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GRAND VIEW COLLEGESYLLABUS
Department and Course #:ECON 102Course Title:PRINCIPLES OF MICROECONOMICSAcademic Term:SUMMER 2008, SECTION 6Class Time:MONDAYS, 5:45 – 10:25pm; 7/9/09, 5:45 – 10:25pmAcademic Division:SOCIAL SCIENCESInstructor:TOM SCHENK Telephone Number:515-281-3753Email:tschenk@gvc.eduACADEMIC MAJOR GOALS AND OBJECTIVES
1.Demostrate abilities to conduct research to access relevant information and then communicate theresults of the research to others in written and oral format.2.Demonstrate abilities to work in a team environment, as a leader and as a follower, to generate solutionsto specific situations.3.Develop skills in analyzing business situations and recommend courses of action that show a thoroughunderstanding of the internal and external envorments.
INSTRUCTIONAL OBJECTIVES*Learning as KnowledgeThe student will:
1.Identify the definition(s) of economics and microeconomics2.Identify the basic principles of the law of supply, law of demand, and market equilibrium.3.Identify and understand the basic types of market structures and economic properties of each structure.4.Understand the economy as a system.
*Learning as Process or BehaviorThe student will:
1.
Relate political economy systems to the U.S. and other economies.2.Study how the market system allocates products and services to consumers.3.Apply economic theory in real-world applications
4.
Learn how policy affects all the elements of the economy.
*Learning as AttitudeThe student will:
1.Appreciate the basic underlying dilemma of economics.2.Develop an awareness of how economics impacts their daily lives.3.Appreciate the complex interactions in an economy.
CONTENT OUTLINE
•
Elements of economics: political economy, science, and moral philosophy
•
Economic institutions
•
Trade-offs (opportunity cost) and the formation of an economy
•
Supply and Demand: individual choice to market equilibrium
•
Elasticity: the responsiveness of supply and demand
•
Applications: Taxation and market efficiency
•
Constructing supply and demand: individual choice and industrial production costs
•
Market structures: perfect competition, monopoly, and monopolistic competition
1
 
•
 A Beautiful Mind 
: game theory
Time permitting 
:
•
Applications: antitrust policy and regulation
•
Work, labor markets, production, and income inequality
•
 Nonwage inputs, capital, and interest rates
•
International trade: from the individual to nations
INSTRUCTIONAL PROCEDURES
Instructional procedures for this course will include lectures, class discussions, “company” (group) exercises,case analysis, and individual assignments. Students will successfully pass the class if they aforementionedactivities.
INSTRUCTIONAL RESOURCES
1.
Textbook: Economics by David Colander, 7
th
Edition, McGraw-Hill, Irwin: 2006ISBN: 0-07-340286-9
2.
Periodicals:
The Economist 
,
The Wall Street Journal 
,
The Des Moines Register, New York Times
3.
Blogs: See Homework #14.Other readings will be distributed online and in-class.
ASSESSMENT OF ACADEMIC ACHIEVEMENT
C  P  A F  E  E Y 
•+•+•+•+•+•=
03.007.02.03.02.02.0
21
Y = total score;E
1
= Exam 1E
2
= Exam 2F = FinalA = Average of best assignments (5)P = ParticipationC = Company Score
Exams:
Two exams will be administered throughout the semester. The exams will consist of a multiple choice,argument, and long problems. Multiple choice questions will test basic economic vocabulary and elementaryrelationships. Argument questions will ask the student to reply to a normative statement using economicreasoning taught in class. I may use quotes from recent periodicals and/or blog posts. Finally, long problems will be multi-part and will test whether the student can work through an economic model. Each exam will implicitly be cumulative insofar as the principles of economics are tightly intertwined, but the emphasis will be on thecontemporary lesson.
Final:
The final will explicitly be cumulative, although the emphasis will be slightly more on the latter third of the class. The format will be similar to exams: multiple choice, essay, and long problems. The test is worthslightly more and, thus, will be slightly longer than exams.
Assignments:
Seven (6) assignments will be given throughout the semester. The five (5) best assignments will be calculated in the student’s score. One multiple-question exam will be distributed every Tuesday and will bedue the following Tuesday at the beginning of class. Assignments are not meant to be taxing, but to help thestudent prepare for exams and the final. Most assignments will involve a question that will resemble an exam’s‘long problem.’
Participation:
Students are expected to regularly participate in classes and on Blackboard. Students must post atleast three (3) replies throughout the semester on Blackboard. Lack of participation and irregular attendance will be especially noticed if the student is struggling in class. The professor will warmly reward struggling studentswho seek help through email and questions.
Company Score:
Students will be randomly assigned to companies of 3 individuals, depending on the final classsize. Companies will accumulate points throughout the semester based on exams, assignments, participation, and
2
 
any other metric the professor feels is appropriate. These activities are meant to be fun and introspective, while being educational. At the end of the semester, points will be assigned as the inverse of company rank multiplied by 100, e.g., first place: (1/1)*100 = 100, second: (½)*100 = 50, etc. The company score is especially helpfultoward boarderline students.
Final Grade:
Letter grades will be assigned as follows:
A = 90-100%B = 80-89%C = 70-79%D = 60-69%F = < 60%MISSED EXAMS AND ASSIGNMENTS
Assignments will be due at the beginning of class every Tuesday and tests will be given on the days denoted below. Late assignments will be penalized 40 percent. Students will be allowed to make up exams
ONLY
whenthe professor received prior notification for the inability to complete the exams. In extreme cases where prior notification is impossible, the student must provide written documentation—not by the student—explaining theabsence. Students who miss a test for an unexcused absence will receive a zero.
ATTENDANCE
Students will be expected to attend every class. Irregular attendance will be reflected in participation andcompany exercise scores.
WRITING AND CRITICAL THINKING
Modern economics is intensely mathematics, but few people possess the training to grasp a mathematical model.As such, economics is typically communicated in written periodicals so it is no coincidence that well-knowneconomists tend to be good writers—e.g., Paul Krugman, Herny James, John Gailbraith, and Milton Friedman.Employers often lament and seek those with sharp writing ability. Although writing ability is hard to noticeduring an application procedure, employers will often quickly promote those who effectively communicate.This class will challenge student to reply to assertions during an examination. Students will need to synthesizeeconomic theory and writing to convince the professor the original argument was either fallacious or correct.This experience will be different from writing an essay or research paper. Argument portions of the exam willgive the student little room to wonder or “add fluff”.
TENTATIVE SCHEDULE & READINGS
Economics is truly an interdisciplinary subject involving political theory, moral philosophy, mathematics, andelements of all social sciences. This course will be based around the cold logical and mathematical aspects oftensatirized in TV and movies. However, this class will also overtly emphasis applications of economic theory and briefly highlight the moral philosophy and political philosophy elements.Readings are mandatory and should be completed prior to the beginning of class, with the exception of the firstweek. Suggested readings are not mandatory, but will help the student understand the mandatory content if needed. The suggested readings will often re-explain the material from a slightly different perspective, much likethe function of this sentence to the former sentence. Lastly, voluntary readings are tangential to the topic— interesting, but not necessary knowledge for the class. These readings will delve into political theory, philosophy,and other classical writings that will add to the student’s comprehensive knowledge. Students will not be testedover the material and absolutely should complete other assignments first. I hope this syllabus will be a resourcefor the student after the class has been completed.
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