Economics 22: Principles of Microeconomics
Professor Ken Peterson
Spring 2000

 

 

Contact Information | Pre-requisites | Course Objectives | Philosophy | Texts | Grading | Practice Problems | Writing | Attendance | Academic Integrity| Educational Accommodations | Topics | Dates | Reading Suggestions

How to Reach Me

Pre-requisites

Economics 21, Principles of Macroeconomics, is a pre-requisite for this course.  If you have not had Economics 21, you should enroll in Economics 11 now.

Course Objectives

The primary objectives of this course are . . .

To introduce you to economics and the "economic way of thinking" and to help you learn how to apply the economic way of thinking to real situations that you are likely to face everyday no matter what you choose as a career. The economic way of thinking is conveyed through the following concepts that you will learn about during the semester: scarcity, tradeoffs, opportunity costs, comparative advantage, markets and market failures, marginal analysis, incentives, and elasticities. In other words, when you are familiar with these concepts, the chances are that you are beginning to grasp the economic way of thinking.

It is hoped that you will acquire the tools necessary to evaluate (critically) the policies that your political leaders will offer to you during the course of your life--in short, I hope that you will be a more effective citizen as a result of taking this course. The principles developed in this course are quite easily applied to most work environments in business, government, and non-profit organizations as well.

Pedagogical Philosophy and Approach

Economics can be a rewarding subject for any student, but for some it is not an easy subject (it was not easy for many economics professors when they were students either). What is the best way to succeed in economics courses? It's not that different from achieving success in athletics or music or most other things that you might think are worth doing. Success is achieved through reading the text, attending class, practicing problems . . . over and over and over until you get good at it. Attending class casually, i.e., without really tuning in, and casually reading the text are not usually sufficient for success in the course.

Many economists chose this discipline because we thought it had a lot to say about how the world works. In other words, we were interested in economics because of how applicable it is to everyday life in the home, in business, and in politics.

To avoid a catastrophe, an electrician must know the basic principles of electricity and how her tools work before wiring a house. Similarly, certain economic tools (theories, models, and techniques) must be mastered before this subject will be useful--or applicable--to you (history is full of the misapplication of economic "tools" with consequences far worse than those experienced by the ill-prepared electrician; consider the Great Depression, for example). Too much emphasis on tools, however, would probably not help you apply your new way of thinking to the world in which you live--in other words, you probably wouldn't begin to appreciate the very aspect of economics that many economists find most attractive--its relevance. In this course, we will attempt to strike a balance between learning some abstract theories (tools) and determining how real world situations can be better understood with the use of these theories.

Since different people learn in different ways, I will try to expose you to several teaching techniques, including lecture, writing assignments, in-class simulations, and team assignments. I believe that “learning by doing” is more effective that “learning by watching” and will try to incorporate exercises that encourage active participation in the class.

Text Book and Readings

The required text book for this course is Principles of Microeconomics, 1997, by N. Gregory Mankiw. You should also buy the Study Guide for this text, since we will be working problems on a regular basis. Assignments based on readings from The Economics of Public Issues by Miller, Benjamin, and North will be made. Additional readings may also be placed on reserve or made available through the Dow Jones News Service in the library or the Economics Computer Lab. Please consider these to be "required" unless otherwise instructed. We will often "discuss" these reading assignments using a newsgroup or in class or both.

Course Requirements and Grading Policy

Grading will be based on the following: Note that there are 500 points possible in the course.

The following grading scale will apply to all items:

Ungraded Practice Problems and Class Participation

Students in the past have benefited from working a number of ungraded practice problems (in class with a partner or on their own outside of class). Students who (through persistence) catch on to the practice problems tend to do better on exams and exhibit a higher level of understanding in their papers. I will occasionally collect practice problems just to check your progress throughout the course.

We will also use the Lotus Notes discussion group to discuss and debate several topics that we encounter in the course.  Your efforts in these discussions will contribute to your class participation grade.

You should try the online practice problems provided by the publisher of the Mankiw text.

Writing Assignment

One short (five to seven pages) writing assignment will be made during the term. The writing assignment should be typed using Microsoft Word (double-spaced) and is due in class on the specified date. Both a hard copy (printed version) and an electronic copy should be submitted. If an assignment is submitted after class on the due date, it will be considered "late" by one day. The writing assignment will be depreciated by one full grade each day it is late and will be graded on content (relative to the assignment), appearance, and on the quality of the writing.

