Course Catalog

ECO201E Principles of Microeconomics (3 credit) 9730

COURSE DESCRIPTION
An introduction to microeconomics, emphasizing decision making by individual producers and consumers, consequences of such decisions for efficiency of resource use, and income distribution in a capitalistic economy are studied

LEARNING RESULTS
1. Describe the main characteristics of the market system.
2. Define and apply the concepts of supply and demand to current economic issues.
3. Define and apply methods of price determination.
4. Define and apply consumer choice theory.
5. Improve written communication skills.
6. Develop an understanding of and be able to articulate differences market forces and market variations.
7. Identify and define the main characteristics of the four basic market models.
8. Identify the differences between an invention, an innovation and technological diffusion.
9. Be able to articulate a view of economics from Christian worldview.


REQUIRED TEXTS AND MATERIALS
McConnell, C.R., Brue, S.L., & Flynn, S.M. (2009). Economics (18th ed.). New York: McGraw-Hill. (ISBN-10: 0073375691; ISBN-13: 978-0073375694).

Stapleford, J.E. (2002). Bulls, Bears & Golden Calves: Applying Christian Ethics in Economics. Downers Grove, IL: Intervarsity Press. (ISBN-10: 0830826807; ISBN-13: 978-0830826803). br>

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INTEGRATION OF FAITH AND LEARNING
The integration of faith and learning happens on a few levels. First, the approach to teaching and learning is built from a perspective of work as a means to glorify God. God calls us to excellence, and our work should reflect that. Second, the approach to interacting with people is based on a clear Christian perspective of man as one of God’s special creations. Third, the subject is taught from a Christian perspective. For this course, the manner in which the subject integrates with a clear Christian perspective is through the assigned reading of Bulls, Bears & Golden Calves: Applying Christian Ethics in Economics by John Stapleford. This book is specifically keyed to leading economics textbooks, one of which is the textbook used in this course. The following is a description of the text (from amazon.com):

Self-interest, economic efficiency and private property rights are among the most basic assumptions of market economics. But can an economic theory built on these assumptions alone provide adequate insight into human nature, motivation and ultimate goals to guide our economic life? John Stapleford says no along with those economists who recognize the limits of their discipline. He insightfully shows us in detail how ethics are inextricably intertwined with economic life and analysis. Writing from a Christian ethical perspective, he interacts with seven standard introductory economics texts, exploring the moral challenges imbedded in various macro-, micro- and international economic theories and outlining a faithful response to them. Among the important ethical issues addressed are

* possibilities and perils of economic growth
* the role of government in the economy
* the growth of work and loss of leisure
* lending and borrowing
* poverty and distributive justice
* environmental stewardship
* business and social responsibility
* legalized gambling
* the pornography industry
* debt relief for less developed countries
* the economics of immigration
* population control

Keyed to seven of the most widely used introductory economics texts--Gwartney, Stroup and Sobel; Mankiw; Mansfield and Behravesh; McConnell and Brue; Miller; Samuelson and Nordhaus; and Stiglitz--this book will be especially useful for introductory courses in economics.

As part of the course assignments, students will be required to write a paper that addresses the subject of “economics from a Christian worldview.”

LEARNING DOCUMENTATION
Quizzes (16) – 30% of grade
- This course covers 18 chapters of the text. There are 16 quizzes, 1 per chapter (except for chapters 20-22), in BlackBoard. Quizzes are multiple choice and True/False questions, with each question worth 1 point. Quizzes are open note and open book. You may not work with others though. Quiz grades will be averaged to reach a total quiz grade. It is recommended that you take the quizzes early and often.

Final Exam – 20% of grade
- A comprehensive final exam covering the 16 chapters in the course will be taken at the end of the course. The final exam will be similar in format to the quizzes. The exam will be a mix of questions previously completed in the quizzes as well as new questions of the same content. Students that take the quizzes and study the results of those of quizzes will be prepared for the final exam. The exam will be timed, giving you 2 hours to complete. Once the exam is started you must finish it (you can not stop and restart the exam). The final exam is open note and open book. However, do not expect to have the time to find every answer; you will not have time, so you need to study well.

Homework – 15% of grade
- Homework related to each of the topics is assigned to ensure comprehension of the course material. You must e-mail assignments to the professor at evwood@taylor.edu using the following format for your subject: Microeconomics, Last Name, Chapter #. For Last Name, put your last name. For Chapter #, type the chapter # of the assignment (NOT the lesson #). Example: Microeconomics – Wood – Chapter 4.

- Homework is graded as follows: 3 = good; 2 = some errors or omissions; 1= poorly done; 0 = not handed in or not individual work.

- Note: Professional writing is expected on ALL assignments. Failure to write professionally (proper grammar, sentence structure, organization, wording, etc.) will negatively impact your grade.

Journal – 15% of grade
- Students will be responsible for maintaining an electronic current events journal throughout the full semester. Journals will consist of a collection of 20 current articles that relate to the subjects covered in the course. Current means articles that were published on either news websites or periodical websites (e.g. The Economist or The Wall Street Journal).

- For each journal entry, you are to have the weblink to the selected electronic article and a single paragraph illustrating an economic statement or presenting an economic analysis of the article. Do NOT summarize the article. You are to discuss how the article represents an economic issue discussed in class OR you are to provide an economic analysis of the article based on the subjects covered in class.

- The journal is to be compiled in MS Word (.doc format) or in Adobe Reader (.pdf) format, with 1 journal entry per page.

- At the end of the journal, you are to complete a 1 page, typed, single-spaced, 1 inch margins; summary paper in the form of a letter to a future Principles of Microeconomics student. The focus of your memo should summarize the articles. The summary should be done in a way that you identify how the articles relate to the course content.

Christian Worldview Paper – 20% of grade
- Based on reading Bulls, Bears & Golden Calves: Applying Christian Ethics in Economics by John Stapleford, you are to write a (2-3 page, typed, single-spaced, 1 inch margins) “manifesto” that outlines a view of economics from a Christian worldview. This manifesto must describe, in your own words, the type of system the Bible supports in basic terms (e.g. addressing only the general concepts without going into much detail).

LEARNING EVALUATION
A: 93-100%
A-: 90 - 92%
B+: 88-89%
B: 82-87%
B-: 80-81%
C+: 78-79%
C: 72-77%
C-: 70-71%
D+: 68-69%
D: 62-67%
D-: 60-61%
F: below 60%