TEC Economics Lansing Community College Official Course Syllabus effective from Fall 2012 Semester Instructor Information: Mr. Boeve, Room 202 MB, Office in 230 MB Email: boevem@lcc.edu (best option) TEC Office: (517) 483-1640 Voice Mail: (517) 267-5800 x 9640 Available Office Hours: 7:30 to 9:30 M-F and 2:55 to 3:40, M, T, Th Office hours can also be made by appointment, and I am usually available as early as 7:00 AM The above office hours times are subject to change based on possible meetings. Course Code: CRN 43707 or 43708 11:46 to 1:14 or 1:24 to 2:51 Class meets Monday through Friday I. Course Code: Credit Lecture CRN 43707 or 43708.5 II. Prerequisite: None Restriction: TEC Students Only Co-requisite Course: None III. COURSE DESCRIPTION: TEC Economics is a one semester course that covers a broad array of economic topics. The course will encourage economic and critical thinking strategies as well as the analysis of information and the use of economic graphs in order to encourage rational decision making. Microeconomic, macroeconomic and personal finance will all be covered in this course. This course will meet the State of Michigan requirements for high school economics, which focuses on the market economy, the national economy, the international economy, and an introduction to personal finance. The Big Questions: How does economics affect everyone? How can we make the best economic decisions? Who benefits from a free market economy? How can businesses and labor best achieve their goals? How can you make the most of your money? Why does it matter how the economy is doing? What is the proper role of government in the economy? How might scarcity divide our world or bring it together?
IV. INSTRUCTIONAL MATERIALS: A. Textbook Prentice Hall, Economics (2010 ed.) which will be provided B. Other Materials/Resources: C. Tools, Equipment or Apparel (required of the student): 3-ring binder with lined paper, tabs for organizing, etc. (See Success Skills curriculum) Acceptable independent reading material Access to computer for word-processed papers, searches using library databases, course communication, etc. Jump Drive (suggested) Pencils, pens, paper, etc. V. STUDENT LEARNING OUTCOMES: Unit 1: Introduction to Economics Explain why scarcity and choice are the basis for economics (1.1) Describe what entrepreneurs do (1.1) Define the three factors of production and the differences between physical and human capital (1.1) Explain how scarcity affects the factors of production (1.1) Explain why every decision involves trade-offs (1.2) Determine how people use and respond to incentives (1.2) Apply the concept of opportunity cost to decision making 1.2) Interpret a production possibilities curve (1.3) Use the production possibilities curve to show efficiency, growth, and cost (1.3) Explain why a country s PPC depends on its resources and technology (1.3) Identify the three economic questions (2.1) Analyze the societal values that determine how a country answers the three economic questions (2.1) Compare and contrast the different types of economies (2.1 to 2.4) Analyze the circular flow of a free market economy (2.2) Identify the advantages of a free market economy (2.2) Distinguish between socialism and communism (2.3) Analyze the central planning in the Soviet Union and China (2.3) Define and describe the basic principles of the U.S. free enterprise system (3.1) Describe the role of the consumer in the U.S. economy (3.1) Explain how constitution principles are evident in the U.S. economy (3.1) Explain when and how the government may intervene in the economy (3.1) Explain why the government tracks and seeks to influence business cycles (3.2) Describe how the government promotes economic strength (3.2) Analyze the factors that increase productivity (3.2) Identify examples of public and private goods (3.3) Evaluate how the government allocates some resources by managing externalities (3.3) Describe how the government provides certain services as a safety net (3.4)
Unit 2: How Markets Work Explain the law of demand (4.1) Describe how the substitution effect and the income effect influence decisions (4.1) Create a demand schedule for an individual and a market (4.1) Explain how to interpret a demand graph using demand schedules (4.1) Explain the difference between a change in quantity demanded and a shift in the demand curve (4.2) Identify the factors that create changes in demand and that can cause a shift in the demand curve (4.2) Give an example of how a change in demand for one good can affect demand for a related good (4.2) Explain how to calculate elasticity of demand (4.3) Identify factors that affect elasticity (4.3) Explain how firms use elasticity and revenue to make decisions (4.3) Explain the law of supply (5.1) Interpret a supply schedule and a supply graph (5.1) Examine the relationship between elasticity of supply and time (5.1) Explain how firms decide how much labor