Course Schedule
Important Information -- Read this Carefully!
Assignments:
There are fifteen daily assignments worth ten (10) points each. Each question must be fully explained using information from class lecture, the text and the discussion (if applicable). Partial answers will receive partial credit only.
Assignments are due on the Monday after they are given. In other words you have one week and a few hours to turn in each assignment.
Discussion:
Discussion groups are vital to on-line courses. There are fifteen discussion questions for this course. Students are encouraged to follow instructions and thoroughly post information and answer the questions listed. Discussion session responses will be graded. A point value of five (5) is assigned to all discussions. Points for the discussions will be noted on the graded assignment for that week. Example, Discussion # 1's point value will be listed on the graded version of Assignment #1.
NEW DISCUSSION POLICY: I have just added a new feature that our new VP of Academics has asked us professors to add to our class discussions. I would like each student to add their own comments and make positive comments on 2 of your colleague discussions. I would like you to be as positive in your comments as possible. Negative comments don’t create a very healthy online experience so that is why all of your comments need to be of a positive nature. It has been found that those schools who get their students to post not only their very own comment but add comments to 2 or more colleague discussions have greatly increase their learning of the subject. So from now on I would like every student in our class not only to post up their own comment, but add 2 positive comments to 2 members of our class so as to enrich your economic discussion experience. Thanks for your co-operation. Dr. Steve
The last week works a little differently. All assignments and discussions will be due on the last day of the semester. You can find out this date by looking at the last date of the front page of the course.
For more information about assignments and discussion please refer back to the course syllabus.
Week One
Lesson 1 -- Homework
Read, Print and Submit Syllabus
Read and Print Course Schedule.
Be sure to read and print the syllabus and course schedule. It is very important that you keep a hard copy of the syllabus and course schedule, in case you need this information and can not access a computer. It is also a good idea to print the lessons for reference.
Get set up on the Internet, and learn our course area. By the time you have completed the assignments on this page, you will have explored all of our classroom information. Filling out the activation form, will enable you to learn how to use an interactive form, and will allow me to send the username and password for lesson three and beyond.
Introductions
Introduce yourself to your classmates via a posting on the discussion board by clicking on the Discuss button.
Learn the discussion group software, and get to know your classmates with this exercise. This link has been provided for those of you who would like to learn how to do color text, clipart and links with the discussion group.
http://www.bcconline.com/discus/board-formatting.html
E-Mail Instructor with short greeting to verify your enrollment with Email button.
This will assure that we can communicate with each other via email. I will send everyone a short response to let them know I have received their email address.
Introductions
Introduce yourself to your classmates via a posting on the discussion board by clicking on the Discuss button.
Learn the discussion group software, and get to know your classmates with this exercise. This link has been provided for those of you who would like to learn how to do color text, clipart and links with the discussion group.
http://www.bcconline.com/discus/board-formatting.html
E-Mail Instructor with short greeting to verify your enrollment with Email button.
This will assure that we can communicate with each other via email. I will send everyone a short response to let them know I have received their email address.
Discussion Question #1
"Why did you take this class and what do you hope to learn as a result?"
It is important to know why you took the course, as well as what you want to get out of it. This assignment will give us all a feel for why we are here and what we hope to accomplish, and in the process, should allow everyone to get to know each other better.
Chapter 1- The Economic Perspective -- Homework
Email Assignment #2
What does it mean to begin to think like an economic naturalist?
Now that you are becoming an economic naturalist from this point on,, discuss the key variables economists use to view their world and tell what each one represents?
According to the author, what Four Pitfalls do most non economists mismanage as they attempt to make important lifetime decisions?
Discussion Question #2
In your book it was suggested that a rational person is someone who has well-defined goals who tries to fulfill those as best he or she can. Explain, if you saw Bill Gates leave a $100 bill lying on the sidewalk and wouldn’t pick it up, would Bill Gates be acting irresponsibly?
Week 2
Chapter 2 – Trade, Trade-Offs, and Government Policy – Homework Assignment ~ E-mail Monday
Email Assignment #2
How Costly can it be to society and a country if a firm refuses to specialize and exchange?
What does the "Fruit Picker Principle" as Opportunity Cost suggest?
Why have some countries been so slow to specialize?
What does Chaplin’s "Modern Times" imply with intensive specialization practices?
The Production Possibility Frontier (PPF) examines the wants of individuals, businesses and governments and resources such as land, labor, capital and entrepreneur.
1) Explain how each of these elements can affect the PPF curve?
2) Discuss efficiency, allocation, why there is a bowed out PPF curve?
3) Why are only two goods compared?
4) What happens to all other goods and resources while we compare the two etc?
5) What about underemployment, future and technology in relationship to the PPF curve?
6) How comparative advantage and the gains of trade relate to the PPF curve?
7) How and when is it best for government to play a role in the market?
8) What about roads, would businesses contribute to our highway system of roads if governments did not force both businesses and individuals to build our infrastructure through government taxation?
