Introduction to Political Economy ECO2003 Dr. Edgar A. Ghossoub

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1 Introduction to Political Economy ECO2003 Dr. Edgar A. Ghossoub Section 003 Fall 2008 Monday and Wednesday 19:00-20:15 BB Office: BB Business Building (Next to the single Elevator on the 4th floor) Office Hours: Monday and Wednesday: 4:00-5:00 Office Phone: (210) Course website: Course Goals This course provides a general understanding to economics with an emphasis on policy. In particular, the course is divided into two parts. The first part examines the behavior of individual markets: Microeconomics. The second part builds on the microeconomics section to study the economy as a whole: Macroeconomics. For each part, we will examine the economic impact of policymakers decisions. Although you will learn more than the following list suggests, the course is structured so that each of you will be able to answer the following questions when we have finished. Questions in Microeconomics 1. What determines the price of each product you buy and how fast do prices adjust? 2. As a manager, how should you price the items you are selling? 3. Should the Federal Government lower gasoline taxes? By how much? Question in Macroeconomics: 1. How much greater is our standard of living today than when your grandparents were your age? 2. Oil prices at nearly $130 a barrel what will high oil prices mean for the economy, and for you and me? 3. The Federal Reserve (Fed) has lowered interest rates for three consecutive times in In , the Fed cut interest rates thirteen times. Why does the Fed raise and lower interest rates and how? 1

2 Text Book: Economics, Second Edition, by R. Glenn Hubbard and A. Patrick O Brien, Prentice Hall Publishers. Grading System Your grade will be determined by the total number of points you earn on three exams and four quizzes which combine for 425 possible points. Grading is based on the standard 90%-100% as an A; 80-89% a B; 70-79% a C; 60-69% a D; and < 60% an E. If I feel that a curve is necessary, it will be determined separately for each exam and announced in class when I return that exam. Given our total of 425 points, course grades will be determined by the following point ranges: Technology: Course Grade Points A B C D E < 255 We will use WEBCT on regular basis for this course. I will be posting some notes and previous exams on WEBCT. After each quiz or exam, your grade will be posted automatically. In order to do that, you must use Parscore scantron sheets. Specifically, you need the purple, 20 questions Parscore form for your quizzes. As for your exams, you need the purple Parscore form, 48/TSM that supports 100 multiple choice questions. Exams There are three exams worth a total of 325 points: 2 midterms worth 100 points each and 1 comprehensive final worth 125 points. Exams cover material from class and the text. Exam dates: Exam I: Monday, October 13 Exam II: Monday, November 24 Final Exam: Wednesday December 10, 5:00 to 7:30 Pm: In Class 2

3 Any student missing an exam due to an excused absence must inform me within one week of the excused absence. If you miss an exam and do not provide an excused absence, you receive for that exam a zero. The make-up exam will be given soon after the missed exam at a common time reasonably convenient to all parties. Quizzes There will be four quizzes with each worth 25 points for a total of 100 points. The quizzes will consist of few multiple choice questions that cover material since the last quiz or exam. The date of each quiz will be announced in class couple of days in advance. Each quiz will last for up to 10 minutes. Grievance Procedure Anyone feeling that a dispute exists after the grading of an exam or quiz may submit a written grievance. The grievance should identity the item in dispute and provide arguments supporting the student s position. Grievances must be submitted within two class periods following the return of the exam or quiz. Attach your entire exam or quiz to the grievance. What you need to take a test You are allowed to bring a simple basic calculator to your exams / quizzes. You can get one of these calculators for $1 from a dollar tree store. In addition, you need a Parscore Scantron sheet as described above and a #2 pencil. Cheating I will not tolerate cheating in anyway. Be careful about that. A student caught cheating could receive an E in the course and that student could be suspended or dismissed from UTSA as well. Course Expectations Students are expected to read assigned material prior to class and participate in class discussion and activities. Do not be afraid to participate because of the size of the class and if you have a question, never let it go unanswered. If you do not get an opportunity to ask your question during class, stop by during my office hours or feel free to contact me via electronic mail. I will not take roll. However, consistent attendance is essential for acceptable performance in the course. Many students find economic concepts difficult to grasp. Missing class will only make the process of absorbing this material more difficult. I will also present material in class that may not be found in the text. If you find yourself falling behind or you are having problems with the material, I encourage you to come to me for assistance. My posted office hours list the times that you are guaranteed to find me in my office. However, if you have a conflict, you may arrange a meeting time outside of office hours. 3

4 I have three additional and very important requests: If you do plan to attend class, be on time and do not leave until class is dismissed. Late arrivals and early departures are very disruptive to your fellow students and to me!! If nature calls so loudly that you must answer, please leave and return to the classroom as quietly as possible. Please avoid carrying on private conversations during class. This behavior shows disrespect for your classmates who would like to hear the lecture and it can have a negative impact on the learning experience of the entire class. Please turn off all cell phones, pagers, etc. If you are unable to turn off these electronic devices, please have them on mute or leave them at home. It is very disruptive to your peers and to me to have a cell phone ring or a pager beep during class. Student Support Services: UTSA students with documented disabilities have access to an array of support services through the Office of Disability Services (office: MS ; phone: ; web: If you have a disability and need a special environment while taking a test, please contact me at the beginning of the semester so that I can make the necessary arrangements. Additional dates to remember: Monday September 01: Labor Day, no class 4

5 Course Outline (Subject to change) Part 1: Microeconomics: 1. Chapter 1: Introduction to economics and Economics Systems 2. Chapter 2: Production and Trade 3. Chapter 3: The Market Economy Supply and Demand 4. Chapter 4: The Role of Government in the Market Economy: a. Price Control b. Taxation and Government Intervention Part 2: Macroeconomics: 5. Chapter 19: GDP: Measuring Total Production and Income 6. Chapter 20: Unemployment and Inflation 7. Chapter 21-22: Economic Growth and the Business Cycle 8. Chapter 21: Financial Markets (Market for Loanable Funds) 9. Chapter 24: Aggregate Demand & Aggregate Supply 10. Chapter 25-26: Money and Monetary Policy 11. Chapter 27: Fiscal Policy Keep track of your Grades Grade Scale Exam1 100 Exam2 100 Final Exam 125 Quiz1 25 Quiz2 25 Quiz3 25 Quiz4 25 Total 425 Good Luck 5

THE GEORGE WASHINGTON UNIVERSITY Department of Economics. ECON 1012: PRINCIPLES OF MACROECONOMICS Prof. Irene R. Foster

THE GEORGE WASHINGTON UNIVERSITY Department of Economics ECON 1012: PRINCIPLES OF MACROECONOMICS Prof. Irene R. Foster Office: Monroe 323 Phone: (202) 994-6150 Walk-in Office Hours: W 2-4pm Email: fosterir@gwu.edu