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Fall 2016 ECONOMICS 175 -
FUNDAMENTALS OF ECONOMICS Instructor: Tim Mahoney e-mail: [email protected] Please put Econ 175 in
subject line Phone: 812/464-1947
Office: BE 1025 – Business and Engineer Center on first floor in Romain
College of Business office; Enter College Office – go right – corner office on left
Office Hours: MWF 11-12, 1-3:00 TR 10-11:30, 1:30-3:00 & by appt. Economics 175 – “The most relevant class you could ever take.” “You will be able to see things first that others see eventually”
TEXT: The economy is changing fast – many current texts are already outmoded. In
place of a text the course content material will be posted on Blackboard and
students will use the Wall Street Journal as an information source where they can
see how economic principles and concepts are applied in real time. All students
are expected to have regular access to the Wall Street Journal during the semester
via a subscription. A special discount subscription rate is available to Econ 175
students for $1 a week for 15 weeks. Fill out subscription form, call 800 568 7625 or
www.wsj.com/studentoffer . The subscription includes daily paper delivery and
digital access to WSJ.com. Without a subscription access to the complete articles
and all features of the Journal is limited.
By reading you are investing in yourself and your future Why Reading is Important? Reading beyond the assigned material is crucial for your
future success. Reading helps you see the big picture, to anticipate and benefit from change.
There is a direct correlation between reading and your vocabulary, listening skills, your ability to write clearly, to spell correctly, put together sentences and speak well.
The more you read, the more you understand – the less you have to rely on others to tell you what is important and what is happening. Reading allows you to think for yourself.
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Economics 175 is a University Core39 course:
1. It counts in the Social Science Category 2. It counts as an economics course for the minor in Marketing and
Management without a math requirement. Economics 175 is a social science course; it is an INTRODUCTORY class - Economics in Real Time. It will stress understanding of basic economic concepts and terminology. Econ 175 requires students to think and apply concepts. The course provides an overview of economics - scarcity, choice, incentives, costs, prioritizing, , economic systems, markets and prices, price as a rationing mechanism, role of buyers/sellers, importance of competition, market successes/ failures, measuring economic activity, inflation, economic growth, business cycles, economic stabilization, public policy, international economics, capital spending /saving, restructuring value added, industry market cycle - creative destruction, economic schools of thought, monetary/fiscal policy, comparative advantage - Free Trade/Smoot Hawley, strong /weak dollar, market structures, business/economic models, moral hazard, capital/financial markets – bonds, stock, mutual funds, oil/gas prices, cause /effect relationships, productivity and standard of living, impact of new and changing technology, innovation, deficit/debt, cost of health care, changing demographic patterns, global marketplace, telecommunications, changing job/opportunity market, distance education, etc. Contemporary issues will be discussed as they relate to both macro and micro
economic concepts. Class discussions will note how consumers, business and
government are interacting in a rapidly changing global marketplace and what
challenges and opportunities are emerging.
How to Study? BEING SUCCESSFUL IN ECONOMICS 175
Show up for every class! Attending this class is not optional – it is required if you
want to understand the material and do well. The best way to understand and
retain this material is to actively take notes each class and review your notes
immediately after each class, integrating it with previously covered material.
Successful students "learn as they go", studying each class day listening, taking
notes, reviewing, reading, and asking relevant questions. Note the examples used
in class – they illustrate economics concepts and are used to reinforce how
economics is applied in daily events. The material must be blended together
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regularly (Monday, Wednesday and Friday) and over a period of time, not
memorized or crammed just before an exam. "Learn the material like you were
going to teach it to someone else." "Learning how to learn" – it is the primary
outcome of a college education. Learning and the desire to learn is a life-long
process. The learning process develops students' critical observation, thinking skills,
and communication skills.
Learning is an active process; it is not a spectator sport. Learning takes student
involvement throughout the semester. Outside readings will be assigned; this
material will be included on exams – some as short essay questions.
QUESTIONS? If you have questions or run into problems be sure to contact me. If
you miss classes COMMUNICATE - let me know. Come by my office or call and leave
your phone number. Be sure to indicate whether you are in the class at 10 or 12.
College of Business Skill Development: Primary - develop critical thinking
(content/define/use). Secondary - analytical problem solving skills
information/concepts/application)
Learning is directly related to the amount of effort put forth by the student - the time spent on task, not the size of the class. There will be opportunities for questions and class discussion.
Use of Laptops in class – please see me.
Empirical Studies – use of data, observation, controlled group –
comparison – longitudinal (over time) – immediate / long term
I'm Banning Laptops From My Classroom - WSJ
www.wsj.com/.../im-banning-laptops-from-my-classroom-14681...
