SYLLABUS FOR ORMN 415; ECONOMICS
Learning Cohort 130
Term: Summer, 2006
Course number: ORMN 415 Economics
Instructor: Daniel Lowry
E-Mail: lowdk@AOL.Com
Home phone: 219-836-4133
Office Hours: Upon appointment only
Course Time: Wednesday evenings: 6:00pm to 10:00 pm
Class Location: Merrillville campus
Course Description: A survey of the field of Economics as it relates to the manager. Designed to provide a basic understanding of the principles, concepts, and operational aspects of our economic system.
Textbook; Stanley L. Brue and Campbell R. McConnell, Essentials of Economics, 1st Edition, 2007, McGraw-Hill Irwin.
MEETING ONE: To prepare for meeting one, students should complete the following:
1. Chapter one:
a. read chapter one;
b. familiarize yourself with “terms and concepts”, p. 23. . Certain terms will be emphasized in class;
c. “study questions”, pages 23, 24, 25: #1,2,4,5,6,8,10,12.
NOTE: the following applies to all the chapter “study questions”
found at the end of each of the chapters: The indicated study
questions at the end of each of the chapters are NOT to be
submitted. These are not going to be graded and evaluated.
Rather, they are intended for the student use in analyzing
theories and concepts developed in the chapter readings.
Further, in-class time constraints will determine the extend and
degree to which these questions and answers will be discussed
Time limitations often prevent discussions of these ideas
in their entirety.
2. Chapter two:
a. read pages 26-32;
b. Terms and concepts: p. 44. Certain terms will be emphasized in class.
c. Study questions, pages 44-45: #1,2,11.
3. Chapter three:
a. read pages 48-66.
b. Terms and concepts, p. 68.
c. Study questions, pages 68, 69: #1,2,3,4,5,6,8a.
4. Current events assignment one is to be submitted.
Be reminded, this is a tentative schedule for meeting one. We may not complete
the entire plan. Some material from chapter three could carry to meeting two.
MEETING TWO: Students may find it beneficial to bring a basic calculator to class for meeting two. To prepare for meeting two, students should complete the following.
1. Chapter four:
a. read pages 70-71. On page 71 we will NOT study “using averages”.
We will employ the first formula for determining Ed. We will not be
applying the “using averages” approach found on the bottom half of
page 71.
b. read pages 72-82. (We will limit our application of Elasticity to
Elasticity of Demand. We will not cover pages 82-87.
c. Terms and Concepts, p. 88.
d. Study questions, pages 88-89. #1,5,6.
2. Chapter six:
a. read pages 117-130; pages 132-133; p. 135.
b. Terms and concepts, p. 137.
c. Study questions, pp. 138-139; Complete the table on page 139. In
completing this table,calculate the fixed costs as $60.00.
3. Chapter seven:
a. read pages 140-142;
b. study figure 7.2 on page 146. Note the relationship between MR and MC in determining the “Profit Maximizing” level of output. Note the
relationship between the MR curve and the MC curve on the table showing cost curves to determine the output level at which MR and MC intersect.
c. Terms and Concepts, p. 164;
d. Study questions p. 164: #1; calculate Total Revenue and Marginal Revenues in table for question 2.
4. Chapter eight:
a. read pp. 166-169; 183-185;
b. Terms and Concepts, p. 187;
c. Study questions, p. 187: # 1, 2.
5. Chapter nine:
a. read pp. 190-193; 196-199; 208-211;
b. Terms and Concepts, p. 213;
c. Study questions, p. 214: # 1.
6. Students are to submit a typed statement explaining his/her tentative topic and
objective for the writing project. This statement can be modified, altered, or
changed subsequent to meeting two.
MEETING THREE:
1. Test one will be given at the start of meeting three. Approximately one hour
will be allocated for test one. Students are expected to take this examination at
its scheduled time.
2. After test one is completed, attention will be directed to our study of Macro-Economics.
3. Chapter twelve:
a. read pp. 264-269; 269-271; 275-278; figure 12.3; pp. 281-282;
283-286;
b. Terms and concepts, p. 288;
c. Study questions, p. 288: #2, 6, 14.
MEETING FOUR: To prepare for meeting four, students should complete the following:
1. Current events: assignment 2 is to be submitted.
2. Chapter fourteen:
a. read pp. 313-315; 322-325; 325-328.
b. Terms and concepts: p. 334;
c. Study questions, p. 334: #6,11.
3. Chapter fifteen:
a. read pp. 346-351;
b. Terms and concepts, p. 364;
c. Study questions p. 364: #5, 6.
4 Chapter sixteen:
a. read pp. 371-375;
b. Table 16.3, p. 379;
c. Terms and concepts, p. 385;
d. Study questions p. 385: #3, 7
5. Chapter eighteen:
a. read pp. 411-412; 425-427; 429-431; 432-434;
b. Terms and concepts, p. 435;
c. Study questions, p. 435, 436: #9, 12.
MEETING FIVE:
1. Test two will be given at the start of meeting five. Approximately one
hour will be allocated for test two. Students are expected to take test two
at its scheduled time
2. The remainder of the session will be devoted to presentation of written
projects.
3. Students may choose to bring a self addressed stamped envelope.
CURRENT EVENTS ASSIGNMENT: On meetings 1 and 4 a current events article is required to be submitted. This article should be not more than three weeks old. The article should be from a business source such as the Wall Street Journal, or a business magazine such as Business Week. You are to submit a detailed analysis and summation of the article, as well as a summary of your opinion about the economic issue contained in the article. Attach the article to your written submission..
WRITING PROJECT: Each student will select a topic of economic significance, and prepare a 5 to 7 page double spaced typewritten report. Possible topics will be discussed in the first class meeting. Format will be also be discussed in the first session. Each student will submit a possible topic during the second session. The report is due the fifth session. During the fifth session oral presentations of the written reports will be made. Keep a copy of your written report; the submitted copy will not be returned to you.
STUDENT EVALUATION: The final grade for each student will be determined in the following manner:
Test one: 30%
Test Two: 30%
Written Project: 30%
Current events article #1: 5%
Current events article #2: 5%
NOTE: No food is to be eaten in classroom during the class meeting. It is a distraction to the others in the group.