The University of Texas at Dallas

Global Leadership Executive MBA Program

Business Economics: MECO 6303

Section: MIM
Spring 2009: January 5 – March 1, 2009

Professor Contact Information

Peter Lewin Phone: (972) 883.2729 Fax: (972) 883.6164

Carolyn Reichert, PhD Phone: (972) 883.2726 (W) Fax: (972) 883.6164
Course Manager (972) 867.7088 (H) Office Location: SM 1.506

Course Pre-requisites, Co-requisites, and/or Other Restrictions

Math 5304 or equivalent

Course Description

Economics is about the ordinary business of life and it is also the basis for many courses in
Business. It also contains much of the conceptual material necessary for an intelligent
understanding of business life. The approach in this course to the teaching of economic
principles is to try to ensure that students acquire the necessary conceptual apparatus in a way
that is both challenging and interesting. This is done by attempting to ensure that the material is
presented in a lively, interesting and relevant fashion. We will constantly use current real world
examples to illustrate the application of concepts.

Student Learning Objectives/Outcomes

♦ Understand and be able to apply the concepts of supply and demand, equilibrium, and the
factors that shift supply and demand to analyze the behavior of real markets when
conditions change.
♦ Analyze the impacts of restricting markets from reaching the competitive equilibrium
through price controls, taxes, and subsidies.
♦ Understand the difference between monopoly markets and competitive markets.
♦ Understand the nature of production in the modern economy. Be able to identify the profit
maximizing price and the relationship between different types of cost.
 In addition, I would like students to take away from this course at least the following:

I. An appreciation of the power of economic reasoning for understanding current events

II. A facility for analyzing everyday economic problems using basic economic analysis
III. An understanding of the concepts of
o supply and demand
o costs and benefits
o and their multiple applications
IV. An appreciation of the role of
o money in the economy
o the dangers of inflation
o the importance of free trade
o the limits of regulation
o the effects of taxes and subsidies of different types
o the workings of the market system is determining earnings (interest, profits,
wages, salaries and rents)
o the modern business firm, its function and its boundaries
o the achievements of the American economic system

Course Content and Materials:

Text: Economics, 4th ed., Walter Wessels, Barron’s Educational Series, 2006

Schedule of Assignments
________________________________________________________________

Week 1: Introduction to Economics

Dates: January 5 – January 11

Topic: Assumptions and Implications – Productions Possibility Curves
Two parts: A and B. Discussion at the retreat

Readings: Chapters 1 and 2

Retreat Topic: Introduction to Economics

Date: January 9
________________________________________________________________
Week 2: Demand and Supply

Dates: January 12 – January 18

Topic: Demand and Supply: Movements along curves versus shifts of curves;
Elasticities of demand and supply; Engel curves Market Equilibrium.
Three parts: A, B and C.

Readings: Chapters 3, 4, 17, 30, Supplementary reading #1

Discussion Forum: Discussion on topics related to the course material for week 2
Comments posted to the Discussion Forum by January 18
________________________________________________________________
Week 3: Economic Policies
Dates: January 19 – January 25
Topic: Economic Policies: Price controls; Taxes and subsidies; Minimum wages;
Rent controls; Consumer and producer surplus.
Two parts: A and B.

Readings: Chapters 3, 4, 17, 30, Supplementary reading #1

Exam Date: Test 1, Saturday, January 24 – Monday January 26

Covers the material from Weeks 1, 2 and 3
________________________________________________________________

Week 4: Consumer Theory

Dates: January 26 – February 1
Topic: The isolated consumer; The consumer in the market.
Two parts: A and B.

Readings: Chapter 18, Supplementary reading #2

Discussion Forum: Discussion on topics related to the course material for week 4
Comments posted to the Discussion Forum by February 1
________________________________________________________________

Week 5: Producer Theory

Dates: February 2 – February 8
Topics: Monopoly; Competition; Production; Revenue and Costs.
Four parts: A, B, C and D.

Readings: Chapters 19, 20, 22

Exam Date: Test 2, Saturday, February 7 – Monday February 9

Covers the material from Weeks 4 and 5
________________________________________________________________

Week 6: Production and Growth

Dates: February 9 – February 15
Topics: Growth accounting; Cost of living; Price Indexes.
Three parts: A, B and C.

Readings: Chapters 6, 26, 27 and Supplementary Reading #3

Discussion Forum: Discussion on topics related to the course material for week 6
Comments posted to the Discussion Forum by February 15
________________________________________________________________

Week 7: The Financial System

Dates: February 16 – February 22
Topics: Saving; Investment and Financial Markets.
Two parts: A and B.

Readings: Chapters 7, 8, 9, 12, 13, 16, 28 and 31

Discussion Forum: Discussion on topics related to the course material for week 7
 Comments posted to the Discussion Forum by February 22

Week 8: The International Economy

Dates: February 23 – March 1
Topics: International trade and finance
Two parts: A and B.

Readings: Chapters

Exam Date: Test 3, Friday, February 27 – Sunday March 1

½ is comprehensive
½ covers the material from Weeks 6, 7 and 8

Course Evaluations: Due Monday, March 2

Grading Policy and Evaluation

Evaluation 1 - Grading Formula

• Test 1 25%
• Test 2 25%
• Test 3 50%
• Maximum Participation Bonus 5%

Individually Written Examinations

There are three exams for this course. Anyone missing an exam will automatically receive a
grade of zero for that test. Exceptions for documented medical or family reasons may be
permitted. Where possible, either the course manager or I should be contacted prior to the time
of the exam. At my discretion, either a make-up exam will be scheduled or a reallocation of the
weight to remaining examinations will be made. Exams will be based on the assigned reading
material and class lectures.

The timed examinations are located on Blackboard. You can take the exam at any time during
the three day interval. Once you begin, you have a set time to complete the exam. You can only
take the examination once. Examinations are to be done individually. Evaluation is based on
the correctness of the response.

Discussion Forum Participation

There will be 4 online discussions on topics related to the course material designed to
stimulate thought and enhance understanding. Participation is strongly encouraged and good
posts will be rewarded a bonus of up to 5%.

• Excellent contribution --- Insightful; key points and ideas set tone of other
contributions.
• Good contributions --- Used key points and issues to add value to the overall
discussion thread.
• Acceptable contribution --- Contribution was on topic; built on other’s ideas.

1
I do not use the traditional grading cutoffs. I use ones that are more generous, based on the class performance.
Retreats: Attendance at the retreat is a course requirement. Missing the retreat may be grade
affecting at the discretion of the instructor.

Course Evaluation
The completion of a course evaluation is a course requirement. Students need to complete a
course evaluation form which is an electronic document whose link is located on Blackboard (Bb)
in the course area under the Information button. Students who do not submit a course evaluation
by the due date will receive an incomplete grade for the course.

UTD Policy on Cheating:

Students in this class will be held to the standards established by Regents’ Rules and
Regulations (Part One, Chapter VI, Section 3, Subsection 3.2, Subdivision 3.22) which states:
Candidates are expected to be above reproach in scholastic activities. Candidates who engage
in scholastic dishonesty are subject to disciplinary penalties, including the possibility of failure in
the course and dismissal from the University. “Scholastic dishonesty includes, but is not limited
to cheating, plagiarism, collusion, the submission for credit of any work or materials that are
attributable in whole or in part to another person, taking an examination for another person, any
act designed to give unfair advantage to a student or the attempt to commit such acts.”
Professors randomly use “Turnitin.com” to screen papers against other published works on the
web to insure against plagiarism.