to hire to produce a certain level of output (5.2) Analyze the production costs of a firm (5.2) Explain how a firm chooses to set output (5.2) Identify the factors that a firm must consider before shutting down an unprofitable business (5.2) Explain how factors such as input costs create changes in supply (5.3) Identify three ways that the government can influence the supply of goods (5.3) Analyze other factors that affect supply (5.3) Explain how firms choose a location to produce goods (5.3) Explain how supply and demand create equilibrium in the marketplace (6.1) Describe what happens when the price equilibrium is disturbed (6.1) Identify two ways the government steps in to control prices (6.1) Analyze the impact of price ceilings and price floors on a free market (6.1) Explain why a free market naturally tends to move toward equilibrium (6.2) Analyze how a market reacts to an increase or decrease in supply (6.2) Analyze how a market reacts to an increase or decrease in demand (6.2) Identify the many roles that prices play in a free market (6.3) Explain how a price-based system leads to a wider choice of goods and more efficient use of resources (6.3) Describe the relationship between prices and profit incentive (6.3) Describe the four conditions in place for a perfectly competitive market (7.1) List two common factors that prevent firms from entering a market (7.1) Describe prices and output in a perfectly competitive market (7.1) Describe characteristics and give examples of a monopoly (7.2) Describe how monopolies are formed (7.2) Explain how a firm with a monopoly makes output decisions (7.2) Describe characteristics and give examples of monopolistic competition (7.3) Explain how firms compete without lowering prices (7.3) Describe characteristics and give examples of oligopoly (7.3) Explain how firms might try to increase their market power (7.4) List three market practices that the government regulates or bans to protect competition (7.4)
Define deregulation and list its effects on several industries (7.4) Unit 3: Business and Labor Describe the different types of business organizations (8.1 to 8.4) Explain the advantages and disadvantages of the different business organizations (8.1 to 8.4) Describe how trends in the labor force are tracked (9.1) Analyze past and present occupational trends (9.1) Summarize how the U.S. labor force is changing (9.1) Analyze how supply and demand in the labor market affect wage levels (9.2) Describe how skill levels and discrimination affect wage levels (9.2) Identify factors affecting wage levels, such as minimum wage and workplace safety laws (9.2) Describe why American workers have formed labor unions (9.3) Summarize the history of the labor movement in the U.S. (9.3) Analyze the reasons for the decline of the labor movement (9.3) Explain how labor and management negotiate contracts (9.3) Unit 4: Money, Banking and Finance and Personal Finance Describe the three uses of money (10.1) List the six characteristics of money (10.1) Analyze the sources of money s value (10.1) Outline the changes in the U.S. banking system (10.2) Explain the causes of two recent banking crises (10.2) Explain how the money supply in the U.S. is measured (10.3) Describe the functions of financial institutions (10.3) Describe the changes brought about by electronic banking (10.3) Describe how investing contributes to the free enterprise system (11.1) Explain how the financial system brings together savers and borrowers (11.1) Identify the trade-offs among liquidity, return, and risk (11.1) Describe the characteristics of bonds as financial assets (11.2) Identify different types of bonds (11.2) Describe the characteristics of other types of financial assets (11.2) Identify the risks of buying stock (11.3) Describe how stocks are traded (11.3) Explain how stock performance is measured (11.3) Describe the Great Crash of 1929 and more recent stock market events (11.3) Create a budget, taking into account many different personal finance factors (Personal Finance Handbook) Describe various aspects of personal finance (Investing, insurance, risk, mutual funds, stocks, etc. (Personal Finance Handbook) Unit 5: Measuring Economic Performance Explain how gross domestic product (GDP) is calculated (12.1) Distinguish between normal and real GDP (12.1) List the main limitations of GDP (12.1) Identify factors that influence GDP (12.1) Describe other output and income measures (12.1) Identify the phases of the business cycle (12.2)
