Illinois Valley Community College
Economics
Course Number and Title: ECN 1202 Fundamentals of Economics
Session: Winter Semester 2008
Instructor: David Gordon (B323)
Phone Number: (815) 224 - 0393 (email David_Gordon@ivcc.edu)
Office Hours: By appointment.
Credit Hours: Three
Prerequisites: None.
Textbook: Essentials of Economics by Hubbard/O'Brien, 1st edition,
Prentice Hall Publishing.
Periodicals: Wall Street Journal (Optional)
Barrons (Optional)
Tapes: Free To Choose tapes (Available at the library. The tapes
will be loaned out to students for free.)
Rationale:
The main goal of the course is to introduce the student to the fundamentals of economics, including the tools and models used by economists to study various microeconomic problems. Students need to see how prices are thought to be determined, including their own labor services. The workings of the macroeconomy will be also be explored in detail.
Course Objectives:
Upon completion of the course the student should have a firm grasp of the following topics:
1) The language of economics.
2) Thorough knowledge of forces that affect supply and demand.
3) Market equilibrium and disequilibrium.
4) Demand elasticity.
5) Price ceilings and floors.
6) Economic methodology.
7) Reasons for international trade.
8) The role of the firm.
9) Economic costs.
10) Theory of perfect competition.
11) Theory of monopoly.
12) Measurements of the macroeconomy.
13) Economic growth.
14) Money and monetary policy.
15) Fiscal policy.
Course Evaluation Information:
Evaluation:
Exam #1 20% of final grade
Exam #2 20% “ “
Exam #3 20% “ “
Exam #4 20% “ “
Paper 20% “ “
Exams:
Exams will consist predominately of problems and other objective questions concerning the material in the textbook only, not the Free To Choose tapes. The exams may be taken on or before the dates indicated on your orientation sheet. Exams are not comprehensive. Exams may be taken at the locations listed on your Course Orientation Sheet.
Paper:
You will be required to view all the Free To Choose tapes and write a 3 – 5 page typewritten paper on the tapes. Transcripts of the tapes are available at www.freetochoose.com for a fee. The paper should include a synopsis of each topic covered in the 5 tapes, what you learned while viewing each tape, and your opinion of each tape. The paper is due in my office by Dec. 1, 2006. You may email or regular mail me the paper, but it MUST get to me by the above date.
Grades:
An average of 90% or above on all coursework guarantees an “A”, an average of 80% - 89% guarantees a “B”, etc.
Withdrawal Procedure:
If you wish to withdraw from the class you must notify me in person or via email. The withdrawal deadline is listed in the school catalog.
Exam Material:
Topic #1: Chapter 1 (The Economic Way of Thinking)
#2: Chapter 2 (Production Possibilities)
#3: Chapter 3 (Supply and Demand)
#4: Chapter 3 continued. EXAM #1.
#5: Chapter 4 (Markets in Action)
#6: Chapter 5 (Price Elasticity)
#7: Chapter 6 (Production Costs)
#8: Chapter 6 continued. EXAM #2.
#9: Chapter 7 (Perfect Competition)
#10: Chapter 8 (Monopoly)
#11: Chapter 11 (Gross Domestic Product)
#12: Chapter 11 cont. EXAM #3.
#13: Chapter 12 (Business Cycles)
#14: Chapter 13 (Inflation)
#15: Chapter 14 (Aggregate Demand and Supply)
#16: Chapter 15 (Fiscal Policy)
#17: EXAM #4