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Introduction to Economics II

Economics 202 – Microeconomics

University of Missouri-Kansas City

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Course OutlineCourse OutlineEconomics 202 – Introduction to Economics IIEconomics 202 – Introduction to Economics II

Instructor: James I. Sturgeon Office: Haag Hall 211

Phone: 816-235-2837 E-mail: sturgeonj@umkc.edu

Texts: David C. Colander Microeconomics Supplement: Study Guide

Topic ScheduleSection 1 – Introduction, History and Concepts – Lectures 1 – 12, Chapters 1 - 6

Introduction - Scope and Method of Economics – Economic HistoryHistory of EconomicsEconomic Reasoning and Economic Reality – Alternative ApproachesThe Structure of the U.S Economy: Private, Public and Global

Quiz 1 -- After Lecture 8, Covers Lectures 1 - 8 and Chapters 1 - 3Demand, Supply, and Market EquilibriumThe Price System, Resource Allocation, and ElasticityFallacies and Myths: Beyond the Tools

Test 1 -- After Lecture 12, Covers Lectures 1 - 12 and Chapters 1 – 6

Section 2 Lectures 13 – 36, Chapters 8 – 17Consumer Choice and Household BehaviorProducer Decision Making – Costs and OutputShort-Run Costs and Output DecisionsCosts and Output Decisions in the Long-Run

Quiz 2 -- After Lecture 20, Covers Lectures 13 - 20 and Chapters 8 - 9

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Product Markets - Market Types, Structure and TheoryPerfect CompetitionMonopolyTest 2 -- After Lecture 24, Covers Lectures 13 - 24 and Chapters 8 - 12Monopolistic CompetitionOligopoly Competition, Technology and RealityQuiz 3 -- After Lecture 32, Covers Lectures 25 - 32 and Chapters 13 – 14Antitrust and Regulation

Section 3 Lectures 33 – 40, Chapters 7, 16 - 21Factor Markets and Technology and Reality

Inputs: Land, Labor and CapitalIncome Distribution

UnionsTest 3 -- After Lecture 36, Covers Lectures 25 - 36 and Chapters 13 – 17

Issues and Policies Externalities and Public GoodsPublic FinanceAgricultureInternational and Global

Final Examination Cover all Lectures and all Chapters

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Tests, Quizzes & Grading

ActivityPoint Value

Quiz 1 10

Test 1 50

Quiz 2 15

Test 2 50

Quiz 3 15

Test 3 50

Final 100

Existence 10

Total 300

Grading Scale

A 280

A- 270

B+ 260

B 250

B- 240

C+ 230

C 220

C- 210

D+ 200

D 180

D- 160

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Course OutlineCourse Outline

Name: James I. SturgeonOffice: Haag Hall 211 Phone: 816-235-2837E-mail: sturgeonj@umkc.edu

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David C. Colander Microeconomics

Supplemental Textbook: Study Guide

Texts

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Course Outline

Section 1 – Introduction, History and Concepts – Lectures 1 – 12, Chapters 1 – 6

Introduction - Scope and Method of Economics Economic HistoryHistory of EconomicsAlternative Approaches The Structure of the U.S Economy: Private, Public and Global

Quiz 1 – Covers Lectures 1 - 8 and Chapters 1 – 3

Demand, Supply, and Market EquilibriumThe Price System, Resource Allocation, and

ElasticityFallacies and Myths: Beyond the Tools

Test 1 – Covers Lectures 1 - 12 and Chapters 1 – 6

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Section 2 -- Lectures 13 – 36, Chapters 8 – 17

Consumer Choice and Household BehaviorProducer Decision Making – Costs and Output

• Short-Run Costs and Output Decisions• Costs and Output Decisions in the Long-Run

Quiz 2 – Covers Lectures 13 - 20 and Chapters 8 – 9

Product Markets - Market Types, Structure and Theory

• Perfect Competition• Monopoly

Test 2 – Covers Lectures 13 - 24 and Chapters 8 - 12

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• Monopolistic Competition• Oligopoly

Competition, Technology and Reality

Quiz 3 – Covers Lectures 25 - 32 and Chapters 13 – 14

Antitrust and Regulation

Section 3 Lectures 33 – 40, Chapters 7, 16 - 21

Factor Markets and Technology and Reality• Inputs: Land, Labor and Capital• Unions• Income Distribution

Test 3 – Covers Lectures 25 - 36 and Chapters 13 - 17

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Issues and Policies• Externalities and Public Goods• Public Finance

AgricultureInternational and Global

Final Examination Cover all Lectures and all Chapters

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That’s all there is to it That’s all there is to it FolksFolks

So Let’s get So Let’s get StartedStarted

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IntroductionIntroduction Nature, Scope and Purpose of

Economics Definitions of Economics

Standard -- sometimes called orthodox The study of the allocation of scarce

resources among alternative uses

Institutional -- sometimes called heterodox or Social Economics

The study of how we make a living Colander Text –

The study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of society.

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Economic HistoryEconomic History Neolithic Period -- (12-13K years agoNeolithic Period -- (12-13K years ago)

Settled Life -- Civilization -- Mesopotamia First Agricultural Revolution

Wheat and Water Accumulation

Tools

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WheatWheatEmmer --

Bread Wheat

Goat Grass

Contemporary Bread Wheat

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WaterWater The Fertile Crescent Mesopotamia

Iraq Turkey Syria

The Tigris & Euphrates Rivers

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Accumulation – Economic Surplus

How is it used?

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Alternative Uses?

They could have done something else

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City of Ur – Gold Bull

Temple – City of Ur

Sumer Temple

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