UNIVERSIDAD DE ESPECIALIDADES ESPÍRITU SANTO

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UNIVERSIDAD DE ESPECIALIDADES ESPÍRITU SANTO

FACULTAD DE ESTUDIOS INTERNACIONALES

SYLLABUS

ENGLISH VERSION


FOR DAC 11 VER 12 03 09


COURSE: Elements of Economics CODE:
U
ECO 101

FACULTY: James Keeley
, PhD



CREDITS: 3



CONTACT HOURS: 48




NON CONTACT HOURS: 96

YEAR: 2011






PERIOD: FALL I

DAYS: Monday


Thursday

SCHEDULE: 09:00


10:20 am

ROOM: F209



SYLLABUS DATE:

Aug 2011



1. COURSE
DESCRIPTION

This course examines the principles of economics. It offers an overview of scarcity and the way
societies organize to efficiently use the resources or the means of production. In this course we
seek to answer basic economics questions: what to
produce? How to produce? For whom to
produce? This course is designed to give students an overview of the various systems and
processes involved within the scope of economic thought and practice.


2. JUSTIFICATION

This course enables students to identify,

analyze and understand the specific processes
involved with the manufacturing, servicing, distribution and consumption of goods in a given
political structure. Understanding these factors will allow the student to become a savvy and
informed consumer.


3. OBJECTIVES


a. GENERAL

The primary objectives of the course are to provide a brief overview and introduction to
economic theory and thought, history, vocabulary, and current economic conditions
around the world. The student will gain insight into top
ics such as unemployment,
supply and demand, budget deficits and surplus, inflation, investment, monetary policy,
and debt.


b. SPECIFIC COMPETENCIES

During each class session, the student will identify key terminology and concepts
associated with basic ec
onomic principle. Additionally, the student will demonstrate,
define and apply their understanding of economics through a series of in and out
-
of
-
class assignments.


After completion of this course, students will be able to:


1.

Recognize and be able to di
scuss economics as a study of human behavior

2.

Apply economic principles to real
-
life situations

3.

Recognize diversity in economic systems

4.

Explain the role of government in economics

5.

Discuss the fundamental elements of the global economy

6.

Demonstrate the princi
ples of supply and demand

7.

Illustrate the market economy

8.

Explain basic economic aggregates



4. COMPETENCIES

This course will allow the student to use basic problem solving techniques in order to
understand and solve fundamental economic issues as they
arise; make appropriate
decisions based on the variables presented and allow for recognition of economic structure
and governmental policy in order to fully appreciate basic economic principle.


5. COURSE CONTENT OUTLINE

Class
Meeting #

Competencie
s

CONTENT

HOMEWORK (96
HRS.)

PERFORMANCE
INDICATORS


1

Monday

Aug 29


The student
defines the
salient
elements
necessary for
economic
policy



Introduction

Basics of Economics


The Meaning of
Economics Pgs 1
-
19


Recognizes the
various components
related to

the
concepts of
economic thought


2

Tuesday

Aug 30





Basics of Economics, Part
2



Production and
Economic
Possibilities Pgs
22
-
36



Distinguishes
between economic
statements of fact
and

statements of value



3

Wednesday

Aug 31





Local Trade


Economic
Systems & Price
Theory Pgs 40
-
53



Explains various
barriers to trade


4

Thursday

Sept 1


The student
describes the
necessity of
fair trade
between
countries


Global Trade


Supply and
Demand Pgs 54
-
79


Defines free
-
trade
characteristics


5

Monday

Sept 5



The U.S. Economy in
Perspective


Market Equilibrium
& Price Elasticity
Pgs 83
-
111



Identifies
components related
to a healthy and/or
sick economy



6

Tuesday

Sept 6


The student
explains the
fundamentals
of a
production
-
based
econcomy


Distribution of Wealth and
Income



Diminished
Returns, Cost and
Revenue Pgs 118
-
161


Applies economic
concepts, principles

and models to
resource allocation
problems


7

Wednesday

Sept 7



Distribution of Wealth and
Income, Part 2


Profit and
Competition
Pgs
165
-
190



Explains
contemporary
events and
preoccupations

in terms of the
relevant economic

principles




8

Thursday

Sept 8



Governmental Interventions


Monopoly and
Imperfect
Competition Pgs
194
-
217



Explains why
governments
intervene to correct
market failure


9

Monday

Sept 12




Money, banking, and
Finance


Demand for
Inputs;
Unemployment
and Inflation Pgs
221
-
244


Identifies factors of
production that lead
to market
inefficiencies


10

Tuesday

Sept 13


Test of
Knowledge


TEST 1


None


Demonstrates
knowledge related
to the unequal
distribution of wealth



11

Wednesday

Sept 14









Money, Banking and
Finance, Part 2


Gross Domestic
Product and Price
Indexes Pgs 249
-
272


Illustrates how
economic indicators
can be misleading


12

Thursday

Sept 15


The student
develops an
understanding
of sound
economic
principles that
result in

Economic Growth and
Prosperity


Consumption and
Business Cycles
Pgs 276
-
299


Explains the key
features of market
structures

prosperity


13

Monday

Sept 19



Economic Growth and
Prosperity, Part 2


Equilibrium and
Government Pgs
302
-
327


Identifies the salient
features of market
growth and failure



14

Tuesday

Sept 20




Monetary Policy






The Keynesian
Cross and Fiscal
Policy Pgs 332
-
367



Discusses how
governments can
create market
inefficiency by
intervention


15

Wednesday

Sept 21




MID TERM
EXAMINATION




Mid Term Exam


Demonstrates
knowledge related
to economic finance
and growth


16

Thursday

Sept 22


The student
analyzes
various
monetary
policies.


