Econ 105 Syllabus

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.