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Principles of Microeconomics - ECON 2301.001Course Syllabus for Fall 2016

Economics is good! Economics is life-changing! Economics is world-changing!And this is the premise from which we will begin our study of Economics this semester!

Instructor: Mrs. Susan Doty Director of the Center for Economic Education & Financial LiteracySenior Lecturer in Economics, Department of Social Sciences, College of Arts and SciencesThe University of Texas at Tyler, 3900 University Boulevard, Tyler, TX 75799

Office: BUS #240

E-mail: [email protected] note that e-mail is my preferred method of contact. Even if you want to talk by phone, the best way to do so is by sending me an e-mail and asking me to call you back. Please always identify yourself and provide the course and section you are in.

Phone: 903-566-7459 (Office) – 903-570-9020 (cell for text messages only.) Again, please be sure to identify yourself by name, course and section. Text for simple questions only! No grade discussions are held by phone, text or email; please see me in person during office hours.

Office Hours: Mondays, Wednesdays and Fridays from 2:00-4:00 pm You do not need to set up an appointment to meet with me during WF open office hours.

Class

Meeting Times: Section 001 meets MWF from 9:05-10:00 am in BUS 158.

Course Package: McGraw-Hill Course Connect with Asarta Butters Economics. Please note that this online course package is required. I will provide you with registration information in a separate document on Blackboard, in the Getting Started folder. The course package contains the e-text, videos, tutorials, homework and quizzing that not only represent 20% of the course grade but provide the foundation for much of what we will do in class. You cannot be successful without the course materials! New students may purchase access code card in the university bookstore or purchase directly on line from McGraw Hill through the registration portal on the document I provide in Blackboard. Either way, purchase only the access code, not a hard or paper copy of the book!!! Former students, who have taken economics in Spring of 2016 and have an active McGraw-Hill account, should be able to activate the new course at no additional cost – see me for course transfer code and register through the registration portal on the document I provided in Blackboard. You also need a smart device with communication app and .pdf annotation capabilities. There are a limited number of university-owned iPads available to borrow for the semester. See me EARLY if you would like to reserve one.

Doty MAcro Syllabus – Fall 2016

Course Summary: Through the Core curriculum, students will gain a foundation of knowledge of human cultures and the physical and natural world, develop principles of personal and social responsibility for living in a diverse world and advance intellectual and practical skills that are essential for all learning. Core objectives include critical thinking skills, communications skills (both written and oral), empirical and quantitative skills, teamwork, social responsibility and personal responsibility. Economics is an approved course in the Core curriculum.

Economics, at its foundation, is a social science course about choice. Everything we value as humans is scarce relative to how much we want. Because of scarcity, we can’t have it all. Because we can’t have it all, we must make choices. Every choice we make means giving up something else. This “economic way of thinking” can be summarized in the 6 points of the Guide to Economic Reasoning: People Choose; People’s Choices Involve Costs; People Respond Predictably to Incentives; People Create Economic Systems That Influence Choice and Incentives; People Gain When They Trade Voluntarily; People’s Choices Have Consequences That Lie in the Future. Students in Economics apply these points to decision-making at the individual, household, business firm, and government levels both in closed domestic economies and open global ones.

Economics is a course of study that will provide you with methodological tools to view the world differently. The “economic way of thinking” is truly a unique way of approaching problems, understanding issues and proposing solutions. It will help you in decision-making when you vote, spend, save and make life choices. Throughout the course, you will develop and have multiple opportunities to demonstrate an understanding of basic economic concepts, the techniques and methods of economics, and the economic challenges facing society today and in the future. In addition, you will be developing and demonstrating critical thinking skills, oral and written communication skills, empirical and quantitative evaluation skills, teamwork, social responsibility and personal responsibility.

Economics will benefit each of you regardless of your major. It will have relevance to all aspects of your life and it will provide you with tools to help you view the world differently. Economics provides great preparation for careers in business, government, law, education, mathematics and science

A favorite quote of mine is this one by the late economist, Murray N. Rothbard:

It is no crime to be ignorant of economics, which is, after all, a specialized disciplineand one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in thisstate of ignorance.

A goal of this class is to provide you with the conceptual framework and tools to develop and articulate informed opinions on economic issues. It is not my job or purpose in this economics class to influence your politics or opinions. It is, however, my highest objective to give you the economic tools and the foundational principles so that you can develop and articulate your own positions more effectively.

In this election year, we will examine the way that economics both forms and frames every policy, program and promise of the candidates.


