| Course Title: | Overview of Economic Theory and Principles |
|---|---|
| Course Number: | BC560 |
| Course Description: | C560 Overview of Economic Theory and Principles: This course is an introduction to macroeconomic theory and the microeconomic principles of supply and demand; and the application of micro and macroeconomic principles for business (real estate market and management) forecasting and decision making. Additional topics include national fiscal policy, monetary policy, and global economics. |
| Course Prerequisites: | None |
Syllabus
Course Information
Course Specific Requirements
Enter content here, if necessary.
Textbooks and Resources
Required Textbooks
The following books are required for this course:
Economics
19th Edition
by McConnell, Brue, Flynn
2012
Publisher Website: www.mcconnell19e.com
Note
Textbook(s) may be purchased from a wide variety of sources, in print format (new or used), or as an e-book. Here are some options for purchase.
- Amazon (Kindle): http://www.amazon.com/Macroeconomics-McGraw-Hill-Economics-Campbell-McConnell/dp/0077337727#
Please ensure that you purchase this text prior to the beginning of the course. If you elect to purchase a print copy of this book, you should allow sufficient time for shipping.
Terminal Course Objectives
REALTOR® University course content is constructed from curriculum guides developed for each course that are in alignment with specific Terminal Course Objectives. The Terminal Course Objectives (TCOs) define the learning objectives that the student will be required to comprehend and demonstrate by course completion. The TCOs that will be covered in detail each week can be found in the Objectives section for that particular week. Whenever possible, a reference will be made from a particular assignment or discussion back to the TCO that it emphasizes.
1
Evaluate the meaning and importance of economics, how economists think about problems, the specific methods economists use, distinguishing between macroeconomics and microeconomics.
2
Evaluate the impact of explicit and implicit and fixed and variable costs on normal and economic profits, and how the law of diminishing returns and economies of scale have on profits.
3
Explain law of demand and supply, determinants of demand and supply, equilibrium price and quantity, rationing function of prices, allocative efficiency, and competitive markets.
4
Define equilibrium price and quantity, price elasticity of demand, the meaning of elastic, inelastic, and unitary price elasticity of demand, and cross elasticity of demand.
5
Describe market failures, externalities, consumer and producer surplus, public and private goods, and cost-benefit analysis.
6
Analyze the importance of marginal utility and state the law of diminishing marginal utility on the theory of consumer behavior, under the limits of budget constraints and indifference curves.
7
Evaluate the impact of explicit and implicit, fixed and variable, costs on normal and economic profits, and how the law of diminishing returns and economies of scale have on profits.
8
Evaluate the characteristics of a purely competitive firm and industry—marginal revenue, cost and total cost—and profit maximization for competitive firms.
9
Predict the impact of the entry and exit of firms, productive and allocative efficiency, and creative destruction on purely competitive industries.
10
Evaluate the industrial fundamental structures of firms that exist in the following market environments: pure monopoly, near monopoly, pure competition, and oligopoly.
Course Schedule
| Week, TCOs, and Topics | Readings and Class Preparation | Activities and Assignments |
|---|---|---|
Week 1 TCO 1 Introduction to Economics and Economy—Price, Quantity, and Efficiency | Chapters 1 through 5 PowerPoint files for Chapters 1 through 4 | Chapter 1: Questions 1, 3, 8, 9, 10; Problem 1 Chapter 2: Questions 3, 4, 9, 12; Problems 2 or 4 Graded discussion topics |
Week 2 TCO 2 Microeconomics of Product Markets | Chapters 6 through 10 PowerPoint files for Chapters 6 through 10 | Chapter 6: Questions 3, 6, 7; Appendix Problem 2 Chapter 7: Questions 1, 2, 5, 6, 8, 10 Chapter 8: Questions 1, 4, 5, 6, 7 Chapter 9: Questions 2, 3, 5, 7 Chapter 10: Questions 1, 2, 3, 5, 9; Problems 2 or 4 Graded discussion topics |
