Introduction to Economics - ECON 1301.001 Course Syllabus ......Doty Intro Syllabus – Spring 2018...

Doty Intro Syllabus – Spring 2018

Introduction to Economics - ECON 1301.001

Course Syllabus for Spring 2018

Economics is good! Economics is life-changing! Economics is world-changing!

And this is the premise from which we will begin our study of Economics this semester!

Instructor: Mrs. Susan Doty

Director of the Center for Economic Education & Financial Literacy

Senior Lecturer in Economics, Department of Social Sciences, College of Arts and Sciences

The University of Texas at Tyler, 3900 University Boulevard, Tyler, TX 75799

Office: BUS #240

E-mail: [email protected]

Please note that e-mail is my preferred method of contact. Even if you want to talk by phone, the best way to do so is by sending

me an e-mail and asking me to call you back. Please always identify yourself and provide the course and section you are in.

Phone: 903-566-7459 (Office) – 903-570-9020 (cell for text messages only.) Again, please be sure to identify yourself by name, course

and section. Text for simple questions only! No grade discussions are held by phone, text or email; please see me in person.

Office Hours: I have three different ways you can come to see me. Open office hours are for you to drop in for any reason … to chat about

college life, to follow-up on a discussion or activity from class, to discuss economics in our lives and in our world, to explore career

opportunities, to clarify or deepen your understanding of a topic, to review for an exam or to follow-up after one, to discuss grades

and goals … or for no reason at all! At the beginning and end of the semester, office hours are busy and there may be a line of

students; most other times, that will not be true. For the busy times, I offer extra hours for you that I will announce in class and post

on Canvas. If you have a specific issue and time constraints, you may make an appointment. Additionally, I offer homework help

to specifically address any challenges you have with your independent work.

Open Office hours:

Mondays: 12:30-2:00

Wednesday: 12:30-2:00

Fridays: 12:30-2:00

Homework Help:

Mondays: 2:00-3:30

Appointments only:

MWF 7:30-8:30 AM

Please note: There are no office hours, homework help sessions or appointments on exam days or class days when we do not meet in person so be sure to

check the daily schedule that is part of this syllabus.

mailto:[email protected]


Meeting Times: Section 001 meets MWF from 11:15-12:10 am in BUS 257. Please be on time.

Course Materials: I will provide you with all materials you will need for this course. You are responsible for accessing the materials and, when borrowed,

for returning them to me in excellent condition.

Course Summary: Through the Core curriculum, students will gain a foundation of knowledge of human cultures and the physical and natural world, develop

principles of personal and social responsibility for living in a diverse world and advance intellectual and practical skills that are essential

for all learning. Core process objectives include critical thinking, quantitative analysis, communication (in oral, written and technology

forms,) teamwork, social responsibility and personal responsibility. Economics is an approved course in the Core curriculum.

Economics, at its foundation, is a social science course about choice. Everything we value as humans is scarce relative to how much we

want. Because of scarcity, we can’t have it all. Because we can’t have it all, we must make choices. Every choice we make means giving

up something else. That most valued alternative that we give up when we make a choice is our opportunity cost. This “economic way of

thinking” can be summarized in the 6 points of the Guide to Economic Reasoning: 1. People Choose; 2. People’s Choices Involve Costs;

3. People Respond Predictably to Incentives; 4. People Create Economic Systems That Influence Choice and Incentives; 5. People Gain

When They Trade Voluntarily; 6. People’s Choices Have Consequences That Lie in the Future. Students in Economics apply these points

to decision-making at the individual, household, business firm, and government levels both in closed domestic economies and open global

ones.

Economics is a course of study that will provide you with methodological tools to view the world differently. The “economic way of

thinking” is truly a unique way of approaching problems, understanding issues and proposing solutions. It will help you in decision-

making when you vote, spend, save and make life choices. Throughout the course, you will develop and have multiple opportunities to

demonstrate an understanding of basic economic concepts, the techniques and methods of economics, and the economic challenges facing

society today and in the future. In addition, you will be developing and demonstrating critical thinking skills, empirical and quantitative

evaluation skills, oral, written and technology communication skills, teamwork, social responsibility and personal responsibility.

