UMUC-Europe Syllabus

Recommended: ECON 201. Analysis of the principles underlying the behavior of individual consumers and business firms. Topics include problems of international trade and finance, distribution of income, policies for eliminating poverty and discrimination, problems of environmental pollution, and effects of various market structures on economic activity.

Course Goals/Objectives:

After successfully completing this course, the student will be able to: * explain the risks and rewards of the market * demonstrate the concepts of price theory relevant to management, strategy development, and financial planning * analyze market examples and applications to simulate realistic business experience * describe how equilibrium price is determined in a free market through the interaction of supply and demand * discuss the dynamics of income distribution and resource allocation * explain the importance of the regulatory role of the government Cross Curricular Initiatives In addition to these learning objectives, this course also concentrates on UMUC's cross-curriculum initiatives, detailed below, designed to help UMUC students build skills to enhance their careers and overall effectiveness in their employment. Effective writing. There are numerous writing assignments throughout the semester. Those assignments are expected to reflect appropriate professional writing skills. That is, they will be evaluated on the basis of grammar, sentence structure, spelling, and overall sound writing principles. At least 10 percent of your grade on each writing assignment will be based on your proficiency in expressing yourself in writing. Information literacy. You will be expected to demonstrate proficiency at research activity through the library and use of online sources. Globalization. An important outcome of this course will be the realization that microeconomic principles apply to global situations. Computerization. The computer has virtually altered the way microeconomic research is conducted. This course will emphasize the increasing use of the computer in microeconomics. Historical Perspective. This course will integrate the historical development of theory to provide the student with a context for current theories and practice. Civic Responsibility. Ethical behavior and role of microeconomics in society will be explored in this course.

Course Introduction:

This class is concerned with the economic method and the fruits of that method. We will start with a description of the tools of economics, such as basic definitions, science, logic, and some math. The tools will be discussed in sufficient detail for students to gain a solid background to continue with the class. Your study of economics will then move into an extended discussion of consumer behavior and the law of demand, producer behavior and the law of supply, the firm's behavior in competitive and imperfectly competitive markets, resource markets, and market failures. By applying our economic tool kit, we will be able to analyze and better understand such issues as profit maximizing behavior, the benefits of competition, as well as address concerns over pollution, resource depletion, income inequality, and government regulation.

Grading Information and Criteria:

A = 90-100% B = 80-89% C = 70-79% D = 60-69% F = below 60% Midterm Exam: 25% Final Exam: 25% Textbook Assignments: 25% Written Assignment: 25%

Other Information:

Any other information the instructor wishes to add. This might include: * General expectations of students, such as hours per week students should expect to devote to the class * Turnaround time for faculty to respond to email and return papers * Unique class procedures or activities (such as cooperative learning exercises, panel presentations, case study methods, class journals or learning logs) * Supplemental objectives (such as development of skills like teamwork, writing, oral presentation; integration of knowledge on focus topics) * Optional activities such as study groups Attendance Policy: The study of economics is cumulative in the sense that concepts learned are applied in subsequent classes. Students should read the assigned chapters prior to coming to class and be prepared to discuss the assigned material in class. The nature of the material is such that if you don't attend class regularly, you will have difficulty passing.

Project Descriptions:

The written assignment is based on the short run costs of production material in Chapter 7: Short Run Costs and Output Decisions. You will be given information about projected plant constructions plans for Smoothie Dairy Products, Inc. Your job will be to make recommendations about which construction plan would be most cost effective/profitable for the corporation. The assignment will be due at the end of week 15.

Academic Policies:

Cases of plagiarism are handled consistent with current UMUC guidelines. See the UMUC policies at the following URL: http://www.umuc.edu/policy/

Course Schedule:

Week 1 Chapter 1 Limits, Alternatives, and Choices Chapter 1 Appendix: Graphs and Their Meaning) Chapter 2 The Market System and the Circular Flow Chapter 3 Demand, Supply, and Market Equilibrium Week 2 Chapter 6 Extensions of Demand and Supply Analysis Chapter 7 Consumer Behavior and Utility Maximization Week 3 Chapter 7 Consumer Behavior and Utility Maximization Chapter 8 The Costs of Production Week 4 Chapter 9 Pure Competition Review for Midterm Midterm Exam Chapters 1-3, 6-9 Week 5 Chapter 10 Pure Monopoly Chapter 11 Monopolistic Competition and Oligopoly Week 6 Chapter 12 Technology, R&D, and Efficiency Chapter 13 The Demand for Resources Chapter 14 Wage Determination Week 7 Chapter 15 Rent, Interest, and Profit Chapter 17 Public Choice Theory and the Economics of Taxation Week 8 Chapter 20 Income Inequality and Poverty Review for Final Final Exam Comprehensive with emphasis on Chapters 10-15, 17 and 20