Discussion Question #3
If trade between nations is so beneficial, explain why FREE-TRADE agreements such as NAFTA have become so controversial? Hint: What happens to skilled vs. unskilled labor as FREE-TRADE policies open?
Email Assignment #3
What's the difference between change in quantity demanded and change in demand? Why is it downward sloping? What's the difference between change in quantity supplied and change in supply? Why is it upward sloping? What is equilibrium and how are shortages and surpluses created? Why is the concept of equilibrium so important?
Discussion
Toy Scoundrels or Welcome to the US Market System: An editorial in a local newspaper blasted, "Who are These Toy Scoundrels and Why Do We American’s Put Up with Them? Before Christmas a Spider Man Web Blaster toy that retails for $15 was all sold out 30 days before Christmas. Many opportunists knowing of their shortage bought 100’s of these toys and began selling them all for $135 on eBay. So which are they Scoundrels or Street-Smart entrepreneurs?
Week 3
Chapter 4~Assignment ~ Economic Growth, Business Cycles, Unemployment, and Inflation
~ E-mail Monday
How did the Great Depression after 1929 through to about 1944, motivate the development of the field of Macroeconomics? Explain how the business cycle works as a system, and how each component of the process independently works?
The following are some statistics on the Average Annual per Capita Income: North Americas $26,224 while Europe is $19,846 and Japan is $ 20, 438 represent as comparative per capita incomes figures while the Incomes per Capita in China and India are much less than $3,000 per person. According to the author’s point of view on productivity, why does income diversity between Developed Countries and Less Developed Countries exist? Where does capital and technology enter into these figures?
What are the benefits and costs of growth? If you look at the output per man figures in figures 4.1 and 4.2 what do they suggest or why has output in developing countries been so great? How are unemployment and inflation related to those cycles? What does recession and expansion mean? Give me the two major types of Macroeconomic policy. What is and why do we developed countries believe in Aggregation? Why is there unemployment? Why does government target that rate and why does it change (see figure 4.4) to see the difference of inflation over the last 10 years in comparison to what it was in the 1920 and 1980? Discuss the negative effects of inflation? Explain the difference between Cost Push and Demand Pull Inflation? What is Hyperinflation?
Discussion Japan vs. the US in Population Growth in 20 Yrs.
Over the next 20 years, the Japanese population is expected to be in a serious decline. However, the US population though it has declined in comparison it has been more stable of the two. Knowing what this chapter instructs, over the next 20 years, what will these changes do to Japan vs. the US in terms of total output per man and the average living standards between the two? Or in which country would you sooner live?
Chapter 5 Assignment:
Why do economists use market values when calculating GDP? Why give more value to higher value items over lower value items?
Seeing many farmers in less developed countries consumer their own produce, what is the implications of this fact in measuring GDP in poorer countries?
What are the costs of a high unemployment rate? Do you think providing more generous government benefits to the unemployed would increase these costs, reduce these costs, or leave them unchanged?
Most Americans today, work less hours and have more time to play than their great grand parents did. Does GDP today, take into effect the extra hours of leisure time we enjoy today that our relatives were not able to enjoy in the past?
Discussion:
Discuss. Over the past few years with Wal Marts unprecedented store growth, it has been found, that one community may welcome it while another residential area may not. Could we assume that a higher income community may actually block Wal Mart’s entrance, while a low to moderate income community will often welcome Wal Mart’s arrival?
Week 4
Chapter 6 Assignment
Explain why changes in the cost of living for any particular individual or family may differ from changes in the official cost of living index, the CPI?
Why have lower wages either held constant or were reduced while higher wages of those who work on the Internet and with Computers has actually risen?
Why is it important to adjust for inflation when comparing nominal quantities (example worker average wages) at different points in time? And what is the basic method for adjusting for inflation?
Unexpected inflation is said to redistribute wealth from creditors to debtors. One group loses while the other loses. However, on a whole, society has no real cost? Do you agree or disagree with this last statement?
However, if the creditor can anticipate inflation then redistribution of wealth between creditor and debtor is less likely?
Discussion:
True or false, During Germany’s inflationary cycle after WWI, those holding assets like factories or apartments increased in wealth at the expense of folks holding cash?
Chapter 7 Assignment: Why Nations Become Rich
Why do nations become rich and others remain poor?
What are the determinants of Labor Productivity?
Why do economists consider growth in average labor productivity to be the key factor in determining long-run living standards?
Why did Germany and Japan after WW II recover so quickly?
What was the case of the resurgence in US labor productivity growth since 1995?
Who are Steve Jobs and Steve Wozniak and what were their contributions?
Why did Communism in Russia and China fail?
What does the Production Function illustrate?
Does Savings and Investment go hand in hand?
Discussion: Discuss why most developed countries offer FREE public education through to High School and beyond incorporating Grants and Student Loans?
Why is it more difficult for less developed countries to provide these same incentives?
Week 5
To be announced...
Week 6
To be announced...
Week 7
To be announced...
Week 8
To be announced...
Week 9
To be announced...
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