The Wall Street Journal
Jul 10, 2016 - Students use computers to take notes, sure, but that’s not all. One spent
classtime streaming a hockey game. ... For more than 20 years, I have taught college
graduates, most in their mid-20s, the basics of criminal law and procedure.
Can Handwriting Make You Smarter? - WSJ
www.wsj.com/.../can-handwriting-make-you-smarter-14597846...
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The Wall Street Journal
Apr 4, 2016 - Laptops and organizer apps make pen and paper seem antique, but handwriting appears to focus classroom attention and boost learning in a ...
“students who write out notes in longhand appear to learn better, retain information longer, and more readily grasp new ideas; notetakers took down fewer words but appeared to think more intensely about the material as they wrote and digested what they heard more thoroughly – all that effort helps you learn.
In the short run, lap-top note takers do well. Researchers at Washington University in St. Louis in 2012 found that laptop note-takers tested immediately after a class could recall more of a lecture and performed slightly better than their pen-pushing classmates when tested on facts presented in class. They reported their experiments with 80 students in the Journal of Educational Psychology.
Any advantage, though, is temporary. After just 24 hours, the computer note takers typically forgot material they’ve transcribed, several studies said. Nor were their copious notes much help in refreshing their memory because they were so superficial.
In contrast, those who took notes by hand could remember the lecture material longer and had a better grip on concepts presented in class, even a week later. The process of taking them down encoded the information more deeply in memory, experts said. Longhand notes also were better for review because they’re more organized.
COURSE OBJECTIVES AND INTENDED MEASURABLE OUTCOMES:
1. Identify real world economics; how the economy works; micro and macro
sense.
2. Learn basic economic concepts and terms. Pre/post
3. Recognize how bonds, stocks & mutual funds function. Pre/post
4. Improve financial literacy – build investment knowledge and skills so
students can begin planning their financial future.
5. Recognize how economists think, analyze and problem solve – come to
understand that everything has a cost. Economics involves making choices.
All choices have consequences - trade-offs. Choices made influence and are
influenced by the economic system, under which we all live.
6. Recognize economic change and related concepts; bring elements together
into a coherent whole - connecting the dots. e.g. Market Cycle / Creative
Destruction
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7. Identify how economics relates to all sectors of the economy and as
individual students, consumers, employees, and family members. e.g. ads,
news clips, movies that illustrate economics in everyday life
8. Recognize how economics relates to other academic disciplines, specific
majors and various areas of interest. e.g. Wall Street Journal articles
9. Sort out relevant information, from the extraneous; the "noise". Help
students get to the core of the issue. "Everyone gets so much information
all day long, they lose their common sense." Gertrude Stein
ATTENDANCE COUNTS - Students are expected to attend each class. Attendance,
learning and grades are directly related. You are not the only one paying for this
course. For every dollar you spend on your college education, the State of Indiana
cover 56%; students pick up only 44% of the actual cost of the cost of higher
education. If you have trouble making it to classes, consider taking another
course.
WORK IN CLASS AND ASSIGNMENTS (recorded activities) - There will be class surveys, general interest questions that will require your response along with assignments and a few unannounced quizzes. Some of these exercises are graded others are just recorded to indicate that you participated. If you miss any of these it is recorded as a zero; more than three misses lowers your course grade. SHOW UP FOR EACH CLASS!
PLAGIARISM (Cheating) - Do your own work on exams and any written work submitted. Copying answers from others is theft. Plagiarism of any type will not be tolerated. The instructor reserves the right of assigning a course grade of “F” to student(s) involved in any cheating. SPECIAL NEEDS - “AMERICANS WITH DISABILITITES ACT COMPLIANCE
If you have a disability for which you may require academic accommodations for this
class, please register with Disability Resources (DR) as soon as possible. Students who
have an accommodation letter from DR are encouraged to meet privately with course
faculty to discuss the provisions of those accommodations as early in the semester as
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possible. To qualify for accommodation assistance, students must first register to use
the disability resources in DR, Science Center Rm. 2206, 812-464-1961,
http://www.usi.edu/disabilities. To help ensure that accommodations will be available
when needed, students are encouraged to meet with course faculty at least 7 days prior
to the actual need for the accommodation. However, if you will be in an internship,
field, clinical, student teaching, or other off-campus setting this semester please note
that approved academic accommodations may not apply. Please contact Disability
Resources as soon as possible to discuss accommodations needed for access while in
this setting.
