Microeconomics
ECON
2020
Course Syllabus
Our textbook
for this semester is Economics Principles & Tools, 7th
edition by O'Sullivan, Sheffrin and Perez (there are
several versions - ISBN-10: 0132772752 or ISBN-13: 9780132772754 or
013139343X or 978-0131393431). You may use the reserve copy in the
library on the main campus to stay current with reading assignments if you
should experience a delay purchasing a copy.
Quite
a few students have asked about using the previous edition of our textbook
since they still have it from another economics course. I understand the need
to do so given the co$t of this book. I have reviewed
the current edition and do not see any major changes. I have not read every
page, but the concepts, principles and theories are the same and consistent
with how the tests and exams are constructed. You will probably be okay using
the previous edition, BUT I cannot guarantee
that there are not important differences between the two that I have yet to
discover. There is a copy of the current edition on reserve in the library if
you wish to make a close comparison between the two.
COURSE
DESCRIPTION
This course introduces and explores a variety of microeconomic topics,
including: supply and demand, market equilibrium, elasticity, decision making
by producers and consumers, production cost, market structures, public policy,
the labor market, distribution of income, environmental policy, market
efficiency and government intervention.
Prerequisites: Completion of all Learning
Support competencies for reading and writing.
COURSE
OUTCOMES
After completing ECON 1121, students should be able to:
1. State the Laws of Supply and Demand and explain the concept of
equilibrium.
2. Identify and explain the basic principles of economics.
3. Enumerate and explain the three economic choices.
4. Relate the concept of elasticity to supply and demand theory.
5. Identify the four basic market structures and describe the
characteristics of each.
6. List and explain the primary reasons for the distribution of income.
The following are detailed course
competencies to support the course outcomes:
1. Define both positive and normative economic analysis and explain the
difference.
2. Explain the scarcity principle and why scarcity is the fundamental
economic problem.
3. Discuss the principle of opportunity cost and provide examples.
4. Interpret the production possibilities curve and explain how the
graph embodies the principles of scarcity and opportunity cost.
5. Define the marginal principle and apply it in an economic analysis.
6. Identify and explain the three economic systems.
7. State the Laws of Supply and Demand and explain the concept of
equilibrium.
8. Relate the concept of elasticity to supply and demand theory.
9. Provide examples of how government intervention can create shortages
and surpluses in markets.
10. Differentiate between public and private goods and provide examples of
each.
11. Describe the basic concepts of production and associated costs.
12. List the characteristics of the four market structures.
13. Identify the primary reasons for the distribution of income.
COURSE
OUTLINE
I. Introduction and Key Principles
A. Introduction: What is Economics?
B. Key Principles of Economics
C. Exchange and Markets
D. Demand, Supply, and Market Equilibrium
II. A Closer Look at Supply and
Demand
A. Elasticity: A Measure of Responsiveness
B. Market Efficiency and Government Intervention
III. Market Structures and Pricing
A. Production Technology and Cost
B. Perfect Competition
C. Monopoly and Price Discrimination
D. Market Entry and Monopolistic Competition
E. Oligopoly and Strategic Behavior
F. Controlling Market Power: Antitrust and
Regulation
IV. Externalities and Information
A. Public Goods and Public Choice
B. External Costs and Environmental Policy
V. The Labor Market and Income Distribution
A. The Labor Market, Income, and Poverty
B. Unions, Monopsony, and Imperfect Information
SUMMARY
OF COURSE REQUIREMENTS
1)
Read the assigned material in the textbook (see the Assignments page);
2) Complete the required online tests;
3) Complete the online Mid-Term Exam in a testing center; and
4) Complete the online Final Exam in a testing center.
OPTIONAL
ACTIVITIES
There are a variety of learning materials within each chapter in the textbook
and the online content, such as: quizzes, practice tests, Internet exercises,
homework assignments, etc. These are not required
but are recommended to help you develop mastery
of the subject.
ONLINE
TESTS/EXAMS
Important Requirement: The Respondus LockDown
Browser is required to complete and review the required tests and exams. Click here for instructions.
There
are several online tests (see Grading Criteria below). Test questions for each
of the online tests and the two exams will come from material covered in the
Web lessons and the textbook. The Mid-Term Exam will include materials covered
to that point in the course. The Final Exam will emphasize material covered
after the Mid-Term Exam. A good strategy to prepare for
the Mid-Term and Final Exams is to review all the tests you have completed
(see the instructions in the FAQ's). The online
tests are timed and one attempt is allowed. The amount of time allocated begins
when you click the link to access a test; therefore, you must be prepared to
complete the test when you access it.
The
Mid-Term and Final Exams require a password and must be
completed in a testing center. A testing technician will enter the
password necessary for you to complete the exam. You may complete all tests and
exams online in the Kisber Library Testing Center
located on the main Nashville State campus or at one of the Nashville State
sites in Cookeville, Dickson, Southeast Center, or Waverly. The hours for the
Testing Center on campus are: 8:00 a.m.-7:30 p.m. Monday - Thursday, 8:00
a.m.-4:30 p.m. Friday, and 9:00 a.m.-2:00 p.m. Saturday (video and Web students
only on Saturday). If you plan to go to an off-campus testing center, I suggest
that you check with them to determine their hours and procedures for the
current semester. You must provide photo identification, your course name and
number, and your instructor's name to take tests in the Testing Center.
