PRINCIPLES OF ECONOMICS
[ECON-312]


Instructor: Kanaiya Sugandh
Senior Professor
Contact Hours: 3
Credit Hours: 3
SYLLABUS OUTLINE
I. Course Description
II. Course Objectives
III. Resources
IV. Class Schedule
V. Grading Requirements
VI. Grading Protocol

VII. Exam. Make-Up
VIII. Instructor Requirements
IX. Attendance
X. Phone/E-mail
XI. Office Hours
XII. Academic Integrity



I. COURSE DESCRIPTION
This course introduces the concepts, tools and methods of economics, including microeconomics, macroeconomics and international trade topics. Microeconomics concepts, such as supply and demand and the theory of the firm, serve as foundations for analyzing macroeconomic issues, such as gross domestic product and fiscal and monetary policies, as well as international topics such as trade and exchange rates. The course stresses applications and analysis of economic variables in relation to real-world issues.



II. COURSE OBJECTIVES
Upon completion of this course, the student should be able to attain the following.
  1. Given a production possibilities curve for two products, demonstrate the working of the law of increasing costs by calculating the opportunity costs of transferring resources from the production of one product to the other.
  2. Given the basic economic problem of scarcity, compare and contrast the ways in which the economic systems of capitalism and socialism answer the three fundamental economic questions of what to produce, how to produce, and for whom to produce.
  3. Given a supply schedule, a demand schedule, and a change in one or more determinants of supply and demand, graph the supply and demand curves and illustrate the resulting change in the equilibrium price and quantity.
  4. Given a demand schedule, classify the different portions of the demand function as price-elastic, price-inelastic, or price-unit-elastic using the total revenue rule.
  5. Given the cost curves for a firm and the demand curve under (a) perfect competition and (b) monopoly, determine for both conditions if the firm will continue to operate in the short run, and if so, graphically calculate the output and profit or loss of the firm.
  6. Given current National Income accounts data, calculate the Gross Domestic Product using both income and expenditure methods used by the Commerce Department.
  7. Given historical data on inflation, compare and contrast the costs of anticipated and unanticipated inflation.
  8. Given aggregate demand and supply curves, and a change in one of the determinants of aggregate demand and supply, evaluate the possibilities of inflation or recession in the given circumstances.
  9. Given a standard Keynesian table of macroeconomic variables, calculate the MPC, MPS, and total expenditures function and graph the total expenditures function on a 45 degree line diagram to solve for the economy's macroeconomic equilibrium.
  10. Given a change in government purchases (G) or net taxes (T), and the MPC of the economy, analyze the effects of these fiscal policies on equilibrium real GDP.
  11. Given the assets and liabilities of a bank and the required reserve ratio, calculate the maximum potential of the banking system to create deposits, assuming no leakages from the banking system.
  12. Given a case study of a potentially inflationary or recessionary situation prompting deliberation by the Central Bank to use one or more of the tools of monetary policy in the appropriate manner, compare and contrast the differences in the effects of these monetary policies on output, employment, and inflation using Keynesian, Monetarist, and new classical analyses.
  13. Given hypothetical production possibilities curves for two countries, only two products that can be produced in each country, and the exchange ratio, graphically demonstrate how both countries would be better off from specialization and trade.
  14. Given a market for a specific currency, a specified exchange-rate system, a time-horizon, and a change in one of the determinants of exchange rates, determine the effects of the change on the value of the currency and the country’s balance of payments.


III. RESOURCES
Required text: Survey of Economics
Irvin B. Tucker
South-Western Publishing, 3rd Ed.
Optional: Accompanying Study Guide


IV. CLASS SCHEDULE
1. Introducing the Economic Way of Thinking (Ch 1)
2. Market Demand and Supply (Ch 3)
3. Perfect Competition (Ch 7)
4. UNIT TEST #1
5. Monopolistic Competition and Oligopoly (Ch 9)
6. Gross Domestic Product (Ch 11)
7. Fiscal Policy (Ch 15)
8. UNIT TEST #2
9. Federal Deficits, Surpluses, and the National Debt (Ch 17)
10. Money and the Federal Reserve System (Ch 18)
11. International Trade and Finance (Ch 21)
12. COMPREHENSIVE FINAL EXAM


V. GRADING REQUIREMENTS
Students’ final grade will be based on the five areas of class grade category, as indicated below:

1. Final Comprehensive Exam --- 20%
2. Unit Tests -------------------------- 45%
3. Quizzes ----------------------------- 10%
4. Homework Assignments ------ 20%
5. Participation ----------------------- 05%
TOTAL ---------------------------------- 100%

Final comprehensive exam will be administered in two class periods. Each unit test weighs 22.5%. A missed unit test grade is a zero. Four class quizzes will be given. Each class quiz weighs 2.5%. Ten homework assignments will weigh 2% each. Class participation will be based on the students' contribution to class discussions.

