Economics 101Arienne Turner

Principles of MicroeconomicsFullertonCollege

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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 and Brue. Economics 17th edition, McGraw-Hill 2007

REQUIRED MATERIALS

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

and as many as 10 quiz strips.

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 MANAGER INTERVIEW

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:

You should keep your lecture notes and class handouts 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 web page contains a lecture outline for each of the assigned chapters and links to other useful material

Business Manager Interview:

Select a local business with five or more employees. 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 you have chosen. General guidelines for your questionnaire are provided on the next page.

Economists are often asked to make forecasts of future business activity. To accomplish this, large amounts of data must be collected and organized. In completing this assignment you will be collecting information that could be used in the local business forecast published by the CaliforniaStateUniversity at Fullerton. For full credit your work must be turned in on time. Due date is April 2, 2009.

In-class or take-home quizzes:

A number of 10 point quizzes (6 to 10) will be given throughout the semester with or without prior announcement. The quiz scores and participation in classroom activities represent ten percent of your final 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 business manager interview and 50 points for attendance, quizzes, and participation. 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. No allowance will be made for missing a quiz.

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! Failure to complete the manager interview will result in a grade no higher than D.

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, 4(pp.68-70 only) / Exam I / 02/11-12/09
Unit II / Elasticity, Consumer Behavior and Costs of Production
Chapters 18, 33, 19, 20 / Exam II / 03/25-26/09
Unit III / Market Structures and The Labor Market
Chapters 21,22, 23, 25
Business Manager Interview Due: 04/02/09 / Exam III / 05/06-07/09
Unit IV / 10:30 M-W--- 9:00-11:00 AM 05/20/09
All Chapters 1:30 M-W--- 1:00-3:00 PM 05/18/09
Final Examination 12:00 T-R--- 11:00 AM-1:00 PM 05/14/09 / Exam IV (Final) / As scheduled
1

Business Manager Interview

  1. Select a business with five or more employees. 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 managers, 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. You may write your essay in question and answer form or simply make it a narrative of your conversation. Your paper should be typed, using double spacing and at least three pages in length.
  1. You should begin your paper with a thorough description of the business you have chosen.
  1. You may wish to ask about the manager’s background and education. Here are some suggestions for questions:
  • Where are you from?
  • 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?
  • Where did you go to high school?
  • 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 interview questions should be tailored to fit the type of business the person owns or manages. 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.Good luck! Planning will make the interview go more smoothly. Your manager interview is due no later than April 2, 2009.