Economics will benefit each of you regardless of your major. It will have relevance to all aspects of your life and it will provide you with

tools to help you view the world differently and make more informed decisions. Economics provides great preparation for careers in

business, government, law, education, mathematics and science.

A favorite quote of mine is this one by the late economist, Murray N. Rothbard:

It is no crime to be ignorant of economics, which is, after all, a specialized discipline

and one that most people consider to be a 'dismal science.'

But it is totally irresponsible to have a loud and vociferous opinion

on economic subjects while remaining in this state of ignorance.


A goal of this class is to provide you with the conceptual framework and tools to develop and articulate informed opinions on economic

issues. It is not my job or purpose in this economics class to influence your politics or opinions. It is, however, my highest objective to

give you the economic tools and the foundational principles so that you can develop and articulate your own positions more effectively.

Course Objectives: This Introduction to Economics course will cover the basic concepts of the discipline in four units. Concepts including scarcity, gains

from trade, marginal decision-making, profits and losses, the sources of income growth, and markets will be covered in unit one. Private

ownership, competition, money stability, low taxes and open trade will be explored in unit two. The connection to political processes,

problems in the economy and potential solutions will be developed in unit three. Personal finance, financial literacy, and decision-making

relating to strategic career and financial choices will be applied in unit four.

Study Time: A general guideline is that you should spend three hours of independent study time outside of class for each hour in class. We meet for

three hours each week so that is nine hours of independent work each week. I know many of you are working part-time and full-time jobs,

have families and are active in student sports and activities. I do understand that many of you are taking 15 and 18 hours. Based on the 3-

to-1 formula, that is 60 to 72 hours of academic work alone! YOU need to be realistic about your own capabilities and commitments!

Classroom Conduct: This is simply a matter of respect – mine for you – yours for each other and for me. Arrive on time and stay for the duration of class. Be

quiet and attentive during lectures. Participate during activities. Be prepared. With the exception of your required devices, keep your

other electronic devices turned off. Stay on task and don’t get distracted! In economics, we learn about the importance of private

property ownership – be good stewards to university property. Do not photograph, audio or video tape lectures, discussions or

activities. Do not copy or distribute any presentation, activity, or assessment materials from class or on-line supplement. Do your own

work and properly cite the work of others. The University of Texas at Tyler has an academic integrity policy. I take it very seriously and

expect you to also. Be honest, do your best work and learn.

Participation: Woody Allen said, 80% of life is showing up! You can’t learn if you’re not in class! You are expected to attend every class. There will

be hands-on active lessons designed to reinforce the unit material and emphasize the importance of attendance. Be prepared to move

around, work in pairs or groups, and think “out of the box” on class days. Your charged smart devices are required in class every day!

Class Notes: I will provide you with copies of my slides in both PowerPoint and .pdf form on Canvas. This will allow you to open and annotate

them on your smart device. These slides provide the skeleton for your class notes and form the foundation for my lectures and for our

class discussions and activities. You must have them each day. Please familiarize yourself with both Canvas and a .pdf annotating

program (I highly recommend the Notability app for iPad users or EverNote for Android) and be ready to annotate these notes at the

beginning of each class. I do not prepare my slides or lectures from the book. My lecture notes and your course materials will

complement, not duplicate, each other.


Canvas Discussions: I will post questions for you to answer on Canvas Discussions ten times over the course of the semester. Check daily schedule; on days

that we do not meet, you will answer during the regularly scheduled class period. At other times, you will have from after class on Friday

until Sunday evening.

Make-Up Policy: If you are absent for any reason – university business, sports, extracurricular activities, other course obligations, health issues, family

crises, work conflict, religious obligation, etc. – on a non-test day and you miss an activity or a quiz, your make-up is with your

QuickStart buffer points so be sure to earn them in advance. That is what they are for! If you are absent for any reason on a test day,

your make-up is with the final exam – I will increase the value of your final exam to replace the missed test.

Academic Integrity: For each assessment, I will ask you to sign a statement confirming that you have taken the assessment in accordance with the Academic

Integrity Policy currently in place at The University of Texas at Tyler.

I embrace honor and integrity that will not allow me to lie, cheat, or steal

nor to accept the actions of those who do.