Week 3 TCO 3 Microeconomics of Product Markets—Resource Markets | Chapters 11 through 15 PowerPoint files for Chapters 11 through 15 | Chapter 11: Questions 1, 2, 3, 4, 5; Problem 3 Chapter 12: Questions 1, 3, 4, 5, 6 Chapter 13: Questions 1, 2, 3, 4; Appendix Questions 1 and 5 Chapter 14: Questions 1, 2, 3, 4, 5, 6; Problem 2 Chapter 15: Problem 2 Graded discussion topics |
Week 4 TCO 4 Microeconomics of Government—Issues and Policies | Chapters 16 through 20 PowerPoint files for Chapters 16 through 20 | Chapter 16: Questions 3, 4, 6, 10 Midterm |
Week 5 TCOs 5 and 6 Microeconomic Issues and Policies—GDP, Growth, and Instability | Chapters 21 through 25 PowerPoint files for Chapters 21 through 25 | Chapter 21: Questions 5, 6, 8, 9 Chapter 22: Questions 2, 5, 7, 8, 10, 11 Chapter 23: Questions 3, 4, 5, 9 Chapter 24: Questions 2, 3, 4, 6, 8, 9 Chapter 25: Questions 1, 2, 3, 4, 6 Graded discussion topics |
Week 6 TCOs 7 and 8 GDP, Growth, and Instability—Macroeconomic Models and Fiscal Policy | Chapters 26 through 30 PowerPoint files for Chapters 26 through 30 | Chapter 26: Questions 7, 8, 9, 10 Chapter 27: Questions 5, 6, 7, 8, 9, 10 Chapter 28: Questions 1, 3, 4, 7, 8 Chapter 29: Questions 2, 3, 4, 8, 9 Chapter 30: Questions 1, 2, 4, 6, 8 Graded discussion topics |
Week 7 TCOs 9 and 10 Money, Banking, and Monetary Policy—Extensions and Issues | Chapters 31 through 35 PowerPoint files for Chapters 31 through 35 | Chapter 31: Questions 3, 9, 10, 11, 12, 13 Chapter 32: Questions 5, 6, 8, 9 Chapter 33: Questions 3, 4, 5, 6, 7, 8, 9 Chapter 34: Questions 6, 7, 8, 9, 10 Chapter 35: Questions 4, 6, 8 Graded discussion topics |
Week 8 All TCOs | Course Project Final Paper | |
Due Dates for Assignments & Exams
Unless otherwise specified, the following applies.
- Access to all weeks begins on Sunday at 12:01 a.m. mountain time (MT).
- All assignments are to be submitted by Day 6, 11:59 p.m. M.T. of the specified week that they are due.
- All quizzes and exams are to be completed on or before Sunday at the end of the specified week that they open, 11:59 p.m. (MT).
Assignment Values and Letter Grades
The maximum score in this class is 1,000 points. The categories, which contribute to your final grade, are weighted as follows.
| Assignment | Points | Weighting |
|---|---|---|
| Discussions (25 points, Weeks 1-7) | 175 | 17.5% |
| Homework (50 points, Weeks 1-7) | 350 | 35% |
| Midterm (175 points, Week 4) | 175 | 17.5% |
| Course Project Draft Outline (50 points, Week 4) | 50 | 5% |
| Course Project Final Paper (250 points, Week 8) | 250 | 25% |
| Total Points | 1,000 | 100% |
All of your course requirements are graded using points. At the end of the course, the points are converted to a letter grade using the scale in the table below.
| Letter Grade | Points | Percentage |
|---|---|---|
| A | 930–1,000 | 93% to 100% |
| A- | 900–929 | 90% to 92.9% |
| B+ | 870–899 | 87% to 89.9% |
| B | 830–869 | 83% to 86.9% |
| B- | 800–829 | 80% to 82.9% |
| C+ | 770–799 | 77% to 79.9% |
| C | 730–769 | 73% to 76.9% |
| C- | 700–729 | 70% to 72.9% |
| D+ | 670–699 | 67% to 69.9% |
| D | 630–669 | 63% to 66.9% |
| D- | 600–629 | 60% to 62.9% |
| F | 599 and below | Below 60% |
Late Assignment Policy
Late work is strongly discouraged. Turning in work late can impair your chances of success in the course. However, REALTOR® University understands that life and "emergencies" do happen, and thus, we offer this late policy:
For serious emergencies, your instructor will decide whether your late work may be accepted for full or reduced credit. Serious emergencies include: serious illness, accidents, natural disasters, eCollege server outages, etc. E-mail your instructor the information about your emergency and request approval to make up the assignment, lab, quiz, or exam. If you receive approval, make up the work according to the plan set by you and your instructor.
For all other matters, i.e. work, technical, or other personal issues, your instructor will decide whether your late work may be accepted. Your instructor will impose a per diem late penalty of 5% of the assignment points per day up to seven days. For late work make-up which is not emergency-based, you should request approval BEFORE the final deadline. If homework solutions are shared with the class, your instructor reserves the right to decline to accept late work after the sharing of the solutions, or to require that an alternative assignment be completed, if one is available. Only one non-emergency late submission will be allowed per student per course.
