COURSE SYLLABUS

School of Management
The University of Texas at Dallas

Course: MECO6303 Section 502 Business Economics

Instructor: Peter Lewin
Semester: Spring 2006
Course Start/End Date: Jan 9 – May 1, 2006

Course Information | Communications | Student Assessments | Course Schedule | Scholastic Dishonesty |

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Course Information
1. Course Description

Economics is about the ordinary business of life and it is also the basis for many courses in Business. It also contains much
of the conceptual material necessary for an intelligent understanding of business life. The approach in this course to the
teaching of economic principles is to try to ensure that students acquire the necessary conceptual apparatus in a way that is
both challenging and interesting. This is done by attempting to ensure that the material is presented in a lively, interesting
and relevant fashion. We will constantly use current real world examples to illustrate the application of concepts.

Catalogue Description.
Business Economics (3 semester hours) Foundations of the economic analysis of business problems, with special
emphasis on the function and determination of market prices in production and consumption. Supply and demand, price
theory, production theory, trade theory with reference to the global economy, the effects of tax and other policies in the
economy, and essential elements of the banking system and monetary policy are addressed.

2. Prerequisites: MATH 5304 or equivalent.

3. Learning objectives

I would like students to take away from this course at least the following:

1). An appreciation of the power of economic reasoning for understanding current events
2). A facility for analyzing everyday economic problems using basic economic analysis
3). An understanding of the concepts of
§ supply and demand
§ costs and benefits
§ and their multiple applications
4). An appreciation of the role of
§ money in the economy
§ the dangers of inflation
§ the importance of free trade
§ the limits of regulation
§ the effects of taxes and subsidies of different types
§ the workings of the market system is determining earnings (interest, profits, wages, salaries and rents)
§ the modern business firm, its function and its boundaries
§ the achievements of the American economic system.

4. Instructor Information

1). Instructor brief biography

 I was born and grew up in Johannesburg, South Africa . I received a BA (honors) degree in Economics and History from
the University of the Witwatersrand in Johannesburg in 1969. In September 1972, after teaching at the business school
at that University, I left to study at the University of Chicago. I received a Ph.D. in Economics from the University of
Chicago in 1979. I was fortunate to have as teachers at least four Nobel prize winners. In January 1979 I moved with my
family to Dallas, where we have lived ever since. After seven years as an academic, I tried my hand in an
entrepreneurial venture and joined a friend in a startup business called Soft Warehouse. Today it is called CompUSA. I
was one of its founding shareholders. It was a difficult but very educational experience. In 1992 I decided to return to
academics and have been with the UTD School of Management since 1997. I love my job. I have a passion for teaching
and for economics.

My wife and I were married in December 1969. We have four children and two grandchildren.

To see more about my professional and personal life visit my website at http://www.utdallas.edu/~plewin/

2). Contact information

You may contact me using the Mail facility provided for this course. See the explanation under Communications
below.

Other contact information is:

Email: plewin@utdallas.edu
Phone: 972-883-2729
Office: SM 3.223, UTD

You can contact me anytime by phone or email, and see me by appointment in my office.

5. Course Materials

The text book is "Business Economics" by Steven E. Landsburg and N. Gregory Makiw (Southwestern: 2005) ISBN # 0-
324-33890-2. (It is a custom book from the publisher.)

Textbooks and other materials can be ordered online through MBS Direct Virtual Bookstore or Off-Campus Books web
ordering site. They are also available at UTD Bookstore and Off -Campus Books.
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Communications

I make extensive use of WebCT in all of my courses. You should monitor the course on WebCT
frequently for announcements, discussions and supplementary material
Interaction with Instructor: I will communicate with students mainly through the Discussion Boards and Course
Announcements. Students may send personal concerns or questions to me using the course Email tool. I will reply to
student emails or Discussion board messages within 3 working days under normal circumstances.

Interaction with other students: You may communicate and interact with other students using either email, discussion
board or the Collaboration tool shown on the course menu.

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Course Outline/Schedule
Week Thurs Coverage Lesson #
1 01/12 One Student
2 01/19 Two Assessment: Grading/Evaluation
3 01/26 Two There will be two online timed midterms 1 hour each
(25%)
4 02/02 Three and an on-campus comprehensive final test (50%).
5 02/09 Three
02/10 -02/12 Test 1 Online Test 1 (covers lessons 1-3) 25% 02/10, 12: 00 a
02/16 Test 2 (covers lessons 4-5) 25% 03/10, 12: 00 a
6 Four
02/23 Test 3 (final, comprehensive) 50%
7 Five
8 03/02 Five
 9 03/09 Spring Break Online Testing
03/10 – 03/12 Test 2 Online
10 03/16 Six You can access tests by clicking the "Tests"
03/23 link on the course menu and then clicking the
11 Six available test title links. Each test is timed and
12 03/30 Seven can only be accessed once within the
13 04/06 Seven, Eight scheduled time window. Please read the on-
04/13 screen instructions carefully before you start
14 NO CLASS (ON LINE SUBSTITUTION) the test. You may review your test results after
15 04/20 Eight the test results are released.
16 To be announced Final Exam
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LESSON # TOPICS COVERED SUGGESTED READING

One Introduction to Economics – assumptions and Pages 477-490; 291-296.

implications- productions possibility curves

Two Demand and Supply – movements along curves vs. Pages 1-17; 105-110; 188 -199.
shifts of curves. Elasticities of demand and supply; Engel
curves; Market Equilibrium.

Three Economic Policies - Price controls, taxes and Pages 17 -25; 229 -263
subsidies. Minimum wages, rent controls, consumer and
producer surplus.

Four Consumer Theory -The isolated consumer, the) Chapters 3, 4.

Five Producer Theory - Monopoly, competition, production, Chapters 7, 10

revenue and costs

Six Production and Growth – Growth accounting, the cost Chapter 6, 18, 19
of living – price indexes

Seven The Financial System - Saving, investment and Chapter 20

financial markets

Eight The International Economy - Topics in international Chapters 17, 21

trade and finance

Scholastic Dishonesty
The University of Texas at Dallas has policies and discipline procedures regarding scholastic dishonesty. Detailed
information is available on the Scholastic Dishonesty web page. All students are expected to maintain a high level of
responsibility with respect to academic honesty. Students who violate University rules on scholastic dishonesty are subject
to disciplinary penalties, including the possibility of failure in the course and/or dismissal from the University. Since such
dishonesty harms the individual, all students and the integrity of the University, policies on scholastic dishonesty will be
strictly enforced.

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