Macro Policies in
Developing Countries


Money and
Monetary Tools
Pgs 375
-
396


Illustrates real
-
world
competitive
behaviors between
industrial and pre
-
industrial societies


17

Monday

Sept 26




Macro Policy in Developing
Countries, Part 2


Economic
Policy
and Level of
Income Pgs 399
-
425


Explains
macroeconomic
objectives related to
growth



18

Tuesday

Sept 27




Supply and Demand


Absolute and
Comparative
Advantages Pgs
429
-
457



Determines the
issues that cause
supply and demand
problems


19

Wednesday

Sept 28

The student
describes the
function of
supply and
demand n
goods and
services and
how they
affect an
economy


Supply and Demand, Part 2


Globalization
Debates 1
-
51
(handout)


Explains the
concept of
opportunity cost


20

Thursday

Sept 29




Private Enterprise


Capital and it’s
Reward Pgs 4
-
28
(handout)



Explains the
concept of profit in a
free market society


21

Monday

Oct 3



Perfect Competition


Capital and it’s
Reward Pgs 29
-
58
(handout)


Identifies
components leading
to perfect market

competition



22

Tuesday

Oct 4


Examination


Test 3


None


Demonstrates
knowledge related
to macro economic
policy



23

Wednesday

Oct 5




Perfect Competition, Part 2


Foreign Exchange
Markets (Wang)
Pgs 1
-
61



Identifies the main
influences on
economic

growth
and prosperity



24

Thursday

Oct 6

The student
explains
elasticity
concepts and
their
applications to
business


Monopoly





Business
Sustainability (Ent
handout) Pgs 1
-
37


Determines the
barriers to
monopolistic
competition and
economic growth



25

Monday

Oct 10




Monopolistic Competition


Business
Sustainability (Ent
handout) Pgs 38
-
66


Identifies factors
related to economic
stability and
sustainability





26

Tuesday

Oct 11



Economic Growth and
Decline



The Creation of Wealth


Business
Sustainability (Ent
handout) Pgs 67
-
97


Illustrates the
money multiplier
effect and its
consequences




Deficits and Depression of
Large
-
Scale Economies


None (from
Lecture)


Interprets economic
data and principles

6. METHODOLOGY

This is a lecture
-
based course that will require continuous student attendance. Student
knowledge and competencies will be evaluated through daily class participation, question
-
and
-
answer sessions and examination through authentic

assessment i.e., demonstrating
what has been learned.

Note that students may complete make
-
up work by reading original research through the
UEES ProQuest subscription.

Students are highly encouraged to maintain a consistent presence during all scheduled
class
times.


7. ASSESSMENT

The student will be assessed through daily participation and evaluation by written work and
testing. By the conclusion of this class the student will be able to recognize and identify key
objectives and will be able to fundamen
tally apply what was learned based upon the
information given in this bimester of instruction.





7.1 Assessment Criteria

Completion and knowledge of the assigned course readings,

Two in
-
class examinations,

Consistent
use of electronic media,

Completion of assigned homework

27

Wednesday

Oct 12


to explain events



28

Thursday

Oct 13


The student
delineates
between
strong and
poor
economic
growth of
large
-
scale
economies


A Legacy of Innovation


Philanthropy
Legacy Pgs. 1
-

9


Explains the need
for philanthropic
organizations in a
capitalistic society



29

Monday

Oct 17



The Economics of
Foundational Giving on a
Global Scale


Philanthropy, TBA


Explains the need
for philanthropic
organizations in a
capitalistic society



30

Tuesday

Oct 18



Final Examination


EXAM


Disseminates
knowledge learned
throughout the
course.

Classroom participation



7.2 Performance Markers



1. Interprets economic data and principles to explain events



2. Identifies the main influences on economic growth and prosperity



3. Identifies the sali
ent features of market growth and failure



4.
Applies economic concepts, principles and models to resource allocation


problems.





7.3 Weighting






Unit Exams



50%






Homework



50%


8. BIBLIOGRAPHY


8.1 REQUIRED

MAIN TEXTBOOK(s):

Hoag, A. & Hoag J. (2008). Introductory Economics, 4
th

Edition. This textbook
will be sent to you in pdf format for you to print.


8.2 COMPLEMENTARY

Study guide companion to Hoag & Hoag is on
-
line at:

http://www.cba.bgsu.edu/faculty_staff/hoag/studyguide.html


8.3 HANDOUTS:

A Critique of 6
-
Key Globalization Debates (5
-
Pgs)


International Finance (58
-
Pages)


Sustainoprenuership
(97
-
pages)


A Legacy of Innovation (9
-
Pages)


8.4 WEBLIOGRAPHY

ProQuest Database at:

http://proquest.umi.com/pqdweb?RQT=301&UserId=IPAuto&
Passwd=IPAuto&AUID=
443421

Various Links at:

http://econlinks.com


9. FACULTY INFORMATION

NAME:

James W. Keeley, PhD


E
-
mail:

drjwkeeley@yahoo.com


ACADEMIC CREDENTIALS:



B.A.A.S Bachelors of Arts and Sciences

GRADUATE:



M.Ed. Master of Education



M.B.A. Master of Business Administration



Ph.D. Doctor of Philosophy



Prepared by:
James Keeley, PhD

Date:
August 8, 2011



Reviewed by:
Dean Monica
Reynoso Date: August, 2011