Introduction to basic microeconomic principles: price theory, theory of the firm, trade and comparative advantage, public goods, taxation, welfare economics, and industrial organization. Public policy with regard to the environment, consumer protection, and other problems is also examined. (Fall, Spring, Summer) [Graded (Standard Letter)] Registration Restriction(s): Intensive English Program majors may not enroll General Education Category: Social and Behavioral Sciences

What You Need to Get

Materials for this course are available as an Inclusive Access Package.

This is one item that you pay for when you pay your tuition and fees.

You do not have to buy anything at the SUU Bookstore.

This package includes:

• Access to the class site at McGraw-Hill Connect (which includes an eText).
• Access to a separate service called MobLab.

Graded homework assignments will be drawn from Connect, while graded in-class activities will be drawn from MobLab. Tests will be based on lectures and the eText.

If you are using Connect or MobLab for another class, you can and should use the same username and password, but you must buy access for each course separately.

You do not need to have a physical book for the class. But, if you want one, we will be using Microeconomics (soft cover, cheaper, for this class only) by David C. Colander, 12th edition. I don’t object if you buy it new, buy it used, share it, rent it, borrow it, or do without. Do note that a physical book can also be ordered for a discounted price through the Inclusive Access package.

How Micro and Macro “Splits” Work

There are texts for Principles of Economics that include both microeconomics and macroeconomics, and are usually used for two semester sequences. These are usually hardcover. The microeconomics portion of these books is towards the front and fairly obvious.

But, most students in this class will use a “split”: all the chapters for that subject, plus a few chapters that are shared between the splits. These are paperback or loose-leaf, and they are cheaper.

Within Connect you will also find an eText. This is identical to the one-semester split version.

Your split text is divided into Part I and Part II. Part I is the 5 chapters shared by the macro and micro splits, while Part II is all the micro chapters.

Please note that if you buy a cheap physical text on the internet, these are often being sold cheaply because of mistakes in printing the chapter or page numbers. It is your responsibility to sort this out.

• Knowledge of Human Cultures and the Physical and Natural World
• Critical Thinking
• Civic Engagement

• Students will demonstrate a basic knowledge of each major functional area of business, including accounting, economics, finance, information systems, international, legal and social environment, management, and marketing.
• Students will demonstrate a basic proficiency in fundamental professional skills, including written communication skills, oral communication skills, critical thinking skills, analytical skills, and ethical decision-making skills.

1. Demonstrate effective written and verbal communication skills.
2. Demonstrate strong critical thinking skills.
3. Understand microeconomic principles at an intermediate level and be able to apply them to the analysis of individual, firm, and market behavior.
4. Understand macroeconomic principles at an intermediate level and be able to apply standard models to contemporary policy questions and problems.
5. Understand basic probability and statistical inference and be able to apply these concepts in data analysis and decision making.
6. Be able to conduct basic econometric analysis; appreciate the major issues involved in estimating, using, interpreting, and evaluating econometric models.

Grades

Your grade is out of 450 points: 140 from chapter quizzes, 40 from comprehensive quizzes, 140 from (online) homeworks, and 120 from Moblab and other simulations.

You’ll notice this adds up to only 440. There’s more. First, your raw score on the comprehensive quizzes may be elevated (diligent students can get up to 20 more points this way). Second, simulations can sometimes earn you extra credit for superior performance. Third, I sometimes ask short-answer extra credit questions on Tests. Lastly, there are two chapters I won’t cover but which you can do on your own for extra credit. The bottom line is that everyone will have a chance at more than 450 points.

I do give pluses and minuses, but only to the top and bottom 20% of the grade ranges.

The system I use for grading is sometimes called a “horse race”. Basically, percentages and averages are not important. Instead, you just focus on your point total. When you reach a certain point threshold, you’ve earned a certain letter grade, and can’t do any worse.

Students really like my system once they get used to it. However, Canvas is not set up for this, so we’ll have to make some adjustments.

Grade Thresholds

Grades and Canvas

Most students are used to being graded with an “average” across all their assignments.

Teachers do this because it’s easy. It is NOT to the student’s advantage.

Canvas is very basic. It only does grades as averages.

For this course, your grade is not based on an average, but rather on total points. This is better for students.

But, it creates a problem for you and me. Canvas cannot be stopped from displaying your average to you, whether or not the class is graded that way.

Crazy, right?

The grade you need to pay attention to will be clearly linked on the class home page in Canvas. Look there.

All other grades provided by Canvas, including those that may appear on your devices, may be wrong and should be avoided.

Tests

There will be 6 Tests plus a final Test (online, at the time scheduled by SUU).