Grading*: QuickStart Buffer Points** 10 @ 10 points = 100 points (Do not double count; supplement only)

Online Chats 10 @ 10 points = 100 points

Class Community Learning Activities 10 @ 10 points = 100 points

Pop Quizzes 10 @ 10 points = 100 points

Unit Exams 2 @ 100 points = 200 points***

Final Cumulative Exam 1 @ 200 points = 200 points

*Read grading policy thoroughly!

**There is no such thing as a free lunch! You must earn your QuickStart buffer points! See directions posted on Canvas.

*** A missed unit exam, for ANY reason, may be made up with the final exam.

Course Grade:

A = 630+ points

B = 560-629 points

C = 490-559 points

D = 420-489 points

F = 419- points

Grade Tracking: This syllabus is the sole source for course grading policy. Canvas grades can give you a sense of how you do on single assignments but should

not be relied upon to determine course progress or final grades. Remember, grade discussions will only be held in person during office hours.

Students with Special Needs: If you have an accommodation plan, you must meet with me during office hours and provide me, in writing, the accommodations

for which you are entitled before I will complete the contract with the Testing Center for you. Meeting in person will help me to be more aware and better able to

meet your specific needs in and out of the classroom.


A full semester’s day-by-day schedule of class topics, preparation and assignments follows. I would strongly advise all

students to put this information into your calendar.

Schedule of Classes for Spring 2018 Introduction to Economics

Week

#1

Day Class # and

Topic

Assignment Information

Monday,

January 15

NO CLASS MLK DAY

Wednesday,

January 17

Class #1

Welcome to

Economics!

Before class, read Walter Williams’ Economics

for the Citizen

Canvas is open.

Begin by opening the Getting Started folder on Canvas where you

will find the syllabus and the list of QuickStart activities and initial

readings.

Friday,

January 19

Class #2

Course Tools

and Policies

Read syllabus and begin working through the

QuickStart activities.

QuickStart activities #1-#10 are due by Friday, January 26th at 5:00

pm.

Highlights and Learning Objectives for week #1:

Demonstrate your understanding of the way learning will occur in this course in class by working through QuickStart activities.

Demonstrate your familiarity with the tools we will use for learning in this course in class and by working through QuickStart activities.

Demonstrate your understanding of the economic way of thinking in class and by working through the QuickStart activities.

Apply the economic way of thinking to fundamental economics.

After week one, highlights and learning objectives will be posted with weekly assignments and notes in Modules on Canvas.

http://econfaculty.gmu.edu/wew/misc/EconomicsForTheCitizen.pdf

http://econfaculty.gmu.edu/wew/misc/EconomicsForTheCitizen.pdf



Week

#2

Day Class # and

Topic


Monday,

January 22

Class #3

Incentives &

Marginalism

Be working through QuickStart activities.

Common Sense Economics

Basic Concepts

See Module One on Canvas for reading assignment, notes and weekly

highlights/learning objectives.

QuickStart activities #1-#10 are due by Friday, January 26th at 5:00 pm.

Wednesday,

January 24

Class #4

Scarcity,

Choice &

Opportunity

Cost

Be working throough QuickStart activities

Common Sense Economics Basic Concepts

See Module One on Canvas for reading assignment, notes and weekly



Friday,

January 26

Class #5

Class will not

meet in person.

Complete QuickStart activities.


Highlights and Learning Objectives for Week #2:

Incentives

All of economics rests on one simple principle: that incentives matter. Altering incentives, the costs and benefits of making specific decisions, alters

people’s behavior. Understanding incentives is an extremely powerful tool for understanding why people do the things they do, because the impact of

incentives can be seen on almost every level, from simple family decision making to securities markets and international trade.

I-1. Incentives matter: Changes in benefits and costs will influence choices in a predictable manner.

I-2. There is no such thing as a free lunch: goods and services are scarce and therefore we have to make choices.

I-3. Decisions are made at the margin: If we want to get the most out of our limited resources, options should be chosen only when the marginal benefits

exceed the marginal costs.


Week

#3

Day Class # and

Topic


Monday,

January 29

Census Day

Class #6

Benefits of

Trade


Trade and Markets

See Module One on Canvas for reading assignment, notes and

weekly highlights/learning objectives.

Wednesday,

January 31

Class #7

Comparative

Advantage

and Trade


Trade and Markets



Friday,

February 2

Class #8

Obstacles to

Trade


Trade and Markets

Discussion #1



Discussion #1 is open on from 12:10 pm today when class ends until

11:59 pm on Sunday, February 4th.


