Costs

A core principle of economics is that there is an opportunity cost in everything that you do. In each action that you choose, you are not engaging in another activity. The opportunity cost of the activity you choose is the lost value of the best opportunity given up. There will be times that, in your view, the value of your next best alternative is higher than attending class. It is up to you to determine those values, but remember there is an opportunity cost in everything that you do. You cannot gain the benefit of both opportunities simultaneously.

Externalities

A second core principle of economics is that of externalities. Each action that you choose often affects others without their permission. For example, many people choose to be administered the Covid-19 vaccination because they personally don't want to become very ill from Covid-19. Getting the shot also affects those around you because variants, BA.4 and BA.5, are less likely to develop and sicken many more people. The personal choice to take the vaccine thus has positive externalities. The personal choice to not take the vaccine has negative externalities. A similar story can be told about wearing respiratory masks.

“During your college career, which might eventually involve asking professors to recommend you for graduate programs, jobs, or internships, please be aware that professors are not obligated to write references for any student who asks us. I don’t write a reference for a student unless I can write a very positive and specific one. Therefore, your job as a college student is to become the kind of student professors can rave about in recommendations — hardworking, collegial, intellectually inquisitive, and honest. Consider maintaining relationships over time with professors, so that they know you well enough to write for you. Many juniors and seniors tell me they wish they had thought about this during their first year.” - Unknown Professor.

Course Outline and Important Dates

See Mindtap for specific dates and assignments.

Dr. Kevin Klein

Office Phone: 245-3474 E-mail: kklein@ic.edu web page: http://www.ic.edu/klein

Text Messaging and cell phone number: 217-673-5241 NOTE: Text messages received after 9:00 p.m. will be returned the next day.

Phone calls received after 9:00 p.m. will be returned between 4:00 a.m. and 6:00 a.m. the next morning.

Office: Kirby 238

Physical Office Hours: 11-12 am MWF and by appointment

Virtual Office Hours: 24-hours a day via e-mail and text message.

Course Description

This course is designed to introduce you to the subject of economics combining both microeconomic and macroeconomic views. The course will discuss the basic theoretical tools with which an analysis of various economic situations can be undertaken and applied to today's international economy.

Course Objectives

The objectives of this course are stated below. As you consider your career and life post-Illinois College graduation or graduate school, you will in some capacity be involved not only in making decisions for your personal life and career, but also for other organizations in which you become involved. You can apply the knowledge gained through achieving these objectives to help analyze how certain actions in the economy, both private and governmental, will affect you, the firm you work for, and society as a whole. By the semester's end, a student successfully completing this course will:

1. Understand the concept of opportunity cost and how this concept helps explain many resource allocation questions at both the micro and macro economic levels. (Exam 1)

2. Examine how societies throughout the world, using mixed economic systems and differing social systems, develop answers to the four basic economic questions of What to produce, How to produce, Who will produce, and For Whom to produce. (Exam 1)

3. Use supply and demand analysis to explain how markets function, determine prices and help determine the distribution of resources in a mixed economy. (Exam 1)

4. Understand the motivation behind business firm decisions and whether this behavior is beneficial to society under various market structures and societal norms. (Exam 4)

5. Understand the concepts of cost structures and how costs become part of decision structures, including production and pricing decision, by organizational leaders in the for-profit, non-profit, and governmental sectors. (Exam 4)

6. Measure macroeconomic outcomes, such as unemployment, inflation and distribution of resource, by understanding how unemployment, inflation and economic growth are measured and calculated, how these numbers differ between population segments in the U.S. Economy, as well as how they are affected by business cycles. (Exam 2)

7. Understand economic instability through an understanding of aggregate demand and supply and gain an understanding how governments can promote economic stability through fiscal and monetary policy. In addition, understand how the banking system operates and how, through the use of the banking system and regulation, governments can promote economic stability and growth. (Exam 3)

This course will also have a significant diversity component. For example, in microeconomics, various people, cultures, and worldviews will have different demands for a product. In macroeconomics, we discuss in great detail the unemployment rate and how macroeconomic policy can affect the unemployment rate. We talk about how unemployment affects different groups of people. Individual choice (influenced heavily by diversity) is a highlight of this class and of economics in general. If you do not think more about diversity and choice by the end of this course, then you have missed a key part of what is being taught in this class.

