A Citizens Guide to Economics Katherine M. Sauer, Ph.D. ECO 1040 AD 530-Q 303-556-3037 Spring 2012 ksauer5@mscd.

edu ____________________________________________________________________________________ Economics is the study of how individuals, firms and the government make decisions about how to allocate their scarce resources, and the consequences of those decisions. ____________________________________________________________________________________ Economics is all around you. You hear about it in the news, you participate in the local economy as a consumer, and you feel the impacts of the global economy in your daily life. In this course, youll be introduced to fundamental economic concepts and the economic way of thinking. A key feature of this course is the application of economic reasoning to real world problems. My goal is that by the end of the semester, youll have the tools and skills to make sense of the economic events that impact your life. Well be discussing a wide variety of topics this semester. At the end of the semester, you should be able to:

Describe the mechanics behind the USs monetary policy and fiscal policy.
ch 9, 10

Identify/define the fundamental concepts of economics including incentives, opportunity costs, marginal analysis, and prices.
ch 1-2

Describe the interpretation of fundamental macroeconomic variables (including GDP, inflation, unemployment, and productivity).
ch 6, 7, 9

Apply Supply and Demand analysis to evaluate market changes and economic problems.
ch 1

Identify/ Identify/define define the role the fundamental of the government concepts of in a market economy international trade and and the effects of various international finance. government regulations on market outcomes.
ch 11, 12, 13 ch 2, 3, 4, 8

Additionally, you should be able to describe the interpretation of basic economic data and statistics. 1

Additional Learning Objectives Since this course satisfies a General Studies requirement, youll also work to meet the following: y Demonstrate the ability to locate sources when information is needed, and to evaluate the authenticity, validity, and reliability of resources applied to a specific purpose - Youll complete a source scavenger hunt assignment as homework.

Analyze texts, sources, and argumentation, identify cause and effect relationships and recognize fallacies of argument - Our market analysis and incentives/unintended consequences topics will be tools that you will use to demonstrate cause and effect relationships.

Use and document sources and evidence in an ethical manner - As part of exams, youll write an essay based on a current event. Youll properly cite the source.

Describe how the methods of science are used to generate new knowledge - This course teaches you about economic models and how they are scientifically derived.

Describe the forms and impacts of geographical conditions or social, economic, financial, or political practices on the human experience using analytical methods appropriate to the field. - Throughout the course well be exploring the impact of economics on the human experience. Well use theory, data, algebra, and graphical analysis.

Course Learning Activities In order to assist you in meeting the course learning objectives, course activities will include:

Participation 10% Daily

To prepare for daily class participation, the successful student will read the text or listen to the pod casts in advance, bringing notes to class, and complete any assigned prepwork questions. To receive credit for class participation, students should actively contribute to discussion and solving in-class problems.

Homework 30% Due throughout the semester

Homework assignments will be posted on our course BlackBoard site. Due dates will be announced in class and posted in the announcements section of BlackBoard. Late homework is accepted at a grading penalty.

Exam 1 15% February 20th

Exam 1 will cover chapters 1-6. It will consist of multiple choice, problems, and an essay.

Exam 2 15% March 28th

Exam 2 will cover chapters 7-13. It will consist of multiple choice, problems, and an essay.

Exam 3 30% Given during Finals Week according to the Auraria Campus schedule.

Exam 3 has two parts. Part 1 will cover special topics from classes 4/2 5/2. Part 2 will cover material from chapters 1-13 from the textbook.

Course Schedule Monday Wednesday 1/18: First Class Meeting / Introduction to Economics For the first part of the semester, well be reading Naked Economics to introduce you to a wide variety of economics topics. It might look fast-paced, but I think youll find the book is quite enjoyable to read. 1/23: 1/30: 2/6: 2/13: 2/20: 2/27: 3/5: 3/12: 3/19: 3/26: Chapter 1: Markets Chapter 2: Incentives Chapter 4: Government II Chapter 6: Human Capital Exam 1 Chapter 8: Organized Interests Chapter 10: The Federal Reserve Chapter 12: Trade & Globalization No Class Spring Break Review 1/25: 2/1: 2/8: 2/15: 2/22: 2/29: 3/7: 3/14: 3/21: 3/28: No Class I will be attending a conference. Chapter 3: Government I Chapter 5: Information Economics Review Chapter 7: Basic Finance Chapter 9: Macroeconomics Chapter 11: International Econ Chapter 13: Development Econ No Class Spring Break Exam 2

During the classes from 4/2 through 5/2, well be listening to Planet Money podcasts, reading current events, and applying our economic tools to a variety of topics. Feel free to suggest topics that interest you and I will do my best to address them. Exam 3 will be given during the final exam period, according to the Auraria Campus Official Final Exam Schedule. Do not ask to take the exam early unless there is a grave extenuating circumstance. Leaving on a trip is not a grave extenuating circumstance. Our exam will either be on 5/7 from 9:30am to 11:30am or on 5/9 from 9:30am to 11:30am. To make sure you do not miss the exam, be sure not to schedule any plans until AFTER 11:30am on 5/9.

______________________________________________________________________________________ Academic Calendar / Important MSCD Dates Last day to drop with 100% tuition refund: Monday Jan. 23rd Last day to drop with 50% tuition refund and course deleted from transcript: Wednesday Feb. 1st No classes, Spring Break: March 19th 23rd Last day to drop with NC grade: Monday April 2nd Final exam week: May 7th 11th Grades available online: Friday May 18th ______________________________________________________________________________________

Required Course Materials

1) Textbook Naked Economics by Charles Wheelan (2010) ISBN: 978-0-393-33764-8 This is not a traditional textbook. It is a popular press item that is available at just about any large bookstore. You should be able to find it for less than $20. The campus bookstore will also stock it.

