Download course objectives - University of Belize

FACULTY OF MANAGEMENT AND SOCIAL SCIENCES
DEPARTMENT OF SOCIAL SCIENCES
ECON 101, INTRODUCTION TO ECONOMICS
SEMESTER 1, 2008/2009
COURSE OUTLINE
LECTURER:
Mr. Bernard K. Watler, MPA
CLASS HOURS:
TU 7:00 – 8:15 p.m.
SECTION:
Section 1
ROOM:
E101
OFFICE HOURS:
As posted or by appointment.
TELEPHONE:
223-2732\223-0256 Ext. 127
E-MAIL:
[email protected]/[email protected]
TEXT:
Riddell, Tom; Shackelford, Jean; & Stamos, Steve. 1998.
“Economics: A Tool for Critically Understanding Society.” 5th
Edition, Addison Wesley Longman Inc.
COURSE DESCRIPTION:
This introductory course in Economics is designed to provide students with a basic
understanding of theory and policy in economics and how these affect economic
problems and policy options. It will introduce students to microeconomic concepts such
as scarcity, demand and supply, price determination, and macroeconomic concepts such
as GDP (national income analysis), unemployment and inflation. The course will
emphasize examples from the Belizean economy and the wider Caribbean where
possible.
COURSE OBJECTIVES:
Upon successful completion of this course, students will be able to:
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Understand and discuss basic economic concepts such as laws of demand
supply, the unemployment rate, and the inflation rate, evaluate economic
information and apply economic reasoning in practical settings.
Explain the main features of different types of market structures.
Understand the macroeconomic notions of Gross Domestic Product,
Money & Banking.
Develop an awareness of personal involvement in a complex economy.
Relate economic principles to everyday living with the purpose to become
better decision-makers and encourage critical thinking.
Apply quantitative skills to organize and explain economic concepts
concisely and effectively.
Discuss the role of Government in pursuing the objectives of economic
growth and stability.
CLASSROOM MANAGEMENT
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Dress code for presentations/Guess lectures/Internships
Students are expected to dress professionally for presentations, guess lectures and for
internships. Professional dress for males includes, but not limited to, slacks, shoes, or
dress appropriate for the presentation. Professional dress for females includes, but not
limited to, slacks/skirts, sleeved top, shoes, or dress appropriate for presentation.
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Attendance
As per UB’s policy on attendance. Attendance will be taken at each session. A sign-up
sheet with the names of everyone officially registered for the course will be circulated at
the beginning of each session. You are only to sign up in the space provided next to your
name. NO ONE IS ALLOWED TO SIGN FOR ANYONE ELSE. IF YOU DO SO, IT
WILL BE DEEMED DISHONEST AND DEALT WITH ACCORDINGLY. It is hard to
do well in this course if you do not attend classes on a regular basis.
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Tardiness
Tardiness is a distraction to your classmates and to your lecturer. If you must be late,
please enter the room as quietly as possible and take a seat near the door. You may pick
up any papers that were handed out or returned at the end of the session.
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Electronic Devices
All electronic devices should be turned off during class sessions. The exceptions are cell
phones or pagers in “silent or vibration mode”. When receiving phone calls, students are
asked to do so outside the classroom.
No recording of lectures should be done without the permission of the lecturer.
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Classroom conduct
Students are kindly asked not to eat or smoke in classrooms. Students should refrain
from talking or doing other things unrelated to the class during class sessions.
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Language
Since English is the official language of Belize, you are expected to speak and write
Standard English in the classroom. Lecturers will subtract points from papers that have
constant grammar and punctuation errors.
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Late Assignments and Make-up Policy
Assignments are to be handed in to the lecturer at the beginning of the class session.
Absolutely no late assignments will be accepted, unless in very exceptional
circumstances.
There will be no make-up quizzes. Make-up tests will only be given at the discretion of
the lecturer. Consideration of a request and approval to sit a make–up test will be subject
to the submission of a letter of request stating why you had to be absent along with an
official, typewritten document on company or organization letterhead regarding medical
emergency, death in the family, or job-related emergency. This will also apply to requests
to miss a test ahead of the scheduled test date. Please note that the above submission
does not automatically guarantee that you will be granted permission to sit a make–up
item.