Assigned Readings

A. Required Text

Survey of Economics by Irvin B. Tucker, 10th edition.

Studying For This Class

According to the US Department of Education, students should spend (on average) a minimum of three hours per week per credit hour for a college-level course. This means that, since this is a 4-credit hour course, you should spend roughly 12 hours per week on this course each week. Therefore, you should be willing to put in a minimum of 8 hours of out of class time each week on this class.

Part of your class activities should include:

You should first browse the assigned material prior to class discussion.
Then attend class and take good notes.
You should then read the assigned material and review your notes.
As you review your notes you should fill in your notes to clarify the material.
You should complete all on-line material assigned and/or recommended
If you follow these study suggestions, you should be able to master an understanding of the course material and earn a grade of ‘A’.

Center for Academic Excellence

The Center for Academic Excellence (CAE) is located on the 1st floor of Lincoln Hall. The Center is your academic partner on campus and provides services to help you meet your academic goals. Services include 1-on-1 coaching and advising, tutoring, and study skills development. Services are free of charge and open to all students. To make an appointment call 217-245-3575 or stop by the Center 8 am-5 pm Monday through Friday.

Determination of Course Grades

5 exams - 60% of total grade.

Throughout the semester there will be a total of 5 exams. You are allowed to drop the lowest exam score earned during the semester. The exams in this class will consist of multiple-choice questions designed to allow you to analyze a variety of economic and societal questions using the economic concepts learned in class. All exams are completed in class.

8 quizzes 10% of the total grade. Throughout the semester there will be 8 quizzes. You may be allowed to drop the lowest quiz score earned during the semester. The quizzes, like the exams, are designed to allow you to analyze a variety of economic and societal questions using the economic concepts learned in the class. All quizzes are completed in the Mindtap software.

Attendance Points 15% of the total grade

Attendance points are earned each day that you attend class. These points are given for your presence and participation in class. If you are not present, regardless of the reason, you will not receive the points. All students are given 4 grace days regardless of the reason why they missed class and, although they will not receive credit, their reasons for absences will be given consideration when determining final grades. Part of the attendance is also based on professional disposition in class. In the business department, we want to model professional behavior as though you were in a business environment. For example, excessive texting (in the subjective opinion of Dr. Klein), surfing the web, playing video games, etc. are all considered unprofessional behavior. At Dr. Klein's discretion, attendance points are forfeit any days, without notice, where unprofessional behavior is observed. Please watch the attendance roster each day to keep track of your recorded attendance. A moral of this story is that the points not received for 4 days during the semester will not be allowed to affect your grade in the class. Excessive absences and unprofessional behavior, however, do affect your grade.

15 Homework - 15% of the total grade. All Homework is completed in the Mindtap Software.

Homework assignments are completed outside of class. There will be a total of fifteen homework assignments. The total score you earn on the Mindtap homeworks determines what percentage of the 75 points you earn toward this portion of the grade. For example, if you score 80% on the Mindtap homework, you will earn 60 points for the homework. (75 x 80%) . These assignments are all online assignments and are associated with the textbook that helps you explore economic questions such as the determination of market equilibrium, what determines a ‘fair’ distribution of income, and services such as health care, food, housing, electronic goods, clothing, etc. NO LATE ASSIGNMENTS WILL BE ACCEPTED. All assignments are submitted electronically and can be accessed from any computer or phone with internet access. If you plan to miss class on an assignment due date, complete the assignment early. Computers die, internet access goes down, and many other reasons occur that result in you not completing your assignment on time. The only reason that your assignment is not turned in on time is a failure to plan. Plan to complete assignments early. The moral of the story is to plan ahead, stay organized, and accept the responsibilities and consequences of your actions.

The Illinois College faculty passed a resolution during the spring 2007 semester requiring all faculty to adhere to a +/- grading system. It is up to each faculty member individually to determine how that system is applied to each of their courses. In this course, course grades will be determined based on the following total points.

A = 88%+

A- = 87%

B+ = 86%

B = 78%

B- = 77%

C+ = 76%

C = 68%

C- = 67%

D+ = 66%

D = 58%

D- = 57%

F = <57%

The policies of the Illinois College Student Honor Code will be enforced in this course. It is the student’s responsibility to understand the details of this honor code and the consequences of violating the code. Click here for more information on the Illinois College Student Honor Code.