The 6 Tests correspond to the 4 sections of the text we’ll cover, plus 2 more for the longer sections.

Each of those 6 Tests will cover 2-3 chapters. Each of those chapters has a quiz. I staple those together and call it an Test.

Chapter Quizzes

Each chapter has a quiz that is 10 questions long, and each correct answer counts for one point.

Chapter quizzes are offered only on Test days: in this class an Test is a collection of chapter quizzes.

If we do not finish a required chapter before the end of the semester, you still have to take the quiz, but 5 points will be added to the number you got correct on its quiz, up to a maximum score of 15 out of 10 points.

Default Quiz Scores

The default score for each chapter quiz is 3 out of 10.

Why would I give you “free” points? Well, I’m really not. The tests are multiple choice, so if you don’t study, and just show up and guess, you can probably get 3 correct, right? So why bother? It’s stressful for you and, and it wastes my time.

Changing Your Quiz Scores

If you take a chapter quiz, you get that new score, whether or not it’s better or worse.

You can take a chapter quiz as many times as there are Test days. Each time you take it, you keep the new score.

So, take a chapter quiz the first time because you’re pretty sure you can do better than 3 out of 10. But, only retake a quiz if you’re pretty sure you can beat your last score.

Required Chapter Quizzes

I will cover 14 chapters in class.

Each will have its own chapter quiz, as part of the Tests.

Extra Credit Chapter Quizzes

I do not cover Chapters 17 and 20. But you may do these on your own. If you do, I will let you take quizzes on them, following the same rules that we used of the required chapters.

Do the math: because of the default score, you’re already getting 6 points of extra credit from these chapters.

Comprehensive Quizzes

Quizzes that cover material covered throughout the semester will be offered 7 times. Each quiz is 10 multiple-choice questions, 1-2 from the chapters covered on each of the 5 Tests.

The raw scores from these quizzes will be elevated (not curved). The elevation is an addition to the number you got right, so it is conceivable to get extra credit from these quizzes. The amount will be:

• 8 points on the 1st quiz (so 8 to 18 is the possible score)
• 6 points on the 2nd quiz (so 6 to 16 is the possible score)
• 4 points on the 3rd quiz (so 4 to 14 is the possible score)
• 2 points on the 4th quiz (so 2 to 12 is the possible score)
• 0 points on the 5th quiz (so 0 to 10 is the possible score)
• 0 points on the 6th quiz (so 0 to 10 is the possible score)
• 0 points on the 7th quiz (so 0 to 10 is the possible score)

I will count your 4 highest elevated scores on these comprehensive quizzes. Your best strategy is to take these comprehensive quizzes as early in the semester as you can.

Additional Test Policies

N.B. The University calls mid-term and final exams “exams” rather than “tests”. I use the word “test” for everything, because mine cover a lot less than half the semester.

Your Test consists of the set of zero or more quizzes that you choose to take on a scheduled Test day.

You will have the entire class to do your Test.

You may take a quiz on a chapter once on each Test day.

You may take or skip any chapter quizzes you like on any Test day.

There will be a different set of 10 questions on each chapter quiz on each Test day.

Generally speaking, I will only bring chapter quizzes that I expect to be used to each Test (see the next section). If you want me to bring something that is not listed, including extra credit chapter quizzes, you must notify me by email by noon the day before the Test.

Homeworks

Homeworks in this class are done online through Connect. Connect is required for this class: you are not excused from doing homeworks because you have not paid for Connect.

Connect offers two types of assignments: SmartBook and Pre-Built Assignments. In each section, SmartBook Assignments are due earlier, and Pre-Built Assignments are due later.

Each Test will mark the end of a section of the class. In each section, either 2 or 3 chapters will be covered. There will be a SmartBook and a Pre-Built Assignment for each are chapter on the Test that follows. Within each section I will count your highest homework score for each chapter, as many as there are chapters in that section.

The homeworks have different numbers of questions. Your raw score will be scaled to give you a score out of 10 points.

SmartBook Assignments

SmartBook is designed to be something that you do after having started a chapter but before you finish it. SmartBook assignments are interactive: Connect will feed you more questions if you’re doing poorly, and fewer as you do better.

SmartBook assignments are due earlier in the section, staggered by chapter. Typically, these are due about the day I start lecturing on a new chapter, or a little after I start.

SmartBook grading is based on the proportion of the assignment that you finish. This means that you can score well on this just by being diligent.

Pre-Built Assignments

Pre-Built Assignments are similar to multiple choice quizzes, with a bit of online interactivity.

Pre-Built Assignments are designed to be done after you’ve finished a chapter. All the Pre-Built Assignments are due at 11 pm, two days before the Test.

