AEB 2014 Course Syllabus
University of Florida
Food and Resource Economics Department
AEB 2014 – Economic Issues, Food, and You
Fall 2006
3 Credit Hours; Section: 6049
Tuesday 3:00pm – 5:00pm (Periods 8 and 9)
Thursday 4:05pm – 5:00pm (Period 9)
Classroom: Turlington2349
(
(Class Website will be announced soon!)
Instructor: Carlos Pitta
Office: G129 McCarty B
Phone: 392-1826 ext. 424
Office Hours: Fri: 10:40am – 12:50am (Periods 4 and 5, plus an open-door policy if you find me at my office!)
E-mail: OR
Course Purpose: This course emphasizes the role of agriculture and economics. The how's and why's of their influence on food prices and the world food situation, the environment, natural resources and government policy; and economic issues, including inflation and money (Catalog description of AEB 2014). That being said, we can add that the purpose of this course is to introduce you to the broaddiscipline of agricultural and applied economics. Basic underlying principles of agricultural economics are found in pure economics; yet what sets AEB 2014 apart from traditional principles of economics courses is that it combines both Microeconomics and Macroeconomics in a one-semester format. AEB 2014 is structured around three thematic parts: 1) An Introduction to the way economists think; 2) A section on Microeconomic Analysis that emphasizes economic decision making of the consumer, the study of markets, agriculture, environmental and natural resource issues, international trade, and the impact of governmental policy; and 3) A section on Macroeconomic Analysis that deals with the workings of the economy as a whole and emphasizes the roles of the monetary authorities and fiscal policy
Audience: This is a beginning course in agricultural and applied economics. Itpresumes noknowledge of either economics or agriculture. For students contemplatinga major in agricultural and applied economics, this course represents the ideal spot toacquire a broad perspective in your tentative field. For students majoring in some otherdiscipline, this course is a good place to acquire some insight into the economic view ofagriculture, as well as the economic way of thinking. For students who are uncertainabout their major, this course represents an opportunity to see what agriculturaleconomists study and how they look at the world. This course is not appropriate forstudents who have had more than two courses in agricultural and applied economics oreconomics.
Readings:The “required” text for the course is:
- Principles of Economics, 4th Edition, N. Gregory Mankiw. South-Western Publishing, 2004. (ISBN: 0-324-22472-9)
The “recommended” book is:
- The Economics of Life: From Baseball to Affirmative Action to Immigration, How Real-World Issues Affect Our Everyday Life from Gary S. Becker et al (ISBN: 0-070-06709-0)
Significance of Quotation Marks: “Required” book is expensive but not completely required! It comes to around $150 new at Amazon. Used books, as you well know, are cheaper. Yet is probably the best book for understanding basic economic principles, and its broad scope make it a worthwhile investment (you will continue using this book in the future if your major is economics related). But don’t despair! “Required” text has (almost perfect) substitutes! For those of us budget conscious I recommend using the 3rd Edition of the same book (ISBN: 0-324-20309-8) It contains basically the same material and you can get it for some $40 bucks used.
“Recommended” book is pretty cheap but almost surely completely required. You can get it new for $10 and ridiculously cheaper if you purchase it used. Yet you will most surely need it since it cover most of the materials for the Essays you will have to write every week for a substantial 20% of your grade!
