Course Syllabus
COURSE INFORMATION
Course Name: Principles of Microeconomics
Course ID/Section: 10772 & 17551
Term/Year: Fall 2021
Modality: On Campus
Length of Term:8/23/21-12-12/21
Credit Hours: 3
Modality: Online
INSTRUCTOR CONTACT INFORMATION
Instructor: Dr. Oliver
Email: Boliver@valenciacollege.edu
Phone: 407-582-2214
Office Location: 7-158
Office Hours: M-F 7:00am-9:00am
COURSE DESCRIPTION
Course Description:
Introduction to economic theory and fundamentals of economic analysis. Emphasis on the study of microeconomics: market structure, price determination, factors of production, distribution of income, and effects of monopoly and oligopoly on markets. For prospective economics majors, completion of ECO 2013 and ECO 2023 is highly recommended.
Prerequisites: None
COURSE OUTCOMES
- Define economics, discuss the differences between microeconomics and macroeconomics, Identify the various resource categories used in economics.
- Recognize why scarcity of resources necessitates those choices must be made. Identify the opportunity cost of a choice, explain rational decision making, describe the relationship between marginal costs and marginal benefits in equilibrium. Differentiate between comparative and absolute advantage, explain why the former is the key principle behind gains from trade.
- Determine the market-clearing price and quantity in a macroeconomics market, predict the effect on the equilibrium price and quantity when the factors that shift a demand or supply curve change in a microeconomic setting. Analyze the economic impact of the government setting price ceilings and floors.
- Define elasticity and its role in economics. Calculate the price elasticity of demand, the price elasticity of supply, cross-price elasticity, and income elasticity.
- Discuss positive and negative externalities in a demand and supply framework. Explain how market failures generally result from poorly defined or poorly enforced property rights.
- Define the concept of utility and satisfaction, differentiate between marginal utility and total utility, use the law of diminishing marginal utility to calculate marginal utility values. Understand how individuals seek to maximize total utility subject to prices, preferences, and budget constraints.
- Explain the production, costs, and industry structure. Calculate accounting and economic profits. Understand how businesses make decisions in maximizing their total profits.
- Analyze the four basic models of market structure (perfect competition, pure monopoly, monopolistic competition, and oligopoly).
TEXTBOOK & REQUIRED MATERIALS
Required Course Materials
Connect Master Principles of Economics 1-Semester Online Access
3rd Edition
By Carlos Asarta and Roger Butters
ISBN 9781264322121
Copyright: 2022
Binding: Access Code
Please note that this online course package is required. Additional registration information is available on Canvas. The course package contains the e-text, videos, tutorials, homework, and quizzing that represent a significant portion of the course grade and provides the foundation for much of this class. You cannot be successful without the course materials! New students may purchase access code cards from the college bookstore or buy directly online from McGraw Hill directly or through Canvas (which is much easier). Visit the McGraw Hill website to view course materials. McGraw Hill offers a selection of affordable options available for purchase.
If you are waiting for financial aid, you can get temporary access to McGraw-Hill CONNECT. It is only available for two weeks before you must submit payment or lose access. (Scores will NOT be lost.)
COMPUTER/EQUIPMENT REQUIREMENTS
Students should verify computer software and hardware requirements to ensure coursework can be submitted successfully. Since all assignments are submitted through Canvas, access to a computer is required for this course. For Valencia students who may not have access to a laptop, please contact laptops@valenciacollege.edu or call Enrollment Services at 407-582-1507 with questions.
Canvas lists minimum computer specifications (Links to an external site.) and supported browsers (Links to an external site.) to ensure compatibility. The Chrome browser (Links to an external site.) is recommended.
Students are also encouraged to install the Canvas app on their Android (Links to an external site.) phone or iPhone (Links to an external site.) in order to receive mobile notifications and to access your courses via your mobile device.
TECHNOLOGY ACCESS/SKILLS
Students should consider the basic computer skills (Links to an external site.) needed to be successful in this course, which includes:
- Reading and responding to emails
- Software application skills (PowerPoint, Word, Office365, etc.)
- Internet and library database browsing
- Copying and pasting
- Saving files in different formats
- Working with attachments
- File management
COURSE COMPETENCIES
STUDENT CORE COMPETENCIES:
The course seeks to strengthen students’ skills applicable to Valencia’s Student Core Competencies: Think, Value, Communicate, and Act.
- Think- think clearly, critically, and creatively, analyze, synthesize, integrate and evaluate in many domains of human inquiry
- Value- make reasoned judgments and responsible commitments
- Act- act purposefully, effectively, and responsibly
- Communicate- communicate with different audiences using varied means
IMPORTANT DATES
Start Date: 8/23/21
End Date: 12/12/21
Withdrawal Deadline: November 3, 2021
College Closed: 6 Sept (Labor Day) ~11 Nov (Veterans Day) 24 Nov-28 Nov (Thanksgiving) 22 Dec- 2 Jan (Winter Break)
College Calendar: http://valenciacollege.edu/calendarLinks to an external site.
