General Learning Goals:
The goal of the course is to provide you with an understanding of how the economic system
you live and work in operates, how and why certain economic policies are made, and make
you more aware of economic issues reported in the newspaper, news magazines, and
television and to become a more informed decision maker.
Understand the major components of the US Economy
Learn how markets efficiently allocate scarce resources
Understanding how markets may fail to efficiently allocate goods
Understanding pricing and production differences in competitive vs. monopolistic
Learn how national income (GDP) is measured and interpreted
Understand the impact of unemployment on an economy and how governments use
fiscal policy to direct an economy to full-employment
Learning to use the aggregate demand and aggregate supply model to explain
recessionary and inflationary situations in the economy
Learn how the banking system creates money through loans, how the supply of
money impacts the overall economy, and how the Federal Reserve uses this
mechanism to control the money supply
Understand the concept comparative advantage any how economies benefit from
Internet and web-based classes are a double-edged sword. You have the benefit of an
extremely flexible schedule, since there are no regular class meetings. But with the
flexibility comes an enormous responsibility on your part as a student to manage your
time efficiently. All work is expected to be turned in by the due date. Work turned in late
will not be accepted unless prior arrangements with me have been made. This includes
completing exams during the scheduled time.
Procrastination is the sure way to a failing grade in an online class. It is so vital to keep
up with the reading assignments and ask questions as soon as material seems unclear or
confusing to you. You simply cannot afford to put things off or try to cram the night
before an exam. It is important to start reading early and do your assignments as soon as
possible. Give yourself as much time as possible to ask questions and get feedback. The
night before the exam is not a good choice.
Graded elements in the course include 15 problem sets, 15 short quizzes, an essay
assignment, and four exams. There is also a comprehensive final that may be taken
should you miss one exam. You will also be able to drop your lowest problem set grade
and quiz grade. Accordingly, your grade will be based on 14 graded problem sets, 14
quizzes, 4 1-hour exams, and an essay assignment. Though not part of your grade, there
will also be an ungraded practice quiz (Self-Test) for each chapter to help you gauge
your comprehension of the material (additional practice quizzes are also available on the
text book publisher’s website).
The problem sets are designed to raise questions and make you think. ANY time you are
stuck on a problem solution, post a question on the discussion board. I firmly believe the
best learning is achieved by problem solving, thinking about tough questions, and
"talking" about them. Since we can't talk in class, we will use the discussion board.
The problem sets are graded not so much on right or wrong answers, but whether you put
reasonable time into working on them. If you do not answer some questions, and never
posted questions on the message board, I cannot give you full credit. However, if your
answers show effort, even if they are incorrect, and you posted questions on the message
board, you will get full credit. In theory, as long as you try to answer and meet deadlines,
everyone should get the full points on the homework component of the grade.
Unfortunately, there are always some who procrastinate, or put in no effort at all and do
not get these points.
On the day following the due date for an assignment, I will post my answers to the
questions and let you self-grade your work and ask additional questions if you need
For graded quizzes, you will have a about a one week period to take the quiz, typically 5
questions. Once you begin a quiz, you will have 10 minutes to answer all questions.
For exams, you will have a 2 day “exam period”. You can choose to take your exam any
time during those two days that is convenient for you. Once you begin the exam,
however, you must complete it in the designated time.
The comprehensive final exam will 100 questions in length, and will cover all 15
chapters covered in the course. This exam is not a required assessment for the course.
You will only be required to take it if you should miss one of the four regular exams. As
stated earlier, if you miss an exam, you can take the comprehensive final exam to replace
the missing grade.
Points will be distributed as follows:
Homework (10 pts each) 140
Quizzes (10 pts each) 140
Essay Assignment 20
Exams (100 pts each) 400
Maximum Possible Points 700
Grades will be awarded on the following scale:
Grade Needed Points
F Less than 420
Late work will not be accepted unless prior arrangement has been made. All due dates are
clearly posted at the beginning of the semester and there is ample time to complete the work
and submit it. If the assigned exam time is in conflict, you must make arrangements to take
the exam prior to the scheduled date. You will be allowed to makeup one missed exam by
taking a comprehensive final exam at the end of the semester to replace the score for the
missing exam. If you miss a second exam, you will receive a 0 for that exam.
Students are expected to attend all class meetings for this course, following the university
attendance policy. (See Midwestern State University Undergraduate Catalog, Vol. LXXV,
No. 2, p. 88). Since this course is taught asynchronously over the web, we have no regular
scheduled meeting times, and therefore no required classroom attendance. Your grade is
completely determined by your work and participation. In lieu of a normal attendance policy
based on absences, your attendance will be measured by your assignments being turned in
on time and reading the discussion board posts. As such, missing any three assignments or
failing to login to the class web site for two consecutive weeks is equivalent to three
unexcused absences, and in accordance with the Student Handbook and Undergraduate
Catalog, can result in being administratively withdrawn from the course, which results in a
grade of “F”. WebCT allows me to document each time you log into the course and what
messages you have read in the discussion board.
With regard to academic honesty, students are referred to the “Student Honor Creed” on p.
23 of Midwestern State University Undergraduate Catalog, Vol. LXXV, No. 2.
Americans with Disabilities Act:
This class follows the guidelines suggested by the Center for Counseling and Disabilities
Services for those students who qualify for disability services. See Midwestern State
University Undergraduate Catalog, Vol. LXXV, No. 2, p. 26.
Syllabus Change Policy: This syllabus is a guide for the course and is subject to change.