2) Access to a printer For most of our class meetings, youll be asked to do some prepwork. Some of the work will require you to print your work from an electronic source.

3) Access to the internet Please get in the habit of checking our course BlackBoard/Web CT site. You should see it in your MetroConnect portal, along with the other courses you are taking. Ill be posting announcements and assignments there.

Office Hours My Office Hours are a resource to assist you outside of our class time. Reasons to come to office hours: - you have a question on the homework - you would like some additional explanation on a concept - you feel entirely lost in the course - you have an accommodation letter from the Access Center - you want some advice to help you with time management or study skills - you are in the neighborhood and just want to say hi You do not need an appointment to see me during office hours please just stop by. You may also make an appointment in advance to see me during other days. Please note my teaching schedule for this fall. Spring 2012 Schedule Mondays
9:30-10:45am Citizens Guide to Economics 11-12:15pm Open Office Hours 12:30-1:45pm Quantitative Methods 2-3:15pm Principles of Macroeconomics 3:30 5:00pm Open Office Hours KC203 AD530Q MC5-5A AD135 AD530Q

Wednesdays
9:30-10:45am Citizens Guide to Economics 11-12:15pm Open Office Hours 12:30-1:45pm Quantitative Methods 2-3:15pm Principles of Macroeconomics KC203 AD530Q MC5-5A AD135

Fridays

10:30am 11:30am Open Office Hours AD530Q

My office is located in the (old) Administration building in room 530-Q.

Source: Google Maps 6

Course Policies Prerequisites This course has no course prerequisites. ___________________________________________________________________________________ Grading Scale A grade of D is passing and will earn you 3 credits. 89.5% and up A If this class is required for your degree program, you may 79.5% to 89.4% B need to pass with a C or better. Check with your program. 69.5% to 79.4% C 59.5% to 69.4% 59.4% and below D F Your financial aid may require a specific GPA.

______________________________________________________________________________________ Bonus Throughout the semester there will be opportunities for bonus. Bonus points come into play only when a grade is borderline. For example, suppose your course grade is 79.4%. The 79.4% is a C, but it is close to a B. If you complete some of the bonus opportunities, I can objectively (in fairness to all students) bump your grade up to a 79.5% to give you a B. If you do not complete the bonus opportunities then your grade will remain a C. Bonus points are not the same as percentage points. ________________________________________________________________________________________ Missed Assignments and Exams / Late Work Homework: Late work is accepted at a penalty commensurate with its lateness.

Participation: If you are in class and actively participating and have completed the prepwork, then you will receive full credit for that days participation. Two participation scores will be dropped from your grade. Exams: If you miss an exam, Exam 3 will be weighted to compensate. _________________________________________________________________________________________ Grade Disputes Sometimes you might interpret a question differently than I intend. If you have a dispute or disagreement with grading, please observe the following procedure:
1. Observe a 24 hour cooling off period. 2. Submit in writing an explanation of your argument/dispute/ disagreement. Include supporting evidence from class resources. 3. Your case will be reviewed by our next class period. You can set up an appointment to meet with me to discuss my response.

This process helps me improve the way that I write and grade questions. It is not meant to be scary or argumentative. **If your only dispute is an incorrect calculation of your grade, let me know as soon as possible. A submission in writing is not necessary.** 7

Email Please use your @mscd email address when emailing me. If you do not, you run the risk of my email filter program deciding that your message is spam. Please do not use the email feature in BlackBoard/Web CT to email me. Write directly to me at ksauer5@mscd.edu . (In the past messages sent through that system had frequently gotten lost.) Please try to use proper sentences and punctuation when writing to me. I am old and cant always figure out what your short-hand abbreviations are trying to say ________________________________________________________________________________________ Disability Accommodations The Metropolitan State College of Denver is committed to making reasonable accommodations to assist individuals with disabilities in reaching their academic potential. If you have a disability which may impact your performance, attendance, or grades in this class and are requesting accommodations, then you must first register with the Access Center, located in the Auraria Library, Suite 116, 303-556-8387. The Access Center is the designated department responsible for coordinating accommodations and services for students with disabilities. Accommodations will not be granted prior to my receipt of your faculty notification letter from the Access Center. Please note that accommodations are never provided retroactively (i.e., prior to the receipt of your faculty notification letter.) Once I am in receipt of your official Access Center faculty notification letter, I would be happy to meet with you to discuss your accommodations. All discussions will remain confidential. Further information is available by visiting the Access center website www.mscd.edu/access. ________________________________________________________________________________________ Religious Holidays The college policy of observing all religious holidays will be abided by in this class. A prior indication of any religious-related absence is appreciated. _________________________________________________________________________________________ No Credit (NC) Grades During the first 10 weeks of class, you may opt for NC through MetroConnect online. You do not need a signature from me. After the 10th week, I do not have authorization to grant you a NC. The Spring NC deadline is Monday April 2nd. _________________________________________________________________________________________ Student Code of Conduct Metropolitan State College of Denver has a Student Conduct Code and every student is expected to be familiar with it particularly regarding the policy on cheating, plagiarism, and other forms of academic dishonesty. Available online: http://www.mscd.edu/policies/student_code_of_conduct/student_conduct_code.shtml _____________________________________________________________________________________