ECON 262-4 Principles of Economics - Micro

Fort Lewis College – Fall 2015

CRN 20829

"Condemnation without investigation is the height of ignorance." - Albert Einstein

Days/Time: MWF 1:55-3:05

Location of Class: EBH 110

INSTRUCTOR INFORMATION

Instructor’s Name: Dr. Deborah Walker

Office Location: EBH 184

Telephone Number: 247-7624

Cell phone Number (for short texts): 970-799-1364

E-mail address: walker_d@fortlewis.edu

Please - when you e-mail me, please let me know which class you are in (for example, just say you are in ECON 262 (MWF 1:55). If you text me, please let me know who you are in the text. Thanks.

Web Page address: http://faculty.fortlewis.edu/walker_d/ (This is an important address -- all class handouts, homework assignments, study questions, etc. will be posted on this web site.)

Office Hours: Monday 3:15-4:15, Tuesday and Thursday 1:00-3:30 and by appointment. I will be in my office during these days/times unless I have a meeting or other appointment I cannot miss. In that case I will let you know ahead of time (will post it on my web site) when I will not be available.

NOTE: If my office door is closed -- please knock. The only time that I request you do not stop by my office is during the 10 minutes prior one of my classes starting. THANK YOU

NOTE REGARDING CANVAS: THIS SYLLABUS IS POSTED ON CANVAS. CANVAS DOES NOT GRADE THE WAY I DO - THEREFORE, THE ONLY GRADES I WILL POST ON CANVAS WILL BE YOUR QUIZ GRADES. YOUR ACTUAL GRADE FOR THE CLASS WILL NOT BE SHOWN ON CANVAS -- SO DO NOT THINK THAT THAT IS YOUR GRADE. I WILL ALWAYS HAVE GRADES (WHERE YOU STAND IN THE CLASS) WITH ME IN CLASS -- JUST ASK ME AT ANY TIME.

COURSE INFORMATION

Course Introduction: Economics is a way of thinking about individual action – this course will teach you to think like an economist in the hope that you will find this method of analyzing reality useful throughout your lifetime. Students often wonder how economics is relevant to their lives. In my biased opinion, this is the most important class you will take in college. Why? Because economics teaches you about the human condition. Economists study the reasons that some people have food on their table while others do not. It also teaches you how to think about social issues that affect your daily life. This class (I hope) will open your eyes to how the world around you works. Why is the apple in the store there so you can buy it? Have you ever thought about that? It seems simple, yet most people never think about it -- unless there are no apples there to be bought! Should you vote for a new tax or a new law that is being proposed by your city, county or federal politician? This class will help you analyze public (government) policy issues such that you can see past the myths and misunderstandings and actually comprehend how these policies will change your life. It will also teach you how to analyze and critically think about basic issues that will pop up in your business life. As economists, we study individuals, markets, firms, government, and human action in general. However, individual action is the basis of all economic phenomena. Economics is the study of choice (individual human action) in the broadest sense. It is a social science and should be studied alongside many other disciplines – including history, philosophy, psychology, anthropology, business, etc. Economics is about choice and coordination and encompasses the decisions all of us make every day of our lives. Therefore, the importance of the subject to your life cannot be overstated.

More specifically, this course will cover the basics of how markets work, why and how resources are allocated to where they are valued, how competition and the entrepreneur aid in this process. Also discussed are the basic economic concepts all business decision-makers need to know to be successful: opportunity costs, sunk costs, marginalism, uncertainly and the institutions that spontaneously emerge to decrease it, rivalry and discovery, competition and markets as processes, externalities, property rights, public choice and the concepts of unintended consequences and spontaneous orders. The regulatory environment of business is covered, including the intended and unintended outcomes of minimum wage laws, rent control, and antitrust legislation (among others). I look forward to a productive and fun semester.

Catalog Description: An introductory course in price theory. Topics include opportunity cost, demand, supply, markets, elasticities and the organization of markets. Sophomore standing required.

Liberals Arts Core Learning Outcomes / GT Pathways Content and Competencies:

This course has a SS1 designation and satisfies the Social Science requirement of the Liberal Arts Core. SSI courses are intended to “help students acquire a foundational understanding of the social sciences while gaining insight into contemporary issues and problems.”

As an SS1 Liberal Arts Core course, ECON 262 contributes to these specific Learning Outcomes:

Students in this class will gain an understanding of economic systems generally speaking.
They will also obtain a level of competency in both critical thinking and written communication.

