The University of Western Ontario

King’s  College

 

Department of Economics, Business and Mathematics

 

Economics 020 (571) --Introductory Economics

Course Outline

 

 

Professor: Glen Copplestone                                                                 September 2006

Office: M3-F

Phone:  433-3491 x4432

Email: gcopples@uwo.ca

Office Hours:  Mon, Tues, Wed 10:30 – 11:30am

Or by appointment

                                                               

 

                                                                                                                                               

Course Outline:

 

            This course serves as a prerequisite for all senior courses in Economics, both at the general level and the honors level.  The course, while having a definite theoretical focus, will give you some insight into how an economy functions and into some of the policy issues that are currently the subject of serious debate.

 

Required Text:

 

Economics:  Canada in the Global Environment,  6th Edition, by Michael Parkin and Robin Bade (Pearson Addison-Wesley, Toronto, 2006).  Referred to as P&B in the reading list below.

 

 

Recommended:

 

Students interested in supplemental exercises to provide more familiarity with the lecture material may wish to purchase a copy of the student study guide to accompany the text.

 

Study  Guide  (to accompany  Economics: Canada in the Global Environment,  6th Edition) by Avi Cohen and Harvey King (Pearson Addison-Wesley, Toronto, 2006).

 

 

                                                     

Reading List:

                        Term I:  MICROECONOMICS

 

Topic:                                                                                               Reading

 

A.  Introduction and Demand and Supply

 

1. What is Economics?                                                                      P & B Ch. 1

                                                                                                         plus Appendix

2. Demand and Supply                                                                      P & B Ch. 3

3. Elasticity                                                                                        P & B Ch 4

4. Markets in Action                                                                          P & B Ch 6                                                                       

B.  Consumer Demand

 

5. Utility and demand                                                                         P & B Ch. 7

6. Possibilities, Preferences and Choices                                            P & B Ch. 8

 

C. Theory of the Firm

7. Definition of Economic Profit                                                          P & B Ch. 9

                                                                                                         pp. 197-202 only

8. Output and Costs                                                                          P & B Ch 10

9. Perfect Competition                                                                       P & B Ch 11

10. Monopoly                                                                                   P & B Ch 12

 

 

D. Factor Markets

11. Demand and Supply in Factor Markets                                        P & B Ch 17 and           

                                                                                                         Appendix

 

            Term II:  MACROECONOMICS

 

A.     Macroeconomic Concepts and Measurement

1.  An Introduction to Macroeconomics                                             P & B Ch 19

2.  Measuring Macroeconomic Variables                                           P & B Ch 20, 21

 

B.     Aggregate Demand

3.  Aggregate Demand and Aggregate Supply Model                         P & B Ch 22

4.  Aggregate Demand and the Multiplier                                            P & B Ch 23

5.  Fiscal Policy                                                                                 P & B Ch 24

6.  Money Banking and Interest Rates                                                P & B Ch 25

7.  The Exchange Rate                                                                       P & B Ch 26

 

C.     Macroeconomic Problems and Policies

8.  Inflation       P & B Ch 27

9.  Monetary Policy                                                                           P & B Ch 28

10. Fiscal and Monetary Policy Interactions                                       P & B Ch 29

11. Economy at Full Employment                                                       P & B Ch 30

12. Economic Growth                                                                        P & B Ch 31

           

 

Assessment:

 

            There will be six (6) midterm in-class quizzes and two (2) end-of-term final exams.  The contribution of the quizzes and final exams to your overall grade for the course is as follows:

                        In-class Quizzes (only best 4 of 6 count)                  50%

                        Micro Final Exam (December exam period 

                             December 8-20, 2006)*                                       25%

                        Macro Final Exam (April exam period

                             April 14-30, 2007)*                                             25%

 

·        to be scheduled by the Registrar’s Office

·        Note: Conference Week is Monday, February 26- Friday, March 2, 2007.

 

The dates of the in-class quizzes are as follows:

 

                  First term Quizzes

                  Thursday, October 5, 2006

                  Thursday, October 26, 2006

                  Thursday, November 16, 2006

 

                  Second Term Quizzes

                  Thursday, February 1, 2007

                  Thursday, February 22, 2007

                  Thursday, March 15, 2007

 

Given that only 4 of the 6 midterm quizzes will count, there generally will not be make-up exams offered for the midterm quizzes.

 

 

                                    please note:

 

1.      To enter the Honors Specialization module in Economics, the Major in Economics module or the Major in Finance module in Year II, a student must complete Economics 020 and a Mathematics credit (Mathematics 030 or Calculus 050a/b and one of: Calculus 051a/b, Calculus 081a/b or Linear Algebra 040a/b) with an average of at least 70% with neither grade below 60%.  To enter the Minor module in Economics in Year II, you must complete Economics 020 with a minimum grade of 60% and have completed either OAC Calculus, Grade 12U-level Advanced Functions and Introductory Calculus or Mathematics 012a/b).

 

2.      The last date to drop a full course without academic penalty is November 30, 2006.

 

3.      Any student who feels that a mark has been inaccurately or unfairly recorded should be aware of the existence of an appeals procedure as outlined in the U.W.O. Calendar.

 

4.      If there is a serious reason why a student cannot write a test or examination on the scheduled day, the student must make the reason known to the professor before the day of the test or exam.  If the reason is deemed sufficient and adequately documented, it may be possible to make other arrangements for such tests or exams.