The University of Texas at Dallas

The University of Texas at Dallas

Global Leadership Executive MBA Program
 
 
Business Economics: MECO 6303
Section: Project Management
Summer 2010: June 14, 2010 – August 22, 2010
 
Professor Contact Information | Course Pre-requisites, Co-requisites, and/or Other Restrictions | Course Description | Course Meeting Dates | Course Content and Materials |
Grading Policy and Evaluation | Discussion Forum Participation  Course Outline Summary | UTD Policy |
 
 
Professor Contact Information
 
Peter Lewin, Ph.D. image001
Course Instructor
Phone:  (972) 883.2729     
Fax:       (972) 883.6164
Email:
plewin@utdallas.edu
Office location. SM 3.223
 
Course Pre-requisites, Co-requisites, and/or Other Restrictions                                             Back to Top
Math 5304 or equivalent
 
 
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.
 
 
Student Learning Objectives/Outcomes
 
¨       Understand and be able to apply the concepts of supply and demand, equilibrium, and the factors that shift supply and demand to  
analyze the behavior of real markets when conditions change.
¨       Analyze the impacts of restricting markets from reaching the competitive equilibrium through price controls, taxes, and subsidies.  
¨       Understand the difference between monopoly markets and competitive markets.  
¨       Understand the nature of production in the modern economy. Be able to identify the profit maximizing price and the relationship  
between different types of cost.
   
In addition, I would like students to take away from this course at least the following:
 
I.          An appreciation of the power of economic reasoning for understanding current events  
II.           A facility for analyzing everyday economic problems using basic economic analysis  
III.           An understanding of the concepts of  
        o     supply and demand  
        o     costs and benefits  
        o     and their multiple applications  
IV.           An appreciation of the role of  
        o     money in the economy  
        o     the dangers of inflation  
        o     the importance of free trade  
        o     the limits of regulation  
        o     the effects of taxes and subsidies of different types  
        o     the workings of the market system is determining earnings (interest, profits, wages, salaries and rents)  
        o     the modern business firm, its function and its boundaries  
        o     the achievements of the American economic system  
 
 
Course Content and Materials:                                                                                                 Back to Top
 
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The University of Texas at Dallas

Text:               Economics, 4 ed., Walter Wessels, Barron’s Educational Series, 2006 + supplementary readings
 
Course Outline Summary
 
Lesson # Topic Reading
1 Introduction to Economics - assumptions and implications- productions possibility curves Chapters 1-2
(two parts: part A and part B)
2 Demand and Supply -  movements along curves vs. shifts of curves. Elasticities of demand and supply; Engel curves;  
  Market Equilibrium. Chapters 3, 4, 17, 30
(Three parts: part A, part B and part C) Supplementary Reading:
3 Economic Policies - Price controls, taxes and subsidies. Minimum wages, rent controls, consumer and producer  More on Consumer and Producer Surplus
surplus.  Stossel on Price Gouging
(two parts: part A and part B)
  Test  1 (Covering lessons 1 – 3) July  3 -5  
4 Consumer Theory - Chapter 18
The isolated consumer, the consumer in the market (two parts: part A and part B) Supplementary Reading:
More on Indifference Curves
5 Producer Theory -  Chapters 19, 20 , 22
Monopoly, competition, production, revenue and costs Supplementary Reading:
(four parts: parts A - D) Monopoly in Mexico - the real thing
  Test  2 (Covering lessons 4 and 5) July  24 -26  
6 Production and Growth – Chapters 6, 26, 27
Growth accounting, the cost of living – price indexes Supplementary Reading:
(three parts: part A, B and C) More on Production Functions
Types of Foreign Aid
7 The Financial System – Chapters 7, 8, 9, 12, 13, 16, 28, 31
Saving, investment and financial markets (two parts: part A and part B)
  Test  3 (½ comprehensive and ½ covering lessons 6 – 7) Auguat 21 - 23
 
 
Grading Policy and Evaluation                                                                                               Back to Top
 
[1]
Evaluation - Grading Formula
·         Test 1                                            25%     July  3 -5
·         Test 2                                            25%     July  24 -26
·         Test 3                                            50%     August 21 -23
 
[1]
I do not use the traditional grading cutoffs. I use ones that are more generous, based on the class performance.
 
Tests                          
 
There are three exams for this course.   Anyone missing an exam will automatically receive a grade of zero for that test. Exceptions for documented
medical or family reasons may be permitted. Where possible, either the course manager or I should be contacted prior to the time of the exam.  At my
discretion, either a make-up exam will be scheduled or a reallocation of the weight to remaining examinations will be made.  Exams will be based on
the assigned reading material and class lectures. 
 
The timed examinations are located on Blackboard.  You can take the exam at any time during the three day interval.  Once you begin, you have a set
time to complete the exam. You can only take the examination once.  Examinations are to be done individually.  Evaluation is based on the
correctness of the response.     
 
The following are the grades that are possible to earn in this class.
           
A,  A-, B+, B, B-, C+, C, C-, and F, X.
 
 
 
UTD Policy on Cheating:                                                                                                         Back to Top
 
Students in this class will be held to the standards established by Regents’ Rules and Regulations (Part One, Chapter VI, Section 3, Subsection 3.2,
Subdivision 3.22) which states: Candidates are expected to be above reproach in scholastic activities. Candidates who engage in scholastic dishonesty
are subject to disciplinary penalties, including the possibility of failure in the course and dismissal from the University. “Scholastic dishonesty
includes, but is not limited to cheating, plagiarism, collusion, the submission for credit of any work or materials that are attributable in whole or in
part to another person, taking an examination for another person, any act designed to give unfair advantage to a student or the attempt to commit such
acts.” Professors randomly use “Turnitin.com” to screen papers against other published works on the web to insure against plagiarism.

[1]
I do not use the traditional grading cutoffs. I use ones that are more generous, based on the class performance.

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