The University of Texas at Dallas

Global Leadership Executive MBA Program

Business Economics: MECO 6303

Section: Project Management

Spring 2009: December 11, 2009 – March 12, 2010

Professor Contact Information

Peter Lewin, Ph.D.

Course Instructor

Phone: (972) 883.2729

Fax: (972) 883.6164

Email: plewin@utdallas.edu

Office location. SM 3.223

Course Pre-requisites, Co-requisites, and/or Other Restrictions Back to Top

Math 5304 or equivalent

Course Description

Economics is about the ordinary business of life and it is also the basis for many courses in Business. It also contains much of the conceptual material necessary for an intelligent understanding of business life. The approach in this course to the teaching of economic principles is to try to ensure that students acquire the necessary conceptual apparatus in a way that is both challenging and interesting. This is done by attempting to ensure that the material is presented in a lively, interesting and relevant fashion. We will constantly use current real world examples to illustrate the application of concepts.

Student Learning Objectives/Outcomes

¨ Understand and be able to apply the concepts of supply and demand, equilibrium, and the factors that shift supply and demand to analyze the behavior of real markets when conditions change.
¨ Analyze the impacts of restricting markets from reaching the competitive equilibrium through price controls, taxes, and subsidies.
¨ Understand the difference between monopoly markets and competitive markets.
¨ Understand the nature of production in the modern economy. Be able to identify the profit maximizing price and the relationship between different types of cost.
In addition, I would like students to take away from this course at least the following:
I. An appreciation of the power of economic reasoning for understanding current events
II. A facility for analyzing everyday economic problems using basic economic analysis
III. An understanding of the concepts of
o supply and demand
o costs and benefits
o and their multiple applications
IV. An appreciation of the role of
o money in the economy
o the dangers of inflation
o the importance of free trade
o the limits of regulation
o the effects of taxes and subsidies of different types
o the workings of the market system is determining earnings (interest, profits, wages, salaries and rents)
o the modern business firm, its function and its boundaries
o the achievements of the American economic system

Course Meeting Dates:

			AM (9-12)	PM (1-4)	Coverage
DECEMBER	11	F	√	√	Lessons 1 and 2
JANUARY	15	F	√	√	Lessons 2 and 3
FEBRUARY	11	TH		√	Lessons 4 and 5
FEBRUARY	12	F	√		Lesson 5
MARCH	11	TH	√	√	Lesson 6
MARCH	12	F	√	√	Lesson 7

Course Content and Materials: Back to Top

Text: Economics, 4^th ed., Walter Wessels, Barron’s Educational Series, 2006 + supplementary readings

Course Outline Summary

Lesson #	Topic	Reading
1	Introduction to Economics - assumptions and implications- productions possibility curves (two parts: part A and part B)	Chapters 1-2
2	Demand and Supply - movements along curves vs. shifts of curves. Elasticities of demand and supply; Engel curves; Market Equilibrium. (Three parts: part A, part B and part C)	Chapters 3, 4, 17, 30 Supplementary Reading: More on Consumer and Producer Surplus Stossell on Price Gouging
3	Economic Policies - Price controls, taxes and subsidies. Minimum wages, rent controls, consumer and producer surplus. (two parts: part A and part B)
	Test 1 (Covering lessons 1 – 3) January 16 -19
4	Consumer Theory - The isolated consumer, the consumer in the market (two parts: part A and part B)	Chapter 18 Supplementary Reading: More on Indifference Curves
5	Producer Theory - Monopoly, competition, production, revenue and costs (four parts: parts A - D)	Chapters 19, 20 , 22 Supplementary Reading: Monopoly in Mexico - the real thing
	Test 2 (Covering lessons 4 and 5) February 13 - 15
6	Production and Growth – Growth accounting, the cost of living – price indexes (three parts: part A, B and C)	Chapters 6, 26, 27 Supplementary Reading: More on Production Functions Types of Foreign Aid
7	The Financial System – Saving, investment and financial markets (two parts: part A and part B)	Chapters 7, 8, 9, 12, 13, 16, 28, 31
	Test 3 (½ comprehensive and ½ covering lessons 6 – 7) March 13 – April 4

Grading Policy and Evaluation Back to Top

Evaluation[1] - Grading Formula

· Test 1 25% January 16 -19

· Test 2 25% February 13 -15

· Test 3 50% March 13 – April 4

Individually Written Examinations

There are three exams for this course. Anyone missing an exam will automatically receive a grade of zero for that test. Exceptions for documented medical or family reasons may be permitted. Where possible, either the course manager or I should be contacted prior to the time of the exam. At my discretion, either a make-up exam will be scheduled or a reallocation of the weight to remaining examinations will be made. Exams will be based on the assigned reading material and class lectures.

The timed examinations are located on Blackboard. You can take the exam at any time during the three day interval. Once you begin, you have a set time to complete the exam. You can only take the examination once. Examinations are to be done individually. Evaluation is based on the correctness of the response.

UTD Policy on Cheating: Back to Top

Students in this class will be held to the standards established by Regents’ Rules and Regulations (Part One, Chapter VI, Section 3, Subsection 3.2, Subdivision 3.22) which states: Candidates are expected to be above reproach in scholastic activities. Candidates who engage in scholastic dishonesty are subject to disciplinary penalties, including the possibility of failure in the course and dismissal from the University. “Scholastic dishonesty includes, but is not limited to cheating, plagiarism, collusion, the submission for credit of any work or materials that are attributable in whole or in part to another person, taking an examination for another person, any act designed to give unfair advantage to a student or the attempt to commit such acts.” Professors randomly use “Turnitin.com” to screen papers against other published works on the web to insure against plagiarism.

[1]I do not use the traditional grading cutoffs. I use ones that are more generous, based on the class performance.