Course Objectives: Beyond the foundational economic concepts and tools that are common to both macroeconomics and microeconomics, this Macroeconomics course is going to cover six major topic areas including:

Measuring Aggregate Economic Performance - GDP accounting, nominal and real currency measures, inflation and unemployment, business cycles and economic indicators

Aggregate Supply and Aggregate Demand - Productive resources, spending, saving, investment, technology and growth

Money and Financial Markets - Banking systems and the Federal Reserve

Monetary and Fiscal Policies - Multipliers, velocity, taxation, government spending, crowding out

Policy Debates & Applications - Economic systems, monetary/fiscal policy mix, automatic stabilization

International Economics - Balance of trade and balance of payments, trade barriers and exchange rates

Study Time: A general guideline is that you should spend three hours of independent study time outside of class for each hour in class. We meet for three hours each week so that is nine hours of independent work each week. I know many of you are working part-time and full-time jobs, have families and are active in student sports and activities. I do understand that many of you are taking 15 and 18 hours. Based on the 3-to-1 formula, that is 60 to 72 hours of academic work alone! YOU need to be realistic about your own capabilities and commitments!

Classroom Conduct: This is simply a matter of respect – mine for you – yours for each other and for me. Arrive on time and stay for the duration of class. Be quiet and attentive during lectures. Participate during activities. Be prepared. With the exception of your required devices, keep your other electronic devices turned off. Stay on task and don’t get distracted! In economics, we learn about the importance of private property ownership – be good stewards to university property. Do not photograph, audio or video tape lectures, discussions or activities. Do not copy or distribute any presentation, activity, or assessment materials from class or on-line supplement. Do your own work and properly cite the work of others. The University of Texas at Tyler has an academic integrity policy. I take it very seriously and expect you to also. Be honest, do your best work and learn.

Participation: Woody Allen said, 80% of life is showing up! You can’t learn if you’re not in class! You are expected to attend every class. There will be hands-on active lessons designed to reinforce the unit material and emphasize the importance of attendance. Be prepared to move around, work in pairs or groups, and think “out of the box” on class days. Your charged smart devices are required in class every day!

Class Notes: I will provide you with copies of my slides in both PowerPoint and .pdf form on Blackboard. This will allow you to open and annotate them on your smart device. These slides provide the skeleton for your class notes and form the foundation for my lectures and for our class discussions and activities. You must have them each day. Please familiarize yourself with both Blackboard Mobile and a .pdf annotating program (I highly recommend the Notability app for iPad users) and be ready to annotate these notes at the beginning of each class. I do not prepare my slides or lectures from the book. My lecture notes and your McGraw-Hill course materials will complement, not duplicate, each other. That said, our new course materials by Asarta and Butters are the best I have ever used and both the topic sequence and the shared language will be aligned.


Macroeconomics Challenge: This will be a fun way to REVIEW in class for your Final Exam. Maybe you can even earn points!

Discussion Board: There will be both graded and ungraded forums that I will open for you on the Blackboard discussion board forum for you each unit so that you may help each other, form virtual study groups and ask content questions of me. The help forums will be ungraded but may be considered in calculating your community learning grade.

Homework Help: These individual and group sessions will be led by Teaching Assistant Steven Schwartz. You may contact Steve at [email protected].

Academic Integrity: For each assessment, you will sign a statement confirming that you have taken the assessment in accordance with the Academic Integrity Policy currently in place at The University of Texas at Tyler.

I embrace honor and integrity that will not allow me to lie, cheat, or steal nor to accept the actions of those who do.

Grading*: QuickStart Buffer Points** 10 @ 10 points = 100 points

McGraw Hill Independent Learning Assignments 10 @ 20 points = 200 points Class Community Learning Activities 20 @ 10 points = 200 pointsIndividual Project Writing, Graphing and Technology Portfolio 2 @ 100 points = 200 pointsUnit Exams 4 @ 50 points = 200 points***Final Cumulative Exam 1 @ 200 points = 200 points

*Read grading policy thoroughly!

**There is no such thing as a free lunch! You must earn your QuickStart buffer points! See directions posted on Blackboard.

*** A missed unit exam, for ANY reason, may be made up with the final exam.

Course Grade: A = 950+ pointsB = 800-899 pointsC = 700-799 pointsD = 600-699 pointsF = 599 points


New Grading Policy Effective 2016:

There are FOUR learning and assessment aspects to the course and you MUST ACHIEVE a minimum of 50% in each of them in order to pass the course. There are 1000 points available to earn through the four categories. 900 are required for an A, 800 are required for a B, 700 are required for a C and 600 are required for a D. These two course requirements – the four aspect categories and the 1000 available points - viewed separately, are known as necessary but not sufficient conditions. If you only score 50% in each aspect, you will only achieve 500 points and that is not enough points to pass, although if you also earn 100 QuickStart points at the start of the semester, that would raise your 500 points to 600 points and your F to a D … still not where you want to be, however. If you achieve more points in total than you need to pass, let’s say 700, but you do not achieve the 50% threshold in each aspect of the course, then you still will not pass. The four aspect categories are 1) independent learning through homework, 2) community learning through class activities and lectures, 3) project learning through the portfolio assignment that includes writing, graphing and technology presentation and, 4) most importantly, cumulative learning assimilation through unit and final exams. You MAY REPLACE your lowest scoring category with your highest scoring category to get the grade you want once you have achieved the 50% threshold in each aspect of the course. In addition, QuickStart points, earned at the beginning of the semester, will be added AFTER students achieve minimum thresholds in each category. The following vignettes will help you understand the implications of this grading policy. Examples from a Tale of Four Students:

