Instructor:        Colon Rowe

Contact:          crowe@faculty.ed.umuc.edu

Text:                Economics, Principles, Problems, and Policies, McConnell and Brue, McGraw-Hill Irwin, Fifteenth Edition

                        Study Guide to Accompany McConnel and Brue Economics, Walstead and Bingham

Course Description:    This course is a survey of macro and microeconomic concepts relative to administrative management.  It introduces students to the behavior of consumers and producers in the market place; price determination;  the macroeconomic problems of income, employment and price stability; and how to use the tools of fiscal and monetary policy to move the economy in the direction of society's macroeconomic goals.

Course Objectives:  Upon successful completion of this course the student will have a knowledge of the economic principles essential to understanding the basic economizing problem, specific economic issues, and policy alternatives available for dealing with them.  These issues include:  demand and supply as it relates to individuals and firms in market systems characterized by high levels of competition as well as markets with a high degree of concentration, such as monopolies; demand and supply as it relates to entire economies, particularly the U.S., and the factors contributing to economic growth or stagnation, unemployment, and inflation; the role of government in controlling the banking system and the money supply and the impact of government policies in these areas on aggregate demand and supply; the impact of government taxing and spending policies on aggregate demand and supply.  Lastly, the successful student will have attained the ability to reason accurately and dispassionately about economic matters, and hopefully will have gained a lasting interest in economics.

Instructor’s Background:  I received an A.B. in Chemistry from the University of North Carolina at Chapel Hill in 1961, and a Master of Commerce from the University of Richmond in 1969, concentrating in Economics and Management.   I completed additional graduate work in Economics at Virginia Commonwealth University.  Before beginning my civilian career I served in the U.S. Army for three years, the last two in Orleans, France.  In 1993 I retired from Philip Morris, USA as manager of Computer Information Services.  During my career at Philip Morris I managed, at various times, a variety of functions including economics and planning, consumer research, and engineering.  Following retirement I received a CPA from the State of Virginia.  Prior to teaching for the University of Maryland, I taught economics at Craven Community College, New Bern, NC, and accounting and federal taxation at Campbell University, Camp Lejeune, NC.  This is my third year teaching for the University of Maryland.

Evaluation: 

4 Study Group Projects (25 points/project):                           100 Points

4 Article Reviews (25 Points/review):                                     100 Points

Midterm Exam:                                                                        100 Points

Final Exam:                                                                             100 Points

Class participation (8 ½  points/week, weeks 2-13):             100 Points

Total                                                                                        500 Points

 

450-500 points – A

400-449 points – B

350-399 points – C

<350 points       - F

 

Study Group Projects:  During the first week of the term students will be assigned to Study Groups of 3-5 members each, depending upon size of enrollment in class.  Cases, as assigned, will be due from each Study Group as shown on the schedule that follows.  A Group Leader will be assigned two weeks in advance of the due date for each case.  The Group Leader will be given the grade given to the case as submitted.  Other members of the group will be given grades equal to, higher than, or lower than this grade depending upon each individual's participation in the group effort as evidenced by on-line responses.  Cases will be due by midnight GMT on 22 September, 6 October, 10 November and 24 November.

Article Reviews:  Online sources carry stories and articles on almost a daily basis that touch on topics being studied in this class.  Students will be required to submit, as shown on the schedule that follows, a one- to two page Review of such an article.  The site at which the article was found, that is the URL address, should be specified, or, if this is not possible, a copy of the article should be attached to the Review.  These will be graded based on relevance (20%), clarity of summation (35%), understanding of the economic concept(s) touched on by the article (35%), and grammar, spelling and composition (10%).  Article Reviews are due by midnight GMT on the following dates:  15 September, 29 September, 3 November and 17 November.

Class Participation:  Class participation will be evaluated on each student's posted responses to assigned readings, postings, and other students' postings.  The criteria include relevance, frequency and regularity of responses.

Week 1     26 Aug-1 Sep      Chapter 1 and Appendix: The Nature and Method of Economics

Week 2     2-8 Sep                Chapter 2:  The Economizing Problem                       Chapter 3:  Individual Markets:  Demand and Supply

Week 3     9-15 Sep              Chapter 4:  The Market System

                                                Chapter 7:  Measuring Domestic Output, National Income, and the Price Level (1^st Article due)

Week 4     16-22 Sep            Chapter 8:  Introduction to Economic Growth and Instability (1^st Study Group Project due)

                                                Chapter 5: The U.S. Economy-Private and Public Sectors

Week 5     23- 29 Sep           Chapter 9:  Building the Aggregate Expenditures Model (2^nd Article due)

Week 6     30 Sep-6 Oct       Chapter 10:  Aggregate Expenditures:  The Multiplier, Net Exports, and Government

                                                Chapter 11:  Aggregate Demand and Aggregate Supply (2^nd Study Group Project due)

Week 7     7-11 Oct               Chapter 12:  Fiscal Policy

                  11 October           Midterm Exam

Week 8     26 Oct-3 Nov       Chapter 13:  Money and Banking

                                                Chapter 14:  How Banks and Thrifts Create Money (3^rd Article due)

Week 9     4-10 Nov              Chapter 15:  Monetary Policy (3^rd Study Group Project due)

Week 10  11-17 Nov            Chapter 20, pp. 374-383:  Price  Elasticity of Demand (4^th Article due)

                                                Chapter 6: The U.S. in the Global Economy

Week 11  18-24 Nov            Chapter 22:  The Costs of Production (4^th Study Group Project due)

                                                Chapter 23:  Pure Competition

Week 12  25 Nov-1 Dec      Chapter 24:  Pure Monopoly

                                                Chapter 25:  Monopolistic Competition and Oligopoly

Week 13  2-8 Dec                Chapter 34:  Income Inequality and Poverty

Week 14  9-15 Dec              Final Exam