Pierce College Military Program Course Syllabus COURSE TITLE: Microeconomics ABBREVIATION: ECON&201 CREDIT HOURS: 5 LECTURE CONTACT HOURS: 50 INSTRUCTOR: Russ Tibbitts INSTRUCTOR INTRODUCTION: I have been teaching business and economics classes for Pierce College since 2007. Before that I worked for many years in the business world. I have an engineering technology degree from Brigham Young University, and an MBA from the University of Washington. I have worked as a consultant in many organizations in the Puget Sound area in the areas of: business process improvement, employee communications, technology, and human resource management. Much of my experience has been in the wireless industry, including at AT&T Wireless, T-Mobile and Verizon Wireless. COMMUNICATIONS: Through Conversations via the course Inbox. PRE-REQUISITES : Math 98 or Equivalent with a Grade of 2.0 or Better or Placement Test Score Above Math 098 CATALOG DESCRIPTION: Study of scarcity; the allocation of resources; supply and demand; production; market structures; determination of output and prices with emphasis on a market economy; labor and capital markets; role of government in a market economy; comparative advantage; international trade; and distribution of income. REQUIRED TEXT AND MATERIALS: Microeconomics, 20 th edition, by Campbell R. McConnell, Stanley L. Brue and, Sean M. Flynn, McGraw-Hill Irwin, 2015, paperback Textbooks are available at http://bookstore.mbsdirect.net/piercemilitary.htm COURSE GUIDANCE: Online Elements: Portions of this course will be available online, in Canvas. 1. Course Expectations: As a student, you can expect that I will respond to your e-mail within 48 hours and will grade assignments/tests/quizzes within four (4) days. Please contact me immediately if you have not heard from me within these timelines. 2. Introductions: You are expected to post a short (one paragraph) introduction to the course Discussions Area during the first week of the course. I have guidelines within the course for the introduction. 3. Discussions: This course may have discussions as part of the curriculum. Students may also desire to discuss topics with other students in an unscheduled manner. Your instructor, as part of the course, may publish discussion questions/topics and require your input. Should you desire to hold a discussion with other students enrolled in your course, you may be authorized to create your own discussion topics. 4. Course Extensions: are not automatic and must be requested from me. Extensions must be approved and arranged with me. 5. Student Responsibilities: Please remember that it is your responsibility to notify me of major changes in your circumstances (e.g. deployment) that affect your ability to complete all course work within the course timeline. 6. Plagiarism software may be in use during your course. Place your plagiarism policy here.
7. Etiquette for classroom and online courses is the same. Treat others as you would like to be treated, respectfully and compassionately. STUDENT OUTCOMES: Upon successful completion of this course, you should be able to: 1. Explain scarcity as the foundation of economics. 2. Apply the concept of opportunity cost to individuals, business, and the government. 3. Graph the production possibilities curve and use it to illustrate the difference between economic growth in terms of capacity and economic growth in terms of output. 4. Use the production possibilities curve to illustrate increasing relative costs. 5. Describe the basic microeconomic circular flow. 6. Distinguish between normative and positive economics. 7. Graph demand curves and distinguish between a change in demand and a change in quantity demanded. 8. Identify the factors that influence demand and be able to shift the demand curve in the appropriate direction. 9. Graph supply curves and distinguish between a change in supply and a change in quantity supplied. 10. Identify the factors that influence supply and be able to shift the supply curve in the appropriate direction. 11. Illustrate the interaction of supply and demand to determine an equilibrium price and equilibrium quantity. 12. Evaluate price as the mechanism by which a market arrives at equilibrium. 13. Evaluate price in the allocation of resources. 14. Graph and explain price floors and price ceilings. 15. Compute and interpret price elasticity of demand to include its impact on total revenue. 16. Compute and interpret price elasticity of supply, cross-price elasticity, and income elasticity of demand. 17. Explain the importance of competition in allocating scarce resources. 18. Compare the efficiency of a planned economy with a market economy. 19. Illustrate the total product curve. 20. Distinguish between the short run and long run in production. 21. Explain the law of diminishing marginal returns and explain its rationale with examples. 22. Assess the difference between accounting profits and economic profits and their role in efficient resource allocation. 