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ECON 6351 - 18485 Summer 2014

Course Number ECON 6351 - 18485
Course Title Economics for Managers
Location Cinco Ranch
Prerequisites Graduate standing
Instructor Chien-Ping Chen
Office
Office Hours M/W 10AM-Noon, 6PM-7PM UHSL BH 339; or by appointment
Phone 281-275-8811
Fax
Email ChenC@uhv.edu
Faculty Homepage/URL http://www2.uhv.edu/chenc/

Prerequisite Policy

Prerequisites for a course exist because the School of Business Administration faculty have determined that the knowledge, skills, and/or exposure students receive through the prerequisites is critical to their success in the course and their ability to contribute to their fellow students' learning experience. In addition, taking your core courses and concentration or elective courses in a prescribed sequence prepares you to integrate the knowledge and skills you are acquiring properly. Students bear the responsibility for verifying that they have the appropriate prerequisites for their courses. Students who enroll in a course without completing the prerequisites risk being dropped from the class at any time during the semester should their lack of prerequisites come to light. In addition, students who enroll without the prerequisites and as a result find themselves at a disadvantage in meeting course objectives will have no redress with the instructor.

Course Description

A study of the domestic and global economic environment of organizations. 

Textbook Information

Schiller, Bradley R., Essentials of Economics, 9th (2014) ed., McGraw-Hill, ISBN 0078021731(Required)

Information on Buying Textbooks

The Victoria College Bookstore carries textbooks for all UHV SBA courses.

Students may use the publishing information posted above to order their textbooks from their favorite book vendor. However, before doing so you should find out what your vendor's anticipated shipping time is, and what their return policy is. Also, you should not write in or remove shrinkwrap from any textbook or materials you purchase from any vendor until the first class day in the event that:

  • the vendor supplies you with the wrong edition of your text,
  • the course instructor is forced to make a late change to the required textbooks,
  • you are forced to make a last-minute change to your schedule due to missing prerequisites, or
  • your course is canceled due to low enrollment.

In addition, be aware that, on occasion, certain outside vendors may substitute an international version of a textbook for the version you have requested without notice. International versions of textbooks may be quite different from the editions we require.

Course Relationship to Program Mission

The mission of the UHV MBA program is to provide individuals with the knowledge and skills needed to successfully manage organizations in a dynamic environment by offering an integrated curriculum that blends theoretical concepts with practical applications. Specifically, the MBA program seeks to develop in each graduate the capacity to:

  • understand and adapt to the changing business, political and social environments;
  • evaluate and respond to emerging threats and opportunities;
  • interact with and effectively lead diverse groups;
  • analyze and evaluate business operations and processes; and
  • synthesize and apply cross-functional approaches to organizational issues.

AACSB Accreditation Standards

The School of Business Administration is accredited by AACSB International, the hallmark of excellence in management education. AACSB International accreditation represents the highest standard of achievement for business schools worldwide. Institutions that earn accreditation confirm their commitment to quality and continuous improvement through a rigorous and comprehensive peer review. AACSB International accreditation is the hallmark of excellence in management education. AACSB International accreditation adds value to your degree. The AACSB International accreditation standards require you to:

  • Operate with integrity in your dealings with faculty and other students.
  • Engage the learning materials with appropriate attention and dedication. (This standard recognizes the role students play in the creation of high-quality education. You cannot be passive, nor can your participation be superficial.)
  • Maintain your engagement when challenged by difficult learning activities.
  • Contribute to the learning of others. (Regardless of the delivery mode of the program, students should have opportunities to work together on some learning tasks. Students need to acknowledge their responsibilities to their fellow students by actively participating in group learning experiences.)
  • Perform to standards set by faculty.

Course Objectives

As a result of this course, students will:

  1. comprehend the fundamental economic problem of scarcity, the fundamental economic questions, and the idea of opportunity cost and comparative advantage;
  2. comprehend marginal utility theory and the concept of the price elasticity of demand; to apply the supply and demand analysis tool to determine the main influences on market equilibrium;
  3. comprehend a relationship between a firms production and its cost structure;
  4. comprehend a firms decision-making on input and output and to analyze an overall industrial performance in the four basic market structures (perfect competition, monopoly, monopolistic competition, and oligopoly);
  5. use the major macroeconomic indicators (GDP, CPI, inflation rate, unemployment rate, and government deficit) to measure the performance of economy and the business cycle;and
  6. apply the aggregate supply and aggregate demand analysis to determine the macroeconomic equilibrium and to predict the effects of fiscal and monetary policy.