Pre-Built Assignments can be done twice, with new questions the second time. If you take it once or twice, it will be your average score that counts.

How Students Tend to Feel About Connect Assignments

Most students find the SmartBook Assignments to be too easy, and the Pre-Built Assignments to be too hard. SmartBook Assignments are definitely scored more easily. So, try to do all the SmartBook Assignments, but don’t forget to try the Pre-Built Assignments even if you know their low scores will be dropped (they’re rough, but the give you a good workout).

Moblab and Other Simulations

Simulations are done in class. These are role playing, and they are competitive. Everyone will get the same points for attendance. Some roles are better than others. You earn more points than other students not by getting a better role, but by playing the role you have better than it is designed to be played.

Some accommodation (like writing an essay) may be made if you do not have the appropriate technology with you on the day of a simulation.

Some simulations may be made up outside of class. No guarantees.

Sometimes I also do simulations without MobLab, using pencil and paper. They will count towards your grade the same way.

MobLab is a great tool, but its usefulness is not evenly distributed throughout the semester. For some material, we will be doing the simulations a few weeks before or after it’s covered in class.

Scoring For Simulations

In each section of the class, I will count 2 simulations, at 10 points each.

Within each section we will do 3 or more simulations.

This is key. If we do more than 3 simulations in a section, the scores from the extra ones will “waterfall” and be counted in the next section.

In each section, I will drop your low score.

How to Earn a Grade You Find Satisfying in This Class

There are two sorts of students taking this class: those who need this course as part of their foundation core to achieve advanced standing for a business major (including economics), and those who are taking it for general education credit.

I recognize that different students will have a different target grade in mind for this class: I don’t judge you if you only want to pass.

Doing the homeworks diligently is the way to put up enough points to pass the class. Doing SmartBook Assignments is an easier way to get those points than doing Pre-Built Assignments. If you miss a SmartBook Assignment, definitely do the Pre-Built Assignment for that chapter to pick up some points.

Doing better on the chapter quizzes offered on Test days is what differentiates the A’s from the B’s from the C’s, D’s and F’s. Retake chapter quizzes on later Test days to improve your scores.

The comprehensive quizzes are a tool I use to assess the progress of the class. You get to keep all the points you earn, and I give you enough extra credit on these to make it worth your while. Your best strategy is to take these earlier rather than later in the semester.

Short answer questions are sometimes offered for extra credit during each Test. It doesn’t hurt to try and answer them.

Lastly, avoid the optional chapter quizzes. If you’ve been struggling, it will show up in lower scores for the required chapter quizzes. But those are the chapters on which I’ve lectured, and you’ve done homework: it’s unlikely that you’re going to do better on an optional chapter that doesn’t have that level of support. But that’s weird, isn’t it? Why would I allow you to take optional chapter quizzes at all? The answer is that this opportunity is mostly for good students who’ve screwed up: they’ve done well on a bunch of chapter quizzes (so they know they can do the work), but they’ve skipped some homeworks and gotten some zeroes earlier in the semester. If you’ve done all the work, and your grade is still low, you’re welcome to try these optional chapter quizzes, but you may not find it worthwhile.

Other Required Activities

My system for grading this class offers students a lot of flexibility. But flexibility entails some complexity in keeping track of your grades that is beyond the capabilities of Canvas’ Grades tool.

The workaround for this is to post your grades by a codename whose security is your responsibility.

There are no other extracurricular or co-curricular activities required for this course.

Material Sections

The text is divided into 2 parts and 8 sections (no numbers or letters for those).

Part I is one section. We will cover this in its entirety. You will have an Test after Chapters 1-3, and another after Chapters 4-5.

Part II has 7 sections:

• The Power of Traditional Economic Models
• International Economic Policy Issues
• Production and Cost Analysis
• Market Structure
• Factor Markets
• Choice and Decision Making
• Modern Economic Thinking

In Part II, we will cover the first, third, and fourth sections (it’s a little longer so we’ll have an Test in the middle of it)

In all, this is chapters 1-8, and 11-16.

So, in-class Tests at the completion of each section, plus one each in the middle of the longer first and last sections, for a total of six.

Course Outline

After today, holidays, Test days, and other excused days, we have about 32 days to cover 14 chapters. We will spend 1-3 days on each chapter.

Web Chapters

The text includes web chapters. I do not cover these.

Appendices

These are required (but are not tested as heavily).

Test Dates and Material

The course is organized around (mostly) around 1 chapter per week. Tests occur every few chapters, and are an extra part of the work for that week.

Tests are open on Fridays and Saturdays. Tests are timed and must be done in one sitting.