Course Learning Outcomes for Gtpathways and the Liberal Arts Core for FLC :

Students completing this course will:

be able to explain and use the terminology used in basic microeconomic analysis;

be able to explain and use the “economic way of thinking” as a method of analyzing contemporary social issues;

be able to explain, analyze and critically discuss the role of markets, organizations (firms) and government in society;

be able to make pattern predictions regarding contemporary public policy issues using critical and analytical thinking in order to make better decisions;

So generally speaking the students completing this course will:

Apply intellectual and practical skills to think critically and communicate effectively.

Program Learning Outcomes:

Students completing this course will:

Demonstrate general knowledge of the principles of economics;

Employ quantitative and analytical tools that are appropriate for investigating and analyzing economic policies and issues

Required Reading Materials - you should bring both of these with you to class every day!!

1. The Economics of Public Issues (18^th ed.) by Miller, Benjamin & North (MBN on the class outline) NOTE: you will need to have this new edition, not an old one.

NOTE about the authors: Since some students will disagree with the book and therefore think it is not "scientific" or that the authors are not qualified -- all three are well known Ph.D. economists.. Have an open mind in my class -- you can't learn if you are closed to all ideas that do not fit into your political world.

2. My Course Materials - packed and available at the bookstore.

NOTE: I do not follow a textbook chapter by chapter. The notes in this class will be very important.

Course Assessment Tools:

Quizzes (including definitions, multiple choice questions, essay questions, graphical analysis, analytical problems), homework assignments (including definitions, multiple choice questions, essay questions, graphical analysis, analytical problems), in class exercises, and reading quizzes.

COURSE POLICIES

Attendance Policy: I will take attendance. Part of your grade will be based on attendance and class participation (mostly attitude – see below). If you have not attended class on a regular basis, I will take that into consideration when I am determining your final grade. It has been my experience that some students think they don't have to come to class to pass -- this might be true, but I believe you are here at Fort Lewis to learn how to think for yourself and to learn how to be a responsible human being. Coming to class is an important part of that learning/maturing process. Therefore, if you don't think you will choose to come to class on a regular basis, please drop now. I want serious, responsible students who want to learn in my classes.

Specifically: You have three "free" absences (this includes the first day of class if you are on the roster. Your "free" absences should be used for days when you are sick, in court, going to a wedding, funeral, family reunion, picking up your mom from the airport, etc. - use your "free" absences wisely. E-mailing me and telling me you don't feel well and won't be in class does not excuse your absence. Once you miss 4 classes, 20 points will be deducted from your total points. For every absence thereafter 10 points will be deducted from your total points. Note: Every three times you are late and/or you break a rule listed in the syllabus = one absence. Also - coming into class more than 10 minutes late or leaving the class more than 10 minutes before the end of the class (or during class) will count as an absence for that day.

If you have extenuating circumstances that keep you from coming to class you need to let me know and you might not be counted absent -- if you have evidence to back up your claim. An example of an extenuating circumstance is having to have an emergency operation to remove your appendix. Having to go to court is NOT an extenuating circumstance.

Points might also be deducted because you looked at or used your cell phone or iPad (or any other such device) during class and/or because of other attitude problems (see below). Leaving and returning to the class while it is being held will result in an absence. GO TO THE REST ROOM PRIOR TO CLASS.

Reminder: Instructors have the option (but not the obligation) to dis-enroll any student who misses even a single class before Thursday at midnight of the first week of classes. Please take note and make plans to attend all of your classes when the semester begins.

I will deduct points for attitude problems. Every three times one of these rules is broken = one absence. Attitude problems include, but are not limited to, the following:

· Letting your politics drive your education -- not respectfully listening and discussing ideas that you do not agree with. I don't care if you agree with any of the ideas presented in this class -- but I do care that you understand them. After all, how can you disagree with something you don't understand? A disrespectful attitude towards the professor or a fellow student will NOT be tolerated.

· Getting up and leaving and returning in the middle of class. This is college -- not grade school. Please use the rest room and/or make your important phone calls before class begins (if you have a medical condition that requires you to leave the classroom on occasion, please let me know at the beginning of the semester and bring me the appropriate documentation). If you are gone for more than 10 minutes during a class, you will be counted absent for that day.

· Getting up to throw something away during class. Hold it until the class is over.