1. The straight “A” student who finds this class difficultThis describes students who say, “I have a 4.0 average and I can’t seem to score above an 80 on your tests.” Individual Learning Homework: 180 of 200Community Learning Class Activities: 180 of 200Project Learning Portfolio: 180 of 200Cumulative Learning Exams: 150 of 200 on Unit Exams and 150 of 200 on Final ExamPassed threshold in all categories, 840 earned points, replacing a 150 with a 180 gets student to 870 points, adding the 90 of 100 QuickStart Points earned at the beginning of the course brings the student to 960 points and an A. My advice: Do what you do best, organize, come to class, do all the assignments, focus on understanding and looking for connections rather than memorizing and don’t stress about exams.

2. The hard worker who doesn’t test wellThis describes so many students who do all the work, never get great scores but keep plugging. This is the student who probably benefits most from my grading system.Individual Learning Homework: 160 of 200Community Learning Class Activities: 160 0f 200Project Learning Portfolio: 160 of 200Cumulative Learning Exams: 100 of 200 on Unit Exams and 100 of 200 on Final ExamPassed threshold in all categories, 680 earned points, replacing a 100 with a 160 gets student to 740 points, adding the 80 of 100 QuickStart Points earned at the beginning of the course brings the student to 820 points and a B. My advice: Your strengths are that you are a hard worker and you care about learning. Be sure to earn your QuickStart points at the beginning of the semester, come to class and do all of your assignments on time. Come to see me for extra help and go to Homework Help sessions.

(Still don’t see yourself? Keep reading!)


3. The recalcitrant slackerThis is the student who chooses not to get with the program at the beginning of the semester but has an epiphany after the first exam.Individual Learning Homework: 100 of 200Community Learning Class Activities: 100 0f 200Project Learning Portfolio: 180 of 200Cumulative Learning Exams: 120 of 200 on Unit Exams and 150 of 200 on Final ExamPassed threshold in all categories, 650 earned points, replacing a 100 with a 180 gets student to 730 points, adding the 30 of 100 QuickStart Points earned at the beginning of the course brings the student to 760 points and a C. (This underperforming but capable student, although relieved to pass, is regretting the choice not to take advantage of the QuickStart points offered at the beginning of the semester!!) My advice: Don’t make it so hard on yourself! Do what you’re supposed to do at the beginning of the semester. Yes, you will be able to recover but there is an easier path! (I bet people have been telling you that all your life!!)

4. The Know-It-All who tries to “game” the systemThis describes students who say, “I’m going to cram like crazy for exams, do what I need to do on the big point assignments and blow off the homework and class participation.”Individual Learning Homework: 80 of 200Community Learning Class Activities: 100 0f 200Project Learning Portfolio: 180 of 200Cumulative Learning Exams: 170 of 200 on Unit Exams and 170 of 200 on Final ExamAlthough this student passed all exams and earned a total of 700 points, this student will receive an F. This is because the threshold point level in each category was not met. The student did not earn the option to replace a low scoring category with a high scoring one and did not earn the option to apply any QuickStart points from the beginning of the semester. My advice: Remember that it is not a university degree that has value but a university education. You are among a privileged minority of people who have earned the opportunity to attend college; please embrace it. Know that I really do care about what you learn and not just what you achieve.

So, which student resonates most with you?

What do you plan to do about it?

How can I help you?

Please keep track of your own grades with the very simple form that I provide you on Blackboard in the Getting Started folder. It asks you to identify your grade goal and the requirements to reach that goal; it lists the four categories and requires you to record in each, your points earned, whether the threshold has been met, the remaining points available, whether you are on track and, if not, what changes you need to make to get there. Please bring this completed form any time you want to discuss grades or course progress. Grade discussions will only be held in person during office hours.


Schedule of Classes for Fall 2016 Principles of Microeconomics

Week #

Day Class # and Topic

Assignment Information

1 Monday, August 29

Class #1Welcome to Economics!

Purchase McGraw-Hill Course Connect materials.

Blackboard and McGraw-Hill are open.Begin by opening the Getting Started Folder on Blackboard where you will find the syllabus, the McGraw-Hill registration instructions and the list of QuickStart activities.

Wednesday, August 31

Class #2Course Tools and Policies

Read Syllabus thoroughly and register for McGraw-Hill. Begin working through QuickStart activities. Be sure that you are registered in the correct class on McGraw-Hill for your course materials.Bring your Smart Device to class.

QuickStart activities #1-#10 are due by Friday, September 9th at 5:00 pm. QuickStart #9 and #10 also count as Independent Learning Assignment #1 Parts One and Two.

Friday, September 2

Class #3The Economic Way of Thinking

Work on QuickStart activities #1-10Apply the Economic Way of Thinking to Election Economics and Understanding Fiscal Responsibility

QuickStart activities #1-#10 are due by Friday, September 9th at 5:00 pm. QuickStart #9 and #10 also count as Independent Learning Assignment #1 Parts One and Two.