Tentative Course Outline:
(The instructor reserves the right to change this outline as appropriate)
Section I: Introduction to Economic Analysis
Chapter 1: Ten Principles of Economics
Chapter 2:Thinking Like an Economist
Section II:Microeconomic Analysis
Chapter 4:The Market Forces of Supply and Demand
Chapter 5:Elasticity and its Application
Chapter 6:Supply, Demand, and Government Policies
Chapter 7: Consumers, Producers, and the Efficiency of Markets
Chapter 10: Externalities
Section III:Macroeconomic Analysis
Chapter 23: Measuring a Nation’s Income
Chapter 24: Measuring the Cost of Living
Chapter 25: Production and Growth
Chapter 28: Unemployment
Chapter 31: Open Economy Macroeconomics: Basic Concepts
Chapter 32: A Macroeconomic Theory of the Open Economy
Chapter 33: Aggregate Demand and Aggregate Supply
Chapter 34: The Influence of Monetary Policy and Fiscal Policy
On Aggregate Demand
Grades:Incentives are a big part of economics. As an economist, I try to create agrading scheme that provides incentives for you to do the right things: come to class, beactive in a study group, work on the study problems, keep current with the material, findways to understand the material that works for you, and think creatively abouteconomics. Key elements for grade’s composition are:
Participation in Class and Essays:Participation in class is important! Not only ensures an active learning experience, it also given heavy weight in your grade composition. Make comments and questions about material in class and you’ll do all right. Particularly suitable for comments on class are the Essays. You will also be required to write a series of tenessaysthat will be distributed during the semester.In order to do these essays, you will have to read certain articles from the “Recommended” book, which covers a broad variety of topics of everyday life. You need to hand in the Essays on the date specified in the schedule, otherwise you’ll have a 50% penalty! You know the calendar well in advance and have plenty of time to organize yourself consequently.
You will have to write A DOUBLE SPACED, SINGLE PAGE containing:
- Overall, explain what is the assigned reading about.
- What’s the author’s central rationale to support his opinion? Can you identify any underlying economic principle covered in class and used by the author in his justification?
- What’s you opinion, or personal perspective, on the issue?
Write on First Line of your Essays your name, the Essay number and the due date!
Attendance Problem Sets:Attendance will be taken through a series of five Problem Sets.I strongly encourage you to form study groupsof students and to meet regularly to discuss AEB 2014. Problem sets will bedistributed via e-mail throughout the semester. These problem sets make excellentmaterial for discussion in study groups. Again, you need to hand in the Problem Sets on the date specified in schedule, otherwise you’ll have a 50% penalty!
Again, write on First Line of your Problem Sets your name, the Problem Sets number and the due date! Staple if necessary. See the last two pages of this Syllabus to get further details on Essay List and Problem Sets.
So, how can I get an A in AEB 2014? Grades are based upon the following weights:
Activity / PercentageExam 1 / 10%
Exam 2 / 15%
Exam 3 / 20%
Final Exam / 35%
Participation in class and Essays / 20%
Attendance and Problem Sets / 20%
TOTAL / 120%
Best Deal Ever? Not quite. I will erase one of your grades, anyone you pick EXCEPT FINAL EXAM. That being said, you may skip one of the exams with out enormous repercussions in your grade but I don’t recommend it! (You minimize risk if you attend all of them!) You MUST attend the comprehensive Final Exam. Its still a deal since you can theoretically collect 105 points! Final grades will be based on the weighted average of the normalized scores and placedon the following scale:
Percentagey / Gradey > 90% / A
85 % < y < 90 % / B+
80 % < y < 84 % / B
75 % < y < 80 % / C+
70 % < y < 74 % / C
60 % < y < 70 % / D+
50 % < y < 60 % / D
y < 50 % / F
AEB 2014, a zero stress class: Believe it or not, economics can be fun! The topics we will be considering areimportant and the issues we will be addressing are recurring. Learning what's behindthe headlines in the newspapers and magazines can be fascinating.Moreover, it can be rewarding to master some basic economic tools and then see howthey can be used to analyze all kinds of social problems and individual choices.I will do everything I can to make agricultural and applied economics interesting andrewarding for you. You can help a lot by taking a few important steps:
- Read theassigned portion of the text before coming to hear the lecture. I will try to cover the mostimportant material from the text in lectures, but a lot of class time will be dedicated toother topics and issues.
- Think about what you read and hear! Continually ask yourself ifwhat you are reading makes sense and if you can tie it to the world you observe aroundyou. Expand your understanding by bringing what you learn in class to bear on articlesyou read, news reports you see or hear, and conversations you have.
- Draw lots of graphs! Yes, this class is graph intensive. Graphs will help you to understand how cause-and-effect relationships work. Most economic issues become surprisingly simple once you illustrate them with a graph.
- Don’t cram! It is virtually impossible to cram for this course and do well.
- Do your Problem Sets!If possible, Form a study group (it is an excellent way to learn economics) or get a “study-buddy”. Most of the Exam Questions will be based upon the Problem Sets, so if you aced your problems, you’ll ace your Exams as well.