This late work policy applies to all graded assessments (including Final Exams) in the course with the exception of the discussion threads, which require approval of the College faculty management administrators. See the "Policies" item in Course Home for information regarding the discussion threads make-up policy.
Discussion Requirements
In the Discussion areas of the course, you, as a student, can interact with your instructor and classmates to explore questions and comments related to the content of this course. Discussions will always close Sunday, 11:59 p.m. mountain time (MT).
A successful student in online education is one who takes an active role in the learning process. You are, therefore, encouraged to participate in the discussion areas to enhance your learning experience throughout each week.
The discussions will be graded for
1. frequency—the number and regularity of your discussion comments; and
2. quality—the content of your contributions.
Frequency—the number and regularity of your contributions. Students are expected to log into the course and post (respond) in the discussion topics on a minimum of three separate days per week in each graded discussion, beginning no later than Wednesday.
Quality—the content of your contributions. Examples of quality posts include
- providing additional information to the discussion;
- elaborating on previous comments from others;
- presenting explanations of concepts or methods to help fellow students;
- presenting reasons for or against a topic in a persuasive fashion;
- sharing personal experiences that relate to the topic; and
- providing a URL and an explanation for an area you researched on the Internet.
Full credit is awarded when both high quality and required frequency are met.
For policy on discussions (and all other policies), please review the information contained in Policies under the Course Home section of your course.
Plagiarism
Plagiarism is a violation of the Academic Integrity code of this institution and will not be tolerated. The plagiarism policy applies to every aspect of REALTOR®University coursework including threaded discussions, exams, quizzes, essays, assignments, etc. It is important that students fully cite any outside ideas, text and visual aides they reference in that work.
If you copy from, rely on, or paraphrase from your text or from any other source, you must include in-text citations and complete end-of-text citations. For any source, you must include the proper reference material including the full URL and date accessed if the source is from the Web. For help, see the APA Citation Policy and Materials section below. Failure to cite completely in-text and at the end of the paper is a violation of the Academic Standards. Refer to your Student Handbook or the Policies item under Course Home to read the policy.
For a complete explanation of REALTOR® University's Academic Integrity Policy, please see the Policies item under Course Home. For additional information see your student handbook, which is available in the Student Services website.
APA Citation Policy and Reference Materials
The REALTOR® University citation policy is that all students should use APA citation style for all REALTOR® University assignments and projects. If you have questions, we recommend using the following APA reference materials.
APA Reference Materials
American Psychological Association (APA) Style Website
This website provides answers to frequently asked questions and lists APA manuals, style guides, and software available for sale. Purchase is optional. Two good references are Concise Rules of APA Style and the current edition of the Publication Manual of the American Psychological Association.
Frequently Asked Questions
When are grades calculated, and how can I view my grades?
- You must complete any quizzes and post your written assignments (if necessary) to the weekly Dropbox by Sunday 11:59 p.m. (MT) each week, except Week 8 which closes at 11:59 p.m. (MT) Saturday.
- Once your work is reviewed, you should see comments and total points for each assignment in the Gradebook. Instructors should have Discussion work graded by the following Tuesday and all other assignments by the following Friday.
- You may check your progress at any time by going to the Gradebook, selecting the week and then your name.
- Click on the points earned for each assignment in the Gradebook to see any instructor comments.
What should I do if a discrepancy is found with my grade?
- Double-check the error and try to determine what caused it.
- Send your instructor an email explaining your findings.
- Trust that any error in grading will be corrected quickly
What if I cannot get my work submitted on time?
- If you have an emergency that will cause your work to be late, please contact your instructor in advance of the due date so that arrangements can be made. Your instructor may reserve the right to deduct points for work turned in late based on the reason and the timeliness of notice.
- If a technical problem prevents you from meeting the scheduled due date, please contact the Help Desk at 1-800-594-2402 and immediately email your instructor about the situation.
What should I do if I have a disability that requires accommodation?
We are committed to providing reasonable accommodations for eligible students with documented disabilities as defined by state and federal laws relating to the Americans with Disabilities Act (ADA). Our intent is to ensure that every student who makes a request for accommodations under ADA is advised of the accommodation process as promptly as possible. If you are a student with a verifiable documented disability, and you can provide medical documentation regarding this disability, then contact Student Services for more information on how to receive ADA accommodations in your online classes.
How can I get extra credit?
Extra credit is not an option.