Learning Objectives for week #1: Demonstrate your understanding of the way learning will occur in this course in class and by working through QuickStart activities. Demonstrate your familiarity with the tools we will use for learning in this course in class and by working through QuickStart activities. Demonstrate your understanding of the economic way of thinking in class and by working through the QuickStart activities. Apply the economic way of thinking to election economics and understanding fiscal responsibility.



Week #2



Monday, September 5

No Class ILA#2 open and is due at 8:00 am on Monday, September 12th

Unit One Homework Help sessions start this week. Tuesdays and Thursdays from 2-3 in BUS 252 with Teaching Assistant Steve Schwartz.

Wednesday, September 7

Class #4Fundamentals

Finish up QuickStart activities #1-10 QuickStart activities #1-#10 are due by Friday, September 9th at 5:00 pm. QuickStart #9 and #10 also count as Independent Learning Assignment #1 Parts One and Two.

ILA#2 opened on Monday, September 5th and is due at 8:00 am on Monday, September 12th

Friday, September 9

Class #5Fundamentals

Finish up QuickStart activities #1-10 ILA#2 opened on Monday, September 5th and is due at 8:00 am on Monday, September 12th

Learning Objectives for Fundamentals week #2:

Define microeconomics and macroeconomics. Identify the various resource categories used in economics. Define scarcity and explain its importance in economics. Identify the opportunity cost of a choice. Explain rational decision making. Define marginal benefit and marginal cost. Describe the relationship between marginal benefits and costs in equilibrium. Explain how resources are combined to produce output. Construct and interpret a production possibilities frontier. Calculate and explain opportunity cost using a production possibilities frontier. Identify comparative advantage using opportunity costs. Identify patterns of specialization using comparative advantage. Identify the terms of trade using comparative advantage. Illustrate the gains from trade in a production possibilities frontier model. Illustrate how increasing opportunity costs affect the production possibilities frontier. Model the flow of resources, output, and monetary transactions in a simple economy



Week #



3 Monday, September 12

Class #6Demand

ILA#2 Part One: videos & questions are due at 8:00 am today. The assignment has been open for one week.

Remember each ILA (Independent Learning Assignment) has two parts: the Videos/Questions and the LearnSmart Achieve. Part One, the videos and questions are always due on Monday mornings at 8 and Part Two, the LearnSmart Achieve modules are due on Friday afternoons at 5:00 pm.

ILA #3 is open and due at 8:00 am on 9/19.Wednesday, September14

Class #7Supply

Friday, September 16

Class #8Market Equilibrium

ILA #2 Part Two: LearnSmart Achieve is due at 5:00 pm. The assignment has been open for 11 days.

Learning Objectives for the Demand, Supply and Equilibrium week #3: Explain that prices and quantities traded are determined by the

interaction of buyers and sellers in a market. Describe the relationship between the price of a good and the

quantity demanded. Explain why the demand curve is downward-sloping. Calculate and construct a market demand curve. Show how the demand curve changes in response to nonprice

determinants of demand. Illustrate the effect of a change in income on demand. Illustrate the effect of a change in buyers’ tastes and preferences, the

number of buyers, and buyers’ expectations on demand. Illustrate the effect of a change in the prices of related products

(substitutes and complements) on demand. Describe the relationship between the price of a good and the

quantity supplied. Calculate and construct a market supply curve. Show how the supply curve changes in response to nonprice

determinants of supply. Illustrate the effect of a change in taxes and subsidies on supply. Illustrate the effect of a change in resource prices and technology on

supply.

Illustrate the effect of producers’ price expectations and a change in the number of sellers on supply.

Show how demand and supply interact to determine an equilibrium price and quantity.

Calculate the magnitude of a surplus or shortage using supply and demand.

Predict how a change in demand will change equilibrium price and quantity.

Predict how a change in supply will change equilibrium price quantity.

Predict how changes in both demand and supply will change equilibrium price and quantity.

Use supply and demand to determine the impact of a price ceiling on price and output.

Use supply and demand to determine the impact of a price floor on price and output.

Use supply and demand to determine the effect of a tax paid by suppliers and a tax paid by demanders on the price and equilibrium quantity of a goo

Schedule of Classes for Fall 2016 Principles of Macroeconomics


Week #




Class # 9Market Efficiency

ILA #3 Part One: Videos & Questions are due at 8:00 am today. The assignment has been open for one week.


ILA #4 is open and due at 8:00 am on 9/26.Wednesday, September21

Class # 10Market Failure


Class #12Government Failure

ILA #3 Part Two: LearnSmart Achieve assignments are due at 5:00 pm today. The assignment has been open for 11 days.