Tennessee Board of Regents rules and regulations require that no children under
12 years of age will be allowed in the Testing Center. Please contact me with
any questions.
You will be allowed 80 minutes and may use one page
of notes (8 1/2 X 11 both sides) for each test or exam. The notes may be
configured as you wish - hand written, typewritten or a combination of both.
You should schedule a full hour to complete each test or exam. The test is
locked if the time expires and the test is not submitted, and you will be
unable to do anything further at that point. It is imperative that you save
answers as you enter them.
PROCTORS
You may make arrangements with an acceptable proctor if you have truly
extraordinary circumstances, rather than mere convenience, and cannot come to
campus or an off-campus site to complete the Mid-Term and/or Final Exam. Most
towns and cities have acceptable proctors which could include: school teachers,
college professors, school administrators (e.g. principals), and librarians.
Most community colleges and universities have testing centers which are usually
willing to proctor an exam. The proctor must have an email address which
clearly reflects the name of the institution and the proctor's name. Please
have the proctor contact me for arrangements via email
(Quenton.Pulliam@nscc.edu). The proctor must contact me and express a
willingness to proctor your exam(s) before I contact her/him. This is a matter of courtesy to the
proctor. Additionally, the proctor must have the Respondus LockDown Browser
installed on the computer to be used for the exam, be willing to install it, or
you will need to furnish a computer with the browser installed. Your
arrangements must be completed by the third week of the semester for a 14-week
semester course, and by the end of the first week for a 5 or 7-week course.
MISSED
TEST/EXAM POLICY
The dates published in
the Assignments/Semester Calendar are not the due dates,
they are the last opportunity to complete a test or exam. I expect that
students will not wait until the last opportunity but some always do and often
run into unexpected complications. The usual last-minute
difficulties each semester include: computer malfunction, had to work late, illness,
car troubles, read the calendar date wrong, etc. Believe me, something will happen if you wait until the last day and I do not approve extensions! Tests and
exams will not be available after the date published in the Semester Calendar.
The only exception to this policy will be if you
can document a severe, personal tragedy such as hospitalization or death. Do
not ask for an extension unless you are able to document such an event. The
lowest test grade for the semester will be substituted for the first missed
test. Subsequent missed tests will receive a score of zero. Missed exams will
receive a score of zero. Clearly, this is to encourage you not to procrastinate
until the deadline. Occasionally,
a student will complete all four required tests and have one low score which
will lower the semester grade. As a matter of equity, I do not allow that to
happen. I look closely at all test scores for each student before
submitting final grades. If one low score will reduce the final grade by a
letter, I adjust the student's final grade accordingly.
REVIEWING
TESTS
I strongly encourage reviewing prior tests as you prepare for the
mid-term and final exams. Click Grades and the submission icon to the right of
the test or exam you wish to review.
GRADING
CRITERIA
Final grades for the semester are calculated on a basis of 1000 points which
can be earned from the required tests and exams:
A = 900+ points (90%+)
B = 800-899 points (80-89%)
C = 700-799 points (70-79%
D = 600-699 points (60-69%)
F = 0-599 points (0-59%)
You can earn a maximum of 1150
points from a combination of the required tests and exams, and opportunities
for extra credit. Extra credit points are included at the end of the semester.
For example, if you earn 775 points (C) from tests 1-4, the mid
term and final exams, and 50 extra credit points for a combined total of
825 points, you will earn a B in the course.
Required Tests and
Exams
4 Tests: 400 points possible (100 points each)
Mid-Term Exam (Testing Center): 300 points possible
Final Exam (Testing Center): 300 points possible
Opportunities for Extra Credit
Practice
Tests: You can earn up to
100 additional points by completing practice tests. You may attempt these as
many times as you wish and only the highest score will count towards your
grade.
Position Paper: You can earn up to 50 additional points by
composing a position paper and posting it as an attachment in the Discussion
area for class members to review. Please choose a contemporary topic from our text
book or any topic that is relevant to our subject. I encourage you to be
selective and choose one which will be interesting and meaningful to you.
Examples of position papers and an excellent guide from the University of
Hawaii are available in the Help section of the Content page.
I
shall grade only those papers which meet the
following 5 requirements:
1) Consist of a minimum of 3-5 pages;
2) Use at least 5 information sources of your choosing (Wikipedia.org is not an
acceptable source);
3) Format must be derived from the style manual of your choice, such as:
Chicago, Campbell, Keithley, Hacker, Turabian, MLA, or APA;
4) A bibliography, list of references, or footnotes; and
5) Posted in the NS Online Discussion area absolutely no later than the deadline
listed in the Assignments/Semester Calendar.
Grading Rubrics
Content and persuasiveness = 40 points
Grammar, punctuation, spelling, and style = 10 points
I have received several plagiarized
papers recently. In an attempt to provide a "level playing field"
for all students, a copy of all papers will be submitted to Turnitin.com
to verify authenticity. Please review the college’s honesty policy.
