ECONOMICS
201
Tom Larson
Office:
Phone: (323)
343-2938/2930 Hours: MW
E-mail: use the class website (see below)
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COURSE DESCRIPTION AND READING ASSIGNMENTS
REQUIRED TEXT: Microeconomics Principles and Policy, 10th
Edition, Baumol and Blinder (required). The text can be purchased either in
hardcopy or as an e-book. The hard copy text comes with a study guide and with
a CD-ROM. The textbook also has a web
site – http://baumol.swcollege.com.
Recommended: The Great Unraveling, Paul Krugman. Krugman
can also be accessed on the internet at http://www.pkarchive.org.
Class Web Site:
http://www.calstatela.edu/webct.
At this page you can create your WebCT account or log on. Once you have created your WebCT account, you
will need to locate the course listing so it can be added to your WebCT
account. Go to See courses. From
here, go to the College of Business and
Economics page and then select Econ201tl
from the course list. Once at Econ201tl, click on the “plus” icon and
then self-register for the course. You will need internet access and a web
browser (preferably Netscape or Internet Explorer).
The web site contains a variety of features, including online quizzes, course syllabus, course notes, etc. You should familiarize yourself with the website as soon as possible.
About the Course: This course introduces the principles of microeconomics, which are
considered to be fundamental to all of economics. This course is meant to
enable you to understand the essential elements of how consumers, firms, and
markets behave in a mixed economy. Here at CSLA, macroeconomic principles
follow microeconomic principles because micro theory is used in the macro
course. Most community colleges teach
macro before micro. If you look at any
principles text that has both macro and micro, you will see that the micro
chapters come first. Many instructors feel that students like macro better than
micro and try to hide the micro material. Microeconomics is not considered easy
and should be treated as you would treat a course in science or math. If you enjoy science and math, you may enjoy
the logic of economic theory. You should
have plenty of time for study and for doing homework if you want to succeed in
this course. If you don’t like this course, you may still like Econ 202. Freshmen should not take this
course.
It is also recommended that you keep yourself informed about current economic news and issues by reading one or more of the following:
The New York
Times – you can sign up for
its internet news alerts.
The Economist
– this is the best of this bunch, and is
also the most expensive, per copy. All are available in the campus library.
WEEK
Chapters TOPICS
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1 |
One: |
What is Economics? |
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Two: |
The |
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Three: |
Scarcity and Choice: The Economic Problem |
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Four: |
Supply, Demand and Prices: An Initial Look |
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Five: |
Consumer Choice: The Demand Side |
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Homework 1 assigned |
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Quiz 1:
Covers Chapter 3, online Friday PM, April 7. |
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3 |
Six: |
Demand and Elasticity |
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Homework 2 assigned |
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4 |
Seven: |
Business Decisions - Inputs and Costs |
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Eight: |
Business Decisions – Outputs, Prices & Profits |
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Quiz 2:
Covers Chapter 6, online Friday PM, April 21 |
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5 |
Ten: |
The Firm & the Industry Under Competition |
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6 |
MIDTERM Eleven: |
Wednesday, Monopoly |
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Twelve: |
Between Monopoly and Competition |
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Homework 3 assigned |
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Quiz 3: Covers Chapter 11, online Friday PM, May 12. |
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Fourteen: |
The Price System & the Case for Free Markets |
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Fifteen: |
Shortcomings of the Market System |
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Quiz 4: Covers Chapter 12, online Friday PM, May 19
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Homework 4
assigned
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Sixteen |
The Price System, Innovation & Growth
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Twenty |
Pricing the Factors of Production: Labor, |
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Education and Earnings |
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The course grade will be
based on a midterm (30%), the final (46%), 4 homework assignments (16%) and
four online quizzes (8%). Exams will be
based on material covered in the lectures and in assigned reading. Tutors are usually available for this course
in the
Quizzes (4) will be online and open book, but will be timed.
Homework (4): you will have one week to complete each homework assignment. Homework must be typed – but graphs may be hand drawn.
Exams: if you are unable to take the exams as scheduled for this course, you should not take this course!
Grading: The course grades will be assigned as follows:
A 90-100%
B 80-89%
C 60-79%
D 50-59%
F Less than 50%
Plus and minus grades may
also be given.
What is Economics?
Economics is not about highly abstract ideas that few people have time to think about (well, sometimes it is) - it is about a wide variety of phenomenon that we each deal with in everyday life. Economics does tend to focus on market behavior, but is really another way of understanding human behavior.
Economic theory has a lot to offer any individual trying to earn a living and raise a family when faced with inflation and unemployment and not enough money, and trying to make good decisions on purchases and savings while striving for a better life. Economic theory has a lot to offer any society that is faced with inflation and unemployment and is trying to make good decisions on expenditures and investments that will benefit all members. Good economic policy can improve the lives of many.
This course has a number of goals and some of them are identified below:
1. We will seek to clearly identify important ideas in economics. This is not just the instructor’s job; he already has a pretty good idea about which ideas are important. By taking good notes and working at summarizing the lectures and chapters, the student works to identify and understand the important ideas. A joint effort is required.
2. We will identify both virtues and shortcomings of market behavior. We want to know how markets benefit individuals and society, but we also need to know the limitations and failures of markets.
3. We are engaged in scientific study and must be aware of opposing opinions in fair disputes. Dissent is encouraged.
4. We will be studying economic theories, but will be concerned with finding applications in the real world. Theory is useful because it illuminates problems that cannot be understood through intuition or "common sense."
Since this is an introductory course, the presentation will be kept relatively simple and only a little algebra will be required. This does not mean that ideas will be compromised for the sake of simpler presentation. Important ideas can be simply presented - but we will not be able to make rigorous proofs of some important ideas at this level.
It is traditional to assign problems in an economics class and not to assign much writing. Your ability to communicate is probably even more important than your ability to remember fundamental economic laws, so this course will require written work, including some essays. When the homework asks for an explanation, remember that writing is a good way to learn material.
There
are many introductory texts in economics.
The text by William Baumol and Alan Blinder was chosen because I feel it
is one of the finest introductory texts available at the college level. But, there is keen competition in the
textbook market. Please let me know of
any problems you find with the textbook.
At least the authors can be informed and the market may provide a better
text in the future.
It is often easier to respond to questions and comments through email than over the phone. I encourage you to see me in my office for questions, but also recognize that email can be more convenient. Use the class website for email.