Learning Objectives for Market Efficiency and Market/Government Failure Week #4:

Determine consumer surplus and predict how changes in price affect consumer surplus. Determine producer surplus and predict how changes in price affect producer surplus. Determine the economic surplus and gains from trade in a market. Use changes in consumer and producer surplus to identify a deadweight loss. Define and identify productive and allocative efficiency in a competitive market. Illustrate the effect of a price ceiling on economic welfare using consumer and producer surplus. Illustrate the effect of a price floor on economic welfare using consumer and producer surplus. Illustrate the effect of a tax on economic welfare using consumer and producer surplus. Use basic formulas to solve for consumer and producer surplus and the deadweight loss. Describe the relationship between private and social benefits and costs. Discuss positive externalities in a demand and supply framework. Discuss negative externalities in a demand and supply framework. Categorize public and private goods.



Week #




Class #13Elasticity

ILA #4 Part One Videos & Questions are due at 8:00 am. The assignment has been open for one week.

Next week is an exam week so there are no new ILA assignments posted.

Rubric for Writing Assignment #1 is posted on Blackboard. It is due at 5:00 pm on Friday, October 7th.

Wednesday, September 28

Class #14Elasticity



Class #15Consumer Choice

ILA #4 Part Two LearnSmart Achieve assignments are due at 5:00 pm. The assignment has been open for 11 days.


Rubric for Writing Assignment #1 is posted on Blackboard. It is due at 5:00 pm on Friday, October 7th.

Learning Objectives for Elasticity and Consumer Choice week #5:

Define elasticity and its role in economics. Calculate the price elasticity of demand. Define the midpoint formula and describe the reasoning behind its use. Interpret the numerical value found by calculating the price elasticity of demand for a good or service. Explain why the elasticity of demand changes along a linear demand curve. Use the elasticity of demand to determine how total revenue will change in response to a change in price. Predict how the number of substitutes or the proportion of income spent on a good or service will affect the elasticity of demand. Calculate the cross-price elasticity of demand for both substitutes and complements and interpret the results. Calculate the income elasticity of demand and determine whether the good or service is normal or inferior. Calculate the price elasticity of supply. Interpret the numerical value found by calculating the price elasticity of supply for a good or service. Contrast the elasticity of supply in the immediate period, short run, and long run. Define utility and marginal utility. Use the law of diminishing marginal utility to calculate marginal utility values. Understand how individuals seek to maximize total utility subject to preferences, prices, and a budget constraint. Integrate marginal utility analysis and prices to determine the utility-maximizing consumption bundle



Week#

Day Class Topic Assignment Information

6 Monday, October 3

Class # 16GraphingShort Answer Unit Exam 1a

Study Remember each ILA (Independent Learning Assignment) has two parts: the Videos/Questions and the LearnSmart Achieve. Part One, the videos and questions are always due on Monday mornings at 8 and Part Two, the LearnSmart Achieve modules are due on Friday afternoons at 5:00 pm.

ILA #5 is open and due at 8:00 am on 10/10.

Wednesday,October 5

Class #17Multiple ChoiceUnit Exam 1b

Study Rubric for Writing Assignment #1 was posted on Blackboard Monday, September 26th. It is due at 5:00 pm on Friday, October 7th.

Friday, October 7

Class #18Review of Exam 1

Submit Writing Assignment #1 by today at 5:00 pm. This assignment has been open for 11 days.

Next week starts Unit Two.

Study Hints for Exam:

Every week, there has been a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin by matching learning objectives to our notes, activities and your ILA homework. Next, there are two ways for you to prepare with your McGraw Hill materials. You can go back to the course section homepage and review any of the assignments from unit one; you can re-watch the videos, review the questions or refresh on LearnSmart Achieve and/or you can go to the e-text and read through each section.



Week #


7 Monday, October 10

Class #19Unit Two beginsMeasuring the MacroeconomyPublic Finance

ILA #5 Part One: videos & questions are due at 8:00 am. The assignment has been open for one week.



Wednesday, October 12

Class #20Measuring GDP: Output

Rubric for Technology Project #1 is posted on Blackboard. It is due at 5:00 pm on Friday, October 28th.

Friday, October 14

Class #21Measuring GDP: Input


Unit Two Homework Help sessions start this week.

Contact Teaching Assistant Steve Schwartz for times.

Learning Objectives for Public Finance, Measuring GDP week #7: Model the flow of resources, output, and monetary transactions in a simple economy that includes a government. Know the major categories of federal, state, and local revenues and expenditures. Determine whether a tax is progressive, proportional, or regressive. Determine whether a government is experiencing a budget surplus, a budget deficit, or a balanced budget. Calculate the national debt. Describe how gross domestic product is measured, and identify its major components. Characterize the components of personal consumption and government expenditure. Calculate gross and net investment. Calculate net exports. Calculate gross domestic product when provided with national expenditures data. Identify the components of the income approach to national income accounting. Calculate real gross domestic product when provided with data. Calculate real gross domestic product when provided with data and describe how it relates to standards of living. Use real and nominal GDP to derive the gross domestic product price index. Describe the limitations of gross domestic product as a measure of output.