Gains from trade

The foundation of trade is mutual gain. People agree to an exchange because they expect it to improve their well-being. The motivation for trade is

summed up in the statement, “If you do something good for me, I will do something good for you.” Trade is productive because it permits each of

the trading partners to get more of what he or she wants.

I-4. Trade promotes economic progress.

I-5. Transaction costs are an obstacle to trade.


Week

#4

Day Class # and

Topic


Monday,

February 5

Class # 9

Role of

Prices


Trade and Markets



Wednesday,

February 7

Class #10

Demand,

Supply and

Equilibrium


Trade and Markets



Friday,

February 9

Class #11

Class will

not meet in

person.

Discussion #2 Discussion #2 is open on Canvas from 11:15 AM to 12:10 PM in

lieu of class.


Profits and losses

Profit is a reward for transforming resources into something of greater value. In contrast, losses are a penalty imposed on businesses that use up

resources without converting them into something more valuable. The losses indicate that the resources would have been better used producing

other things.

I-6. Prices bring the choices of buyers and sellers into balance.


Week

# 5

Day Class # and

Topic


Monday,

February 12

Class #12

Profit

Incentives


Markets and Earnings

See Module One on Canvas for reading

assignment, notes and weekly


Wednesday,

February 14

Class #13

Earning

Incentives


Markets and Earnings

See Module One on Canvas for reading

assignment, notes and weekly


Friday,

February 16

Class #14

Class will not

meet in

person.

Discussion #3 Discussion #3 is open on Canvas from

11:15 AM to 12:10 PM in lieu of class.

Highlights and Learning Objectives for week #5:

Source of income

People earn income by helping others. People who earn large incomes do so because they provide others with lots of things that they value. If these

individuals did not provide valuable goods or services, they would not be paid so generously. There is a moral here: If you want to earn a large

income, you had better figure out how to help others a great deal. The converse is also true. If you are unable and unwilling to help others very

much, your income will be small. This direct link between helping others and receiving income gives each of us a strong incentive to acquire skills

and develop talents so we can provide others with valuable goods and services.

I-7. Profits direct businesses toward productive activities that increase the value of resources, while losses direct them away from wasteful activities

that reduce resource value.

I-8. People earn income by providing others with things they value.

I-9. Production of goods and services people value, not just jobs, provides the source of high living standards.


Week

# 6

Day Class Topic Assignment Information

Monday,

February 19

Class # 15

Economic

Progress


Progress, Markets and Sound Economic Thinking

See Module One on Canvas for reading assignment,

notes and weekly highlights/learning objectives.

Wednesday,

February 21

Class #16

The Invisible

Hand





Friday,

February 23

Class #17

Unintended

Consequences



Discussion #4



Discussion #4 is open on from 12:10 pm today when

class ends until 11:59 pm on Sunday, February 25th.


The invisible hand

Have you ever thought about why the supermarkets in your community have approximately the right amount of milk, bread, vegetables, and other

goods – an amount large enough that the goods are nearly always available but not so large that a lot gets spoiled or wasted? How is it that

refrigerators, automobiles, and CD players, produced at diverse places around the world, are available in your local market in about the quantity that

consumers desire? The invisible hand of market prices provides the answer. It directs self-interested individuals into cooperative action and brings

their choices into line with each other.

I-10. Economic progress comes primarily through trade, investment, better ways of doing things, and sound economic institutions.

I-11. The “invisible hand” of market prices directs buyers and sellers toward activities that promote the general welfare.

I-12. Too often, long-term consequences – or the secondary effects of an action – are ignored.


Week

#7


Monday,

February 26

Class #18

Unit One

Review

Prepare for Unit Test One Sample questions are open on Canvas.

Wednesday,

February 28

Class #19

Unit Test Day

Unit Test One

Friday,

March 2

Class #20

Class will not

meet in person.

Discussion #5 Discussion #5 is open on Canvas from 11:15 AM to 12:10

PM in lieu of class.

Study Hints for Exam: Review all readings, class notes, activities, chats, quizzes and sample questions from Module One.


Week

#8


Monday,

March 5

Class #21

Review Exam

Grade Review See Module Two on Canvas for reading assignment, notes

and weekly highlights/learning objectives.