· Consistently coming into class late - coming into class late on a regular basis is, in my opinion, very rude and disruptive to class (and is irresponsible on your part). A few minutes late a couple of times per semester is understandable -- but coming into class late on a regular basis will not be acceptable. If you have a legitimate reason for being late to class on a regular basis, let me know at the beginning of the semester.

· Looking at your cell phone or listening to earphones while class is in session (this includes while taking an exam). Please do not use any electronic devices during class. Each time that you look at your cell phone during class will = broken rule! You may use a calculator but not your cell phone for calculations. See below regarding computer use during class.

· Reading or writing material that is not related to the class or interrupting class by talking or laughing while the instructor or a fellow student is speaking.

· Leaving class early without notifying the instructor beforehand. If you must leave early for some reason let me know at the beginning of class. Remember - leaving the class more than 10 minutes before the end of the class will count as an absence for that day.

· Eating meals in class. Snacks/drinks are fine -- but please do not bring in full meals to class. This is very disruptive to students sitting around you and to the instructor (not to mention it distracts you as well). FOOD Policy: You may eat candy bars, snacks, etc. in class. However, complete meals, sunflower seeds, tobacco or any other foods that require you to spit are not allowed in class.

I want to create a classroom atmosphere that is conducive to learning – respect for your fellow classmates and for the professor is necessary for this to be achieved. If you cannot follow these classroom rules, please drop this class.

Please turn off all cell phones during class (including exam days). Use of cell phones, head phones, earphones, or any other electronic device (except calculators) is not allowed during class.

You may not use earphones during class! This includes exam days!

If your T-shirt or sweatshirt or coat, etc. has a hood, you must put the hood down during class. Sunglasses are also not allowed in class.

Computer Use in Class: If you choose to use a computer to take notes or access your book while in class then the following rules apply:

1. You must write a paragraph stating why the use of a computer for note taking is something you feel is necessary. You must come to my office and discuss your reason with me. If I agree with your proposal, then you also must:

2. You must sit in the first row of class.

3. You may use the computer for TWO reasons: ONE: taking notes. This means that there is no reason for you to be on the web or any other site during class. I will always have the outlines posted on my web site up in front of the class - so there is no need for you to be on my web site during class. You can copy and paste the notes from the web site into a word document and then use that document for note-taking. TWO: looking at your online book while discussing the chapters. If we are not discussing the chapters, you have no reason to be looking at your book.

4. You must sign an additional contract regarding computer use. If you are going to use a computer, ask me for this contract. Basically - if you break rule number three, you may never use the computer in the class again AND 50 points will be deducted from your point total for the class.

AND - I DO NOT ACCEPT HOMEWORK VIA E-MAIL Unless otherwise specified under unusual circumstances.

Grading Policy:

By signing you agree with this syllabus you agree to take a D- for this class regardless of your performance in the class. If you agree with everything else in this syllabus (contract) except the D- clause, when you sign your name put an X under your signature (make sure it is large enough for me to see).

Your grade will be determined as follows:

Mid-semester Quizzes: 300 points possible – 6 mid-semester quizzes @ 50 points each.
Homework: 100-150 points possible – homework assignments (this point total depends upon how much each homework assignment is worth and how many are assigned). Typically, there will be homework due almost every week). These assignments will be posted on my web page. See more details about homework below.

Readings Quizzes: 50-100 points possible - I reserve the right to give short quizzes over the reading assignment periodically. Reading quizzes will be given the first 10 minutes of class. If you are late to class you will miss the quiz and you cannot make it up - you may not take the quiz if you are more than 3 minutes late for class. See other "rules" that pertain to the quizzes below. Your lowest grade on the quizzes will be dropped. If you take a quiz and then do not stay until the end of the class, that quiz will not count!!
In Class Exercises: 50-80 points possible – in class exercises (these points can only be earned if you are in class the day the exercise takes place AND you have your packet with you – the total points will depend upon the number of exercises given). NOTE: When we are doing an in class exercise that does not mean it is "break time" for you to go to the bathroom or make a phone call or whatever. If you don't participate in an exercise, I will not give you the points.
Final Quiz (taken during finals week): 100 points possible (there will be some comprehensive questions on this quiz).
Attitude and Attendance: Points will be deducted for attendance and attitude problems. Those who come to class and act like respectable human beings will keep all of your earned points! I reserve the right to lower your grade due to a bad attitude or increase your grade due to a good attitude.