GRADING SCHEME:
Quizzes and Assignments
Mid-Semester exam
Participation and Attendance
Final exam
20%
35%
10%
35%
____
Total
100%
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UB GRADING SYSTEM:
A
AB+
B
C+
C
D+
D
F
95 – 100
90 - 94
85 – 89
80 – 84
75 – 79
70 – 74
65 – 69
60 – 64
59 - 0
COURSE CONTENT:
WEEK(S)
TOPICS
1
2
3&4
5
6
7
8
9
10
11
12
13
14
15 & 16
17
Introduction to Economics Chap.1
Scarcity Chap.7
Demand and Supply Chap.8
Elasticity Chap.8
Cost of production Chap.9
Perfect Competition Chap. 9
Monopoly Chap. 10
Monopolistic Competition Chap. 10
Introduction to Macroeconomics Chap. 14
National Income Chap. 14
Unemployment Chap. 19
Inflation Chap. 19
Government and Fiscal Policy Chap.16
Money and banking and Monetary Policy Chap. 17
NON-COMPREHENSIVE FINAL EXAM
DETAILED COURSE CONTENT:
1. Introduction to Economics
1.1 Definitions of Economics
1.2 The Methods of Economics
1.3 Factors of production
1.4 Scarcity and Choice
1.5 Scale of preference
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1.6 Opportunity Cost and Production Possibilities
1.7 Economic Systems
1.8 Normative vs. Positive Economics
2. Demand and Supply
2.1 Definition of Demand
2.2 Law of Demand
2.3 Individual Demand Schedule and Curve
2.4 Market Demand Schedule and Curve
2.5 Determinants of Demand
2.6 Movements vs. Shifts in the Demand Curve
2.7Normal vs. Inferior Goods
2.8 Definition of Supply
2.9 Law of Supply
2.10 Market Supply Schedule and Curve
2.11Determinants of Supply
2.12Movements vs. Shifts in the Supply Curve
2.13 Market Equilibrium
2.14 Shortages and Surpluses
3. Elasticity
3.1 Definition of Elasticity
3.2 Price Elasticity of Demand
3.3 Measuring Price Elasticity of Demand
3.4 The Rules of Elasticity
3.5 Elasticity and total Revenue
3.6 Determinants of the Degree of elasticity of Demand
3.7 Other Elasticity of demand
3.8 Price Elasticity of Supply
3.9 Measuring price Elasticity of Supply
3.10Determinants of the Degree of Price Elasticity of Supply
4. Production and Costs
4.1 Production function
4.2 The Short Run
4.3 Fixed and Variable inputs
4.4 Total Product, Average Product and Marginal Product
4.5 Law of Diminishing Marginal Returns
4.6 Total Cost, Fixed Costs and Variable Costs
4.7 Average Fixed Cost, Average variable Cost and Average Total Cost
4.8 Marginal Cost
4.9 Total Revenue and Marginal Revenue
4.10 Profit Maximization
4.12The Long Run
4.13 The Shut- Down Rule
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5. Perfect Competition
5.1 Market Structures
5.2 Characteristics of Perfect Competition
5.3 The Perfect Competitor’s Demand Curve
5.4 The Perfectly Competitive Firm in the Short Run
5.5 The perfectly Competitive Firm in the Long Run
6. Monopoly
6.1 Characteristics of Monopoly
6.2 Barriers to Entry/Sources of Monopoly Power
6.3The Monopolist’s Demand Curve
6.4 The monopolist in the Short Run
6.5 The Monopolist in the Long Run
6.6 Price Discrimination
7. Monopolistic Competition
7.1 Characteristics of Monopolistic Competition
7.2 Product Differentiation
7.3 The Monopolistic Competitor in the Short Run
7.4 The Monopolistic Competitor in the Long Run
8. Introduction to Macroeconomics
8.1 Differentiate between Micro-and Macro-economics
8.2 Macroeconomic Goals: Economic Growth, Full Employment and Price Stability
8.3 Macroeconomic Tools: Fiscal and Monetary
8.4 Aggregate Demand (AD) and Aggregate Supply (AS) Curves
8.5 Macro-equilibrium
8.6 Shifts in the AD and AS Curves
9. National Income
9.1 The Circular Flow Diagram
9.2 Definition of National Income
9.3 Gross Domestic Product (GDP)
9.4 Gross National Product (GNP)
9.5 Converting GDP to GNP
9.6 Converting GDP to NDP (Net Domestic Product)
9.7 Gross Investment and Net Investment
9.8GDP at Factor cost and Market Prices
9.9 Meaning of Economic Welfare
9.10Methods of Measuring National Output: The Output, Expenditure and Income
Approaches.