In short… compose this paper as you would for an English composition class.
Course Access,
Attendance, and Satisfactory Progress
Access to the NS Online component for all courses, study aids, tests, and
exams will be available on the first day of classes for the semester. The benefit which you can derive from your course is
related directly to the effort which you put into your studies. Attendance,
defined as completing assignments on time, is critical to your success. Dates
are published for the last opportunity to complete various assignments such as
chapters to read, and tests and exams to complete. These dates will not be
extended. A student that stops attending (completing assignments on time)
during the semester, and does not withdraw, will be assigned a grade of “FA” -
Failure, attendance related (unofficial withdrawal). A student that never
attends, and does not withdraw, will be assigned a grade of “FN” - Failure,
never attended class (unofficial withdrawal). A student must withdraw
officially from a course or the college rather than stop attending. Please
refer to the most recent Nashville State catalog for information on
withdrawing.
NSCC POLICIES:
Student Communication Channels
It
is the student’s responsibility to check NS Online and MyNSCC email on a
regular basis. These are the official communication channels between the
college and students. Students are responsible for the information communicated
through those channels. NS Online contains specific course information
and MyNSCC contains information important for other purposes.
Early Warning System
Nashville State Community College has implemented an Early
Warning System to notify students via e-mail about academic problems such as
poor classroom attendance, poor performance on assignments/tests, poor communication
skills, late/missing assignments, and/or lack of classroom participation.
Please note that Early Warning Alerts do not affect a student’s academic
standing.
ADA Compliance Statement
Nashville State complies with the Americans with Disabilities
Act. If you wish to request any special
accommodations for any courses in which you are enrolled, contact the Student
Disabilities Office at 353.3721.
Classroom Misconduct
Nashville State Community College has a zero tolerance
policy for disruptive conduct in the classroom. Students whose behavior
disrupts the classroom will be subject to disciplinary sanctions. Please
consult your Student Handbook for more specific details. The instructor has
primary responsibility for control over classroom behavior and maintenance of
academic integrity. He/she can order temporary removal or exclusion from the
classroom of any student engaged in disruptive conduct or in conduct which
violates the general rules and regulations of the College. Disruptive behavior
in the classroom may be defined as, but is not limited to, behavior that
obstructs or disrupts the learning environment (e.g., offensive language,
harassment of students and professors, repeated outbursts from a student which
disrupt the flow of instruction or prevent concentration on the subject taught,
failure to cooperate in maintaining classroom decorum, etc.), the continued use
of any electronic or other noise or light emitting device which disturbs others
(e.g., disturbing noises from beepers, cell phones, palm pilots, lap-top
computers, games, etc.).
Please be aware that children are not allowed in class or
unattended on campus.
Academic Dishonesty (Honor Code)
Any form of academic dishonesty, cheating, plagiarizing, or
other academic misconduct is prohibited. “Plagiarism may result from: (1)
failing to cite quotations and borrowed ideas, (2) failing to enclose borrowed
language in quotation marks, and (3) failing to put summaries and paraphrases
in your own words (A Writer’s Reference 331). Academic dishonesty may be
defined as, but is not limited to, intentionally trying to deceive by claiming
credit for the work of another person, using information from a web page or
source without citing the reference, fraudulently using someone else’s work on
an exam, paper, or assignment, recycling your own work from another course,
purchasing papers or materials from another source and presenting them as your
own, attempting to obtain exams/materials/assignments in advance of the date of
administration by the instructor, impersonating someone else in a testing
situation, providing confidential test information to someone else, submitting
the same assignment in two different classes without requesting both
instructor’s permission, allowing someone else to copy or use your work, using
someone else’s work to complete your own, altering documents, transcripts or
grades, and forging a faculty/staff member’s signature.
In addition to other possible disciplinary sanctions that
may be imposed through regular college procedures as a result of academic
dishonesty the instructor has the authority to assign an “F” or a “Zero” for
the exercise, paper, or examination or to assign an “F” for the course.
Students may appeal through the appropriate college grade appeal procedures.
Inclement Weather Policy
In the event of an inclement weather event, check the
Nashville State web site home page at www.nscc.edu for announcements on campus
closures. Campus closures will also be announced on local television stations
(channels 2, 4, 5, and 17). When classes are cancelled, an online assignment
will be posted in NS Online. Check your NS Online email for a message from your
instructor regarding your online assignment requirements. Even though classes
may be cancelled, some areas, i.e. Testing Center, may be open. However, you
should check before commuting to campus. The Vice President for Academic
Affairs and the Director of Security are responsible for cancellation decisions
during an inclement weather event for the Nashville State main campus and the
Southeast campus. Cookeville, Waverly, and Dickson Campus Directors will make
class cancellation decisions based on conditions in their respective areas.
Decisions about class cancellations are based on actual conditions, not
forecasts. The perspective used for making decisions is that of the college as
an employer, not as a K-12 institution. Students should use their own best
judgment in determining whether to report to campus during inclement weather
when classes are not cancelled.