GRADING POLICY

Determination of Grade:

There are 700 points (tentative) possible for the class. I will grade on a curve. The person with the highest number of points in the class will set the curve. For example, if the highest number of points earned in this class is 550 points out of 700, any student with 90 to 100% of 550 points (495-550 points) will receive an A or A- in the class; any student with 80 to 89% of 550 points will receive a B+, B or B- in the class; and so on. An A requires 94% or higher in the class. An A- requires 90% - 93.9%. B- requires 80 to 83.9%. B requires 84 to 86.9%. B+ requires 87 to 89.9%. Use these same percentages to determine C-, C, C+, D, D-, D+ but in the 70 and 60% ranges. (NOTE regarding midterm grades: I do not give + or - on midterm grades but I do give them on final grades).

I reserve the right to change this grading system if there is an unforeseeable event that makes the system inappropriate for assigning grades.

Withdrawals and Census Date: The deadline to drop this course without record is Tuesday, Sept. 15 at 4 pm. Reminder: any student may withdraw from an individual course if and only if (a) the student is below the maximum lifetime limit of W’s and (b) the student withdraws before the college-wide deadline. The college-wide deadline is 4 p.m. the Friday after midterm grades are posted (Friday, Oct. 23). REMEMBER: Starting Fall 2013 Census date, all students have a limit of three individual course withdrawals for the duration of their time as FLC students.

Student Athletes/Musicians/Etc.: Please let me know at the beginning of the semester which athletic team/sport or musical group in which you participate. Also -- if you are going to be out of town for an athletic/musical event, please remind me a day or two before you will be gone. If you are going to miss a quiz or readings quiz while out of town -- then let me know a week prior to the date you will miss the quiz. In class exercises are posted on my web page -- you can complete the questions for points if you miss an exercise due to an athletic/musical event. You must turn this in the day you return to class to receive credit. ALL HOMEWORK MUST BE TURNED IN BEFORE THE DUE DATE OR IT WILL BE COUNTED LATE OR WILL NOT BE ACCEPTED IF WE HAVE GONE OVER THE ANSWERS IN CLASS -- IF YOU ARE GOING TO MISS CLASS WHEN HOMEWORK IS DUE - TURN IT IN PRIOR TO LEAVING FOR YOUR EVENT.

Accommodations for Disabilities: Fort Lewis College is committed to providing all students a liberal arts education through a personalized learning environment. If you think you have or you do have a documented disability which will need reasonable academic accommodations, please call, Dian Jenkins, the Director of Disability Services, 280 Noble Hall, 247-7459, for an appointment as soon as possible. Let me know about your disability as well. It is your responsibility to remind me to send your exam to the testing center before every exam if you need to use that facility.

Academic Integrity/Honesty Statement: If I believe an exam or homework assignment has been compromised, I reserve the right to retest (or reassign the homework to) the whole class or any individual in the class. “Cheating” includes, but is not limited to: possession of, or use of, unauthorized materials during exams and providing (or receiving) information to another student either through oral or written (including both via paper and electronic means) communication. This includes passing unauthorized information via computer disk. Plagiarizing someone’s work is also a very serious violation of academic integrity. Violations of any of the above may result in academic penalties, including receiving an “F” in this course. Cheating is highly unethical and I will not tolerate it!

COURSE ASSIGNMENTS

Homework Assignments: Students will be given written assignments to complete and turn in almost every week. These assignments and their due dates will be posted on my web page. Make sure you follow all of the directions given on each assignment. The purpose of these assignments will be to further your understanding of the topics and issues discussed in class. In particular, these assignments are designed to enhance your exposure to and understanding of classroom material and in some cases, to think critically about a problem presented to you.

Students OFTEN ask me for special consideration -- common excuses are: "I forgot my homework, can I turn it in tomorrow," or "The printer wouldn't work in the computer lab so I don't have my homework right now," or "I e-mailed it to myself and it didn't come through," etc. Please don't give me your excuses. I believe in the rule of law - which means that every student is subject to the same rules. So please don't tell me your excuses and ask for special privileges -- the rules are listed below -- be prepared to live by them.

NOTE: I do NOT accept homework via e-mail and you must turn in your own homework assignments.