Week#8


Monday, October 17

Class #22Economic Growth




Wednesday, October 19

Class #23Unemployment

Rubric for Technology Project #1 was posted on Blackboard October 12th. It is due at 5:00 pm on Friday, October 28th

Friday, October 21

Class #24 Inflation


Rubric for Technology Project #1 was posted on Blackboard October 12th. It is due at 5:00 pm on Friday, October 28th

Learning Objectives for Public Finance, Measuring GDP week #8:

Describe economic growth in a historical context. Illustrate in a production possibilities frontier diagram how technology and resources affect economic growth. Calculate economic growth rates using provided data. Use the rule of 72 to estimate the time needed to double the size of an economy. Identify the four phases of the business cycle. Identify the different types of workers in the labor force. Categorize various types of unemployment. Calculate the unemployment rate when presented with data. Calculate the natural rate of unemployment. Define inflation. Describe the component parts of the Consumer Price Index. Calculate the Consumer Price Index using provided data. Use the Consumer Price Index to measure the inflation rate. Use the Consumer Price Index to compare nominal values over time.


Week #9

Date Class # and Topic


Monday,October 24th

Class #25Aggregate


Remember each ILA (Independent Learning Assignment) has two parts: the Videos/Questions and the LearnSmart Achieve. Part One, the videos


Expenditures and questions are always due on Monday mornings at 8 and Part Two, the LearnSmart Achieve modules are due on Friday afternoons at 5:00 pm.


Wednesday, October 26th

Class #26Multipliers

Technology Project #1 was posted on Blackboard October 12th. It is due at 5:00 pm Friday.

Friday, October 28th

Class #27Short-run and Long-run

ILA #7 Part Two: LearnSmart Achieve assignment is due at 5:00 pm. This assignment has been open for 11 days.

Technology Project #1 was posted on Blackboard October 12th. It is due at 5:00 pm today. It has been open for 16 days.

Learning Objectives for Aggregate Expenditures, Multipliers and Short vs Long-run Models - week #9:

Define the purpose and assumptions associated with the aggregate expenditures model. Calculate the marginal propensities to consume and save using provided data. Illustrate the relationship between consumption and income, between savings and income and between the interest rate and investment demand. Illustrate the relationship between investment, government purchases, net exports, and real GDP. Show how equilibrium real GDP is obtained using the aggregate expenditures model. Calculate the expenditures multiplier using either the marginal propensity to consume or the marginal propensity to save. Calculate the tax multiplier using the marginal propensity to consume. Solve for the mathematical relationships of the aggregate expenditures model. Use the aggregate expenditures model to determine how changes to its components affect equilibrium real GDP. Identify the inflationary and recessionary gaps in the aggregate expenditures model. Illustrate the aggregate demand curve. Derive the aggregate demand curve from the aggregate expenditures model. Explain why the aggregate demand curve is downward-sloping. Illustrate the effect on aggregate demand of a change in consumer and investment, government spending and net exports. Illustrate the short-run and long-run aggregate supply curves. Illustrate the effect on aggregate supply of a change in resource prices and productivity. Use the aggregate demand and aggregate supply model to determine equilibrium real GDP. Use the aggregate demand and aggregate supply model to determine how changes in its determinants affect equilibrium real GDP. Use the aggregate demand and aggregate supply model to relate recessions and expansions to real GDP and changes in the price level. Use the aggregate demand and aggregate supply model to define stagflation.



Week #10

Date: Class # and Topic


Monday, October 31st

Class #26Money



ILA #9 is open and due at 8:00 am on 11/7.Wednesday, November 2nd

Class #27The Federal Reserve

Rubric for Writing Assignment #2 is posted on Blackboard. It is due at 5:00pm on Friday, November 18th.

Friday, November 4th

Class #28Monetary Policy


Learning Objectives for Money, the Federal Reserve and Monetary Policy - week #10 Explain the three functions of money. Categorize different types of money into the major components of the money supply. Describe the structure and major functions of the Federal Reserve System. Explain the assets and liabilities held by a bank. Explain the process of fractional reserve banking and its impact on the money supply. Use the reserve ratio to calculate the money multiplier. Construct a model of money demand using the asset and transaction demands for money. Illustrate the relationship between the supply of money and interest rates. Show how money supply and demand interact to determine the equilibrium interest rate. Illustrate how changes in money demand and supply affect the interest rate. Explain the relationships among the money supply, bond prices, and interest rates. Use provided data to predict the nominal interest rate. Use the relationship between interest rates and investment to describe how a change in the money supply changes investment. Integrate, using a cause-and-effect chain, the money, investment, and aggregate demand models to predict how a change in the money supply will affect equilibrium GDP Explain how the Federal Reserve influences the supply of money through open market operations. Predict the effect of a change in the reserve requirement on the money supply and the impact of a change in the discount rate on the money supply. Describe the federal funds rate and the interbank market for overnight reserves. Explain how the Federal Reserve uses open market operations to maintain a targeted level for the federal funds rate. Explain how the Federal Reserve uses open market operations to change the targeted level for the federal funds rate and influence interest rates in the economy. Conduct monetary policy using the models of money, investment, and aggregate demand. Solve for the appropriate monetary policy using data provided.