Describe the four factors that keep the business cycle going (12.2) Explain how economists forecast fluctuations in the business cycle (12.2) Analyze the impact of business cycles in U.S. history (12.2) Analyze how economic growth is measured (12.3) Explain what capital deepening is and how it contributes to economic growth (12.3) Analyze how saving and investment are related to economic growth (12.3) Summarize the impact of population growth, government, and foreign trade on economic growth (12.3) Differentiate between frictional, seasonal, structural, and cyclical employment (13.1) Describe how full employment is measured (13.1) Explain the effects of rising prices (13.2) Understand the use of price indexes to compare changes in prices over time (13.2) Identify the causes and effects of inflation (13.2) Describe the causes of poverty (13.3) Analyze the distribution of income in the U.S. (13.3) Summarize governmental policies intended to combat poverty (13.3) Unit 6: Government and the Economy Identify the sources of the government s authority to tax (14.1) Describe types of tax bases and tax structures (14.1) List the characteristics of a good tax (14.1) Describe the process of paying individual income taxes (14.2) Identify basic characteristics of corporate income taxes (14.2) Explain the different types of taxes (14.2) Distinguish between mandatory and discretionary spending (14.3) Describe the major entitlement programs (14.3) Identify categories of discretionary spending (14.3) Explain the impact of federal aid to state and local governments (14.3) Explain how states use a budget to plan their spending (14.4) Identify where state taxes are spent (14.4) List the major sources of state tax revenue (14.4) Describe local government spending and sources of revenue (14.4) Describe how the federal budget is created (15.1) Analyze the impact of expansionary and contractionary fiscal policy on the economy (15.1) Identify the limits of fiscal policy (15.1) Compare and contrast classical economies and Keynesian economics (15.2) Explain the basic principles of supply-side economics (15.2) Describe the role that fiscal policy has played in American history (15.2) Explain the importance of balancing the budget (15.3) Analyze how budget deficits add to national debt (15.3) Summarize the problems caused by national debt (15.3) Describe banking history in the U.S. (16.1) Explain why the Federal Reserve Act of 1913 led to further reform (16.1) Describe the structure of the Federal Reserve System (16.1) Describe how the Federal Reserve serves the federal government (16.2) Explain how the federal reserve regulates the banking system (16.2) Explain the Federal Reserve s role in regulating the nation s money supply (16.2) Describe the process of money creation (16.3)
Explain how the Federal Reserve uses reserve requirements, the discount rate, and open market operations to implement monetary policy (16.3) Explain why the Federal Reserve favors one monetary policy tool over the others (16.3) Explain how monetary policy works (16.4) Explain why the Fed s monetary policy can involve predicting business cycles (16.4) Contrast two general approaches to monetary policy (16.4) Unit 7: The Global Economy Evaluate the impact of the unequal distribution of resources (17.1) Apply the concepts of specialization and comparative advantage to explain why countries trade (17.1) Summarize the position of the U.S. in world trade (17.1) Describe the effects of trade on employment (17.1) Define various types of trade barriers (17.2) Analyze the effects of trade barriers on economic activities (17.2) Summarize the arguments in favor of protectionism (17.2) Evaluate the costs and benefits of international trade agreements (17.2) Explain the role of multinationals in the global market (17.2) Explain how exchange rates of world currencies change (17.3) Define balance of trade and balance of payments (17.3) Analyze the causes and effects of the U.S. trade deficit. (17.3) Contrast developed nations and less developed countries (18.1) Identify the tools used to measure levels of development (18.1) Identify the causes and effects of rapid population growth (18.2) Analyze how political factors and debt are obstacles to development (18.2) Summarize the role investment and foreign aid play in development (18.2) Describe the functions of various international economic institutions (18.2) Identify the characteristics of economic transition (18.3) Describe the political and economic changes that have taken place in Russia since the fall of communism (18.3) Analyze the reasons for rapid economic growth in China and India (18.3) Summarize the economic challenges facing Africa and Latin America (18.3) Define globalization and identify factors that promoted its spread (18.4) Explain four problems linked to globalization (18.4) Describe three challenges that globalization creates (18.4) Identify the characteristics needed for American workers and companies to succeed in the future (18.4)