Wednesday,

March 7

Class #22

Economic Growth

and the Legal System


Property Rights and the Competitive Process

See Module Two on Canvas for reading assignment, notes


Friday,

March 9

Class #23

Private Property

Ownership an

Competitive Markets


Property Rights and the Competitive Process

Discussion #6



Discussion #6 is open on from 12:10 pm today when class

ends until 11:59 pm on Sunday, March 11th.


Why nations prosper

Capital investment and new technology clearly contribute to growth, but they do not take place in a vacuum. Countries must have certain

characteristics that allow their people to interact productively with one another. Sound institutions B the legal rules and customs, both formal and

informal, that guide behavior B and sound government policies are the central elements of the growth process.

The role of competition

Competition places pressure on producers to operate efficiently and cater to the preferences of customers. What keeps McDonald’s, General Motors

or any other business firm from raising prices, selling shoddy products, and providing lousy service? Competition is the answer. Competition gives

firms a strong incentive to develop better products and discover lower-cost methods of production.

II-1. Legal system: The foundation for economic progress is a legal system that protects privately owned property and enforces contracts in an

evenhanded manner

II -2. Competitive markets: Competition promotes the efficient use of resources and provides the incentives for innovative improvements.


Week

#9


Monday,

March 12

Spring Break

NO CLASS

Wednesday

March 14

Spring Break

NO CLASS

Friday,

March 16

Spring Break

NO CLASS

Talk to your family about economics. Remember the concepts of diminishing marginal

utility as you enjoy Spring break and rational decision-making when it comes to Spring

Break!

Have a safe, re-energizing break and come back confident and prepared to finish the

semester strong.


Week

#10


Monday,

March 19

Class #24

Regulation Common Sense Economics

Regulation, Capital Markets and Monetary Stability



Wednesday

March 21

Class #25

Capital Markets Common Sense Economics




Friday,

March 23

Class #26

Monetary

Stability



Discussion #7




ends until 11:59 pm on Sunday, March 25th.


Monetary stability

The productive contribution of money is directly related to the stability of its value. In this respect, money is to an economy what language is to

communication. Without words that have clearly defined meanings to both the speaker and listener, communication is impossible. So it is with

money. If money does not have a stable and predictable value, it will be difficult for borrowers and lenders to find mutually agreeable terms for a

loan; saving and investing will involve additional risks; and time-dimension transactions (such as payment for a house or automobile over time) will

be fraught with prices and the most value from their expenditures. Similarly, domestic producers can sell their goods and services wherever they can

get the highest prices for the value they produce. As a result, consumers get more for their money, and resource owners produce more goods and

services that people value. It is this expansion in production and consumption, not just jobs, that underlies higher income levels and living standards.

II-3. Limits on government regulation: Regulatory policies that reduce exchange and restrict competition impede economic progress.

II-4. An efficient capital market: To realize its potential, a nation must have a mechanism that channels capital into wealth-creating projects.

II-5. Monetary stability: A stable monetary policy is essential for the control of inflation, efficient allocation of investment, and achievement of

economic stability.


Week

#11

Date Class and

Topic


Monday,

March 26

Class #27

Taxes


Impact of Taxes and International Trade

See Module Two on Canvas for reading assignment, notes and


Wednesday

March 28

Class #28

International

Trade


Impact of Taxes and International Trade

See Module Two on Canvas for reading assignment, notes and


Friday,

March 30

Class #29 Protective and

Productive Roles

Government


Role of Government

See Module Three on Canvas for reading assignment, notes and



Government and economic progress

A government can promote social cooperation and enhance economic welfare primarily in two ways: (a) providing people with protection for their

lives, liberties, and properties (as long as the properties and liberties were acquired without force, fraud, or theft) and (b) supplying a few select

goods that have unusual characteristics that make them difficult to provide through markets.

II-6. Low tax rates: People produce more when they can keep more of what they earn.

II.7 Free trade: People achieve higher incomes when they are free to trade with people in other countries.

III-1. Government promotes economic progress by protecting the rights of individuals and supplying a few goods that are difficult to provide

through markets.

III-2. When monopoly is present and barriers to entry high, markets will fail to achieve ideal efficiency.

