0 Course Specification ECON 101 PRINCIPLES OF MICROECONOMICS DEPARTMENT OF MARKETING March, 2009 0
1 COURSE SPECIFICATION Institution : College of Business Administration, Al Kharj, King Saud University Department: Marketing A Course Identification and General Information 1. Course title and code: Principles of Microeconomics/ECON 101 2. Credit hours: 3 (3+0+0) 3. Program(s) in which the course is offered: BSBA 4. Name of faculty member responsible for the course: Dr. Mohammad Tarique 5. Level/year at which this course is offered: Second year/ Third Semester 6. Pre-requisites for this course (if any): ---- 7. Location if not on main campus: College of Business Administration, Al Kharj 1
2 B. Objectives: 1.Summary of the main learning outcomes for students enrolled in the course The objective of this course is to introduce the theoretical basis for economics, its methodology, and analyzing the economic activity and its different domains at the micro-level. The basis of economic analysis is applied to comprehend the behavior of micro economic units (individuals and families, firms, government, and outside world), and the pattern of micro economic markets and its production and pricing decisions. 2. Briefly describe any plans for developing and improving the course that are being implemented. (eg increased use of IT or web based reference material, changes in content as a result of new research in the field): Using Information Technology in teaching this course, the goal is to improve concept building and learning in students by combining a theory-based approach to learning by using software and new researches taking place in the field. C. Course Description 1 Topics to be Covered Topics No of Weeks Contact Hours Introduction to Microeconomics: The concept of stock and flow variable; firm, industry, Government and foreign trade. Theory of Consumer Behavior: Utility and its measurement, Cardinal and Ordinal utility analysis, The optimal choice of the consumer, Derivation of the demand curve. Demand and Supply Analysis: Individual vs. Market demand and supply, law of demand & law of supply, the movement & shift factors and concept of equilibrium. Elasticity of Demand and Supply: Concept, types & measurement of elasticity of demand and supply. Use of elasticity in business world. Production and Cost analysis: The concept of short run and long run. The concept of marginal productivity. The law of diminishing returns and returns to scale. Total, average and marginal cost. The Break Even Point (BEP). 1 3 2 6 2 6 3 9 3 9 2
3 Price and Output Determination: Theory of distribution for factors of production. Price and output determination of a firm under Monopoly, oligopoly, monopolistic competition and perfect competition. The firm's short run decision to shut down. 3 9 2. Course components (total contact hours per semester): Lectures: 42 Tutorial: Practical/Fieldwork / Internship: Others 3. Additional private study / learning hours expected for students per week. (This should be an average for the semester not a specific requirement in each week. As per the students level of learning. 4. Development of Learning Outcomes in Domains of Learning a. Knowledge (i) Description of the knowledge to be acquired: 1) Understanding various concepts of Microeconomics. 2) Acquainting with the market forces of demand, supply and equilibrium. 3) Discussing the notion of production, cost and recognising the importance of BEP. 4) Understanding the concept of different types of market. (ii) Teaching strategies to be used to develop that knowledge: 1) Class lectures. 2) Presentations by the students. 3) Group discussions. 3
4 4) Home assignments. (iii) Methods of assessment of knowledge acquired 1) In class short MCQs quizzes 2) Two Mid Term and final examination. b. Cognitive Skills (i) Cognitive skills to be developed: 1) Upgrading the knowledge of basic Mathematical tools used in Economics. 2) Exploiting the knowledge of students in formulating Mini Projects. 3) Developing the critical thinking ability of the students. 4) Developing interest in knowing the new researches taking in the field. 5) Using internet for surfing and appliance of related software like Excel etc. (ii) Teaching strategies to be used to develop these cognitive skills: Cognitive skills are developed through lectures supported by assigning home work, giving chance to students for making presentations and independent learning. (iii) Methods of assessment of students cognitive skills: Assessment of cognitive skills occurs in the range of assessment methods employed i.e. examination and course work c. Interpersonal Skills and Responsibility: (i) Description of the interpersonal skills and capacity to carry responsibility to be developed: 1) Ability to relate to and collaborate effectively with peer groups. 2) Self management to meet deadlines. 4