GRADING: Course grades are determined by exams / hour exams and quizzes
(65%), final exam (25%), written work, attendance, attentiveness, participation
(“question time”), recorded exercises and adherence to all the requirements of the
course (10%). Students will be asked for written responses to an economic issue.
This will be counted as part of the overall assignments of the course. (see
Attendance Counts ).
COURSE OUTLINE: Study the assigned material before it is covered in class. In addition see STOCK PORTFOLIO ASSIGNMENT - Morningstar (MS) WSJ Summary - Students will also be expected to do readings from the Wall Street Journal Calendar Fall 2016 I. Introduction: Economics I.Q. Survey / Terminology Sheet (hand-outs) Twenty Principles of Economics – see I.Q. Answers handout Sign up for Wall Street Journal Subscription through sign-up sheets in class or www.WSJ.com/studentoffer 15 weeks for $15 ($1 per week). WSJ Subscription is expected in lieu
of a textbook.
August 26 Ranking assignment due from Blackboard – Ranking of Companies _____ September 2 Wall Street Journal reviewed in class Morningstar Setup September 9 Quiz over class material and Morningstar Stock Portfolio assignment _____ September 12 Morningstar Set-up assignment due (printing instructions in stock portfolio) ____ September 12 IQ /Term Practice test scantron due ___ September 19 I.Q./term Hour Exam ____ September 21 Job Fair – Career Link – Carter Hall 10 a.m.- 2 p.m. resume / attend September 30 WSJ Wall Street Journal article #1 due ____ October 7 Chapter 1-3 Practice Test scantron due ____ October 10-11 Fall break
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October 14 Chap 1-3 Hour Exam ___ October 21 Morningstar Gain/Loss ____ Last day to drop without evaluation October 28 WSJ Wall Street Journal article #2 summary due ____ November 7-18 Priority Registration for Spring 2017 and Summer 2017 November 4 Stock Practice Test Scantron due ____ November 9 Morningstar Change assignment due ____ November 11 Stock Hour Exam ____ November 21 Chap 4-7 Practice test scantron due ____ November 23-25 Thanksgiving Break November 30 WSJ Wall Street Journal #3 article summary due ____ December 2 Chap 4-7 Hour Exam ____ December 5 Morningstar Performance (format will be distributed) ____ December 7 Study Day - no classes Final Exams December 8-14 10 a.m. Class Monday, December 12 10 a.m.-noon Noon Class Friday, December 9 noon to 2 p.m.
Track all your own exam scores,quizzes, submissions, etc so you know where you
stand in the course.
Some additional WSJ articles may be assigned
Students are expected to take all exams in the course in which they are
registered.
Course is subject to change – as the semester progresses, there may be changes.
Hour exams will be reviewed and new material will be introduced during the class
immediately following the exam day. As part of the review topics will be
discussed that will be part of the final exam. That is the only time these exams
will be brought to the classroom and the only time corrections will be made.
Hour exams will have short essays to help students develop comprehension,
writing and organizational skills. These essays are another way to evaluate
student effort thus these hour exams retained by the instructor.
Track all your own exam scores,quizzes, submissions, etc so you know where you
stand in the course.
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As corrections may have to be made from time to time on exams, scores are not
posted on Blackboard
Exam I – I.Q./ terms ____ Exam II - Chapter 1-3 _____
Exam III - Bonds, Stock, Mutual Funds _____ Exam IV – Chapters 4-7 _____
Other work submitted – Morningstar, WSJ
etc.________________________________
Final Exam Two Parts (review outline will be on Blackboard)
Total of six hour exams – the lowest exam grade will be dropped.
Make-up hour exams (minus 10%) will be given ONLY if arrangements are made IN
ADVANCE of the exam (phone call, e-mail, etc.). If a student is present in class
during the review of the hour exam they cannot make up the exam. No make-ups
for quizzes. All exams will include application questions. Students will have to
understand material and process it before answering. Questions will stress how
concepts can be applied; not memorizing. The grading scale will be: A (90 - 100), B
(80 – 89), C (70 – 79), D (60 – 69); below 60 - F; plus grades are assigned e.g. B+, C+,
D+. For full credit, assignments must be submitted on time and in the proper
format.
Comprehensive Final Exam - based on Economics I.Q. + terms/ major concepts.
The topics on the final will be those used throughout the course.
Why a comprehensive final exam? A final exam provides an opportunity to bring
together all the material covered throughout the course – in the real world
organizations want to hire individuals who have a overall understanding about
how the economic system works – how many factors interact not just what was
covered in the last two chapters. When organizations hire individuals they
evaluate all their skill sets and the potential they have to develop themselves.
