ECON 271: PRINCIPLES OF MICROECONOMICS (LOPER 7)

 

Theresa Yaw                                                                                        Tel: 308-865-8459

Office: WSTC 311C                                                                             Email: yawta@unk.edu

 

COURSE DURATION: January 23, 2023 – May 18, 2023

 

CATALOG DESCRIPTION

This Course provides students an introduction to the economic principles and theories which have been developed to explain how firms make decisions on production and input use, how consumers make purchasing decisions, and how firms and consumers interact in the marketplace under differing market conditions. The Course prepares students for further study in the field of economics.

CREDIT HOURS: 3

 

COURSE REQUIREMENT

• Textbook: No textbook is required for purchase. Students will have access to all materials online. The primary guide will be Openstax, found at https://openstax.org/details/books/principles-microeconomics-3e

·         This course is part of UNK’s Open Nebraska (ONE) textbook cost reduction initiative. All course readings, materials, and textbooks for this course will not exceed $40. Although you may not be required to purchase books, you are expected to read the assigned readings. ONE courses are any teaching, learning, and research materials that are free for people everywhere to use and repurpose. This not only includes textbooks, but also videos, images, lectures, and even entire course outlines.

 

GENERAL STUDIES OBJECTIVES

ECON 271 is General Studies course in the LOPER 7 (Social Science) category:

Purpose of General Studies: The UNK LOPERs General Studies Program helps students to develop core academic skills in collecting and using information, communications in speech

and writing, and quantitative reasoning (LOPERs 1-4); to acquire broad knowledge in a variety

of disciplines across the arts, humanities, social sciences, and natural sciences (LOPERs 5-8);

and to instill dispositions that prepare students to lead responsible and productive lives in a democratic, multicultural society (LOPERs 9-11).

 

BROAD KNOWLEDGE REQUIREMENTS (LOPERs 5-8):

Program Objective: Courses are designed for students “to acquire broad knowledge in a variety of disciplines across the arts, humanities, social and natural sciences.”

LOPER 7 (Social Science) Learning Outcomes
Students can: Explain and evaluate human behavior and/or social systems using the concepts and methods in a social science discipline

1. Can use the discipline’s concepts and methods to explain human behavior and/or social systems
2. Can investigate problems and analyze evidence using the discipline’s concepts and methods
3. Can make and support an argument about human behavior or social systems using social-scientific evidence
4. Can articulate the significance of social scientific knowledge for themselves or for society

COURSE OBJECTIVE

At the end of this course, students should be able to explain the basic decision-making of consumers and producers. Students are introduced to economic-reasoning, factors influencing consumers’ and producers’ decisions, and a wide range of economic policy issues.

 

 

 

CBT ASSURANCE OF LEARNING GOALS AND OBJECTIVES

The following Assurance of Learning goals and objectives are addressed in this class.

1. Students will have effective critical thinking skills.
2. Students will be able to:

• Identify and define the problem or issue being
• Construct a viable argument—use evidence to identify alternatives and support the
• Draw conclusions/make recommendations.

1. Graduates will have knowledge of basic business disciplines and concepts.
2. Students will demonstrate comprehension in:

• Economics
• Legal/social environment

 

HELP AVAILABILITY

• Emails are encouraged: Students are encouraged to utilize the Canvas email system to communicate any questions pertaining to the course. Instructor will respond to your questions within 24 hours of receipt
• Office Hours: Monday and Wednesday, 1:00-3:30 p.m. or by appointment.

STUDENT PARTICIPATION - You are required to participate in class by

• Attending class unless there is a valid excuse
• Answering of questions (quizzes) after every chapter: approximately 68 percent of the final
• Homework assignments: approximately 17 percent of final grade.

• Completing the comprehensive final exam: approximately 15 percent of final grade.
  • Students are encouraged to keep up with assignments and quizzes to avoid penalties.
  • Class discussion is strongly encouraged.

COURSE OUTLINE and Reading Assignments:

 

Section I: In this section we look at the fundamental economic ideas of scarcity, opportunity cost, and comparative advantage and how they influence economic decisions. We also introduce the basic economic tools of supply and demand to begin analyzing how markets operate.

 

Lecture Topic	Reading Assignment
Welcome to Economics	Chapter 1
Choice in a World of Scarcity	Chapter 2
Demand and Supply	Chapter 3

 

Section II: In this section we take a closer look at the the laws of supply and demand, and how these foreces explain changes in prices and output of goods and services.

 

Lecture Topic	Reading Assignment
Labor and Financial Markets	Chapter 4
Elasticity	Chapter 5 (skip 5.4)
Consumer Choice	Chapter 6

 

 

Section III:  In this section we contrast the efficiency and effect on both the consumer and producer of the various types of markets. We learn how pricing, output and efficiency is determined by the level of competition and cooperating between suppliers in a market.

 

 

 

Lecture Topic	Reading Assignment
Production, Costs and Industry Structure	Chapter 7
Perfect Competition	Chapter 8
Monopoly	Chapter 9
Monopolistic Competition and Oligopoly	Chapter 10

 

Section IV:

 

In this section we introduce the concept of an efficient market and discuss possible sources of inefficiency. We then discuss the impediments to allocative efficiency, and the role the government has in both creating or remediating inefficiency.

