Instructor:              Colon Rowe

 

Contact:                        crowe@faculty.ed.umuc.edu

 

Text:      Economics, Principles, Problems, and Policies, McConnell and Brue, McGraw-Hill Irwin, Fifteenth Edition

                        Study Guide to Accompany McConnel and Brue Economics, Walstead and Bingham

 

Course Description:    This course is a survey of macro and microeconomic concepts relative to administrative management.  It introduces students to the behavior of consumers and producers in the market place; price determination;  the macroeconomic problems of income, employment and price stability; and how to use the tools of fiscal and monetary policy to move the economy in the direction of society's macroeconomic goals.

 

Course Objectives:  Upon successful completion of this course the student will have a knowledge of the economic principles essential to understanding the basic economizing problem, specific economic issues, and policy alternatives available for dealing with them.  These issues include:  demand and supply as it relates to individuals and firms in market systems characterized by high levels of competition as well as markets with a high degree of concentration, such as monopolies; demand and supply as it relates to entire economies, particularly the U.S., and the factors contributing to economic growth or stagnation, unemployment, and inflation; the role of government in controlling the banking system and the money supply and the impact of government policies in these areas on aggregate demand and supply; the impact of government taxing and spending policies on aggregate demand and supply.  Lastly, the successful student will have attained the ability to reason accurately and dispassionately about economic matters, and hopefully will have gained a lasting interest in economics.

 

Instructor’s Background:  I received an A.B. in Chemistry from the University of North Carolina at Chapel Hill in 1961, and a Master of Commerce from the University of Richmond in 1969, concentrating in Economics and Management.   I completed additional graduate work in Economics at Virginia Commonwealth University.  Before beginning my civilian career I served in the U.S. Army for three years, the last two in Orleans, France.  In 1993 I retired from Philip Morris, USA as manager of Computer Information Services.  During my career at Philip Morris I managed, at various times, a variety of functions including economics and planning, consumer research, and engineering.  Following retirement I received a CPA from the State of Virginia.  Prior to teaching for the University of Maryland, I taught economics at Craven Community College, New Bern, NC, and accounting and federal taxation at Campbell University, Camp Lejeune, NC.  This is my second year teaching for the University of Maryland.

Evaluation: 

 

5 Study Group Cases (20 points/case):      100 Points

5 Article Reviews (20 Points/review):      100 Points

Midterm Exam:            100 Points

Final Exam:                 100 Points

Class participation (8 ½  points/week, weeks 2-13):      100 Points

Total                                        500 Points

 

450-500 points – A

400-449 points – B

350-399 points – C

<350 points       - F

 

Study Group Cases:  During the first week of the term students will be assigned to Study Groups of 3-5 members each, depending upon size of enrollment in class.  Cases, as assigned, will be due from each Study Group as shown on the schedule that follows.  A Group Leader will be assigned two weeks in advance of the due date for each case.  The Group Leader will be given the grade given to the case as submitted.  Other members of the group will be given grades equal to, higher than, or lower than this grade depending upon each individual's participation in the group effort as evidenced by on-line responses.  Cases will be due by midnight GMT on 17 February, 3 March, 31 March, 14 April and 28 April.

 

Article Reviews:  Online sources carry stories and articles on almost a daily basis that touch on topics being studied in this class.  Students will be required to submit, as shown on the schedule that follows, a one- to two page typed and double-spaced Review of such an article.  The site at which the article was found, that is the URL address, should be specified, or, if this is not possible, a copy of the article should be attached to the Review.  These will be graded based on relevance (20%), clarity of summation (40%), and understanding of the economic concept(s) touched on by the article (40%).  Article Reviews are due by midnight GMT on the following dates:  10 February, 24 February, 8 March, 7 April and 21 April.  In addition, as part of the class participation grade, each student should post responses (questions, comments) to the Reviews posted by other students.

 

Class Participation:  Class participation will be evaluated on each student's posted responses to assigned readings, postings, and other student's article reviews.  The criteria include relevance, frequency and regularity of responses.

 

Schedule:

 

Week 1     21-27 Jan            Chapter 1 and Appendix: The Nature and Method of Economics

 

Week 2     28 Jan – 3 Feb            Chapter 2:  The Economizing Problem                       Chapter 3:  Individual Markets:  Demand and Supply

 

Week 3     4-10 Feb            Chapter 4:  The Market System

                              Chapter 7:  Measuring Domestic Output, National Income, and the Price Level (1^st Article due)

                 

Week 4     11-17 Feb            Chapter 8:  Introduction to Economic Growth and Instability (1^st Case due)

 

Week 5     18- 24 Feb            Chapter 9:  Building the Aggregate Expenditures Model (2^nd Article due)

 

Week 6     25 Feb-3 Mar            Chapter 10:  Aggregate Expenditures:  The Multiplier, Net Exports, and Government

                              Chapter 11:  Aggregate Demand and Aggregate Supply (2^nd Case due)

 

Week 7     4-8 Mar            Chapter 12:  Fiscal Policy (3^rd Article due)

 

                  8 March            Midterm Exam

 

Week 8     25-31 Mar            Chapter 13:  Money and Banking

                              Chapter 14:  How Banks and Thrifts Create Money (3^rd Case due)

 

Week 9     1-7 Apr            Chapter 15:  Monetary Policy (4^th Article due)

 

Week 10  8-14 Apr            Chapter 20:  Demand and Supply:  Elasticities and Government-Set Policies (4^th Case due)

 

Week 11  15-21 Apr            Chapter 22:  The Costs of Production (5^th Article due)

 

Week 12  22-28 Apr            Chapter 23:  Pure Competition

                              Chapter 24:  Pure Monopoly (5^th Case due)

 

Week 13  29 Apr-5 May            Chapter 34:  Income Inequality and Poverty

 

Week 14  6-12 May            Final Exam