The course emphasizes the basic tools and concepts, which can be used in the firm’s management and decision-making process. These concepts build on standard economic analysis of the firm such as price decisions, cost, output, and revenue. These concepts are covered in relation to competitive, monopolistic, and oligopolies market structures. The first half of the course deals with the macro issues and economic policy: inflation, unemployment, national income accounts, fiscal policy, monetary policy, and trade. The second part of the course examines consumer behavior, market Truckee, labor issues, income distribution, and policy differences.
Objectives of the Course: 1 . The main objective of the course is to expose you to some of the main concepts of economics, how the discipline looks at the world, and how it applies its theories to solve relevant and current economic problems. By the completion of this course the student is expected to apply the basic economic tools and reasoning to analyze specific problems. 2. Economics is one of the academic disciplines that provide the intellectual foundations of business administration. This course is intended to be an introductory course that revised the essential tools to understand the working of the economy.
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This will serve as a foundation if you desire to take other courses in economics. 3. The concepts and methods help students understand the relationship between consumer behavior, behavior of the firms, and government policy. 4. Upon completion Of the course the student should be able to interpret current economic and business news reported in the media. The student should be able to achieve the ability to reason and communicate past and current economic policy issues of relevance. Methods of Instruction: 1 . Readings from text and newspaper articles assigned by the instructor 2.
Lectures and in-class discussions from the assigned readings 3. Exercises and homework, in-class quizzes, and written examinations. Required reading: Text: Patrick J. Welch & Gerry F. Welch, Economics: Theory and Practice, 9th deed. , Wiley, 2010. Examinations: four exams. The fourth exam is the final, quizzes and/or homework are given on a weekly basis Attendance policy: Attendance is required as established in the student handbook. Quizzes and homework are given Out sometimes unannounced. There are no make-up homework/quizzes or exams.
It is impossible to expect a good grade in this course if you do not attend class on a regular basis. Basis for grade: Exam 1 20% Exam 2 Exam 3 Exam 420% Quizzes & Assignments Standards Class participation is essential and will influence your final grade. Please be prepared for class. You should have read the assigned reading before class. A class calendar is provided below and we follow it on schedule. Please inform me in advance if you have to leave class before its scheduled ending. It is extremely disruptive when someone leaves during the lecture. Please refrain from doing that.
Try to do the homework yourself. You are permitted to work in groups, if you find that it helps you to learn, but after discussing the problems, write out the answers yourself. Don’t just copy the final homework problems from someone. This is not going to be helpful when you have to take the exams. Economics is not an easy subject in which you can just memorize information and expect to do well. You need to understand it and be able to apply the theories. The textbook, homework, and lectures and class discussions, quizzes and even exams are designed to help you learn.
They complement ACH other and you should not assume that if you attend class you do not need to read the textbook or vice versa. I will try to emphasize which are the most important ideas and parts of the text to read as we go along. A study guide for this textbook is available and you may want to purchase it if you think it can help you. The study guide is optional. I strongly suggest that if you have difficulties you should take advantage of my office hours. I try to be accessible as much as possible (see office hours above). Clarifications will be made as we go for specific items not mentioned in the intents of this syllabus.
The course calendar is subject to change. Course rational Con 101 is part of the Business Program core curriculum and is generally taken by freshmen and sophomores. The course is also required and serves secondary education majors as well as those studying social sciences. The course provides the intellectual foundation for business administration. The concepts and methods you will learn in this course are crucial because economic theory underlies managerial accounting, finance, human resource management, marketing, and strategic management.