III-3. Public goods and externalities result in incentives that may encourage self-interested individuals to undertake activities that are inconsistent

with ideal economic efficiency.


Week

#12

Date: Class and Topic


Monday,

April 2

Class #30

Market Failure Common Sense Economics

Role of Government

See Module Three on Canvas for reading assignment, notes and weekly


Wednesday

,

April 4

Class #31

Government Failure Common Sense Economics

Role of Government



Friday,

April 6 Class #32

Constitutional

Structure


Role of Government

Discussion #8



Discussion #8 is open on from 12:10 pm today when class ends until 11:59 pm on

Sunday, April 8th.


Competition and government

If the functions of the central government are strictly limited to the protection of individual rights, prohibition against restraints of trade, and the provision of

national defense, then state and local governments can vary widely in the degree to which they levy taxes for the provision of government services. Just as people

differ over how much they want to spend on housing or automobiles, so too will they have different views concerning expenditures on public services.

III-4. Allocation through political voting is fundamentally different than market allocation.

III-5. Unless restrained by constitutional rules, special interest groups will use the democratic political process to obtain government favors at the expense of

others.

III-6. Unless restrained by constitutional rules, legislators will run budget deficits and spend excessively.

III-7. When governments become heavily involved in providing favors to some at the expense of others, inefficiency results and improper, unethical relationships

develop between government officials and businesses.

III-8. The net gain of transfer recipients is less, and often substantially less, than the amount of the transfer.

III-9. The economy is far too complex to be centrally planned and efforts to do so will result in inefficiency and cronyism.

III-10. Competition is just as important in governments as in markets.


Week

#13

Date: Class # and

Topic


Monday,

April 9

Class #33 Unit Two and Three Review Sample questions are open on Canvas.

Wednesday,

April 11

Class #34

Unit Two and Three Exam

Friday,

April 13

Class #35

Exam

review


Practical Personal Finance

Discussion #9

See Module Four on Canvas for reading assignment, notes and weekly


Discussion #9 is open on from 12:10 pm today when class ends until 11:59

pm on Sunday, April 15th.

Study Hints for Exam: Review all readings, class notes, activities, chats, quizzes and sample questions from Modules Two and Three.

Choosing your work activity

Finding the occupational or business activity in which you have a comparative advantage and specializing in it will help you earn more money than

otherwise, regardless of how good you are in absolute terms. Like nations, individuals will be able to achieve higher income levels when they

specialize—that is, concentrate their efforts on those things that they do best. No matter how talented you are, you will be relatively more productive

in some areas than others. Similarly, no matter how poor your ability to produce things, you will still have a comparative advantage in something;

you will be able to compete successfully in some things and can gain by specializing in your comparative advantage.

Entrepreneurship and financial success

If you want to be financially successful, you need to think entrepreneurially. Put another way, you need to focus on how you can develop and use

your talents and available resources to provide others with things that they value highly. Providing others with goods and services that are highly

valued compared to their cost is the key to financial success.

IV-1. Discover your comparative advantage.

IV-2. Cultivate skills, attitudes, and entrepreneurship that increase productivity and make your services more valuable to others.

IV-3. Use budgeting to help you spend your money effectively and save regularly.

IV-4. Don’t finance anything for longer that its useful life.

IV-5. Two ways to get more out of your money: Avoid credt-card debt and consider purchasing used items.


Week

# 14

Date: Class # and

Topic:

Assignment: Information:

Monday,

April 16

Class #33

Earning,

Budgeting and

Spending



See Module Four on Canvas for reading assignment, notes and


Wednesday,

April 18

Class #34

Saving and the

Wise Use of

Credit


Practical Personal Finance See Module Four on Canvas for reading assignment, notes and


Friday,

April 20

Class #35

Investing and

Building Wealth



Discussion #10

See Module Four on Canvas for reading assignment, notes and



ends until 11:59 pm on Sunday, April 22nd.


Don’t finance things for longer than their useful life

What happens when you borrow money to purchase vacations, clothing, or other goods that are quickly consumed or that depreciate in value? What

happens when you take out a 48-month loan in order to purchase a used automobile that will be worn out in two years? The answer to both

questions is the same: You will soon be making payments on things that have little or no value to you or anyone else. These payments will lead to

bitterness and financial insecurity.