VI. METHODS OF INSTRUCTION This class will use a variety of instructional methods, which will include lecture, readings, group assignments, individual assignments/explorations, inquiry-based activities, guided questions, etc. Additionally, classroom discussions and student participation are essential to this class. VII. METHODS OF EVALUATING STUDENT ACHIEVEMENT/ PROGRESS: A. The following methods are used in this class. Participation: 10% Quizzes: 10% Assignments: 20% Tests/Exams: 40% Final Exam: 20% Additional Information Participation: Your participation grade will be based upon your participation in classroom discussions, group work, staying on-task, etc. This includes presentation of current economic events, as well as daily classroom interactions, which are essential to the learning process in any social studies class. This will typically be worth 10 points per week, but is subject to change based on the participation opportunities in any given week. Assignments: Assignments will be varied and an important part of the class. This may include worksheets, group work/projects, text questions, essay questions, etc. Assignments are designed to help reinforce and provide practice for information learned in class. ***At the end of each chapter or unit, students will turn in answers/explanations to the student objectives for the chapter or unit. It is highly suggested that students would work on these student objectives throughout the chapter/unit and not just at the end. Point values for these assignments will be adjusted based upon how many questions there are for each chapter and the difficulty and length of the questions. This will make up a significant portion of the assignment category grade. *** Additionally, each student will complete current economic events and personal finance article analyses and present to the class. Every two weeks, each student will have a written summary and analysis due. Students will get into groups and discuss their articles. At least once during the semester, students will make a formal presentation of their analysis to the class. There will be a sign-up sheet for presentation dates during class. Each summary/analysis of your current event or personal finance article needs to be typed and in MLA format. They will be graded in the following manner: Summary of article 10 points Explain how the article is applicable to the class and how it ties into the economic concepts and thinking that we have discussed in class 10 points It is the intention that students find stories that are applicable to the class. There are many valid sites for economic and personal finance and we will discuss these in class. It is the expectation that the current economic event or personal finance article will come from a reputable source. The article/story should be fairly new (not more than 1 month old) and not a repeat of something that has already been presented in class. Students will sign up for dates to present, which will be on Fridays starting in week 3. The students making formal presentations to the class should have the main points that they want the class to know in a visual form. Each presentation will be graded in the following manner:
Summary of article 10 points Explain how the article is applicable to the class and how it ties into the economic concepts and thinking that we have discussed in class 10 points General Presentation Skills (volume, not reading, eye contact, knowledgeable about topic, can answer questions etc. 15 points Visual Presentation (professional, easy to read, etc) 15 points Quizzes: The instructor may give a quiz at any time and may or may not count them for a grade in the class. Quizzes are intended to show the student and the teacher how each student is progressing on the material in the unit. Quizzes will be used to check for understanding, check if homework was completed, and as an assessment of learning. It is anticipated that there will be a quiz at the end of most chapters. Tests/exams: There will be a unit test at the end of most units and exact dates will be announced in class and on Desire2Learn. There will be a test at the end of Unit 1, Unit 2, Unit 3, Unit 4, and Units 5/6. Unit 7 information will be included on the final exam. These will include objective and short answer questions, graph creation, and possibly an essay. Essays will require students to analyze and synthesize course material and to argue a thesis cogently according to accepted college-level writing standards. Final Exam: The final exam will be given at the end of the semester and will be comprehensive. This means it will cover material from the entire semester. As indicated above, it will be worth 20% of a student s final grade in the course. Extra Credit: Extra credit will be offered quite infrequently, if at all. It is recommended that all students take advantage of these opportunities if they do arise. Other extra credit opportunities may be considered at the discretion of the instructor if and when a student proposes a project above and beyond the required work of the course. B. Success Skills Credentialing for College Readiness: Refer to TEC handbook. Students will be evaluated for college readiness, and must be credentialed before enrolling in college social studies courses. A student will be as college ready only when they have successfully mastered the Success Skills Curriculum and they have demonstrated as appropriate level of mastery in this course. C. Grading Scale: College Standard College Grading Standards Guidelines For Student Grades 4.0 --- Excellent 4.0 --- 91-100% 3.5 --- ------------ 3.5 --- 86-90% 3.0 --- Good 3.0 --- 81-85% 2.5 --- ----------- 2.5 --- 76-80% 2.0 --- Satisfactory 2.0 --- 71-75% 1.5 --- -------------- 1.5 --- 66-70% 1.0 --- Poor 1.0 --- 60-65% 0.0 --- --------------
