Economics 101 Arienne Turner

Principles of Microeconomics FullertonCollege

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GUIDE FOR STUDENTS

Regular attendance and a willingness to contribute to the process are critical to your success in the class. Economics is a challenging discipline and will require your best effort and attention. Assigned readings should be completed as scheduled so that you can fully participate in the classroom activities. When you need extra help take full advantage of my office hours and other services on campus. Economics is sometimes referred to as the Science of Choice. It is concerned with obtaining maximum satisfaction through the efficient use of scarce resources. Your study of economics will benefit you professionally and personally and help you make decisions as a responsible voting citizen. The study of economics has many practical benefits however, you should know that economics is mainly an academic, not a vocational, subject. It is not a series of how to make money lessons. The economic perspective stresses rational behavior that often weighs the marginal costs and marginal benefits of alternative choices. There are three fundamental skills that are necessary to engage successfully in economic reasoning:

1.The ability to use and apply the specialized vocabulary.

2.The ability to use graphs and mathematical reasoning.

3.The ability to use abstract models and generalize.

TEXTBOOK

McConnell, Brue and Flynn, Microeconomics 19th edition, McGraw-Hill 2012 or earlier editions of the same text.

REQUIRED MATERIALS

3 Ring binder, Graph paper, 3 Pens: black, blue and red, 4 Scantron answer sheets, # 882

RECOMMENDED SUPPLEMENTS

Subscription or regular access to a weekly news magazine such as The Economist, U.S. News and World Report, Newsweek, Business Week, Fortune or the Wall Street Journal.

EXAMINATIONS

Four examinations including a final will be given. All will count the same amount, 100 points each. The course outline indicates the material covered on each, and the approximate time of the tests. Test questions will be taken from the following sources, listed in the order of their importance: lecture material, study guides, homework, class discussion, and assigned readings. The tests will be multiple choice and other objective questions with some practical applications included. Learning the new vocabulary of economics is extremely important! Interpretation of some graphs will also be required. All examinations are cumulative. The fourth test is the final, and it is comprehensive.

UNIT QUIZZES, HOMEWORK, and INTERVIEW ASSIGNMENT

Each unit of study will include a variety of in-class exercises, homework, and quizzes designed to help you learn the required material. Class participation and regular attendance are necessary for you to receive the maximum credit for the semester. You should bring the

required materials with you to each class meeting.

Class Notebook:

Your semester grade will improve if you are well organized and set aside sufficient time to both attend class regularly and study independently. You should keep your lecture notes, class handouts and text chapter outlines in a 3 ring loose-leaf binder, so that pages can be added, rearranged, or taken out for grading. Some classroom activities will continue for several class periods.If you are absent, it is your responsibility to fill in the missing material. Your textbook’s web page has power point presentations, interactive exercises, a glossary, and many other features prepared for each of the assigned chapters. You can take practice quizzes on line to judge your understanding of the material. My Gateway contains a lecture outline for each of the assigned chapters and files containing other useful material.

Interview Assignment:

Select someone who is a business manager or other professional who currently has a job similar to the one you hope to have when you complete your education. In preparation for the interview you should gather information about the firm and prepare a set of questions that are tailored to match the industry or profession you have chosen. General guidelines for your questionnaire are provided on the next page. This assignment is an opportunity for you to learn from someone with practical experience in your field of interest. Due date is April 19 2012. This assignment is worth 50 points, 10% of your semester grade.

Class Participation:

A number of quizzes and other in class assignments will be given throughout the semester with or without prior announcement. The quiz scores, attendance and participation in classroom activities also are worth 50 points, 10% of your semester grade.

GRADES

Your grade will be based upon the total number of points earned. Regular attendance is expected. Your score will include a maximum of 50 points for the interview and a maximum of 50 points for attendance, quizzes, and participation. The two scores combined represent 20% of your grade and have the same weight as one test. The four examinations count 100 points each and represent 80% of your final grade. NO makeup examinations or quizzes will be given. You may drop one of the three regular examinations and double the final. This will be done automatically, if it is to your advantage. If you miss a test the final will be counted twice. Extra credit will be offered occasionally which can be used to make up missed participation points, but not to exceed the total of 50 points. The instructor reserves the right to lower a student’s score, and/or require additional work if there is any indication of cheating on examinations or turning in someone else’s work!

A = 90%B = 80%C = 60%D = 50%

If you decide to discontinue the class, be sure to drop officially in the records office. Failure to do so will result in an F. An incomplete grade will be given for emergency situations, if requested.

Unit I / Introduction to Economics and the Market System
Chapters 1(including appendix), 2, 3, (including appendix) / Exam I / 02/22- 23/12
Unit II / Elasticity, Market Failures, and Consumer Behavior Chapters 4, 5, 6, 7 to p.152 / Exam II / 03/28-29/12
Unit III / Costs of Production and Market Structures
Chapters 7p.152+ 8, 9, 10, 11 (including appendix)
Interview Assignment Due: 04/19/12 / Exam III / 05/09-10/12
Unit IV / 10:30 MW--- 9:00-11:00 AM Mon. 05/121/12
All Chapters 1:30 M-W--- 1:00-3:00 PM Wed. 05/23/12
Final Examination 12:00 T-R--- 11:00 AM-1:00 PM Thurs. 05/24/12 / Exam IV (Final) / As scheduled
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Interview Assignment

  1. Select someone in the business or profession that you want to pursue. In preparation for the interview, gather as much information about the firm and its products or services as possible. Time is the most valuable resource for most professionals, so try to schedule the interview for a time and place that is most convenient to the manager or owner.
  1. Bring a notepad and pen to the interview. If you use an audio recorder be sure to ask permission. Be a good listener! Be flexible and allow them to expand their answers in areas that are of particular interest to them. Be curious and attentive, but don’t press them for personal financial details.
  1. After you have completed the interview, organize the information you have gathered and write your essay in paragraphs;do not leave it in question and answer form. Your paper should be typed, using double spacing and at least three pages in length.
  1. You coulduse this opportunity to interview someone who has the job that you would most like to have after completing your education. It would be best to select someone you consider a role model or mentor, someone older and more experienced.
  1. You may wish to ask about the manager’s background and education. Here are some suggestions for questions:
  • Where did you grow up?
  • Did your parents attend college or have special skills that influenced you?
  • Can you remember any special people that influenced your life in a positive way?
  • What were the most important events or activities in high school?
  • Where did you go to college and what did you study?
  • Did you attend graduate school, or receive other special training?
  • Did you have any events in your life that were extremely challenging or difficult?
  1. The rest of the questions should be tailored to fit the type of business or the profession of the person you interview. Here are some general suggestions, but you need to prepare some questions of your own as well.
  • How does the performance of the economy affect your business?
  • How do you make pricing decisions?
  • How would you describe your management style?
  • What criteria do you use to evaluate your employees?
  • Would you choose this vocation if you could begin your education again?
  • What would you do differently?
  • Which decisions turned out particularly well?
  • How do government regulations affect your business?
  • What do you find most difficult or challenging in managing your business?
  • How many direct competitors do you have?
  • Given your experiences, what advice would you have for a beginning college student?

7.Write it the way that is most comfortable for you.

Suggestions:

First describe the business and the job held by the person you interviewed.

Next tell about the person’s background and what they did to prepare for their career.

Finally givetheir assessment of the business, the problems they faced, and/or the benefits they have enjoyed because of the choices they have made.

Good luck! Planning will make the interview go more smoothly. Due date is April 19, 2012