Professional Dispositions

During your college career, you will eventually ask professors to recommend you for graduate programs, jobs, or internships. You should be aware that professors are not required to write references for students but do so as a professional courtesy to students who earn the honor of such a letter. I only write these types of letters for students who demonstrate positive professional dispositions. Professional behavior means the kind of behavior that would be expected from a professional employee attending a workplace meeting. This includes preparing beforehand, arriving on time with all materials, and actively participating during the session. Some examples of unprofessional conduct in class include studying for other classes’, sleeping, arriving late, leaving the room during class, texting or checking messages, web surfing, listening to audio content, wearing earbuds, engaging in side conversations and academic dishonesty. You are expected to be courteous and thoughtful of classmates, visitors, and faculty. Success in life is, in part, a result of approaching situations professionally. Members of the Business Department want to help you begin your professional journey by establishing high professional expectations. Most of these policies can be summarized in a short phrase. Treat others with respect. Students demonstrating a failure to follow the good professional practices listed here will, without notice, have attendance points for that day removed.

Policy for Missed Exams, Quizzes and Homework

The specific dates of exams are listed on the on-line calendar. If advanced notice is provided that you will miss class on a scheduled quiz or exam date, arrangements can be made to take the exam or quiz early. Make-up exams that result from lack of notification of a planned absence will be given only with great reluctance. If authorized, make-up exams are all essay questions and should take approximately two to four hours to complete. There will be no make-up quizzes given regardless of the reason why you missed the quiz. Consistent with the policy noted above, if advanced notice of a planned absence is provided, arrangements can be made to take a quiz early. Homework assignments must be completed by the due date to receive credit. No late homework assignments will be accepted.

Attendance and Class Participation

Two (2) attendance points are given for each day attendance is taken in class. See professional disposition above. More importantly, there is generally a direct relationship between attendance and final course grades. With this in mind, regular attendance is recommended. Since exam questions will be taken from class lectures as well as text and homework assignments, students missing lectures should arrange for another student colleague to take notes for them. Class notes are also available on-line.

Transfer students

If you are a recent transfer student and are unfamiliar with any language or policies in this syllabus that are unique to Illinois College, or otherwise have questions or concerns that are unclear in your transition to the institution, please don't hesitate to approach me after class or during office hours.

Cell Phone and Computer Usage in Class

See professional disposition above.

Campus Support Resources

Illinois College wants all students to succeed. We offer a variety of support services to help you. Academic Support Services

Center for Academic Excellence

The Center for Academic Excellence (CAE) is located on the 3rd floor of Schewe Library. The Center is your academic partner on campus and provides services to help you meet your academic goals. Services include 1-on-1 coaching and advising, tutoring, and study skills development. Services are free of charge and open to all students. To make an appointment call 217-245-3575 or stop by the Center 8am-5pm Monday through Friday.

Students with Disabilities

Illinois College is committed to creating a successful community of inclusive excellence as we prepare students to live, learn, and work among people who experience the world in fundamentally different ways. For students with documented disabilities, it is the goal of the College to provide an environment that encourages equal access and participation in its various programs through a variety of services and accommodations. Reasonable accommodations are provided in accordance with the various policy statements of the college and in compliance with all applicable provisions of the Americans with Disabilities Act (ADA), as amended, and Section 504 of the Rehabilitation Act of 1973. In order to receive disability-based academic accommodations, a student must self-identify and register with Disability services.

Accommodations are not retroactive, therefore it is important that students contact Disability Services as soon as possible to begin the process. All accommodations must be approved through Disability Services, which is located in the Center for Academic Excellence on the top floor of Schewe Library. Please contact Disability Services by calling 217-245-3575.

Health and Wellness Services Chesley Wellness Center

If you feel poorly, want to get a flu shot, or have other medical questions, contact the Chesley Wellness Center. The CWC is located on the third floor of the Bruner Fitness and Recreation Center. For an appointment, call x3073 or email HealthServices@ic.edu.

Students Experiencing Emotional Distress

During the semester, if you find that stress or anxiety are interfering with your academic or personal success, consider contacting Templeton Counseling Center. All services are free and confidential. Templeton Counseling Center is located on the third floor of the Bruner Fitness and Recreation Center and can be contacted by phone (x3073) or email Chelsey Health Center.