VIII. COURSE PRACTICES College-wide policies are stated in the Lansing Community College Catalog and include those on attendance, withdrawals and incomplete grades. The catalog is available on the internet at http://www.lcc.edu/catalog/ Additional Course Practices in this class are: 1. Complete all assignments, projects, tests, and quizzes on time 2. Actively participate in class discussions and activities. 3. If a student fails to participate in class discussion 3 times, does not engage in group work with the members of their group or falls asleep during class, it is viewed as not fulfilling the obligations and criteria of The Early College. 4. Follow the Rules and Guidelines of TEC and the classrooms as laid out in the Student handbook, and this syllabus. 5. Behave in a respectful manner. Absences and Late Work 1. Late work will not be accepted. 2. It is important that students attend class on a regular basis and on time. Failure to do so will affect a student s ability to succeed in this course and will ultimately affect their grade 3. If a student is late, leaves early, or misses class, he or she should see the instructor during office hours or at an appropriate time during class regarding any missed instruction (do not interrupt instruction for this purpose, however). 4. Students must arrange to make-up any missed tests/quizzes, etc. The Assessment Center will be used when appropriate. 5. For official policy regarding attendance, see the TEC attendance policy. 6. Attendance and participation are vital to success in this class. If a student misses a day of class they will be unable to earn participation points back for that day. In the event of an absence on the day of a quiz or test, it will need to be made up within two days of the absence. After that, the instructor may grant a zero on the assessment. In the case of an extended absence the student will need to come to the instructor for possible accommodations. 7. If a student is absent on the day that an assignment is due, they will be expected to turn it in the next day. Failure to turn in the assignment at that time will cause the assignment to be considered late, and will not be accepted. 1. Quiet Reading: Students will be expected to do independent reading when their work is done and they are waiting for the next activity/lesson. 2. Extra Help: Students wanting extra help should see Mr. Boeve during office hours. Other times are available by appointment. Additionally, students are encouraged to study together for assessments. However, each student is expected to turn in their own work on each assignment. Students caught copying each other s answers will both earn a zero on the assignment and may be subject to the College s Student Code of Conduct. 3. Behavior: Students are required to be familiar with, and abide by, the College s Student Code of Conduct and the General Rules and Guidelines. Violations of the Student or General Rules will
be reported to The Office of Student Compliance immediately. Listed below are some specific examples of behaviors that would warrant disciplinary action. Sleeping Use of inappropriate language (verbal or written) Verbal abuse of teacher or student(s) Persistent disruptive behavior Insubordination Grooming during class Any other behavior that would threaten the safety of a student or teacher or that would disrupt the learning environment. Dishonesty/Cheating Distracting the teacher or other students Unauthorized use of electronic devices in the classroom Cell Phones The use of cell phones during class interferes with the instructional process and is therefore prohibited. Camera cell phones and video cell phones are prohibited in locker rooms and restrooms. Cell phones and texting are considered disruptive to the instructional process. Phones should be either turned off or placed on silent during class. Phone use in the classroom during classroom instruction is strictly prohibited. Repeat offenders will experience more significant consequences. 4. Food and Drink: In general, I will allow food and drink in the classroom as long as it does not become disruptive of the instructional process or the condition of the room. The instructor observes the right to ban all food and drink except water or for medical conditions. 5. Textbooks: You will be given a textbook at the beginning of the semester and it is expected that you will return the textbook in nearly the same condition. If excessive damage has occurred it will be up to the student to reimburse the cost. IX. DETAILED OUTLINE OF COURSE CONTENT AND SEQUENCING (*Tentative) *This is a tentative schedule and is only meant to be a guide. Adjustments may be made based to the learning needs of students. Unit 1: Introduction to Economics, Chapters 1 to 3 (Weeks 1 to 3) A. What is Economics? a. Scarcity b. Opportunity Costs c. Production Possibilities Curves B. Economic Systems a. The Three Economic Questions b. The Free Market c. Centrally Planned Economics d. Mixed Economies C. American Free Enterprise a. Benefits b. Promoting Growth and Stability c. Public and Private Goods