23. Describe a cost function comprised of fixed and variable costs. 24. Explain revenue structures for perfect competition, monopolistic competition, oligopoly, and monopoly. 25. Compute total costs, total fixed costs, total variable costs, average total cost, average fixed cost, average variable cost, and marginal cost. 26. Compute total revenue, average revenue, marginal revenue, and profits. 27. Use costs and revenues to determine and analyze the profit maximizing level of output. 28. Graph and interpret cost and revenue curves for perfect competition, monopolistic competition, and monopoly. 29. Explain the difference between absolute advantage and comparative advantage and the role they play in specialization and exchange. 30. Describe the roles of government in a market economy. 31. Summarize the difference between capitalism and socialism. 32. Identify the role of government in dealing with imperfections in the market system such as public goods and externalities. 33. Evaluate some of the reasons for income inequality based on the marginal productivity theory of resource demand and other factors, such as discrimination, wealth, market power, and luck. continued next page
COURSE REQUIREMENTS: Please follow the directions given in each module. Learning activities include: reviewing the assigned chapters, reviewing PowerPoint slides (available online), participating in discussions, and doing a little bit of outside research using online sources. You should use the text as a tool. This means reviewing the chapter, not necessarily reading every word. The difference is you look through the parts of the chapter first to get an idea of whether you grasp the concepts. You then focus in on those where you need additional understanding. The online PowerPoint slides and practice quizzes will also help, especially if your learning style responds well to other methods than reading text. Assessment uses minor and major methods as follows. Minor: (These items you will self-report, essentially telling me you have done them.) Introduce yourself Explore the course Practice quizzes (at the publisher s online resource site) Major: Multiple choice quizzes 2 Discussion questions Essay test GRADING: Each assignment and assessment will be given a specific point value. The earned value of all possible points will determine grade, per Pierce College published policy: WEIGHT OF ASSIGNMENTS/ASSESSMENTS: Category Introduce yourself Explore the course practice quizzes (5 x 1) Discussion 1 Discussion 2 Quizzes (12 quizzes x 12 pts) Essay test (4 x 5) Total Points 1 points 1 points 5 points 2 points 2 points 144 points 20 points 175 points continued next page
GRADE SCALE: (Use the percentage scale if it fits your course, or modify as necessary. Adjust to fit page properly.) See http://www.pierce.ctc.edu/about/policy/grading for District Grading Policy) Grade Point Letter Grade % 4.0-3.9 A 100 95% 3.8-3.5 A- 94 90% 3.4 3.2 B+ 89 87% 3.1 2.9 B 86 84% 2.8 2.5 B- 83 80% 2.4 2.2 C+ 79 77% Grade Point Letter Grade % 2.1 1.9 C 76 74% 1.8 1.5 C- 73 70% 1.4 1.2 D+ 69 65% 1.1 1.0 D 64-60% 0.0 F < 59% COURSE SCHEDULE: note this course is self paced; this is a recommendation only. (Based on your course start date) Week 1 1 Week 2 Module Chapters Requirements Outcomes 1 (cont.) Week 3 2 Week 4 3 1 & 2 (Also Ch. 1 Appendix) 3 & 4 (Also Ch. 3 Appendix) 6 & 7* Week 5 4 9 & 10 Week 6 5 11*, 12 & 13 Week 7 6 14 & 15 Obtain book Introduce yourself Explore the course Take Chapter 1 Quiz Take Chapter 2 Quiz Explore online resources (not scored) Take Chapter 3 Quiz Take Chapter 4 Quiz Share a video Take Chapter 6 Quiz Do practice quiz for Ch. 7 (not scored but 1 point for doing) Take Chapter 9 Quiz Take Chapter 10 Quiz Review online PowerPoint Take practice quiz for Ch. 11 (not Take Chapter 12 Quiz Take Chapter 13 Quiz 1-6, 18, 31 7-16 30, 32 17, 21-27 28 13, 33
Week 8 7 16* & 19 Week 9 8 21* & 24* Take Chapter 14 Quiz Take Chapter 15 Quiz Take practice quiz for Ch. 16 (not Share an Article Take Chapter 19 Quiz Take practice quiz for Ch. 21 (not Take practice quiz for Ch. 24 (not Take essay test Do course evaluation * Note: Outcomes are listed in the area entitled STUDENT OUTCOMES, above. 22 29, 30 CONSENT AGREEMENT: A Pierce College course requires frequent interaction with your instructor. It is, therefore, essential that you agree to the conditions set forth in the course syllabus. After you have read the course syllabus, let us know (do not wait) if you do not agree with the course conditions and requirements. If we do not hear from you within three (3) days from the start of the course, we will assume you agree with the conditions set forth in this syllabus. POLICIES AND PROCEDURES: Pierce College Military Program Policies and Procedures are located at http://www.pierce.ctc.edu/military/canvas/policies/index.html, or on the Policies and Procedures menu item in Canvas.