Major Concepts / Sequence – The BIG Fourteen – used throughout the course
1. Capital Spending + Role of Saving 2. Investing in Human Capital 3. Restructuring / Value Added 4. Innovation / change – impacts lives, industries, nations
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5. Economic/ Social dilemmas – trade-offs e.g. technology / jobs 6. Industry Market Cycle / Creative Destruction 7. Productivity and Standard of Living 8. Economic Schools of Thought 9. Monetary and Fiscal Policy 10. Role of the Fed in Recovery from Financial Crisis 11. Strong / Weak Dollar 12. Economic concepts e.g. profit attracts competition 13. Financial crisis: – lessons, applications, changes, outcomes 14. Difference between Micro / Macro
A student's evaluation includes the effort and level of understanding demonstrated THROUGHOUT the course. Did your presence in class add to the course or was it a distraction? Did you make a positive contribution? Impression management Missing more than three recorded assignments or activities can lower your course grade. Show up! Sign up for RAVE a text message alert system for USI students and employees to receive emergency information, weather alerts, and school closings on your cell phone. Sign up: go to: http://www.usi.edu/Emergency/alerts.asp
ETIQUETTE / COMMON COURTESY / GROUND RULES / EXPECTATIONS
YOUR RESPONSIBILTY for the good of others
1. Once the class begins students arriving late or leaving for some reason disturbs and distracts others. Show up on time – take care of the rest room ahead of time. If you are late to class, sit toward the back. – Awareness of others: a basic social skill / spillover cost – actions affecting others / impression management.
2. Talking with other students during class distracts them and disturbs others.
3. Comments about classroom – the main doors are in the front. Be on time.
Students who arrive late or leave early distracts students seated nearby and disrupts the class in general. If late use side entrance doors.
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4. Do not "pack up" before the class is over – it sends a message that want to leave. The noise distracts others and you will miss material being presented. You will not be kept beyond the class hour.
5. These are academic classrooms not food courts – eat your meals and snacks elsewhere.
6. SEATING CHART – a seating chart will be developed - so I can get to know
you. Students will have a chance to sign up on a seating chart on Friday of the first week of class. Please spread out – don’t let friends distract you during class. If you have a legitimate seating preference, give it to me in writing the first week of class. On exam day the seating arrangement may be changed.
7. Turn off and put away any wireless devices - cell phones, iPods, pagers
etc. When cell phones go off in class, they distract you and others students. Don’t text while in this class. Also, don’t do work on other courses. Multi-tasking / Trying to split your attention is a lose-lose situation. “A weakness of all human beings is trying to do too many things at once. That scatters effort and destroys direction” H. Ford
8. Laptops have not always worked out well in the past. Students have not been connected to the course. They have been used for e-mailing, surfing, games, shopping etc. When lop tops and tablets are used for games, surfing, other courses etc. they distract you and others (spillover cost); this reduces your chances for success. Students who used electronic devices have rarely earned a C in this course – they overestimated their ability to multi-task. If you have a strong reason why you want to use a lap top/tablet in this class please see me.
“This is ------ ---------- from your econ 175 class MWF 10-10:50, I was wondering if you had our grades finalized, or if there was an opportunity for extra credit that I could do. I am a student who will do whatever it takes to get an A or B in my classes. Anything below that is not acceptable to my expectations.”
Keep up with the course – don’t wait until the end
Many students over estimate their ability to study and multi-task.
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9. Pay attention to what is going on in this class. Take notes on the examples and the material illustrated; study after each class. We will be discussing current concepts, changing patterns and trends, ideas, etc. that are not in any text. This course is Economics in Real Time - this fresh material and insights into how the economy is developing – these are value-added features of this course. We discuss ideas that are ahead of the curve -- before the public recognizes it and comes to understand it.
vvvvvvv
Blackboard – some class material will be available on Blackboard, but not grades.
Download course documents so you have this material before it is discussed in
class. Blackboard is not a substitute for attending class.
Higher education is a good economic choice; it helps determine your economic
future. It requires persistence, commitment and motivation. As a student today,
you are writing your resume based upon what you do and what you choose not to
do in class, preparing for class, at work and during your free time.
Why are you in college? Will you make it in college? Is college worth it? If you
are not sure why you are in college, you are not alone. Many students have the
same doubts. You need to have a strong reason to be in college. Through this
college experience you are shaping your own future – an educated person has more
options throughout their lives. Keep in mind, “What organizations really need are
people who are `functionally literate’ - who can read, write, do some algebra, and
have a more or less common base of knowledge. Above all, organizations need
employees who are flexible, who have learned how to learn and who have the
capacity for independent thought and the potential for leadership. How well do
you measure up?