d. Safety Net Unit 2: How Markets Work (Weeks 4-7) A. Demand a. Understanding Demand b. Shifts in the Demand Curve c. Elasticity of Demand B. Supply a. Understanding Supply b. Costs of Production c. Changes in Supply C. Prices a. Combining Supply and Demand b. Changes in Market Equilibrium c. The Role of Prices D. Market Structures a. Perfect Competition b. Monopolies c. Monopolistic Competition and Oligopoly d. Regulation and Deregulation Unit 3: Business and Labor (Weeks 8-9) A. Business Organizations a. Sole Proprietorships b. Partnerships and Franchises c. Corporations, Mergers, and Multinationals d. Nonprofit Organizations B. Labor a. Labor Market Trends b. Labor and Wages c. Organized Labor Unit 4: Money, Banking, and Finance with Personal Finance (Weeks 9-11) A. Money and Banking a. Money b. The History of American Banking c. Banking Today B. Financial Markets a. Saving and Investing b. Bonds and Other Financial Assets c. The Stock Market C. Personal Finance a. Budgets b. Strategies, Risks, and Rewards Unit 5: Measuring Economic Performance (Weeks 11-12) A. Gross Domestic Product and Growth a. GDP b. Business Cycles c. Economic Growth B. Economic Challenges a. Unemployment
b. Inflation c. Poverty Unit 6: Government and the Economy (Weeks 12-14) A. Taxes and Government Spending a. What are Taxes? b. Federal Taxes c. Federal Spending d. State and Local Taxes and Spending B. Fiscal Policy a. Understanding Fiscal Policy b. Fiscal Policy Options c. Budget Deficits and National Debt C. The Federal Reserve and Monetary Policy a. The Federal Reserve System b. Federal Reserve Functions c. Monetary Policy Tools d. Monetary Policy and Macroeconomic Stabilization Unit 7: The Global Economy (Weeks 15-16) A. International Trade a. Absolute and Comparative Advantage b. Trade Barriers and Agreements c. Measuring Trade B. Development and Globalization a. Levels of Development b. Issues in Development c. Economies in Transition d. Challenges of Globalization X. TRANSFER POTENTIAL Not applicable, however, it would be my goal for you to take Micro and Macro Economics at the college level and do very well in each class because you will already know the basics. XI. STUDENT ACADEMIC INTEGRITY The very nature of higher education requires that students adhere to accepted standards of academic integrity. It is the student's responsibility to be aware of behaviors that constitute academic dishonesty. Academic dishonesty of any kind will not be tolerated in this class. If you are caught cheating or plagiarizing, you will receive a 0 for the assignment. In addition, since academic dishonesty is a violation of the Student Code of Conduct, anyone caught cheating or plagiarizing will be reported to The Office of Student Compliance. Students are required to be familiar with, and abide by, the College s Student Code of Conduct and the General Rules and Guidelines. Violations of the Student or General Rules will be reported to The Office of Student Compliance immediately.
XII. OTHER COURSE INFORMATION A. Writing Support: If you would like assistance with writing assignments, we encourage you to visit The Writing Center in Room 251 of the Arts & Sciences Building. Peer Writing Assistants are available to help you work on your writing at any stage of the writing process. You may call for an appointment at 483-1907, or you may drop in during open hours (posted on the door). B. Technology Use: Students should be prepared to use computer technology in their coursework, including gaining regular access to the Angel course site associated with each class. Every section at LCC has an Angel site associated with it that may be used by the instructor as a mandatory part of the class. Angel can be accessed from any computer with an Internet connection and Web browsing software, including computers in the College s computer lab, TLC 100. Student Angel Orientation training is available at http://www.lcc.edu/helpdesk/angel/student.htm OFFICE OF DISABILITY SUPPORT SERVICES Students with disabilities who believe that they may need accommodations in this class are encouraged to contact the Office of Disability Support Services, Gannon Building, Room 204 or by calling 517-483- 1904 as soon as possible to better ensure that such accommodations are implemented in a timely fashion.