You should take this "short" paper just as seriously as you would a longer one. A good short paper is often harder to write, since you do not have the luxury of "rambling." Use a spell checker and proofread your work. Read your own paper out loud to yourself and change words, sentences, and paragraphs that might sound distracting to the reader. Reading aloud helps you spot punctuation and spelling mistakes and identify poorly written passages.

You may wish to consult "Powerwrite," Furman University's web site that "provides writing assistance for students in all disciplines."  At this site, you will find pages that can help you with a variety of writing problems, including organization, punctuation and clarity.  In addition, you may wish to consult Strunk's Elements of Style, The Writing of Economics by Don McCloskey (New York: MacMillan, 1987, ISBN0-02-379520-4), or and/or The Writer's Guide to College Economics by Thomas Wyrick. You should cite sources in your papers according to the APA (American Psychological Assocation) Guide. Electronic sources should be cited according to Citations of Electronic Sources (use APA version).  Please note that part of your assignment may involve sharing your paper with other students for peer criticism, as well as criticizing other students' papers.

Attendance

We will follow the university policy on attendance, which is stated on p. 46 of the Furman Course Catalogue.  It says that "a student who has fewer than 30 hours will be automatically dropped from a course if absent (for any reason) 15 percent of the class meetings.  A student who has earned credit on a minimum of 30 hours will be dropped from a course if absent 25 percent of the class meetings.  In both cases, a grade of F will be recorded unless the absences were due to providential reasons, in which cases a grade of W may be assigned after consultation with the Associate Academic Dean."

Academic Integrity

Your enrollment in this class signifies that you accept the rules of academic honesty provided in the Helmsman. Any violation is grounds for an "F" in this course.  Cheating on assignments, plagiarism, and other similar conduct will result in immediate dismissal from this course.

Educational Accommodations

Students with disabilities who need academic accommodations should contact Dr. Sarah Fletcher, Coordinator of Disability Services, (2998), in Plyler Hall 1 (basement).  After meeting with her, contact me during my office hours.  Don't procrastinate: do this EARLY in the term.

Order of Topics

Abbreviations: MBN = Miller, Benjamin, and North

Important Dates

Quiz I: Wednesday, March 22
Paper Topic Due: Monday, March 27
Midterm I:  Friday March 31
Research Journal Due: Monday, April 10
Quiz II:  Thursday, April 20
Easter Break:  April 21-24
Midterm II:  Monday, May 1
Paper and Research Jounal Due:  Monday, May 8
May 17, Last Day of Class
May 18, Study Day
Final Exam:  Saturday, May 20, 9:00am

Reading and Listening Suggestions

Thinking of majoring in economics, business, or accounting? Are you interested in economics issues? Monitoring the following media sources will surely improve your understanding of economics in everyday life and it will keep you up to date on current events. If you are a prospective major or are otherwise interested, try to follow several of these sources on a weekly basis:
    Radio
  1. Morning Edition, 90.1 FM, 6:00am-8:00am, M-F
  2. All Things Considered, 90.1 FM, 4:00pm-6:00pm, M-F
  3. Marketplace, 90.1 FM, 6:00pm-6:30pm, M-F
    Television
  1. McNeil NewsHour, PBS, 6:00-7:00pm, M-F
  2. Wallstreet Week, PBS, 8:30-9:00pm, Fridays
  3. The Nightly Business Report, PBS, 7:00-8:00pm, M-F
    Magazines
  1. The Economist
  2. Business Week
  3. The New Republic
  4. U.S. News and World Report
    Newspapers
  1. NY Times
  2. Wall Street Journal.
  3. The Financial Times
    Books

    The following is a list of good "popular" economics books that are accessible to a Principles student.

  1. Hard Heads and Soft Hearts by Alan Blinder
  2. Thinking Strategically: The Competitive Edge in Business, Politics, and Everyday Life by Avinash Dixit and Barry Nalebuff
  3. Peddling Prosperity by Paul Krugman
  4. Capitalism and Freedom by Milton Friedman
  5. 21st Century Capitalism by Robert Heilbroner
  6. How the West Grew Rich by Nathan Rosenberg and L.E. Birdzell, Jr.
  7. The Winner-Take-All Society: Why the Few at the Top Get So Much More Than the Rest of Us by Robert Frank and Philip Cook
  8. The Age of Diminished Expectations by Paul Krugman