EC 110 Section 007: Honors Prin Of Microeconomics
Fall, 2009
3 Credit Hours
Primary Instructor: Lawrence Lovik
Core Designation: University Honors, Social and Behavioral Sciences
13 Bidgood Hall
3:30–4:45 p.m. MW
Introduction to microeconomic analysis concentrating on consumer and producer behavior, different market structures, public policy and regulation, and income distribution.
This course provides the honors student with the analytical tools necessary to examine and interpret incentives of decision makers in the consumer, producer, and government sectors as they interact in the economy. The price system of allocating scarce resources is fundamental to the operation of efficient markets and wealth creation. The system is dynamic and tends to cause both profits and losses. However, the market system has created more wealth for various societies over long periods of time compared to other systems such as those where government rather than the market selects winners and losers. Examples of how the alternative systems function will be discussed. In order to make sound decisions, business leaders, employees, consumers, and policy makers each requires an understanding of the market mechanism.
Government policies are discussed regarding their impact on economic efficiency, incentives, and wealth creation. This is designed to understand government policies and regulations from the perspective of entrepreneurs, effective leadership in both private and public sectors, managers, consumers, employees, and the citizenry at large. Indeed, economic literacy is essential for all parts of society including those who work in the media.
1. Understand the fundamental economic concepts of scarcity and opportunity costs.
2. Understand how price signals impact incentives for efficiency and how restrictions to the price mechanism can influence individual incentives.
3. Utilize various models of firms operating in different market structures.
4. Understand the role of institutions and government regarding efficient operation of a market model.
5. Understand the principal of comparative and competitive advantages in a global economy.
6. Note the linkage and significance of principle-centered leadership, entrepreneurship, and management.
7. Understand the importance of having high degrees of character, competency, and economic literacy in both the private and public sectors.
8. Have a cognizance of the moral imperative of clear and strategic thinking.
The following delineates parts of the textbook and other items to be covered. However, remember that you are also responsible for understanding concepts and issues discussed in class or supplemental material assigned outside of class. Preeminence should be placed on concepts and issues the professor emphasizes.
Additionally, always keep in mind Objectives 6–8 as noted above in this syllabus which apply to every topic covered. There are no substitutes for integrity, competency, and intellectual capital—all three are vital not only for this course but also for living a meaningful life.
Note: The professor reserves the right to modify the course outline as deemed necessary to improve efficiency and effectiveness.
I. Chapters 1–6
On occasion, problems and other materials may be disbursed for work or discussion. Moreover, outside assignments may be assigned for completion by specified dates.
Chapter 1 The Economic Approach
Chapter 2 Some Tools of the Economist
Chapter 3 Supply, Demand, and the Market
Chapter 4 Supply and Demand: Applications and Extensions
Chapter 5 Difficult Cases for the Market, and the Role of Government
Chapter 6 The Economics of Collective Decision Making
Exam1 Content will include Chapters1–6, as well as other material covered. The date is TBA and will be
announced at least one week in advance.
II. Chapters 7–11
On occasion, problems and other materials may be disbursed for work or discussion. Moreover, outside assignments may be assigned for completion by specified dates.
Chapter 7 Consumer Choice and Elasticity
Chapter 8 Costs and the Supply of Goods
Chapter 9 Price Takers and the Competitive Process
Chapter 10 Price-Searcher Markets with Low Entry Barriers
Chapter 11 Price-Searcher Markets with High Entry Barriers
Exam 2 Content will include Chapters 7–11 as well as other material covered. The date is TBA and will be
announced at least one week in advance.
III. Chapters 12, 14, 16 and the Index of Economic Freedom
On occasion, problems and other materials may be disbursed for work or discussion. Moreover, outside assignments may be assigned for completion by specified dates.
Chapter 12 The Supply of and Demand for Productive Resources
Chapter14 Investment,theCapitalMarket,and theWealthofNations
Chapter 16 Gaining from International Trade
Special Assignment: The Index of Economic Freedom
Exam3 Content will include Chapters 12, 14, 16, and the Index of Economic Freedom, as well as other
material covered. The date is TBA and will be announced at least one week in advance.
IV. Applications of Economic Thinking and Analysis of Special Topics
Although each student will held responsible for the various topics, the cases will be presented by student
teams.
Textbook Case: Government Spending and Taxation
Textbook Case: The Economics of Social Security
Textbook Case: The Economics of Health Care
Textbook Case: Are We RunningOut of Resources
Textbook Case: Difficult Environmental Cases and the Role of Government
Final Exam: Content will include the textbook cases as well as other material covered. The date is scheduled for
Friday, December 11 from 7:00 to 9:30 p.m.
There are three (3) exams and the final exam. Please see the Course Outline and the Grading Policy for more details.
There will be four (4) major exams that may consist of multiple choice questions ,problems, or discussion of concepts and issues. The format of each exam will be discussed prior to the exam. Students are expected to schedule their time accordingly in order to be present for each exam. A make up exam will be given only in the case of a University excused absence. Students must submit assignments in a timely fashion.
Exam I 100
Exam II 100
Exam III 100
Final Exam 125
Other Assignments & Expectations 75
Total Points 500
Grading Scale
The following letter grades are based on percentages of total points:
A+ 97–100 B+ 87–89 C+ 77–79 D+ 67–69 F < 60
A 93–96 B 83–86 C 73–76 D 63–66
A- 90–92 B- 80–82 C- 70–72 D- 60–62
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The Academic Misconduct Disciplinary Policy will be followed in the event of academic misconduct.
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