Students Worried About A Friend in Distress: Contact Templeton Counseling Center or Safe IC case manager. All contacts are confidential. Referrals can also be made anonymously via a Behavioral Incident Referral form at https://www.ic.edu/safeic/referral.

Academic Policies

Academic Integrity

Academic integrity is a fundamental component of the mission of Illinois College. Academic integrity is the completion of course tasks with one’s own ideas and/or accurately acknowledging sources. Violations of academic integrity include plagiarism and all other forms of cheating, such as using notes or consulting the web during a test, submitting someone else’s work as your own, or submitting your own paper for two different classes without the faculty member’s permission. If a professor encounters a violation of Academic Integrity, he or she will contact the Academic Affairs Office. If it is the first time the student has violated the honor code, the instructor will then enact an appropriate punishment.

My punishment for cheating is a score of zero on the assignment. In the case of a second offense, the Office of Academic Affairs will investigate the incident and determine the punishment, which is generally harsher than the punishment for first offenses. If the student(s) does not agree with a punishment, the student(s) may make an appeal to the Honor Board.

Final Exam Policy

According to College policy, exams are to be taken when scheduled. The only exception to this rule is if a student has three (3) exams scheduled for the same day. In this case, the student should contact Dean Laura Corey (dean.faculty@ic.edu) to request an alternative exam time. She will work with your faculty members to find another time for you to take the exam. You should do this as early in the semester as possible, since it is possible that you will need to take the exam later than currently scheduled, which may affect your travel plans.

The final exam for this class is shown on the course calendar. The full exam schedule can be seen at https://www.ic.edu/registrar/finalexamschedule. You should plan to be at Illinois College for all your exams, so make sure to plan your end-of-semester travel accordingly and to inform your family of this expectation.

Faculty members cannot schedule alternate exam times or make exemptions to the schedule – all requests for alternate exam times must be made to the Office of Academic Affairs.

Illinois College Mission Statement

True to its founding vision in 1829, Illinois College is a community committed to the highest standards of scholarship and integrity in the liberal arts. The College develops in its students qualities of mind and character needed for fulfilling lives of leadership and service.

Illinois College Statement of Community Responsibility

To ensure that all members of our community live, work, and learn in an environment

where they can thrive, we affirm four guiding virtues: commitment, curiosity, clarity, and

civility.

- With commitment, we will work diligently to support our community and pursue

excellence.

- With curiosity, we will be eager to learn, open to new information, ready to take risks,

and earnest in our pursuit of growth.

- With clarity, we will be open and honest with each other, and act with integrity at all

times.

- With civility, we will treat one another with respect and care, and seek justice and

understanding within and beyond our community.

Through commitment, curiosity, clarity, and civility, we pledge to uphold the mission and

vision of Illinois College, ensuring that, both individually and collectively, we do all we

can to make a positive difference in our world.

Institutional Diversity Statement

Illinois College is committed to providing an environment in which all members of the college community will find support for their individual growth and development whatever their race/ethnicity, gender, sex, sexual orientation, age, disability, religion, national/geographic origin, language use, socio-economic status, first generation status, veteran/military status, or political ideology. As we shape our campus community, the importance of diversity, equity, and inclusion is expressed within policy, practices, programming, decision-making, strategic planning, and pedagogy. Under this multidimensional framework, Illinois College will strive to develop a pluralistic community that directly supports our commitment “to the highest standards of scholarship and integrity in the liberal arts” and to developing in our students “qualities of mind and character needed for fulfilling lives of leadership and service.”

The use of any photography, audio, or video recordings is prohibited during the class period without institutional consent from either the instructor or Disability Services. This is to help maintain a safe learning environment. Lectures and classroom activities may be recorded using Echo360 or Zoom this semester. These videos are meant to be a helpful resource for students enrolled in this course and are property of the instructor. Instructors will only use the recordings for the purposes of this course. Students may not publicly post or disseminate any course materials to individuals outside of this course (including videos and slides). Violating these policies could result in disciplinary or legal action. If you have concerns about this policy, please contact the instructor immediately.

Campus Support Resources

Illinois College wants all students to succeed. We offer a variety of support services to help you.