- Mostimportantly, ask questions.Economic issues and economic concepts often seembaffling to the beginner and expert alike. When confused, the best way to learn what'sgoing on is to start asking questions of anyone who will listen. If you insist thateconomics makes sense, then sooner or later it will.
From the University of Florida:
Academic Honesty, Software Use, Services for Students with Disabilities, UFCounseling Services
The University of Florida requires all members of its community to be honest in allendeavors. Cheating, plagiarism, and other acts diminish the process of learning. Whenstudents enroll at UF they commit themselves to honesty and integrity. Your instructorfully expects you to adhere to the academic honesty guidelines you signed when youwere admitted to UF.
As a result of completing the registration form at the University of Florida, every studenthas signed the following statement:
“I understand the University of Florida expects it students to be honest in all theiracademic work. I agree to adhere to this commitment to academic honesty andunderstand that my failure to comply with this commitment may result in disciplinaryaction up to and including expulsion from the University.”
Furthermore, on worksubmitted for credit by UF students, the following pledge is either required or implied:
“On my honor, I have neither given nor received unauthorized aid in doing thisassignment.”
It is to be assumed all work will be completed independently unless the assignment isdefined as group project, in writing by the professor.This policy will be vigorously upheld at all times in this course.
Software Use
All faculty, staff, and students of the University are required and expected to obey thelaws and legal agreements governing software use. Failure to do so can lead to monetarydamages and/or criminal penalties for the individual violator. Because such violationsare also against University policies and rules, disciplinary action will be taken asappropriate.
Campus Helping Resources
Students experiencing crisis or personal problems that interfere with their general wellbeingare encouraged to utilize the university’s counseling resources. Both theCounselingCenter and Student Mental Health provide confidential counseling services atno cost for currently enrolled students. Resources are available on campus for studentshaving personal or lacking clear career and academic goals, which interfere with theiracademic performance. The CounselingCenter is located at 301 Peabody Hall (next toCriser Hall). Student Mental Health is located on the second floor of the Student HealthServices in the Infirmary.
1. UniversityCounselingCenter, 301 Peabody Hall,392-1575; personal and career counseling: 2. Student Mental Health, StudentHealthCareCenter,392-1171, personal counseling: 3. Sexual Assault Recovery Services (SARS), Student Health Care Center,392-1161, sexual assault counseling; and4. Career Resource Center, Reitz Union, 392-1601, career developmentAssistance and counseling.
Students with Disabilities Act
The Dean of Students Office coordinates the needed accommodations of studentswith disabilities. This includes the registration of disabilities, academicaccommodations within the classroom, accessing special adaptive computerequipment, providing interpretation services, and mediating faulty-studentdisability related issues.
Dean of Students Office, 202 Peabody Hall, 392-7066,
Classroom Etiquette: Be polite and courteous towards your fellow classmates. CELL PHONES and PAGERS are to be turned off. If you arrive late for class, please enter through the back door of the classroom and take a seat in the back as to minimize the interruption. Being that this is a relatively large section, you should avoid talking amongst each other once the lectures begin (this includes conversations about the material and the class itself). If you cannot abide by these simple common-sense rules, you should not come to class.By enrolling in this course you are agreeing to the terms outlined in this syllabus. If you have any questions about the policies of the class or the course itself, please do not hesitateto ask. Have a great semester!
