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Economics 105
Survey of Economics
Fall, 2012
Dr. Kevin Klein
Office Phone: 245-3474 Text Messaging: 217-673-5241 E-mail: kklein@mail.ic.edu
web page: http://www2.ic.edu/klein
Office: Kirby 238
Physical Office Hours: 10 - 11, MTTHF.
Virtual Office Hours: 24-hours a day via e-mail.
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 decision 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 decision and whether this behavior
is beneficial to society under various market structures and societal norms. (Exam 2)
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 2)
6. Measure macroeconomic outcomes, such as unemployment, inflation and
distribution of resource, by understanding how unemployment, inflation and economic
growth are measured and calculated as well as how they are affected by business cycles.
(Exam 3)
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 4)
Assigned Readings
A. Required Text
Survey of Economics, 4th edition, by Edwin G. Dolan and Kevin C. Klein and
Horizon Textbook Publishing 2010. ISBN 978-1-60229-554-4. The textbook
and optional study guide are both available at the Illinois College bookstore.
The books are also available for direct purchase from the textbook publishing site
at http://www.bvtstudents.com/details.php?25. At this site you can purchase the
printed version of both the textbook and study guide as well as an e-book version
of the textbook.
You should first read the assigned material prior to class discussion. Then attend class
and take good notes. You should then reread the assigned material and review your
notes. As you review your notes you should fill in your notes to clarify the material. You
should also complete the study guide for each chapter as we cover the course material.
If you follow these study suggestions, you should be able to master an understanding of
the course material and earn a grade of ‘A’.
Studying For This Class
5 exams - (Drop Low Exam Score) 100 pts. each (400 pts total)
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.
8 quizzes (Drop Low Quiz Score) 10 pts. each (70 pts total)
Throughout the semester there will be 8 quizzes consisting of 5 multiple choice
questions. You are 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.
Attendance Points 2 pts. each (40 pts total)
Two attendance points are earned each day that you attend class. Although
attendance is taken each day of class, only a total of 40 points can be earned in
attendance points. Thus, there are a variety of days in which attendance points are not
earned such as days when exams and quizzes are administered.
8 Homework 5 pts each (40 pts total)
Homework assignments are completed outside of class. There will be a total of
eight homework assignments. All assignments must be completed. These assignments
require written answers to questions that help 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. If you plan to miss class on an
assignment due date, turn the assignment in early for full credit. The moral of the story
is plan ahead, stay organized, and 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 = 485 or higher
A- = 480-484
B+ = 479-483
B = 425-478
B- = 421 - 424
C+ = 417-420
C = 371 - 416
C- = 367 - 370
D+ = 363-366
D = 316-362
D- = 312-315
F = 0 – 311
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.
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 early. Make-up exams that result from lack of
notification of a planned absence will be given with great reluctance. Make-
up exams are all essay questions and should take approximately two 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
Two (2) attendance points are given for each day attendance is taken in class. 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, those
missing lectures should arrange for another student to take notes for them. Class notes
are available on-line.
Illinois College General Education Requirements
This course has been approved for the following General Education Categories
● Explorations -- Social, Spiritual, and Philosophical Issues Category.
● Connections
Spanish 102, 203, and 301
Japanese 102, 203, and 301
Cell Phone and Computer Usage
Cell phones and computers are a modern convenience but not a necessity to life –
especially in this class. Cell phone and computer usage, or any form of text messaging
and accessing the web in the class, is prohibited based upon college policy. If you are
expecting an important phone call or text message, then choose to not attend class that
day rather than accept the phone call or text message. Of course, there is an opportunity
cost in all choices that you make. Either choose to be in class or choose to be elsewhere
and willingly accept the costs of your decisions.
Course Outline and Important Dates
See on-line calendar for specific dates and assignments.
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