 

Lecture Topic	Reading Assignment
Environmental Protection and Negative Externalities	Chapter 12
Positive Externalities and Public Goods	Chapter 13
Poverty and Economic Inequality	Chapter 15

 

 

Evaluation: Examinations, Quizzes and Assignments

As this is an on-line class, all lectures will be recorded and all assignments and quizzes will be submitted through Canvas. It is expected that you will work independently and at the pace that the instructor sets. This is not a work-at-your-own-pace class, please do not request to work ahead unless you are preparing for a University-related absence. Due dates will be published well in advance, and assignments can be turned in up to a week late (with a penalty).

 

   Quizzes (approximately 68%)*

There will be a quiz after every chapter. Quizzes  will test for critical thinking, understanding and application of course concepts rather than recall. The quizzes are designed to provide students with opportunity to apply principles from class to specific problems and to demonstrate their written communication skills. Information from lectures or the assigned readings may be included on quizzes (learning outcomes 7a, 7b, and 7c).

  Final Exam (approximately 15%)*

There will be a comprehensive final exam given at the end of the term. This final exam is to ensure students have retained the basic information learned during the semester (learning outcomes 7a, 7b, and 7c).

    Assignments and Homework (approximately 17%)*

Homework will be assigned frequently. These assignments are designed to provide students with opportunities to apply principles from class to specific economic problems and to demonstrate their problem solving and written communication skills. Some assignments will involve reporting to other students, and defending and debating their positions. This enables students to demonstrate their problem solving and oral communication skills (learning outcomes  7a, 7b, 7c, and 7d).

 

*Homework and quizzes require students to demonstrate their understanding of economic concepts and their applications. The specific homework assignments and quiz questions will be at the discretion of the instructor. Late homework submissions are subject to a penalty of 10% deduction of the maximum possible score if submitted within a week of the due date, and a score of 0 if not submitted or submitted more than a week late. Students will only be able to make up missed quizzes if the instructor is notified in advance, and if the absence is due to illness, family emergency, a University event, or other approved activity.

 

Grading Scale:

The percentage score will be converted into a letter grade according to the following scale:

 

A+	A	A-	B+	B	B-	C+	C	C-	D+	D	D-	F
98-100	93-98	90-93	87-90	83-87	80-83	77-80	73-77	70-73	67-70	63-67	60-63	<60

 

 

UNIVERSITY POLICIES

 

Attendance Policy

Students are required to attend all lectures, and complete all assignments and quizzes on time and in the requested format.

 

Academic Honesty Policy

Academic honesty is essential to the existence and integrity of an institution of higher education.  The responsibility for maintaining that integrity is shared by all members of the academic community.  To further serve this end, the University of Nebraska at Kearney has a policy relating to academic integrity.   

Undergraduate Academic Integrity Policy

 

Students with Disabilities

It is the policy of the University of Nebraska at Kearney to provide flexible and individualized reasonable accommodation to students with documented disabilities. To receive accommodation services for a disability, students must be registered with the UNK Disabilities Services for Students (DSS) office, 175 Memorial Student Affairs Building, 308-865-8214 or by email unkdso@unk.edu  

 

UNK Statement of Diversity & Inclusion:

UNK stands in solidarity and unity with our students of color, our Latinx and international students, our LGBTQIA+ students and students from other marginalized groups in opposition to racism and prejudice in any form, wherever it may exist. It is the job of institutions of higher education, indeed their duty, to provide a haven for the safe and meaningful exchange of ideas and to support peaceful disagreement and discussion. In our classes, we strive to maintain a positive learning environment based upon open communication and mutual respect. UNK does not discriminate on the basis of race, color, national origin, age, religion, sex, gender, sexual orientation, disability or political affiliation. Respect for the diversity of our backgrounds and varied life experiences is essential to learning from our similarities as well as our differences. The following link provides resources and other information regarding D&I: https://www.unk.edu/about/equity-access-diversity.php

 

Students Who are Pregnant

It is the policy of the University of Nebraska at Kearney to provide flexible and individualized reasonable accommodation to students who are pregnant. To receive accommodation services due to pregnancy, students must contact the Student Health office at 308.865.8218. The following links provide information for students and faculty regarding pregnancy rights. https://thepregnantscholar.org/title-ix-basics/

https://nwlc.org/resource/faq-pregnant-and-parenting-college-graduate-students-rights/

Reporting Student Sexual Harassment, Sexual Violence or Sexual Assault

Reporting allegations of rape, domestic violence, dating violence, sexual assault, sexual harassment, and stalking enables the University to promptly provide support to the impacted student(s), and to take appropriate action to prevent a recurrence of such sexual misconduct and protect the campus community. Confidentiality will be respected to the greatest degree possible. Any student who believes they may be the victim of sexual misconduct is encouraged to report to one or more of the following resources:

• Local Domestic Violence, Sexual Assault Advocacy Agency 308-237-2599
• Campus Police (or Security) 308-865-8911
• Title IX Coordinator 308-865-8655

Retaliation against the student making the report, whether by students or University employees, will not be tolerated.