Academic Support Services

Center for Academic Excellence

The Center for Academic Excellence (CAE) is located in Lincoln Hall. The Center is your academic partner on campus and provides services to help you meet your academic goals. Services include 1-on-1 coaching and advising, tutoring, and study skills development. Services are free of charge and open to all students. To make an appointment call 217-245-3575 or email academic.excellence@ic.edu.

Students with Disabilities

Illinois College is committed to creating a successful community of inclusive excellence as we prepare students to live, learn, and work among people who experience the world in fundamentally different ways. For students with documented disabilities, it is the goal of the College to provide an environment that encourages equal access and participation to its various programs through a variety of services and accommodations. Reasonable accommodations are provided in accordance with the various policy statements of the College and in compliance with all applicable provisions of the Americans with Disabilities Act (ADA), as amended, and Section 504 of the Rehabilitation Act of 1973. In order to receive disability-based academic accommodations, a student must self-identify and register with Disability Services.

Accommodations are not retroactive; therefore, it is important that students contact Disability Services as soon as possible to begin the process. All accommodations must be approved through Disability Services.

In light of ensuring the safety of the IC community, please confirm an appointment with Disability Services in advance. While some appointments may be completed on-campus at the HUB in Lincoln Hall, drop-in appointments are not available and meetings will be held virtually as appropriate. To make an appointment, call 217-245-3068 or email elizabeth.hommowun@ic.edu.

Speech Communication Center

The Speech Communication Center (SCC) is a service provided to students who want to receive practical advice and suggestions (including verbal, written, and video feedback) for improving their presentations. Students enrolled in CO 101: Speech Fundamentals or other Speaking Extensive Experience courses are particularly encouraged to make an appointment. All SCC appointments will be conducted via Zoom. Speech Center Advisors working for the SCC are trained to help individuals not only improve their presentational skills, but also reduce their anxiety about public speaking. To make an appointment or for further details please contact Dr. Adam Jones at adam.jones@ic.edu

Transfer students

DACA students, friends, family members, and/or any immigration concerns

If you have any questions, concerns or need information and/or support regarding DACA for you, friends, family members or acquaintances, or if you need help with your own renewal process (finding resources such as legal assistance, monetary assistance, moral support or any other support with respect to DACA), please contact our campus DACA students’ advocates: Prof. Grullón-García (diana.grullongarcia@ic.edu) and Valeria Cueto, Director of the Office of Diversity, Equity, and Inclusion (valeria.cueto@ic.edu). We are here to help!

Chesley Health and Wellness Services (Health & Counseling)

If you feel poorly, want to get a flu shot, or have other medical questions, contact the Chesley Health & Wellness Center located in Lincoln Hall. For an appointment, call 217-245-3038 or email Health@ic.edu.

Students Experiencing Emotional Distress

During the semester, if you find that stress or anxiety are interfering with your academic or personal success, consider the counseling services provided through Chesley Health & Wellness. All services are free and confidential. Chesley Health & Wellness is located in Lincoln Hall and can be contacted by phone (217-245-3038) or Health@ic.edu.

Students Worried About A Friend's Distress

Contact Chesley Health & Wellness or SafeIC Case Manager (Jessica Flynn: jessica.Flynn@ic.edu; x3270). All contacts are confidential. Referrals can also be made anonymously via a Behavioral Incident Referral form at https://www.ic.edu/safeic/referral.

Academic Policies

Academic Integrity

Academic integrity is a fundamental component of the mission of Illinois College. Academic integrity is the completion of course tasks with one’s own ideas and/or accurately acknowledging sources. Violations of academic integrity include plagiarism and all other forms of cheating, such as using notes or consulting the web during a test, submitting someone else’s work as your own, or submitting your own paper for two different classes without the faculty member’s permission. The Illinois College Code of Conduct can be found on the IC website: https://www.ic.edu/codeofintegrity.

If a professor encounters a violation of Academic Integrity, he or she will contact the Academic Affairs Office. If it is the first time the student has violated the honor code, the instructor will then enact an appropriate punishment.

The consequences for violating academic integrity in my class are failure of the assignment on the first offense. Failure of the class and submission to the honor board on a second offense. For a second offense, the Office of Academic Affairs will investigate the incident and determine the punishment, which is generally harsher than I will impose including the possibility of expulsion from Illinois College.

If the student(s) does not agree with a punishment, the student(s) may make an appeal to the Honor Board.