BUSINESS ECONOMICS – various sections
MECO 6303/SYSM 6319
Office: SM 3.223
Schedule for MECO 6303.PS1
– Project Management.
· Friday, January 17, 9 AM - 12 PM
· Saturday, January 18, 9 AM - 12 PM
· Saturday, February 1, 9 AM - 12 PM
· Friday, February 14, 9 AM - 12 PM
· Saturday, February 15, 9 AM - 12 PM
· Saturday, February 29, 9 AM - 12 PM
· Friday, March 13, 9 AM - 12 PM
· Friday, March 13, 1 - 5 PM
· Saturday, March 14, 9 AM - 12 PM
· Saturday, March 28, 9 AM - 12 PM
I make extensive use of eLearning in all of my courses. You should monitor the course on eLearning frequently for announcements, discussions and supplementary material
Economics is about the ordinary business of life and it is also the basis for many courses in Business. It also contains much of the conceptual material necessary for an intelligent understanding of business life. The approach in this course to the teaching of economic principles is to try to ensure that students acquire the necessary conceptual apparatus in a way that is both challenging and interesting. This is done by attempting to ensure that the material is presented in a lively, interesting and relevant fashion. We will constantly use current real world examples to illustrate the application of concepts.
Business Economics (3 semester hours) Foundations of the economic analysis of business problems, with special emphasis on the function and determination of market prices in production and consumption. Supply and demand, price theory, production theory, trade theory with reference to the global economy, the effects of tax and other policies in the economy, and essential elements of the banking system and monetary policy are addressed.
2. Prerequisites: MATH 5304 or equivalent.
3. Learning objectives:
Minimal General Learning Outcomes - the ability to
1. Understand and be able to apply the concepts of supply and demand, equilibrium, and the factors that shift supply and demand to analyze the behavior of real markets when conditions change.
2. Analyze the impacts of restricting markets from reaching the competitive equilibrium through price controls, taxes, and subsidies.
3. Understand the difference between monopoly markets and competitive markets.
4. Understand the nature of production in the modern economy. Be able to identify the profit maximizing price and the relationship between different types of cost.
5. Understand and apply the basic concepts of macroeconomics including the principles of banking, money-creation, income-determination, inflation and unemployment
I would like students to take away from this course at least the following:
1). An appreciation of the power of economic reasoning for understanding current events
2). A facility for analyzing everyday economic problems using basic economic analysis
3). An understanding of the concepts of
· supply and demand
· costs and benefits
· and their multiple applications
4). An appreciation of the role of
· money in the economy
· the dangers of inflation
· the importance of free trade
· the limits of regulation
· the effects of taxes and subsidies of different types
· the workings of the market system is determining earnings (interest, profits, wages, salaries and rents)
· the modern business firm, its function and its boundaries
· the achievements of the American economic system.
4. Instructor Information
1). Contact information
Contact information is:
Office: SOM 3.223,
You can contact me anytime by email, and – for on-campus sections - see me by appointment in my office.
2). Instructor brief biography
I was born and grew up in Johannesburg, South Africa. I received a BA (honors) degree in Economics and History from the University of the Witwatersrand in Johannesburg in 1969. In September 1972, after teaching at the business school at that University, I left to study at the University of Chicago. I received a Ph.D. in Economics from the University of Chicago in 1979. I was fortunate to have as teachers at least four Nobel prize winners. In January 1979 I moved with my family to Dallas, where we have lived ever since. After seven years as an academic, I tried my hand in an entrepreneurial venture and joined a friend in a startup business called Soft Warehouse. Today it is called CompUSA. I was one of its founding shareholders. It was a difficult but very educational experience. In 1992 I decided to return to academics and have been with the UTD School of Management since 1997. I love my job. I have a passion for teaching and for economics.
My wife and I were married in December 1969. We have four children and nine grandchildren.
To see more about my professional and personal life visit my website at http://www.utdallas.edu/~plewin/
5. Course Materials
Textbooks and Materials
In addition to the PowerPoints and notes, I have provided multiple videos from an online textbook featuring microeconomics and macroeconomics by Tyler Cowen, Alex Tabarok and associates located here: https://www.mruniversity.com/ The video available in this online textbook provide valuable additional material. I have indicated which videos are related to which of our lessons in the reading outline below.
I do not use a particular hard copy textbook. All the information you need is in the PowerPoint slides and the notes that accompany them. But, for supplementary reading you may want to check out this text book - Principles of Economics, by Timothy Taylor, published by TEXTBOOK MEDIA. You can get it online. Here is the information
Go to https://www.textbookmedia.com/pr/Principles-of-Economics/4693/9780996996310. Create an account and get the version you want.
Ideas in economics can be learned from multiple sources. I will post supplementary material to complement the text and the lectures. In addition any basic text may help solidify the fundamentals and add to insight and understanding. [A good example is Economics by Walter J. Wessels (2012 edition is the latest, any will do), Barrons, Available here.]
[Those students from China or Taiwan, as well as other students, may also like to read the following: Zhang, Weiying, The Logic of the Market – available in English and Chinese – English version by the Cato Institute, Washington D.C. 2015. The Chinese version is also available for purchase online here.
Student Assessment: Grading/Evaluation – please note the important information about test proctoring by Examity below.
