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ECON 6351 - 24960 Fall 2013

Course Number ECON 6351 - 24960
Course Title Economics for Managers
Location Online
Prerequisites Graduate standing
Instructor Vera Adamchik
Office
Office Hours Online students: Thu 2PM-4PM via Blackboard email; Face-to-face students: Thu 5PM-6PM Cinco Ranch; or by appointment
Phone 281-275-8824
Fax 281-275-3378
Email adamchikv@uhv.edu
Faculty Homepage/URL http://www2.uhv.edu/adamchikv/

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. 

A study of the principles of micro- and macroeconomic theory with emphasis upon microanalysis of the firm and fiscal and monetary policy. This course is to help students cut through to the core concepts that a student needs to think like an economist, both during and beyond the principles course. The course consists of three major parts: Introduction, Microeconomics, and Macroeconomics. Introduction defines economics, the key questions and big ideas of economics, the core economic problem (scarcity and choice), and the core tool (supply and demand) that explains how markets work. Microeconomics focuses on individual choices and business decisions that lie beneath and shape the forces of demand and supply. The marginal analysis approach is used to explain how the consumption plans of individuals lead to the market demand curve and how the business decisions lead to the market supply curve. The section is concluded by a discussion of four basic market types (perfect competition, monopoly, monopolistic competition, and oligopoly). The core topics in macroeconomics are economic growth, business cycles, unemployment, and inflation. The macroeconomic version of supply and demand - aggregate supply and aggregate demand - is used to explain both the long-term trends in economic growth and inflation and the short-term business cycle fluctuations in production, jobs, and inflation. A particular attention is devoted to the government intervention, that is, fiscal and monetary policies. The PRINCIPAL GOAL of this course is to develop an understanding of the key principles and basic tools of economic analysis and to learn to apply them to a variety of situations and data encountered in the areas of business and economics.

Textbook Information

Schiller, Bradley R., Essentials of Economics, 8th (2011) ed., McGraw-Hill Irwin, ISBN 0073511390(Required)The publisher offers the following options: Standard Softcover Book (MHID 0073511390; ISBN-13 9780073511399); Loose-Leaf Book (MHID 0077464532; ISBN-13 9780077464530).

Schiller, Bradley R., Premium Content (access card), 2011 ed., McGraw-Hill Irwin, ISBN 0077317149(Recommended)The Online Learning Center now offers students the opportunity to purchase premium content. The OLC Premium Content enables students to take pre- and post-tests for each chapter as well as to download Schiller-exclusive iPod content including pod casts by Brad Schiller, Paul Solman Videos and chapter summariesall accessible through the students MP3 device.

Schiller, Bradley R., Study Guide to accompany Essentials of Economics, 8th Edition, 2011 ed., McGraw-Hill Irwin, ISBN 0077317084(Recommended)The Study Guide helps students develop quantitative skills and the use of economic terminology and enhances critical thinking capabilities. Each chapter includes the following features: Quick Review, Learning Objectives, Using Key terms, True/False Practice Questions, Multiple-Choice Practice Questions, Problems and Applications, and Common Errors. At the end of each chapter, answers are provided to all problems, exercises, and questions.

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;
  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 firm¡¦s production and its cost structure;
  4. comprehend a firm"s 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;
  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 Exam (online)30 points
Final Exam (online)30 points
Quizzes (online)15 points
Term Paper / Case Study10 points
Homework5 points
Discussion Board Participation10 points

Midterm Exam (online)

The midterm exam will consist of multiple-choice questions and/or essays and/or problems. Among other questions, you may be asked: (a) to define economics, to explain the big questions that economists seek to answer and to explain the economic way of thinking; (b) to construct the PPF, to calculate opportunity costs, to explain how economic growth expands production possibilities; (c) to explain how the equilibrium quantity and price are determined in the market, to predict how different factors will affect the supply and/or demand curves and how equilibrium price and quantity will change; (d) to calculate total utility and marginal utility, (e) to calculate the price elasticity of demand, to use the price elasticity to determine whether a price change will increase or decrease total revenue, (f) to calculate the marginal product and the average product of labor, to determine when the diminishing marginal returns set in; (g) to calculate different total costs, average costs, and marginal cost; (h) to explain how a perfectly competitive firm determines its price and output in the short and long run; (i) to explain how a single-price monopoly determines its price and output in the short and long run. (Multiple-choice questions and problems assessing course learning objectives 1, 2, 3, and 4.)

Final Exam (online)

The final exam will consist of multiple-choice questions and/or essays and/or problems. Among other questions, you may be asked: (a) to calculate GDP and its rate of growth; (b) to calculate the inflation rate; (c) to calculate the unemployment rate, to describe the sources of unemployment; (d) to depict aggregate supply and aggregate demand, to predict how fiscal, monetary, and supply-side policies will shift the aggregate supply and/or aggregate demand curves and how the macro equilibrium will be affected; (e) to calculate different expenditure multipliers; (f) to describe fiscal policy, to define and calculate the fiscal policy multipliers; (g) to calculate the deposit multiplier; (h) to describe how the three tools of monetary policy work. (Multiple-choice questions and problems assessing course learning objectives 5 and 6.)

Quizzes (online)

There will be announced short on-line quizzes during the semester. They will consist of multiple-choice questions and/or problem sets involving concepts and techniques recently studied. (Quizzes assessing course learning objectives 1-6.)

Term Paper / Case Study

This course involves the study of both macro- and microeconomic concepts as well as different tools of economic analysis. The purpose of the term paper/case study is to provide each student with the opportunity to apply economic analysis to a real world situation. This assignment is designed to make students search in current newspapers, periodicals, on-line, in order to find data and articles that illustrate the specific issues. (Term paper/case study assessing course learning objectives 1-6.)

Homework

Homework should become an invaluable tool of the learning process because one cannot learn economics without doing many problems and because the ability to solve problems quickly and correctly is crucial for the two examinations. Students are supposed to work ALL the assignments in the Study Guide and at the end of each chapter in the textbook. Students may be asked to present the evidence of their homework - both the Study Guide and the solved end-of-chapter problems - to the Instructor at the Instructor"s request. (Homework assignments assessing course learning objectives 1-6.)

Discussion Board Participation

Questions for discussion will be posted on the Discussion Board (DB) each week. Weekly Discussion Boards will be locked on a due date. Late answers will not be accepted. (DB questions assessing course learning objectives 1-6.)

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).