10. Unemployment
10.1 The Meaning of Unemployment
10.2 Definition of the Labour Force
10.3 Measurement of Unemployment
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10.4 Causes/Types of Unemployment
10.5 Costs of Unemployment
10.6 Remedies for the Different Types of Unemployment
11. Inflation
11.1 Definition of Inflation
11.2 Measurement Inflation: The Consumer Price Index (CPI)
11.3 Types of Inflation
11.4 Causes of Inflation
11.5 Remedies for Inflation
11.6 Redistribution Effects of Inflation
12. Fiscal Policy: Government Spending and Taxation in Belize
12.1 The Meaning of Fiscal Policy
12.2 Discretionary Fiscal Policy and built-in Stabilizers.
12.3 Budget Deficits
12.4The National Debt
12.4 Effects of the National Debt
13. Money and Banking and monetary Policy
13.1Problems with barter
13.2Definition of Money
13.3 Characteristics of Money
13.4 Functions of Money
13.5 Measures of Money Supply
13.6 Effects of Changes in the Money Supply on Interest Rates
13.7 Functions of Banks
13.8 Credit Creation by Banks
13.9 Functions of the Central Bank
13.10Tools of Monetary policy
REQUIRED TEXT:
The following textbook is required for this course:
Riddell, Tom; Shackelford, Jean; & Stamos, Steve. 1998. “Economics: A Tool for
Critically Understanding Society.” 5th Edition, Addison Wesley Longman Inc.
MID-SEMESTER EXAM:
The mid-semester exam may consist of multiple-choice, fill in the blanks, completion
questions, matching questions and problem solving questions or any combination thereof.
Exams are used to evaluate student’s ability to understand and apply the economic
concepts covered in class. There will be no make up exams. A make up exam may be
considered only if the student informs the lecturer before the exam and provide a
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legitimate reason with evidence. Failing to do so will result in “zero” for that exam.
Students who cheat in exams will be dealt with according to university policy.
QUIZZES:
Numerous quizzes will be given. Quizzes may consist of multiple-choice questions,
true/false and short answers or any combination thereof. The lowest two scores will be
dropped. Quizzes are used to encourage preparation for class and tests as well for
participation in class discussions.
HOMEWORK:
Numerous assignments will be given. However, only a few will be collected and graded.
Students are expected to do all the assignments whether or not they are in class in order
to get good grade.
FINAL EXAMINATION:
The final examination will be non-comprehensive. The final exam may consist of
multiple-choice questions, true/false and short answers or any combination thereof.
METHOD OF INSTRUCTION:
Teaching methodologies and strategies, as determined by the lecturer, will include but are
not limited to the following:
(1) Lectures
(2) Class discussions
(3) Discussions of home work
(4) Presentations.
METHOD OF EVALUATION:
Assessment strategies will be based on, but are not limited to the following:
(1) Quizzes
(2) Assignments
(3) Mid-Semester Exam
(4) Class participation
(5) Final Exam
POTENTIAL CHANGES:
This outline is subject to change at any time. Should this become necessary, students will
be informed of such changes. The outline is simply a guideline for the material to be
covered in the course.
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