Students will be evaluated on three multiple choice exams. The exams are worth together 100 points.
There will be two online timed midterms 1 hour each (25 questions) and a comprehensive final test (60% - 25 questions from the last third of course, 25 questions from any part of the course, and 5 short answer questions (5-points each - comprehensive) - 21/2 hour limit).
Here is the test schedule for all sections
Please note the procedure for dealing with questions and concerns after taking a test. Once the test period has expired and the correct answers have been released, if you have questions or concerns (maybe an alternative interpretation of the question yielding a different answer), compose an email stating clearly your concern or what you do not understand for each question you wish to discuss and send it to me. Please reference the question by number and title (if available) and cut and paste as much of it as you can. I will take all such queries on a first-come/first-serve basis and get back to you as soon as I can with my answers.
The following are the grades that are possible to earn in this class.
A, A-, B+, B, B-, C+, C, and F, X.
The actual grade distribution for each test will be determined by the total class performance. I will publish a grade distribution, linking scores to grades, after each test and for the course as a whole.
I make extensive use of eLearning in all of my courses. You should monitor the course on elearning frequently for announcements, discussions and supplementary material
Interaction with Instructor: I will communicate with students mainly through the Course Announcements (copied as an email to students). Students may send personal concerns or questions to me using email@example.com. I will reply to student emails or Discussion board messages within 3 working days under normal circumstances.
Interaction with other students: You may communicate and interact with other students using either email, discussion board or the communication tools shown on the course menu.
Student Resources: All students have access to resources including the McDermott Library, Academic Advising, The Office of Student AccessAbility, and many others.
Make up exams will be given only in exceptional circumstances
There will be no extra credit assignments
There are no special assignments
For all sections: Students are required to login regularly to the online class site. The instructor can use the tracking feature in eLearning to monitor student activity.
This creed was voted on by the UT Dallas student body in 2014. It is a standard that Comets choose to live by and encourage others to do the same:
“As a Comet, I pledge honesty, integrity, and service in all that I do.”
UT Dallas Syllabus Policies and Procedures
Please go to http://go.utdallas.edu/syllabus-policies for these policies.
The University has policies and discipline procedures regarding scholastic dishonesty. Detailed information is available on the UTD Judicial Affairs web page. All students are expected to maintain a high level of responsibility with respect to academic honesty. Students who violate University rules on scholastic dishonesty are subject to disciplinary penalties, including the possibility of failure in the course and/or dismissal from the University. Since such dishonesty harms the individual, all students and the integrity of the University, policies on scholastic dishonesty will be strictly enforced.
Students are provided with an opportunity of completing an evaluation for each enrolled course at the end of the semester. An online instructional assessment form will be made available for your confidential use. An email notification will be sent to you towards the end of the semester.
Online behavior - Virtual Classroom Citizenship
The same guidelines that apply to traditional classes should be observed in the virtual classroom environment. Please use proper netiquette when interacting with class members and the professor.
To become familiar with the eLearning tool, please see the Student eLearning Tutorials https://ets.utdallas.edu/elearning/students/current/tutorials.
UT Dallas provides eLearning technical support 24 hours a day/7 days a week. The eLearning Support Center https://ets.utdallas.edu/elearning/helpdesk services include a toll free telephone number for immediate assistance (1-866-588-3192), email request service, and an online chat service.
Student emails and discussion board messages will be answered within 3 working days under normal circumstances.
Distance Learning Student Resources
https://ets.utdallas.edu/elearning/students/current for details.
Server Unavailability or Other Technical Difficulties
The University is committed to providing a reliable learning management system to all users. However, in the event of any unexpected server outage or any unusual technical difficulty which prevents students from completing a time sensitive assessment activity, the instructor will provide an appropriate accommodation based on the situation. Students should immediately report any problems to the instructor and also contact the online eLearning Help Desk https://ets.utdallas.edu/elearning/helpdesk. The instructor and the eLearning Help Desk will work with the student to resolve any issues at the earliest possible time.
General policies, including policies on Academic Honesty and Integrity.
The information contained in the following link constitutes the University’s policies and procedures segment of the course syllabus.
Student Conduct & Discipline
The University of Texas System and The University of Texas at Dallas have rules and regulations for the orderly and efficient conduct of their business. It is the responsibility of each student and each student organization to be knowledgeable about the rules and regulations which govern student conduct and activities.
The University of Texas at Dallas administers student discipline within the procedures of recognized and established due process. Procedures are defined and described in the Rules and Regulations of the Board of Regents of the University of Texas System, Part 1, Chapter VI, Section 3, and in Title V, Rules on Student Services and Activities of the Course Syllabus Page 8, University’s Handbook of Operating Procedures. Copies of these rules and regulations are available to students in the Office of the Dean of Students, where staff members are available to assist students in interpreting the rules and regulations (SSB 4.400, 972/883- 6391).
A student at the university neither loses the rights nor escapes the responsibilities of citizenship. He or she is expected to obey federal, state, and local laws as well as the Regents’ Rules, university regulations, and administrative rules. Students are subject to discipline for violating the standards of conduct whether such conduct takes place on or off campus, or whether civil or criminal penalties are also imposed for such conduct.
The descriptions and timelines contained in this syllabus are subject to change at the discretion of the Professor.
© Peter Lewin, firstname.lastname@example.org 2020.