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James V. Koch




HIST 368/396

ECON 202

ECON 301

ECON 456/556

ECON 604




ECON 202


COURSEWORK»SYLLABUS

If you have problems understanding the material, don’t hesitate to meet with me after class, or to come to my office, or to give me a call, or to send me an e-mail. Don’t get behind! The study of economics is cumulative, similar to a foreign language. Usually, each new topic builds on the previous topics and thus you need to stay current. Therefore, it is a good idea to check things out with me if you don’t understand a concept.

The final exam will be “open book, open notes.” (The exams during the term are not open book, open notes.) After you have completed this class and are out in the world, you will have your book and notes available. Therefore, the final exam will be a good test whether you really can use the tools that have been presented in this class and in the textbook. This form of exam also underlines the fact that I am more interested in your ability to use economics than in your doing a great deal of rote memorization. Of course, certain concepts must be memorized and mastered. Nonetheless, the payoff will be your ability to explain and predict everyday events. That’s one of the reasons why often I will take my problem and test questions from the daily newspapers and magazines.

This web site will help you out; however, it also means you won’t be able to complain that you weren’t in class to get the problems or handouts. Problems are due at the beginning of the class immediately after the problem was distributed. You may send me your answer via e-mail, but the time of the e-mail cannot be later than the start of the class session (1:30 p.m.) on the due day. Problems will be graded on a ten-point scale and late problems will receive no higher than a five.

I will not grade you on your attendance in class; however, you are responsible for everything that occurs in class, whether or not you choose to attend. From past experience, I can tell you that individuals who do not attend class typically do poorly in the class. We will cover lots of material in each class session, and some of that material will not be in the textbook. Therefore, your failure to attend will hurt you. But, it’s your decision.

Introduction

  • The Nature and Method of Economics: What Econ Is All About
  • Several Examples of the Economic Way of Thinking
  • Problem I
  • Economic Resources
  • Opportunity Costs
  • Problem II
  • Production Possibility Curves
  • Good Theories and Not So Good Theories
  • Read : M&B, Chapters 1,2
  • Exam I occurs here

Supply and Demand

  • The Demand Side of the Market
  • Demand Curves
  • Price Elasticity of Demand
  • Problem III
  • Cross Elasticity of Demand
  • Income Elasticity of Demand
  • The Supply Side of the Market
  • Supply and Cost
  • Elasticity of Supply
  • Supply and Demand Together, Equilibrium
  • Problem IV
  • Lots of Examples
  • Read : M&B, Chapters 3,20
  • Exam II occurs here

Markey Systems and the U.S. Economy

  • Characteristics of Market Systems
  • Competition
  • Specialization and Division of Labor
  • The Role of Money and Financial Markets
  • The Role of Government
  • The Invisible Hand
  • Markets Versus Other Ways of Allocating Resources and Making Decisions
  • Distribution of Income
  • Externalities and Spillover Effects
  • Public Goods v. Private Goods
  • Problem V
  • The Circular Flow
  • International Trade
  • Comparative Advantage
  • Tariffs, Quotas, and Other Restrictions
  • Free Trade Areas
  • Problem VI
  • Read : M&B,Chapters 4,5,6

Money, Banking and Monetary Policy

  • What is Money?
  • The U.S. Money Supply
  • The Demand for Money
  • The Federal Reserve System
  • Creating Money
  • Monetary Policy
  • Reserve Ratios
  • Open Market Operations
  • Discount Rate
  • Problem VII
  • The Quantity Equation
  • Read: M&B, 13,14,15

Costs of Production

  • Opportunity Costs, More
  • Short-Run v. Long-run
  • Variable v. Fixed
  • Law of Diminishing Returns
  • Economies of Scale
  • Problem VIII
  • Read : M&B, Chapter 22

Market Structures

  • Pure Competition
  • Pure Monopoly
  • Monopolistic Competition and Oligopoly
  • Technological Change
  • Read : M&B, Chapters 23, 24, 25, 26
  • Exam III occurs here

Factor Markets

  • Marginal Productivity Theory
  • Demand for Labor
  • Unions
  • Read : M&B, Chapters 27,28

Final Examination over entire course on Thursday, December 12th , at 12:30 p.m.