Syllabus for ECO-112-OL

COURSE DESCRIPTION

Economics is the study of how people manage their limited resources. There are two main branches of economics: macroeconomics and microeconomics. Macroeconomics is the study of phenomena that occur across the whole economy. Microeconomics deals with how individual households and firms make decisions and interact. The second branch is the subject of this course: Microeconomics (ECO-112-OL).

Note: If you have already taken Macroeconomics (Thomas Edison State College offering ECO-111-OL), you will notice that the first modules in this macroeconomics course (those that cover text chapters 1 through 9) are very close (but not identical) in content to the corresponding modules in the microeconomics course. Therefore, you may wish to review these modules rather than working through them as thoroughly as you will later modules. (Activities and assessments may differ, but they will cover the same content.) Be sure, however, that you submit all necessary quizzes and assignments for this course, even if you have taken another economics course previously.

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COURSE OBJECTIVES

• Explain the role economics plays in the tradeoffs people make.
• Explain the relationship of trade, including comparative and absolute advantage, to the decisions made by domestic firms.
• Explain the importance of market forces as they determine market demand and supply versus individual demand and supply.
• Define the role elasticity plays in determining demand and pricing decisions of the firm.
• Explain the differences between producer surplus and consumer surplus.
• Understand the role taxation plays in supply and demand.
• Distinguish between marginal utility, total utility, and diminishing utility.
• Explain the differences between private and public goods.
• Explain the relationship between productivity and the cost of production.
• Explain the differences between the different elements of the costs of production.
• Identify the various market structures and their characteristics.
• Describe the differences between economic and accounting profit.
• Describe the effects of the forms of imperfect competition on the marketplace.
• Discuss discrimination in the labor market.
• Explain income inequality and poverty and the policies to reduce them.
• Explain the theory of consumer choice and how consumes act to optimize their choices.

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COURSE MATERIALS

You will need the following materials to complete the work of the course. These materials are available from the textbook supplier, MBS Direct.

Required Textbook

• Principles of Microeconomics, 5th ed., by N. Gregory Mankiw (Mason, Ohio: Thomson/South-Western, 2009).
  
  ISBN-13: 978-0-324-58998-6

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MINIMUM SYSTEM REQUIREMENTS

To participate fully in course activities, you need to have daily access to a personal computer and command of certain basic computer skills, including the ability to send and receive e-mail with attachments.

In addition, your computer system must meet the following minimum specifications:

• Windows 98 or higher or equivalent operating system.
• Personal Internet access.
• A full-featured Internet browser like Microsoft Internet Explorer 6.0 or Firefox 1.X or higher.

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COURSE STRUCTURE

For the course's assignment modules (including study assignments, online class discussions, and written assignments), go to the Assignment Modules area of the course Web site. (See also the Calendar area of the course Web site.)

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ONLINE PARTICIPATION

In addition to posting an introduction to the class in Module 1, you are required to participate in weekly online discussions.

Communication with the mentor and among fellow students is a critical component of online learning. Participation in online discussions involves two distinct activities: an initial response to a discussion question and at least two subsequent comments on classmates' responses. Meaningful participation is relevant to the content, adds value, and advances the discussion. Comments such as "I agree" and "ditto" are not considered value-adding participation. Therefore, when you agree or disagree with a classmate, the reading, or your mentor, state and support your agreement or disagreement. You will be evaluated on the quality and quantity of your participation. Responses and comments should be properly proofread and edited, professional, and respectful.

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WRITTEN ASSIGNMENTS

Prepare your written assignments using whatever word processing program you have on your computer. Include your name at the top of the paper, as well as the course name and code and the semester and year in which you are enrolled.

Before submitting your first assignment, check with your mentor to determine whether your word processing software is compatible with your mentor's software. If so, you can submit your work as you prepared it. If not, save your assignment as a rich-text (.rtf) file, using the Save As command of your software program. Rich text retains basic formatting and can be read by any other word processing program.