5 3) Ethical relationship. (ii) Teaching strategies to be used to develop these skills and abilities: 1) Assignments. 2) Report writing. 3) Presentations. 4) Group Discussions. (iii) Methods of assessment of students interpersonal skills and capacity to carry responsibility: 1) Evaluation of presentations. 2) Assessment of group discussions. 3) Assessment of home tasks. d. Communication, Information Technology and Numerical Skills: (i) Description of the skills to be developed in this domain: 1) Persuation and influencing. 2) Use a range of presentation forms professionally. 3) Use of IT skills. 4) Information search and data retrieval using traditional and electronic sources. (ii) Teaching strategies to be used to develop these skills: Involving students in the utilization of computer knowledge in the course requirements through MS Excel and SPSS (iii) Methods of assessment of students numerical and communication skills: These are assessed through relevant assignment in particular course works of the modules. 5
6 5. Schedule of Assessment Tasks for Students During the Semester Assess ment Assessment task (eg. essay, test, group project, examination etc.) Week due Proportion of Final Assessment 1 Mid Term Examination-I 5 th 15% 2 Mid Term Examination -II 10th 15% 3 Quiz 12th 10% 4 Mini Project 13th 20% 5 Final Examination 14th 40% D. Student Support 1. Arrangements for availability of faculty for individual student consultations and academic advice. (include amount of time faculty are available each week) Office hours : 6 hrs/ week E. Learning Resources 1. Required Text(s) i) Principles of Economics, 4 th Edition (2006 or latest), N. Gregory Mankiv, South-Western ii) Intermediate Microeconomics, A Modern Approach, 6 th ed., Hal R. Varian, W.W. Norton. 6
7 2. Essential References: 3 Recommended Journals, Reports, etc. 1) International Journal of Theoretical and Applied economics 2) Economic Times 3) The Smart Manager 4) Business Today 5) Business World 6) Indian Management 7) Harvard Business Review 8) Business Standards 4.Electronic Materials, Web Sites etc Websites on the internet that are relevant to the topics of the course like: 1) www.answers.com 2) www.wickipedia.com 3) www.atoz.com 4) www.google.com/economics 5. Other learning material such as computer-based programs/cd, professional standards/regulations Multi media associated with the text book and the relevant websites F. Facilities Required Indicate requirements for the course including size of classrooms and laboratories (ie number of seats in classrooms and laboratories, extent of computer access etc.) 1. Accommodation (Lecture rooms, laboratories, etc.) Lecture room with capacity of at least 25 seats 2. Computing resources Computer with internet connection and unique data sets for each students depending on the class size 7
8 3. Other resources (specify --eg. If specific laboratory equipment is required, list requirements or attach list) G Course Evaluation and Improvement Processes 1 Strategies for Obtaining Student Feedback on Effectiveness of Teaching 1) Course evaluation and review 2) Student-faculty meeting 2 Other Strategies for Evaluation of Teaching by the Instructor or by the Department 1) Constituting the Board of under graduate studies. 2) Departmental council discussion 3) Discussions within the group of faculty teaching the course 3 Processes for Improvement of Teaching 1) Conducting workshops given by experts on the teaching and learning 2) methodologies 3) Periodical departmental review of the methods of teaching 4) Monitoring of teaching activities by senior faculty members 4. Processes for Verifying Standards of Student Achievement (eg. check marking by an independent faculty member of a sample of student work, periodic exchange and remarking of a sample of assignments with a faculty member in another institution) 1- providing samples of all kinds of assessment in the departmental course portfolio of each course 2- Assigning group of faculty members teaching the same course to grade same question for various students 3- Conducting standard exams 4 Appointing the head /supervisor of the department as the head examiner to check Sample answer books. 5 Describe the planning arrangements for periodically reviewing course effectiveness and planning The course material and learning outcomes are periodically reviewed and the changes to be taken are approved in the departmental and higher councils 1- The head of department and faculty take the responsibility of implementing the proposed changes if the changes are more than 20%. 8
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