Tentative Course Progress and ScheduleTuesdays / Topic / Reference / Thursdays / Topic / Reference
Section I: Thinking as an Economist
-- / -- / -- / August
24th / First Class / Lecture
August
29th / Ten Principles of Economics / Ch 1 / August
31st / Ibidem / Ch 1
September
5th / Thinking like an Economist / Ch 2 / September
7th / Ibidem
Essay 1 / Ch 2
Section II: Microeconomic Analysis
September 12th / Market forces: Supply and Demand / Ch 4 / September
14th / Ibidem
Essay 2 / Ch 4
Problem Set 1
(Ch 1 and 2)
September 19st / Elasticity and applications / Ch 5 / September
21st / Exam 1
Essay 3 / Ch 1 and 2
September 26th / Supply, Demand and Gov. Policies / Ch 6 / September 28th / Ibidem
Essay 4 / Ch 6
October
3rd / Markets Efficiency / Ch 7 / October
5th / Ibidem
Essay 5 / Ch 7
Problem Set 2
(Ch 4, 5 and 6)
October
10th / Externalities / Ch 10 / October
12th / Ibidem
Essay 6 / Ch 10
Section III: Macroeconomic Analysis
October
17th / National Income / Ch 23 / October
19th / Ibidem
Essay 7 / Ch 23
Problem Set 3
(Ch 7 and 10)
October
24th / Cost of Living / Ch 24 / October
26th / Exam 2
Essay 8 / Ch 4, 5, 6, 7 and 10
October
31st / Production and growth / Ch 25 / November
2nd / Unemployment
Essay 9 / Ch 28
November
7th / Global Economics I / Ch 31 / November
9th / Ibidem
Essay 10 / Ch 31
Problem Set 4
(Ch 23 to 25)
November 14th / Global Economics II / Ch 32 / November
16th / Ibidem / Ch 32
November
21st / Aggregate Demand and Supply / Ch 33 / November
23rd / No Class / Happy Thanksgiving!
November 28th / Fiscal and Monetary Policies / Ch 34 / November
30th / Ibidem / Ch 34
Problem Set 5
(Ch 31 to 33)
December
5th / Last words
Exam 3 / Ch 23 to 25;
Ch 31 to 34 / Class periods during Fall: 44
December 12th / Final Exam / Comprehensive
Problem Sets and Date to be hand in
Problem Set # 1:
Odd numbered problems of Chapters 1 and 2
Thursday, September 14th, 2006
Problem Set # 2:
Odd numbered problems of Chapters 4, 5 and 6
Thursday, October 5th, 2006
Problem Set # 3:
Odd numbered problems of Chapters 7 and 10
Thursday, October 19th, 2006
Problem Set # 4:
Odd numbered problems of Chapters 23, 24 and 25
Thursday, November 9th, 2006
Problem Set # 5:
Odd numbered problems of Chapters 31, 32, and 33
Thursday, November 30th, 2006
Essay List and Date to be hand in
From the Book: “The Economics of Life…” by Gary Beckeret al.
Essay # 1: Regulation
- Not Everyone Deserves Affordable Auto Insurance (page 24)
Thursday, September 7th, 2006
Essay # 2: Labour Markets
- It’s Simple: Hike The Minimum Wage And You Put People Out Of Work (page 37)
Thursday, September 14th, 2006
Essay # 3: Immigration
- Barbarians at the Gate – Or Economic Boom? (page 52)
- Why Not Let Immigrants Pay for Speedy Entry (page 58)
Thursday, September 21st, 2006
Essay # 4: Family Behavior
- Finding Fault with No–Fault Divorce (page 98)
- Cut Divorce Rate with Marriage Contracts (page 104)
Thursday, September 28th, 2006
Essay # 5: Discrimination
- End affirmative Action as We Know It (page 117)
- Productivity Is the Best Affirmative Action Plan (page 120)
Thursday, October 5th, 2006
Essay # 6: Addictions
- More People is Saying Yes to Legalizing Drugs (page 148)
- Should Drug Use be Legalized (page 150)
Thursday, October 12th, 2006
Essay # 7: Antitrust and Cartels
- The NCAA: A Cartel in Sheepskin Clothing (page 164)
- College Athletes Should Get Paid What They’re Worth (page 167)
Thursday, October 19th, 2006
Essay # 8: Government
- The High Court Debate Isn’t High – Or Broad – Enough (page 234)
- Life Tenure for Judges Is an Idea Whose Time Has Gone (page 236)
Thursday, October 26th, 2006
Essay # 9: Environment
- On Global Warming, Let the Coolest Head Prevail (page 289)
- The Hot Air Inflating the Greenhouse Effect (page 290)
Thursday, November 2nd, 2006
Essay # 10: Economists
- Why We Can’t Live Without Economists? (page 310)
- Go to and pick any Economics Nobel Laureate you like. Briefly write a personal sketch of his biography, opus and contributions to Economics.
Thursday, November 9th, 2006
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