University of Wales
Transfer Overseas Bachelor Programme
ECNU Campus
Business Administration
Spring 2008 Microeconomics 111 and Macroeconomics 112
Instructor Information and Availability
Instructor: Dr. Patrick Sherlock
Office: ECNU – Room TBA
Telephone: 15921345374
Fax:
Email: at any time! I will respond quickly!
Instructor Availability: Monday, Tuesday and Thursday:12:30-2:30 p.m. or by request at other times, including Wednesday and Friday.
Course Description
This course provides an introduction to the field of economics through the analysis and interpretation of real-world problems and their impact on business and individuals. The first three weeks of the course will be devoted to the study of microeconomics. Students will be introduced to the significant ideas that comprise the fundamentals of economics. We will examine the process of “thinking like an economist” and the theory of comparative advantage. A significant percent of time will be devoted to the fundamentals of supply and demand, including and introduction to elasticity and how it is used to analyze markets. After the analysis of supply and demand the next step will be to examine the costs of production, market equilibrium and efficiency. The remaining topics to be examined include: Taxation, International Trade, Market Structures, and related microeconomic topics.
The second half of the course will be devoted to the study of macroeconomics with an emphasis on measuring a nation’s income through GDP and national income. Saving, Investment and the Financial systems will be studied to examine their role in allocating resources. Fiscal and Monetary Policy will be studied, along with measures of employment and inflation. This will lead to a detailed study of Aggregate Demand and Aggregate Supply.
Course Hours
54 hours: 27 hours Microeconomics and 27 hours Macroeconomics
Prerequisites
As required by ECNU
Module Aims
Please see page 4 of the Student Handbook for a comprehensive list of Module Aims and Subject Content.
Upon successful completion of this course, students will have demonstrated the ability to:
· Apply economic reasoning and analytical thinking to real world problems.
· Describe the intricate operation of supply and demand.
· Critically interpret business problems using cost-benefit analysis.
· Propose various decision alternatives based on production and cost analysis.
· Employ sound economic principles to provide personal interpretation of business problems.
· Recognize and deconstruct components of market structure and policy to devise strategy and tactics for business applications.
Modes of Instruction
Delivery methods may include: Presentations, case studies, lectures, labs, videos, role-plays.
Responsibilities: The responsibilities for the course will be shared.
My responsibilities are to assist you in keeping focused on course topics to ensure a successful learning experience. I will facilitate the class agenda and the class activities and maintain an adult environment to ensure that everyone has the opportunity to be heard and understood.
Your responsibilities are to participate during lectures and during individual/group assignments. You are also responsible for all material presented during lectures and contained within handouts and texts. It is also the responsibility of the student to obtain all material covered when absent from class.
· Attendance and Tardiness
Attendance generally affects the quality of a student's performance. Therefore, prompt and regular attendance is expected of all students. Responsibility for work missed due to absence rests with the student.
· Participation/Preparation
Your degree of preparation, class attendance, independent homework assignments, and participation in discussions will often affect how well you do in the course. The student is expected to participate in class discussions and all group work. It is assumed that each student will have read all assigned readings prior to class meetings. Oral presentations are mandatory. Students are responsible for having the appropriate textbooks and supplies.
· Academic Honesty
Original ideas and creative expression are encouraged. There is no benefit in adopting other’s work or ideas as one’s own. Cheating on tests and/or assignments will result in a zero grade for that test; cheating may also constitute grounds for discontinuation. Students are expected to work alone on assignments unless the instructor declares, in writing, that it is a group assignment, in which case collaboration and co-operation are expected.
Tests and Assignments
Assignments must be submitted on or before the specified date and must satisfy the criteria outlined. Late assignments will be accepted in some cases but are normally subject to reduced marks (20% per day or part day). Tests are to be written on the scheduled date. There will be no provision for tests to be rewritten (with the exception of medical/unavoidable emergencies); therefore, missed tests will result in a zero grade. No Cell Phones during tests!
Evaluation
Exam 60 percent
Assignments 20 percent
Quizzes 20 percent
100 percent
Required Resource Materials:
Text: Principles of Economics, Fourth Edition, N. Gregory Manikaw
Tentative Work Plan
A tentative work plan for this course is attached. Although this work plan will be followed as closely as possible, modifications may be made to suit class progress.
Proposed Work Plan: Introduction to Economics: Microeconomics and Macroeconomics
Class / Date / / Evaluation1 / April 14th / Microeconomics:
Introduction to Economics
2 / April 15th / How Markets Work: Demand, Supply and Elasticity / Assignments 20%
3 / April 17th
Thursday / Supply and Demand and Market Efficiency / Test 10%
4 / April 21st / The Economics of The Public Sector
5 / April 22nd / The Tax System
6 / April 24th
Thursday / Firm Behaviour and The Organization of Industry / Test 10%
7 / April 28th / Firm Behaviour and The Organization of Industry – continued.
Perfect Competition, Monopoly, Oligopoly
8 / April 29th / The Economics of Labour Markets
9 / May 1st
Thursday / Review and Final Exam / Exam 60%
10 / May 5th / Macroeconomics:
The Data of Macroeconomics
11 / May 6th / The Data of Macroeconomics
12 / May 8th / The Real Economy in the Long Run / Test 10%
13 / May 12th / Money and Prices in the Long Run
14 / May 13th / The Macroeconomics of Open Economies
15 / May 15th / Short-Run Economic Fluctuations / Test 10%
16 / May 19th / Aggregate Demand and Supply
17 / May 20th / Aggregate Demand And Supply - continued
18 / May 22nd / Review and Final Exam / Exam 60%
April 20, 2008 Page 1 of 4