• September 19-20 — Chapters 1-3.
• October 3-4 — Chapters 1-5.
• October 24-25 — Chapters 1-8.
• November 7-8 — Chapters 1-8, 11 and 12.
• November 21-22 — Chapters 1-8, and 11-14.
• December 7-8 — Chapters 1-8, and 11-16.
• December 10-11 — Chapters 1-8, and 11-16.

In addition, a comprehensive quiz is offered on each Test.

Makeup Tests and Quizzes

There are no makeups. You may take any chapter quizzes you like on any Test day, but only on Test days.

Test Attendance

Your current score for the quizzes on each chapter is three. The only way you can raise those scores is by taking quizzes on Test days and earning more points.

Because I allow you to retake chapter quizzes, and all quizzes are given at least once in class, the final Test will not be offered at any other time under any conditions.

Homework Make-Ups and Late Work

There are no make-up homeworks of either sort.

SmartBook assignments not finished by their due date get 10% deducted off the possible score. An additional 10% will be deducted for each new week that begins until the assignment is finished.

Flexibility, Freedom, and Special Considerations

My class is very flexible, and it gives you a lot of options for earning points in a way that works best for you.

My class also gives you a lot of freedom to manage your workload. Please note that while there may be ways to procrastinate in my class, there are few ways to get out of ultimately doing the work.

Because I give you freedom and flexibility, I am far less inclined to make an exception for you in a special case. By all means, feel free to ask — perhaps you do deserve an exception. But please keep in mind that I am inclined to refuse such requests: the whole point of giving you flexibility and freedom is so that you’ll address your own problems in the best way you can manage.

Undergraduate business classes have a fee included in your overall bill for the semester payable to SUU.

Artificial Intelligence

Use it. Or don’t. It’s up to you.

My professional view is that you now have access to an assistant that can help you with any material in this class. On average, it’s smarter than you. Heck, it may be smarter than me too.

But it has limitations, and sometimes you won’t or can’t know where those are. It is a metaphorical golden retriever: always ready to be good if you can guide it.

The future is not one of you memorizing some economics in college, promptly forgetting most of it, and then being puzzled by economic events the rest of your life.

Instead, the future is one in which you maintain a skeleton understanding of economics, and a willingness to let AI flesh that out in just-in-time fashion. That journey starts here.

The only exception to this for this class is tests. Opening up a device and asking an AI for help during a test will be considered academic dishonesty (see those required statements on the last few pages).

Synchronous and Asynchronous

Synchronous means you do most tasks at the same time as other students. Asynchronous means you do the tasks when you want, by yourself or through arrangements you’ve made with others to work together.

Teaching Modality

This is an online class. At SUU, online classes are asynchronous. There are due dates and times, but these are just when assignments close.

Pre-Requisites

None

Technology Platforms

Canvas is SUU’s system for doing classes fully or partially over the internet.

Connect is McGraw Hill’s site for class support. Your homeworks will be there. Also, it has other study aids, and an eText.

You can access Connect directly, or through Canvas.

Connect, like Canvas, has its own email system. The one in Connect is a bit slower and less reliable than the other ones.

Moblab is a site I’ll be using to support simulations done in class. These require a smartphone, tablet, or computer. Moblab simulations should be fun, interesting, and helpful with the class, so do try to have the right technology available.

Accommodations (like writing essays) can be made if you don’t have the right technology. You should still come to class those days because just watching will be helpful too.

Moblab is accessed by going directly to their site using an app. It does not work through Canvas.

Class Folder on Google Drive

There may also be a shared folder for the class on Google Drive. You will receive an invitation to this if we need to use it.

Supplementary Materials and Readings

I usually post these to the class folder on Google Drive.

The School of Business has an arrangement for students to get access to articles from The Wall Street Journal. We will be using this a bit (directions coming later).

Micro and Macro

ECON 2020, Principles of Macroeconomics, is not required for this class. Be aware that these subjects are quite different: many people love one of these classes and hate the other one.

Other Required Activities and Grade Posting

My system for grading this class offers students a lot of flexibility. But flexibility entails some complexity in keeping track of your grades that is beyond the capabilities of Canvas’ Grades tool.

The workaround for this is to post your grades by a codename whose security is your responsibility.

There are no other extracurricular or co-curricular activities required for this course.

Progress Reports

I am required to file a 5th week progress report on some students, whether their performance is positive or negative.

I am allowed to file one on any student. I usually reserve these for students whose poor performance concerns me.

Please note that a negative report is not a punishment. SUU recognizes that some students perform poorly. SUU asks professors to report struggling students so that they can reach out with additional support.