Introduction to Economics
FOR 207
Spring 2005
3 Credits T, Th - 5:00 - 6:20 pm
212 Marshall Hall
Professor: V. A. Luzadis, 307 Bray Hall, Ph: 470-6693, E-mail: vluzadis@esf.edu
Office Hours - Appointments preferred, however I expect to be open on Tuesdays 2:00 - 4:00pm
Graduate Assistant: Carol Franco, 402 Bray Hall, cfrancob@syr.edu
Office Hours - Mondays 1:00 - 3:00 pm, Wednesdays 2:00 - 4:00 pm
This course is designed for the beginning student to master the principles essential for understanding the economizing problem, specific economic issues, and some policy alternatives. People require resources to sustain life. Economics is concerned with the use of scarce resources in an effort to meet these needs. Questions that arise regarding these resources include those of allocation, distribution, and scale of production. Traditional economics focuses primarily on allocation of resources among alternative uses. In this course, we will examine the ways in which households and firms tend to make these allocation decisions as well as the development of national economic policies and how the US government uses them toward national goals. We will discuss the distinction between facts and values, and the roles of empirical data and normative choices in the study of economics and economic policy.
Course Objectives
Upon completion of this course, you will be able to define and comprehend the basic language and concepts of micro- and macroeconomics. You will have a beginning understanding of how economic problems are approached by academic and policy economists. You will be able to analyze resource allocation decisions and basic economic policy decisions using common macroeconomic models and tools.
Required Books
McConnell, C.R. and S.L. Brue. 2005. Economics, 16th edition, McGraw-Hill/Irwin, Inc.
This book is available from the Orange Student Bookstore in Marshall Square.
Required Online DiscoverEcon Program
You will be required to purchase access to DiscoverEcon online. All homework will be completed and submitted using this program. If you purchase a NEW copy of the text, you will get a password that gives you access without any further payment. If you purchased a used text, you must purchase access to DiscoverEcon online at www.mcconnell16.com/discoverecon.
Teaching Style
I firmly believe in teaching as a two-way operation. Together we create an atmosphere that shapes the learning possibilities for us all. By this last statement, you might also get the idea that I expect to learn through this experience – and I do! I haven’t taught a course yet in which I didn’t, so I expect the same with this course. By the same token, I regard all participants in this course as teachers as well as learners. We each come to this course with a unique set of experiences, education, knowledge and opinions. These provide the foundation from which we undertake this endeavor to learn something about economics, and each of us have unique aptitudes which make some things easier than others to understand. It is precisely these differences which allow all of us to be teachers as well as learners in this course. Of course, this is most effective when conducted with respect for one another at every turn. We will operate under the usual ideas of civility: respectful interactions, active listening, and openness to ideas that may be different than our own.
Class meetings will include a combination of lecture, discussion and activities. Discussion will be in both small and large group format. You will see below that class participation is a component of your final grade, so attendance is expected. In keeping with the respect I mentioned above, I will ask you to inform either me or Carol before class if you are unable to attend for a legitimate reason (e.g., illness). If you have an emergency or longer term illness, you should contact Tom Slocum at the ESF Office of Career and Counseling Services (470-6660) and he will assist you in getting word to all of your professors. He will also be able to direct to you services to assist you, should you need them.
I look forward to an engaging, stimulating semester of economics with all of you.
Evaluation
Class participation and Quizzes- 15%
You will be expected to be thoroughly familiar with the assigned reading for each class, and ready to discuss them. Discussion will include a brief overview of the main points of the assigned reading, critical review of the material, linkages to the full course material and potential applications. Attendance, active listening, and regular participation in discussions will be the basis for this portion of the grade. There will be occasional unannounced quizzes during the semester. These will be given in class and cannot be made up or redone. These are designed to evaluate your preparedness for class discussions of the reading, and will help you to prepare for the exams.
Homework - 15%
Homework assignments will be made in class and require access to DiscoverEcon, an online economics study program. This program allows you to access information related to each of the homework questions and records your responses in a way that allows us to access it for evaluation purposes. It also gives you immediate feedback about your choice of answers, allowing you the full opportunity to learn the material on which the homework is designed.
Preliminary Exams - 40%
Two preliminary exams will help you to evaluate the effectiveness of your study habits and learning. Each of these exams will count as 20% of your final grade in the course. They will be given during regular class meeting times.
Final Exam - 30%
The final exam will include a section that specifically evaluates your understanding of the last portion of the course material, and a comprehensive section to evaluate your depth of understanding of material covered throughout the course.