Use of credit cards

While credit cards are convenient to use, they are also both seductive and a costly method of borrowing. Because credit cards make it easy to run up

debt, they are potentially dangerous. Some people seem unable to control the impulse to spend when there is an unused balance on their cards. If

you have this problem you need to take immediate action! You need to get your hands on a pair of scissors and cut up all of your credit cards. If you

do not, they will lead to financial misfortune.

IV-6. Begin paying intoa “rainy day” savings account every month.

IV-7. Put the power of compound interest to work for you.

IV-8. Diversify – don’t put all your eggs in one basket.

IV-9 Indexed equity mutual funds can help you beat the experts without taking excessive risk.


Week

#15


Monday,

April 23

Class #36

Wealth and

Transitions of

Life



See Module Four on Canvas for reading

assignment, notes and weekly highlights/learning

objectives.

Wednesday,

April 25

Class #37

Reducing

Risk and

Insurance



See Module Four on Canvas for reading

assignment, notes and weekly highlights/learning

objectives.

Friday,

April 27

Class #38

Final Review


Economics and financial planning If you do not take charge of your finances, they will take charge of you. The advice presented here deals with financial

basics. The search for perfection is often the enemy of positive action. Many individuals do not believe that they have either the time or the expertise to develop a

really sound financial plan. As a result, they do not even apply practical and relatively simple guidelines that can help them do reasonably well and to avoid

financial disaster. This section will give you such guidelines. Embrace them.

Compound interest: Instead of spending this amount on small things, consider investing in a mutual fund that provides an annual return of 7 percent a year in

real terms—that is, after accounting for inflation – and see the effect of compounding over a lifetime.

Do not put all of your eggs in one basket: The risks of stock market investments are substantially reduced if one either continually adds to or holds a diverse

portfolio of stocks over a lengthy period of time, say 30 or 35 years. Even a small investor can choose this option through an equity mutual fund, a corporation

that buys and holds shares of stock in many firms. When a diverse set of stocks has been held for a long time, they have yielded a high rate of return, and the

variation in that return has been relatively small.

IV-10. Invest in stocks for long-run objectives, but as the need for money approaches, increase the proportion of bonds.

IV-11. Take steps that will reduce risk when making hoursing, education and other investment deceisions.

IV-12. Use insurance to help manage risk.


Week

#16


Monday,

April 30

Class #36

Study Day

No University

Classes

Optional Review See Canvas for Dates and Times

Friday,

May 4

Class #38

Final Exam

Week

The two hour comprehensive final exam is tentatively

scheduled for Friday, May 4th from 10:15 to 12:15 in our

classroom but please remember that I don’t schedule

final exams,

Check MyUTTyler and information from the

Registrar’s office for final exam date, time and

location.

Study Hints for Exam: Review all readings, class notes, activities, chats, quizzes and sample questions from Modules One, Two, Three and Four.

POLICIES THAT MUST APPEAR IN EACH COURSE SYLLABUS AT THE UNIVERSITY OF TEXAS AT TYLER

The following University policies must appear on each course syllabus or be provided as an informational sheet (web-links to these policies may

be used in the print or electronic syllabus.)

http://www.uttyler.edu/academicaffairs/syllabuspolicies.pdf

Students Rights and Responsibilities

To know and understand the policies that affect your rights and responsibilities as a student at UT Tyler, please follow this link:

http://www.uttyler.edu/wellness/rightsresponsibilities.php

Grade Replacement/Forgiveness and Census Date Policies

Students repeating a course for grade forgiveness (grade replacement) must file a Grade Replacement Contract with the Enrollment Services

Center (ADM 230) on or before the Census Date of the semester in which the course will be repeated. Grade Replacement Contracts are available

in the Enrollment Services Center or at http://www.uttyler.edu/registrar. Each semester’s Census Date can be found on the Contract itself, on the

Academic Calendar, or in the information pamphlets published each semester by the Office of the Registrar.

Failure to file a Grade Replacement Contract will result in both the original and repeated grade being used to calculate your overall grade point

average. Undergraduates are eligible to exercise grade replacement for only three course repeats during their career at UT Tyler; graduates are

eligible for two grade replacements. Full policy details are printed on each Grade Replacement Contract.