WSJ article The Cost of Dropping Out – Millions Struggle With High College Debt
and No Degree 11/23/12
Work / school trade-off
It is just a simple fact there are only so many hours in any day or week. If you work
a lot of hours you have less time to attend class, study, prepare assignments, and
actually learn the material. Economists refer to this as a trade-off – what you gain
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(immediate money to pay bills) and what you give up (earning a reasonable grade
and getting something out of course you paid for). Working too many hours drives
your grades down – don’t overdo it! A person can only have one number #1
priority.
Many students who work a lot of hours have to repeat classes in which they did
poorly – they end up paying double for the same credit hours; a frustrating and
expensive situation. (weigh the cost vs. benefits)
Work helps pay your bills, gives you experience, lets you explore different career
paths, allows you to build your network, helps you learn new skills, it helps you build
social skills (ability to relate to the public; people of all ages and backgrounds etc.),
gives you benefits (e.g. health insurance) and perks like discounts and it provides a
social experience – being with others (friends and co-workers).
If you work during the semester, a question you might ask yourself – Do you work
as hard in your college courses as you do at your job? For most students their job
is a short term experience to achieve a greater end (their college education).
Work can be a great experience – too much work can slow (or stop) your progress
toward completing a college degree. Balancing the demands of both school and
work is a self-discovery process.
The longer it takes you to graduate, the greater the income you are giving up
(opportunity cost)
Work has many advantages – it affords you an opportunity to experience first-hand
the business environment - see how a business operates from behind the scenes.
You can gain a sense of what this organization is doing well and what they could be
doing better; giving you insights that you can apply the rest of your life.
Attitude toward a course – “your attitude determines your attitude”
“If only I was interested in the ?????? course.” Some students comment that they
really don’t do well in a course unless they are interested in it -- (“I just couldn’t get
into it.”).
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If you intend to earn a college degree you will have to develop self-discipline; getting the work done, even if you don’t like the course, the material or the professor.
Keep in mind the following quote: “Perhaps the most valuable result of all education is the ability to make yourself do the thing you have to do, when it ought to be done, whether you like it or not.” Aldous Huxley.
Focus on the outcomes of earning a college degree. College graduates have more career options, earn twice as much over a lifetime as those who did not graduate; they are more independent and have a higher standard of living.
"The ability to acquire and apply knowledge is the essential characteristic of success
in modern societies". Peter Drucker
Students are responsible for reading this entire syllabus and understanding all the
assignments and expectations of this course. If you have questions? – contact the
instructor.
Stock Portfolio Assignment: Set up a “paper” stock portfolio for yourself –
Students are expected to set up a stock portfolio on www.morningstar.com.
Morningstar is a leading information sources on mutual funds and ETF’s. To ensure
you understand all requirements for this assignment, follow the instructions in
Stockportfoliofall16 (see Assignments in BB) No portion of this assignment is to
be e-mailed.
Your Skill Sets -- Skills Assessment – what are the skills you want to develop as you
pursue your education? Skills that will make you marketable and will help you
stand out from others as you approach employers. What have you gained from
being in college?
What do want your resume look like by the time you graduate?
What skill sets do you want to develop?
Oral Communication Skills Ability to speak clearly, articulate ideas, speak to groups, be an effective listener
Written Communication Skills Ability to convey thoughts clearly / succinctly in any format
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Critical Thinking - Open-minded, mindful of alternatives, well-informed, Judges well the credibility of sources, Identifies reasons, assumptions, and conclusions, asks appropriate clarifying questions, judges well the quality of an argument, including its reasons, assumptions, evidence, and their degree of support for the conclusion, can well develop and defend a reasonable position regarding a belief or an action, doing justice to challenges Formulates plausible hypotheses. Plans and conducts experiments well, Defines terms in a way appropriate for the context Draws conclusions when warranted – but with caution Integrates all of the above aspects of critical thinking
Ethical Decision Making
Analytical Problem Solving
Use of Technology
Teamwork
Organizational Skills - Ability to “plan your day”; prioritize, meet deadlines, quality work – first time
Social Skills Ability to effectively relate to all individuals and demographic groups – in any social or business setting
Engagement What are you contributing beyond school, work, social life what are giving back to others?
Networking – individuals know you well (of all age groups) / know your strengths–could help / mentor you / be a reference for you / could offer your name for consideration for a job / project
Empathy power of understanding and imaginatively entering into another person's feelings
Syllabus econ 175
fall 2016