Course Evaluation Process

Grading Scale:

Your letter grade is determined using the grade distribution that follows. You can calculate your percentage grade at any time in the semester by dividing the points you have accrued by the total points available up to that point. This percentage is then matched to a letter grade.

A 90% or higher
B 80 to 89%
C 70 to 79%
D 60 to 69%
F Less than 60%

Course Assessments:

Midterm Exam25 %
Final Exam25 %
Homework Assignments (Individual)15 %
Industry Analysis Term Paper (Group)15 %
Class Discussion and Attendance20 %

Midterm Exam

The midterm exam will be given on Tuesday, 7/1. The exam duration will be 2.5 hours and it will consist of 50 multiple-choice questions and 2 essay questions to cover the lectures for Chs 1-6 and 17. You will be reminded about the format in detail before the exam.

Final Exam

The final exam will be given on Thursday, 7/24. The exam duration will be 2.5 hours and it will consist of 50 multiple-choice questions and 2 essay questions to cover the lectures for Chs 7, and 10-14. You will be reminded about the format in detail before the exam.

Homework Assignments (Individual)

There will be four homework assignments in this semester. The instructions of homework assignments are available in www2.uhv.edu/chenc. The average of the highest THREE homework scores will contribute 15% of your semester grade. Each assignment has to be your individual work. You have to turn in the solution as a hard copy in class. Each assignment solution is limited within FIVE pages at MS Word or MS Excel format. The due date for each assignment is on the course schedule. Late submission will cause at least 30% penalty on the grade.

Industry Analysis Term Paper (Group)

This course involves the study of both the macro- and microeconomic concepts as well as different tools of economic analysis. The purpose of the term paper is to provide each student with the opportunity to apply economic analysis to a real world business or industry and to learn how to deal with business problems from an economic perspective. The class will be divided into several groups. Group size is limited to 3 or 4 members. Each member will receive the same grade. Each group will choose a narrowly defined industry or type of business to explore. The term paper, limited in 20 pages, should consist of an "executive summary" of that industry or business. The group has to analyze how this market is organized, how it works, what influences it, and what are its prospects. The detailed guideline is available in Industry Term Paper in www2.uhv.edu/chenc. Each group should inform the instructor about the choice of industry by 7/8 (Tue); the final version of term paper should be turned in as hard copy in class on 7/22 (Tue).

Class Discussion and Attendance

Students will be randomly called on in class to answer selected discussion questions (on Course Schedule) and some exercise questions after each chapter. Each student is supposed to be called on at the same number of times. Credit will be given in proportion to the completed number of questions. For instance, if a student was called on 5 times in the semester but only answered 4 of them, then the student would receive (20%)*(4/5)=16% toward the semester average score. Therefore, class attendance is very important. Absences will result in not only the loss of points in class discussion but putting you very far behind in a very short time. Arriving late and leaving early without notice may be counted as half absence. Students who have to leave early because of emergence or acceptable reasons are expected to notify at the earliest time possible.

Reading Assessments

Your capacity to contribute to class discussions is directly related to your commitment to completing all reading assignments by the dates listed on the course schedule. Class participation grades will reflect both the quantity and the quality of your participation.

Makeup Exams

Make-up exams will only be given at the discretion of the instructor. Students are strongly cautioned to notify the instructor immediately if legitimate and insurmountable obstacles prevent them from participating in a scheduled exam session.

Late Assignments

The due dates for all assignments will be strictly followed. Late assignments may or may not be accepted at the instructor’s discretion; should the instructor accept a late assignment, he or she may reduce the grade of the assignment the equivalent of one (1) letter grade for each day the assignment is late.

Attendance Policy

According to the UHV Student Handbook, students are expected to be diligent in their studies and regular in class attendance. A student whose absences are determined by the instructor to be excessive shall be dropped prior to the last day to drop a course or withdraw from UHV with a grade of W or F. For students enrolled in online courses, "absence" connotes a failure to engage in class participation activities on a weekly basis. If an unforeseen crisis (including family emergencies, professional obligations, and technical difficulties) prevents you from fulfilling your course obligations, you are responsible for alerting your instructor to the reason for and anticipate duration of your absence.

Teaching and Learning Partnership

Teaching and learning is a partnership between faculty and students. I will fulfill my partnership obligations by serving as advisor, consultant, mentor and purveyor of general comments and clarifications of difficult or confusing concepts. To this end, I will respond to questions within 72 hours.  You will fulfill your partnership obligations by being a fully participative, responsive, helping, and working team member of the class.  You should check your UHV email frequently and respond to faculty in a timely fashion. Good business and professional etiquette is expected. No derogatory comments should be made. You may certainly disagree with others in class discussions, and you may state your disagreement (if you choose to); however, please do so in a polite manner.

