ECON 502: FOUNDATIONS OF ECONOMICS

JENNINGS B. MARSHALL, Ph. D., Phone:726-2539

Fax: 726-2464

Course Description: ECON 501 - A survey of the theories tools, and techniques of basic economics analysis. This course provides an integrated framework of micro and macroeconomics, preparing the student for more advanced study in Econ 520..Credits: 4

Objectives:The primary objectives of this course are:

(1)To learn the “economic way of thinking” and understand how an economist makes sense of our complex world.

(2)To recognize and apply to simple cases the concepts, methods, and techniques of macroeconomic analysis.

(3)To recognize the importance of economics in the shaping of United States, other Western, and non-Western cultures and societies.

(4)To realize that economic analysis has many practical applications.

(5)To acquire the tools necessary to critically evaluate the policies that your political leaders will offer to you during your lifetime.

(6)To be able to make practical use of the theory of the firm and how that theory sheds light on decision.

Text:

·Mankiw, N. Gregory, Esssentials ofEconomics, 2nd Edition, Harcourt, 2001.

Your book comes with a 10 week subscription to The Wall Street Journal. Do not mail them, bring the postcards to class for me to send the The Wall Street Journal.

It is also highly recommended that you keep abreast of current economic news since it will be discussed in class.By the end of the course you should be able to understand discussions of economic issues in sources such as The Wall Street Journal or The Economist.

Grading:

This course is designed to be very rigorous and demanding.You are expected to work hard, actively participate in class, ask questions when you have any doubts, and perform to the very best of your ability.Your final grade will be based on the following components:

 

	Percent
Exam 1	20%
Exam 2	20%
Final Exam	40%
Critiques/Problems	20%

Grades will be assigned based on the following scale:

 

93-100	=	A
92-85	=	B
84-75	=	C
Below 75	=	F

Exam Format:

There will be two exams given during the semester. The exams are not cumulative, however, many of the principles learned at the beginning will be used throughout the course, and for these principles the student will be held responsible. However the final exam is comprehensive.

Missed Exams:

In general, no makeup exams will be given.You are forewarned well in advance to properly schedule your time and make proper arrangements for other potential conflicts.You are expected to take the exam at the scheduled time if you have to miss an exam under extreme circumstances, beyond your control, the percentage will be added to your final exam.Failure to abide by these guidelines will result in a zero on the exam.

If You Need Help: If you find that you are having particular difficulty with any of the material in this course:

1.DO NOT let it build up.The material is very cumulative in nature and you are likely to find yourself only falling further behind.

2.DO come and see me, either during the assigned office hours or by making an appointment.Be forewarned: I expect that you have read the appropriate sections of the textbook and reviewed your notes BEFORE you come to my office.

Americans with Disabilities Act

Samford University complies with Section 504 of the Rehabilitation Act and the Americans with Disabilities Act. Students with disabilities who seek accommodations must make their request through Kathleen Troiano in Disability Support Services.This office is located in Counseling Services on the lower level of Pittman Hall, or can be reached by calling 726-4078 or 726-2105.I will grant reasonable accommodations only upon notification from the Disability Support Services.

Etiquette:

Success in business requires that you understand and adhere to the corporate culture. This culture can vary from company to company and even within a company. Certain behavior can hinder one’s career or even end it with a company. The culture in this class requires that you remove your hat upon entering class.Cell phones will be turned off upon entering class. Taking a cell phone call during class is a serious violation of the corporate culture of this class and will not be tolerated.

We value a campus community that encourages personal growth and academic development in an atmosphere of positive Christian influence.We affirm the necessity of academic standards of conduct that allow student and faculty to live and study together.We value the fair and efficient administration of these standards of conduct.

- Samford University Code of Values

No form of academic dishonesty will be tolerated.This includes, but is not limited to cheating on exams, misrepresentation, presenting as your own the work of another, etc.Appropriate action will be taken against anybody caught violating Samford University's Academic Integrity Policy as it appears on page 96 of the student handbook.Please read and familiarize yourselves with this policy.

Suggestions for Further Reading:

·Thinking Strategically:The Competitive Edge in Business, Politics, and Everyday Life by Avinash Dixit and Barry Nalebuff

·Free to Choose by Milton and Rose Friedman

·The Economic Way of Thinking by Paul Heyne

·Peddling Prosperity by Paul Krugman

·The Wordly Philosophers by Robert L. Heilbroner

·The Armchair Economist:Economics and Everyday Life by Steven Landsburg.

Internet Fun:

There are many useful sites on the internet that will enhance your learning of economics.Amongst the many, be sure to surf through Mankiw’s (the author of your text) site, where you will find economic data, readings, games, and problems that can help you practice what you’ve learned.

Calendar:

 

Jan. 7	Introduction to Economics Chapters 1,2,3,&4	The Big Mac Index, Exercise on Purchasing Power Parity
Jan. 14	Chapters 4, 5, & 6
Jan. 28	Chapters 7, 8, & 9	Supply and Demand Analysis of “Concern Deepens on Whether OPEC Will Steer Smooth Landing Following Steep Rise in Prices” WSJ July 29, 1999
Feb. 4	Chapters 10, 11, & 12
Feb. 6	Exam 1
Feb. 11	Chapters 13,14, & 15
Feb 18	Chapters 16, 17, & 18	A Case Study: The Inflation Rate - November 2001
Feb 20	Chapters 19, & 20	A Case Study: The Federal Reserve System and Monetary Policy - December 2001
Feb. 25	Chapters 21 & 22
Mar. 4	Exam 2
Mar. 6	Review and if needed catch-up
Mar. 9	Final Exam