Week #11

Date: Class # and Topic


Monday, November 7th

Class #29Fiscal PolicyAutomatic Stabilizers



ILA #10 is open and due at 8:00 am on 11/14.Wednesday, November 9th

Class #30Fiscal PolicyDiscretionary Stabilizers

Rubric for Writing Assignment #2 is posted on Blackboard. It is due at 5:00pm on Friday, November 18th.


Class #31Brief History of Economic Thought


Learning Objectives for Fiscal Policy and Different Views of the Macroeconomy - week #11:

Illustrate the effect of fiscal policy on equilibrium real GDP and price level. Illustrate the effect of fiscal policy on equilibrium price level. Solve for the appropriate fiscal policy using changes in government purchases. Solve for the appropriate fiscal policy using changes in taxes. Describe the role and function of automatic stabilizers. Describe the role and function of discretionary stabilizers Discuss the major limitations of fiscal policy. Identify different views of macroeconomic theory. Relate the different views of macroeconomic theory on decisions about the use of automatic and discretionary fiscal policy.



Week # 12

Date: Class # and Topic:

Assignment: Information:


Class #32Review of the Benefits of Trade and Comparative Advantage



Wednesday, November 16th

Class #33International Trade

Rubric for Writing Assignment #2 is posted on Blackboard. It is due at 5:00 pm on Friday, November 18th.


Class #34International Finance


Submit writing assignment #2 today by 5:00pm. It has been open for 16 days.

Plan ahead so you are not doubling up on the two assignments that are due today!

Learning Objectives for International Trade and Finance week #12

Describe the benefits of international trade. Use provided data to determine which country has a comparative advantage in the production of a good. Use provided data to determine the pattern of specialization between two countries. Identify the range of prices for which mutually beneficial trade will occur between two countries. Evaluate the gains from trade by illustrating them in a production possibilities model and by calculating them numerically. Illustrate the small-country model in a supply and demand diagram. Illustrate, using consumer and producer surplus, how exports affect economic welfare in the small-country model. Illustrate, using consumer and producer surplus, how imports affect economic welfare in the small-country model. Describe why individuals and societies may choose to establish barriers to trade. Use the small-country model to illustrate the effect of a tariff on international trade and economic welfare. Use the small-country model to illustrate the effect of a quota on international trade and economic welfare. Describe the role of exchange rates in international trade and finance. Show how demand and supply for currencies interact to determine an equilibrium exchange rate. Illustrate a flexible exchange rate system and a fixed exchange rate system Illustrate complex changes in a flexible exchange rate system.



Week#13


FALL

BREAK

Monday, November 21st

No Class Rubric for Technology Assignment #2 is posted on Blackboard. It is due at 5:00 pm on Friday, December 9th.

Wednesday,November 23rd

No Class


No Class



Week#14



Class #35Review Day for Unit Two

Study Rubric for Technology Assignment #2 is posted on Blackboard November 21st. It is due at 5:00 pm on Friday, December 9th.

Wednesday,November 30th

Class #36GraphingShort Answer Unit Exam 2a

Study

Friday, December 2nd

Class #37Multiple ChoiceUnit Exam 2b



Every week, there has been a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin by matching learning objectives to our notes, activities and your ILA homework. Next, there are two ways for you to prepare with your McGraw Hill materials. You can go back to the course section homepage and review any of the assignments from unit two; you can re-watch the videos, review the questions or refresh on LearnSmart Achieve and/or you can go to the e-text and read through each section.



Week#15



Monday, December 5th

Class #35Review Unit Two Test


Wednesday,December 7th

Class #36Review for Challenge


Friday, December 9th

Class #37MicroeconomicsChallenge

Technology Assignment #2 is due today at 5:00 pm. It has been open for 18 days.



Week#


17 Monday, December 12th

Study DayNo Classes

Optional Review See Blackboard for Dates and Times

Wednesday,December 14th

Final Exam Week

Check MyUTTyler for final exam dates, time and location. Remember that I do not schedule final exams.

Friday, December 16th

Final Exam Week

Check MyUTTyler for final exam dates, time and location. Remember that I do not schedule final exams.


Every week, there has been a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin by matching learning objectives to our notes, activities and your ILA homework. Next, there are two ways for you to prepare with your McGraw Hill materials. You can go back to the course section homepage and review any of the assignments from unit one and unit two; you can re-watch the videos, review the questions or refresh on LearnSmart Achieve and/or you can go to the e-text and read through each section.