Homework, take-home exams, case assignments and bulletin board participation all play an important role in your education in this course. They are an essential part of the learning process in that they require the synthesis and extension of concepts. They also help both the student and the instructor to evaluate one’s progress in mastering the material. Past experience indicates that generally the course material cannot be adequately mastered without active involvement on your part.

Discussion of homework assignments with others who are also struggling with them can be highly beneficial and is encouraged. Most real-life problems are solved through team efforts, and it is important to learn how to solve problems cooperatively. The interaction with others working on the same problem often reveals different approaches to common difficulties.

Academic Honesty

Each student is responsible for maintaining high standards of academic honesty and ethical behavior. In order that each student understands what is (or is not) acceptable behavior, the following guidelines are offered.

  • Discussion of assignments with other students and members of the faculty is both permitted and encouraged as a constructive educational practice.
  • Students are expected to write their exams, quizzes and papers on their own, based on their individual level of progress with the material.
  • Copying of another’s work and representing it as one’s own work is a serious academic offense, and will be treated as such.
  • Students are encouraged to review materials other than those required for the course in preparing assignments, but should always properly cite any sources used in assignment preparation.

UHV’s Student Handbook contains a detailed description of the university’s Academic Honesty Policy. In addition, tutors at the Academic Center (see section below) are available to assist you in providing proper citations for your source materials.

Disabled Student Policy

The University of Houston System complies with Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, pertaining to the provision of reasonable academic adjustments/auxiliary aids for students with a disability. In accordance with Section 504 and ADA guidelines, each University within the System strives to provide reasonable academic adjustments/auxiliary aids to students who request and require them. If you believe that you have a disability requiring academic adjustments/auxiliary aids, please contact your University’s student disability services center. University of Houston–Victoria, Office of Disability Services, 3007 N. Ben Wilson St., Suite 133-B University West, Victoria, TX 77901. Office phone – 361-570-4287; E-mail worleyc@uhv.edu; Website - www.uhv.edu/DisabilityServices

Student Absences on Religious Holidays

Per Texas state law, students will be excused from attending class and other required activities, including examinations, for the observance of a religious holy day, including travel for that purpose. A student whose absence is excused on these grounds will be allowed to take an examination or complete an assignment within one (1) week of the excused absence.

Sexual Harassment

Students who feel they are the victims of sexual harassment may contact the Associate Vice President for Student Affairs at 361-570-4290 and/or the Director of Human Resources/Affirmative Action at 361-570-4800.

Grievance Procedures

Students who have non-academic grievances or complaints may contact Student Services at 361-485-4409.

Student Success Center Services

The Student Success Center offers writing assistance to all UHV students in the form of paper reviews by peer tutors. Tutors will aid students in looking more critically at their own writing to examine issues such as organization, structure, and development of ideas. To submit a document for online tutoring, or to schedule an appointment for face-to-face tutoring, please visit the Student Success Center online http://uhv.mywconline.com/. For more information about the Student Success Center and its library of online resources, visit the Center's Web site at http://www.uhv.edu/ac or stop by Suite 129 (University West in Victoria).

Weekly Class Schedule

DaysTopicReadingAssignment
6/3 TThe Challenge of EconomicsChapter 1N/A
6/5 THThe U.S. EconomyChapter 2Ch 1: 4, 7, 10
6/10 TInternational TradeChapter 17Ch 2: 4, 6, 10
6/12 THSupply and DemandChapter 3Ch 17: 2, 6, 8
6/17 TConsumer DemandChapter 4Ch 3: 1, 2, 8 Due Homework 1
6/19 THSupply DecisionsChapter 5Ch 4: 2, 5, 8
6/24 TCompetitionChapter 6Ch 5: 2, 4, 8
6/26 THMonopolyChapter 7Ch 6: 4, 6, 8; Due Homework 2
7/1 TMidterm ExamChapters 1~6 and 17
7/8 TThe Business CycleChapter 10Ch 7: 4, 6, 10; Due Choice of Industry
7/10 THAggregate Supply-DemandChapter 11Ch 10: 2, 7, 9
7/15 TFiscal PolicyChapter 12Ch 11: 4, 6, 8; Due Homework 3
7/17 THMoney and BanksChapter 13Ch 12: 3, 7, 8
7/22 TMonetary PolicyChapter 14Ch 13: 4, 5, 7; Ch 14: 3, 5, 7; Due Term Paper
7/24 THFinal ExamChapters 7 and 10~14Due Homework 4