When satisfied that your assignment represents your best work, submit it to your mentor by means of the

>>View/Complete Assignment

link provided at the bottom of the respective assignment page. Use the Browse button within this link to locate and submit your assignment file.

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SELF-TESTS AND QUIZZES

Microeconomics has periodic ungraded self-tests and 4 graded online quizzes. You will take the ungraded self-tests as part of your work with each chapter. You can take the self-tests as often as you like, and you can check your own answers after you submit them.

Note: You can take the self-tests as often as you like. However, you can enter and take a quiz only once, so don't enter a quiz until you are ready to take it, and don't quit a quiz until you have answered all the questions and are confident about your responses. Once you quit a quiz (whether you have submitted your answers or not), the system will not let you reenter the quiz or take it again.

Your grade on each quiz is recorded automatically in the online gradebook (Student Tools/View Grades).

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MIDTERM EXAMINATION AND FINAL PROJECT

Microeconomics requires you to take a proctored midterm examination and to complete a final project.

Midterm Examination
The midterm is a closed-book, proctored exam and covers material in Chapters 1 through 12. The exam consists of forty (40) multiple-choice questions (similar in kind to those you have seen on the self-tests and quizzes) along with four (4) short essay questions, similar in kind to the Written Assignment and discussion questions. The exam is two hours long. You are permitted to bring a calculator.

You may take the examination only during the designated exam week, at an approved location, and with an approved proctor. In this regard, you need to schedule your exam and submit your "Proctor Request Form" with the necessary documentation during the first week of the semester. (See Administrative Forms in the General Information area of the course Web site.)

If you are on a course extension and have not yet taken the midterm exam, you must let your examination proctor know when you plan to take the exam and contact the Office of Test Administration (609-984-1181) two weeks in advance to request that your exam be sent to the proctor.

For more information on scheduling examinations, see the section Examinations and Proctors in the Online Student Handbook.

Final Project
The final project consists of a question made up of several different parts. You will perform research on the required topics and provide your analysis. It will primarily encompass subject matter from the latter half of the course but will require understanding of the material from the first half.

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GRADING AND EVALUATION

Your grade in the course will be determined as follows:

Letter grades for online participation, written assignments, and the examinations are based on the following numerical grades:

Note: To receive credit for the course, you must earn a letter grade of D or higher on the weighted average of all assigned course work (e.g., exams, assignments, projects, papers, etc.). You will receive a score of 0 for any work not submitted.

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STRATEGIES FOR SUCCESS

First Steps to Success
To succeed in this course, take the following first steps:

1. Read carefully the entire Syllabus, making sure that all aspects of the course are clear to you and that you have all the materials required for the course.



2. Take the time to read the entire Online Student Handbook. The Handbook answers many questions about how to proceed through the course, how to schedule your midterm exam and arrange for a proctor, and how to get the most from your educational experience at Thomas Edison State College.



3. Arrange to take your midterm examination by following the instructions in the Online Student Handbook. Then complete the "Proctor Request Form" and submit it to the Office of Test Administration (OTA). You must make arrangements to take your examination and send in your "Proctor Request Form" to OTA before the end of the first week of the current semester. (See Administrative Forms in the General Information area of the course Web site.)



4. Familiarize yourself with the Blackboard environment—how to navigate it and what the various course areas contain. If you know what to expect as you navigate the course, you can better pace yourself and complete the work on time.



5. If you are not familiar with Web-based learning, or specifically with the Blackboard platform, be sure to review the processes for posting responses online and submitting assignments before class begins.

Study Tips
Consider the following study tips for success:

1. To stay on track throughout the course, begin each week by consulting the course Calendar. The calendar provides an overview of the course and indicates due dates for submitting assignments, posting discussions, and taking your examinations. For details on each assignment module and a complete listing of learning activities, go to the Assignment Modules area of the course Web site.



2. Check the Announcements page and class Discussion Board regularly for new course information.

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