Economics 101 Introduction to Economics Fall 2005
INSTRUCTOR:	Dr. Thomas Creahan Office: CB 110K Phone: 783-2740 E-mail: t.creahan@moreheadstate.edu Web Page: http://people.morehead-st.edu/fs/t.creahan
TEXT: Recommended:	Essentials of Economics, by Bradley R. Schiller, 5^th ed., McGraw-Hill/Irwin, 2005, for ECON 101 at MSU. Study Guide to accompany Essentials of Economics. The Wall Street Journal, The New York Times and other publications with good coverage of the economy National Public Radio news 5-9 AM and 5-7 PM, WMKY, 90.3 FM

Catalog Course Description & Nature of Course

ECON 101 is an introduction to economics and the economy. Like any science, economics has both content and methodology. The content is the set of human, or social, actions and interactions that make up the economy. The methodology is “the economic way of thinking,” the set of concepts, principles, and perspectives that make up the discipline of economics. We will learn how the discipline of economics helps us to understand the economy and make better decisions. The objective of the course is to develop a working understanding of some of the issues and economic concepts that everyone needs to fully participate in American life.

This is a basic undergraduate course that will introduce you to both microeconomics and macroeconomics. It provides fundamental material on the subject matter, and may be taken as a first course in economics.

To successfully complete and understand this course you must study the material on a consistent basis, giving it your full attention. Read all assigned material before class so you will get the maximum value out of class. Think about the material, and ask questions in class. Take responsibility for your own learning.

Prerequisites

There are currently no prerequisites for this course.

Course Objectives

The objectives of this course are: (1) You, the students, will learn and practice the process of economic reasoning; (2) you will learn how to apply economic principles when making decisions; (3) you will acquire a foundation for understanding the economic circumstances which directly or indirectly affect your lives as individuals and as members of an organized society; (4) you will be able to read and discuss news and current events concerning the economy.

Instructional Materials:

The required text is Essentials of Economics (5^th edition) by Schiller (McGraw Hill/Irwin Publishing, 2005). There is a special edition for ECON 101 at MSU, but the regular 4^th or 5^th Edition of Essentials of Economics are also OK.

The student is responsible for lecture material, reading material, material covered in class discussions, and any other material assigned during the term. The study guide makes it easier to learn the required material. It is not required, but several copies are on reserve at the library.

Grading Policies: Assignments, Quizzes, and Exams

Each student is required to study all assigned material before attending lecture. Outside assignments may be made that link the material being covered in a specific chapter to the real world through current events. Quizzes, attendance, and exams, and in-class exercises will count in your grade.

This course will normally cover one chapter from the textbook each week. There will be frequent exams, quizzes, and exercises. Attendance will be taken every day, and there may be some form of interactive exercise or quiz on the assigned material every class.

Basis for final Grade

There will be three tests (100 points each) and a final exam (200 points). Expect some evaluative activity every day, which may include in-class discussion, quizzes or assignments. Homework, participation, quizzes, and attendance will count up to 200 points. Makeup exams will not be given except by prior arrangement or in the case of emergencies. No makeups will be given for quizzes or other in-class work.

All points made throughout the semester will be totaled. The total points accumulated throughout the semester by a student will be divided by the total points possible in the course to determine a percentage for the semester. Your score is your percentage of all possible points.

Percentage score	Grade
90-100	A
80-89	B
70-79	C
60-69	D
0-59	E

Statement of Accommodation of Special Needs:

Students who are impaired or have a medical condition, which requires specific arrangement or consideration so that they can fully participate in this class, are encouraged to notify the instructor as soon as possible. All reasonable efforts to accommodate the needs of these students will be undertaken. In compliance with the Americans with Disabilities Act, all qualified students enrolled in this course are entitled to “reasonable accommodations.” It is the student’s responsibility to inform the instructor of any special needs before the end of the second week of class.

Policy on Academic Honesty

Academic dishonesty will be punished by providing the maximum consequence allowed by Morehead State University.

Attendance

All students taking this course are required to be in attendance at all class meetings. Attendance will be taken and will count in your grade.

COURSE SCHEDULE:

All chapters should be read before class on the date assigned. We will cover about one chapter per week. We may have a quiz on the assigned material on or after the date below.

Date Week of:	Topic	Chapter
Aug. 22	Introduction	Chapter 1
Aug. 29	The US Economy	Chapter 2
Sept. 5	Supply and Demand	Chapter 3
Sept. 12	Elasticity	Chapter 4
Sept. 19	Supply Decisions	Chapter 5
Sept. 26	Competition	Chapter 6
Oct. 3	Monopoly	Chapter 7
Oct. 10	Government Intervention	Chapter 9
Oct. 17	The Business Cycle	Chapter 10
Oct. 24	Aggregate Supply and Aggregate Demand	Chapter 11
Oct. 31	Fiscal Policy	Chapter 12
Nov. 7	Money and Banks	Chapter 13
Nov. 14	Monetary Policy	Chapter 14
Nov. 21
Nov. 28	International Trade	Chapter 17
Dec. 5	Review
Dec. 12	Final Exam: Section 002 Thursday, Dec 15, 10:20 AM Section 001 Friday, Dec. 16, 12:45 PM	Comprehensive