The Census Date is the deadline for many forms and enrollment actions that students need to be aware of. These include:

Submitting Grade Replacement Contracts, Transient Forms, requests to withhold directory information, approvals for taking courses as

Audit, Pass/Fail or Credit/No Credit.

Receiving 100% refunds for partial withdrawals. (There is no refund for these after the Census Date)

Schedule adjustments (section changes, adding a new class, dropping without a “W” grade)

Being reinstated or re-enrolled in classes after being dropped for non-payment

Completing the process for tuition exemptions or waivers through Financial Aid

State-Mandated Course Drop Policy

Texas law prohibits a student who began college for the first time in Fall 2007 or thereafter from dropping more than six courses during their

entire undergraduate career. This includes courses dropped at another 2-year or 4-year Texas public college or university. For purposes of this rule,

a dropped course is any course that is dropped after the census date (See Academic Calendar for the specific date).

Exceptions to the 6-drop rule may be found in the catalog. Petitions for exemptions must be submitted to the Enrollment Services Center and must

be accompanied by documentation of the extenuating circumstance. Please contact the Enrollment Services Center if you have any questions.

http://www.uttyler.edu/academicaffairs/syllabuspolicies.pdf

Disability Services

In accordance with Section 504 of the Rehabilitation Act, Americans with Disabilities Act (ADA) and the ADA Amendments Act (ADAAA) the

University offers accommodations to students with learning, physical and/or psychiatric disabilities. If you have a disability, including non-visible

disabilities such as chronic diseases, learning disabilities, head injury, PTSD or ADHD, or you have a history of modifications or accommodations

in a previous educational environment you are encouraged to contact the Student Accessibility and Resources office and schedule an interview

with the Accessibility Case Manager/ADA Coordinator, Cynthia Lowery Staples. If you are unsure if the above criteria applies to you, but have

questions or concerns please contact the SAR office. For more information or to set up an appointment please visit the SAR office located in the

University Center, Room 3150 or call 903.566.7079. You may also send an email to [email protected]

Student Absence due to Religious Observance

Students who anticipate being absent from class due to a religious observance are requested to inform the instructor of such absences by the

second class meeting of the semester.

Student Absence for University-Sponsored Events and Activities

If you intend to be absent for a university-sponsored event or activity, you (or the event sponsor) must notify the instructor at least two weeks prior

to the date of the planned absence. At that time the instructor will set a date and time when make-up assignments will be completed.

Social Security and FERPA Statement:

It is the policy of The University of Texas at Tyler to protect the confidential nature of social security numbers. The University has changed its

computer programming so that all students have an identification number. The electronic transmission of grades (e.g., via e-mail) risks violation of

the Family Educational Rights and Privacy Act; grades will not be transmitted electronically.

Emergency Exits and Evacuation:

Everyone is required to exit the building when a fire alarm goes off. Follow your instructor’s directions regarding the appropriate exit. If you

require assistance during an evacuation, inform your instructor in the first week of class. Do not re-enter the building unless given permission by

University Police, Fire department, or Fire Prevention Services.

UT Tyler a Tobacco-Free University:

All forms of tobacco will not be permitted on the UT Tyler main campus, branch campuses, and any property owned by UT Tyler. This applies to

all members of the University community, including students, faculty, staff, University affiliates, contractors, and visitors.

Forms of tobacco not permitted include cigarettes, cigars, pipes, water pipes (hookah), bidis, kreteks, electronic cigarettes, smokeless tobacco,

snuff, chewing tobacco, and all other tobacco products.

There are several cessation programs available to students looking to quit smoking, including counseling, quitlines, and group support. For more

information on cessation programs please visit www.uttyler.edu/tobacco-free.

http://www.uttyler.edu/tobacco-free

Handguns in the Classroom:

The University of Texas at Tyler respects the right and privacy of students who are duly licensed to carry concealed weapons in this class. License

holders are expected to behave responsibly and keep a handgun secure and concealed. More information is available at

http://www.uttyler.edu/about/campus-carry/index.php.

http://www.uttyler.edu/about/campus-carry/index.php

Introduction to Economics - ECON 1301.001 Course Syllabus ......Doty Intro Syllabus – Spring 2018...

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Transcript of Introduction to Economics - ECON 1301.001 Course Syllabus ......Doty Intro Syllabus – Spring 2018...