POLICIES THAT MUST APPEAR IN EACH COURSE SYLLABUS AT THE UNIVERSITY OF TEXAS AT TYLER

The following University policies must appear on each course syllabus or be provided as an informational sheet (web-links to these policies may be used in the print or electronic syllabus) http://www.uttyler.edu/academicaffairs/syllabuspolicies.pdf

Students Rights and Responsibilities To know and understand the policies that affect your rights and responsibilities as a student at UT Tyler, please follow this link: http://www.uttyler.edu/wellness/rightsresponsibilities.php

Grade Replacement/Forgiveness and Census Date Policies Students repeating a course for grade forgiveness (grade replacement) must file a Grade Replacement Contract with the Enrollment Services Center (ADM 230) on or before the Census Date of the semester in which the course will be repeated. Grade Replacement Contracts are available in the Enrollment Services Center or at http://www.uttyler.edu/registrar. Each semester’s Census Date can be found on the Contract itself, on the Academic Calendar, or in the information pamphlets published each semester by the Office of the Registrar.

Failure to file a Grade Replacement Contract will result in both the original and repeated grade being used to calculate your overall grade point average. Undergraduates are eligible to exercise grade replacement for only three course repeats during their career at UT Tyler; graduates are eligible for two grade replacements. Full policy details are printed on each Grade Replacement Contract.

The Census Date is the deadline for many forms and enrollment actions that students need to be aware of. These include:

Submitting Grade Replacement Contracts, Transient Forms, requests to withhold directory information, approvals for taking courses as Audit, Pass/Fail or Credit/No Credit. Receiving 100% refunds for partial withdrawals. (There is no refund for these after the Census Date) Schedule adjustments (section changes, adding a new class, dropping without a “W” grade) Being reinstated or re-enrolled in classes after being dropped for non-payment Completing the process for tuition exemptions or waivers through Financial Aid

State-Mandated Course Drop Policy Texas law prohibits a student who began college for the first time in Fall 2007 or thereafter from dropping more than six courses during their entire undergraduate career. This includes courses dropped at another 2-year or 4-year Texas public college or university. For purposes of this rule, a dropped course is any course that is dropped after the census date (See Academic Calendar for the specific date). Exceptions to the 6-drop rule may be found in the catalog. Petitions for exemptions must be submitted to the Enrollment Services Center and must be accompanied by documentation of the extenuating circumstance. Please contact the Enrollment Services Center if you have any questions.

Disability Services In accordance with Section 504 of the Rehabilitation Act, Americans with Disabilities Act (ADA) and the ADA Amendments Act (ADAAA) the University offers accommodations to students with learning, physical and/or psychiatric disabilities. If you have a disability, including non-visible disabilities such as chronic diseases, learning disabilities, head injury, PTSD or ADHD, or you have a history of modifications or accommodations in a previous educational environment you are encouraged to contact the Student Accessibility and Resources office and schedule an interview with the Accessibility Case Manager/ADA


http://www.uttyler.edu/academicaffairs/syllabuspolicies.pdf

Coordinator, Cynthia Lowery Staples. If you are unsure if the above criteria applies to you, but have questions or concerns please contact the SAR office. For more information or to set up an appointment please visit the SAR office located in the University Center, Room 3150 or call 903.566.7079. You may also send an email to [email protected]

Student Absence due to Religious Observance Students who anticipate being absent from class due to a religious observance are requested to inform the instructor of such absences by the second class meeting of the semester.

Student Absence for University-Sponsored Events and Activities If you intend to be absent for a university-sponsored event or activity, you (or the event sponsor) must notify the instructor at least two weeks prior to the date of the planned absence. At that time the instructor will set a date and time when make-up assignments will be completed.

Social Security and FERPA Statement: It is the policy of The University of Texas at Tyler to protect the confidential nature of social security numbers. The University has changed its computer programming so that all students have an identification number. The electronic transmission of grades (e.g., via e-mail) risks violation of the Family Educational Rights and Privacy Act; grades will not be transmitted electronically.

Emergency Exits and Evacuation: Everyone is required to exit the building when a fire alarm goes off. Follow your instructor’s directions regarding the appropriate exit. If you require assistance during an evacuation, inform your instructor in the first week of class. Do not re-enter the building unless given permission by University Police, Fire department, or Fire Prevention Services.

UT Tyler a Tobacco-Free University:

All forms of tobacco will not be permitted on the UT Tyler main campus, branch campuses, and any property owned by UT Tyler. This applies to all members of the University community, including students, faculty, staff, University affiliates, contractors, and visitors.

Forms of tobacco not permitted include cigarettes, cigars, pipes, water pipes (hookah), bidis, kreteks, electronic cigarettes, smokeless tobacco, snuff, chewing tobacco, and all other tobacco products.

There are several cessation programs available to students looking to quit smoking, including counseling, quitlines, and group support. For more information on cessation programs please visit www.uttyler.edu/tobacco-free.

Handguns in the Classroom: The University of Texas at Tyler respects the right and privacy of students who are duly licensed to carry concealed weapons in this class. License holders are expected to behave responsibly and keep a handgun secure and concealed. More information is available at http://www.uttyler.edu/about/campus-carry/index.php.


http://www.uttyler.edu/tobacco-free

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