General directions for all homework assignments are as follows:

All assignments must be turned in at the beginning of class (this does not mean 5 minutes into the class) on the day they are due. Late assignments will be accepted with a deduction in points (20% if turned in the same day, 30% thereafter).
No late assignments will be accepted once the assignment has been returned to the class. No exceptions.
All essay and number answers should be typed. Graphs do not have to be typed. If I cannot read the assignment easily, I will not grade it. Points will be deducted for not following directions. Repeat offenders will be subject to me not accepting their homework at all.
Do not change the size of the font on your homework assignments to less than 10 pt. - I prefer 12 pt. font.
Leave the questions asked on the homework assignments on your answer page. I often refer back to the question when I am grading.
Leave a space between each question and answer (and between questions).
All assignments having more than one page must be stapled. If you do not staple your assignments you can buy a staple from me - the price for one of my staples is 1 point deducted from your homework grade.

Note: Homework points add up fast – failing to turn in homework can result in your grade being an entire letter grade lower than otherwise. Make sure you keep up with the homework assignments. Furthermore, the homework assignments will be directly related to the exams. Completing and understanding the homework assignments is an important step in studying for the exams.

In Class Exercises (5 pts. each): Several in-class exercises will take place throughout the semester. Some will involve working in groups, some will be done on an individual basis. If you do not work on the in class exercise while in class, you will not receive the 5 points. Leaving the classroom or simply sitting in a daze while an in class exercise is taking place will result in zero points for that exercise. Doing an in class exercise does not mean it is "break time." It is to your advantage to take these exercises seriously -- they are a learning tool. If you do not have your packet with you when we do an in class exercise, you will not receive the points for that exercise.

Note: You can only earn points for these exercises if you are in class the day they take place. When an exercise will take place will not be announced in advance. These exercises will be directly related to the exam material.

Reading Assignments and Readings Quizzes (12 pts. each): I will expect you to keep up with any assigned readings. To give you an incentive, there will be a 5-10 minute quiz over the assigned reading at the beginning of class periodically. If you are more than 3 minutes late for class, you will not be able to take the quiz. ALSO - if you take a quiz and then do not stay for the entire class, the quiz will not count!! Don't come in and take the quiz and then leave!! You cannot make up a quiz if you are absent except under VERY special, documented circumstances. Please don't e-mail me and ask me to make up a quiz because you decided to take your mom to the airport or you felt like skiing that day.

Furthermore, the class will include discussions about the chapters assigned in The Economics of Public Issues book, the Important Concept Readings in your packet and handouts I will put on my web page -- therefore, if you have not read the assigned reading, you will not be able to participate in the discussions and will not gain as much from the lectures.

Quizzes: There will be six mid-semester quizzes and a final quiz (which will have some comprehensive questions on it). The quizzes may include definitions, short answer questions, multiple choice questions, essay questions, and problems (including graphs).

QUIZ DATES:

FIRST QUIZ: Friday, Sept. 18

SECOND QUIZ: Friday, Oct. 2

THIRD QUIZ: Friday, Oct. 16

FOURTH QUIZ: Friday, Oct. 30

FIFTH QUIZ: Friday, Nov. 13

SIXTH QUIZ: Friday, Dec. 4

FINAL QUIZ: Tuesday, Dec. 15 (9:45-11:45) SEE NOTE BELOW - You must take the final quiz on the day/time that it is scheduled. http://www.fortlewis.edu/registrar/StudentInformationandPolicies/FinalsSchedule.aspx

Note: “But my Mom made the plane reservations and I can’t change them” is not a valid excuse to take the final exam early. Neither is "but I have to work." YOU MUST TAKE THE FINAL QUIZ DURING ITS SCHEDULED DAY AND TIME. PLEASE DO NOT ASK FOR AN EXCEPTION.

I DO NOT GIVE MAKE-UP QUIZZES EXCEPT UNDER VERY SPECIAL CIRCUMSTANCES. If you miss a quiz WITH MY PRIOR PERMISSION, I might allow you to make up the quiz-- but only if you obtain my permission PRIOR TO THE QUIZ you are going to miss AND have a VERY good reason for missing the quiz. Without this permission, you will simply lose the points from a missed quiz. Permission to miss an quiz will be given for VERY special circumstances, circumstances that must be documented in some way. A phone call the day of the quiz saying you are not feeling well is not a valid excuse to miss a quiz. Taking your parents (or anyone else) to the airport (or picking them up) is also not a valid excuse. You must take responsibility for showing up and taking all of the quizzes.

NOTE: once a quiz has been handed out in class, you are not allowed to leave the classroom for any reason. If you come into a quiz late and someone has already finished the quiz and left the classroom, you will not be allowed to take the quiz and will be given the grade of zero for that quiz.

Great job – you have read the syllabus. There will be 2-3 questions on the first exam relating to the information covered in this syllabus!!