VI. GRADING PROTOCOL In order to pass this course, a student MUST obtain a MINIMUM GRADE of 60% in the class grade. Students’ final grade in this course is based on a percentage scale as listed below:


LETTER GRADE = GRADE PERCENTAGE = GRADE POINT

A = 90 - 100% = 4.00
B = 80 - 89% = 3.00
C = 70 - 79% = 2.00
D = 60 - 69% = 1.00
F = below 60% = 0.00


VII. EXAMINATION MAKE-UP
Since responsible behavior--including daily class attendance--is expected of all DeVry students, absence from a scheduled examination is considered to be an extremely serious matter. It is school policy that no faculty member shall be required to schedule a make-up examination unless the student presents a statement from a licensed physician stating that he or she was physically unable to attend school on the day of the exam. The faculty member may schedule a make-up for other equally serious reasons, provided that arrangements are made prior to the date of the exam. An individual faculty member may also schedule a make-up exam if, in his or her opinion, a situation exists that does not fall under the provision of this policy but merits special consideration.

VIII. INSTRUCTOR REQUIREMENTS
All quizzes, tests, and the final comprehensive exam will be briefly reviewed a week before the date announced. There are no make-ups on any homework assignments, tests, quizzes, projects, or the final comprehensive exam except with a written, valid excuse. Any make-up work assigned, upon review of valid excuse, is required to be completed within one week from the original date. All students are required to complete each homework assignment, quiz, unit test, and final comprehensive exam by the appointed time. No extra time will be allowed. Group participation, including during group quizzes and unit tests, if any, is encouraged for items selected by the instructor. Selected accounting applications, presentations, and assignments necessitate researching through the required resources, recommended readings, the internet, and library resources. Please do retain your required resources for possible future use.


IX. ATTENDANCE
Each student is required to attend every lecture and laboratory in which he or she is enrolled. A swipe-card terminal in each classroom is used to record attendance electronically. Students are responsible for arriving before class begins, sliding their identification through the wall-mounted reader, and remaining for the duration of the meeting. Students who are absent for two or more days must contact their assigned Academic Coordinator for advisement. Students who miss more than five (5) consecutive days of school are in violation of the DeVry attendance policy and will be dismissed.

X. PHONE/E-MAIL
(909) 868-4056, ksugandh@socal.devry.edu

XI. OFFICE HOURS
As announced in the class.

XII. ACADEMIC INTEGRITY
Ideas and learning form the core of the academic community. In all centers of education, learning is valued and honored. No learning community can thrive if its members counterfeit their achievement and seek to establish an unfair advantage over their fellow students. The academic standards at DeVry are based on pursuit of knowledge and assume a high level of integrity in every one of its members. When this trust is violated, the academic community suffers injury and must act to ensure that its standards remain meaningful. The vehicle for this action is the Academic Integrity Policy outlined in the Student Handbook.

The Academic Integrity Policy is designed to foster a fair and impartial set of standards upon which academic dishonesty will be judged. All students are required to read, understand, and adhere to these standards, which define and specify the following mandatory sanctions for such dishonest acts as copying, plagiarism, lying, unauthorized collaboration, alteration of records, bribery, and misrepresentation for the purpose of enhancing one's academic standing.

The first recorded offense will result in the student receiving zero credit for the entire paper, exam, quiz, lab, homework assignment, or other graded activity in which the incident of academic dishonesty occurred. No partial credit may be given. Where the incident involves a graded assignment normally subject to a "drop" option, the student may not exercise that option. The second recorded offense will result in the student receiving a failing grade for the course in which the second offense occurs. The second offense need not be in the same course, program, or term as the first offense to invoke this sanction. The third recorded offense will result in the student being permanently expelled from the DeVry system. Again, the third offense need not be in the same course, program, or term as either the first or second offense to invoke this sanction.


Thanks for reviewing the syllabus. You are welcome to my class.
The success of each one of my students has been, is, and will always be very important to me.
Prof. Kanaiya Sugandh