The course is divided into modules. You will be graded on the following items, which you can click on to get more information:
- Three exams.
- Exam Current Events- 3 events.
- Homework Assignments – 13 assignments.
- Quizzes – 13 assignments.
- Discussions/Reflection – 1 for each module.
Your grade for this course will be calculated using a point scale.
Exams (3 exams, equally weighted)........................................ 50%
Homework Assignments........................................................... 10%
Quizzes ...................................................................... 30%
Exam Current Events ................................................................ 10%
TOTAL....................................................................................... 100%
Grading Scale:
A: 90-100%
B: 80- 89%
C: 70- 79%
D: 60- 69%
F: below 60%
As many factors may affect the development and progress of a class, please note that the syllabus is subject to change during the term by an announcement by the professor in class or on Canvas. Your continued participation in this course after the drop-add deadline period constitutes an agreement with and an acceptance of the conditions presented in this syllabus.
Attendance, Participation, and Classroom Behavior:
Be committed. You have committed to taking an online class. It is expected that, at a minimum, you will log on to CANVAS three times per week. This will be monitored!
Participation is more than just completing your assignments. It is active engagement in the course. This may come in how you complete your discussions and how readily you react and respond to announcements or other professor-initiated activities.
The Valencia Student Code of Conduct details explicitly acceptable and unacceptable behavior. It is located at the Student Code of ConductLinks to an external site..
Course Assignments and Activities
This course is divided into modules, each covering learning materials, homework assignments, quizzes, and discussions.
Homework Assignments:
There are 13 modules in this course, with 13 homework assignments. These assignments allow the students to apply the knowledge from the modules. They can be accessed through Canvas.
There are 13 modules in this course, with 13 quizzes; these quizzes allow the students to test their knowledge from the chapters in a low-stake assessment that offers immediate feedback to prepare students for exams. They can be accessed through Canvas.
There are discussions, one for each module. They are designed to engage students with each other and the instructor in understanding and applying economic concepts to real-world situations.
Students must complete a 1-page current event with each exam. Students will demonstrate that they can apply the exam concepts to a real economic event in the world.
Exams:
There are three exams including the final. All exams will be completed online and will have a limited time with which to complete them. ONCE YOU BEGIN THE EXAM, YOU MUST COMPLETE IT AT THAT TIME. You may not save it and finish it later. Check the dates for exams NOW, as they will only be available for a limited time.
Make-up Exams, Late Work, and Extra Credit
The dates for all assignments and exams in this course appear on the course schedule in this syllabus and on CANVAS. Put them on your calendar NOW and commit to them. EXAMS (and other assignments) CAN ONLY BE MADE UP OR REOPENED IF THERE IS A TRUE EMERGENCY (personal illness or IMMEDIATE FAMILY MEMBER (parent, sibling, spouse, child) illness or death that can be documented).
All assignments and exams are due on the date specified in this syllabus or as announced in CANVAS. You may, however, complete any assignment in advance of the due date, as long as it is open and available to you.
Extra Credit is not guaranteed in this course and will be determined by the instructor and announced on CANVAS. Do not rely on the possibility of extra credit. It is not guaranteed.
VALENCIA COLLEGE POLICIES
Valencia Student Core Competencies and Gen. Ed. Outcomes:
STUDENT CORE COMPETENCIES:
- Think- think clearly, critically, and creatively, analyze, synthesize, integrate and evaluate in many domains of human inquiry
- Value- make reasoned judgments and responsible commitments
- Act- act purposefully, effectively, and responsibly
- Communicate- communicate with different audiences using varied means
GENERAL EDUCATION OUTCOMES:
Cultural and Historical Understanding
Demonstrate understanding of the diverse traditions of the world and an individual's place in it.
Quantitative and Scientific Reasoning
Use processes, procedures, data, or evidence to solve problems and make effective decisions.
Communication Skills
Engage in effective interpersonal, oral, and written communication.
Ethical Responsibility
Demonstrate awareness of personal responsibility in one's civic, social, and academic life.
Information Literacy
Locate, evaluate, and effectively use information from diverse sources.
Critical Thinking
Effectively analyze, evaluate, synthesize, and apply information and ideas from diverse sources and disciplines.
The Valencia Student Core Competencies and General Education Outcomes are an established component of the College's curriculum development and review process.
A detailed overview can be found in the current Valencia Catalog or on the Valencia Website http://valenciacollege.edu/competencies/.Links to an external site.
Covid Policy:
Valencia’s Covid-19 policy will be followed in the class. Students are expected to wear masks and to notify the professor if they are exposed to Covid or are sick with Covid. The professor will work with the student to complete the classwork as long as medical documentation is provided.
Recording Course Material:
Students may record video or audio of class lectures for their own personal educational use. A class lecture is defined as a planned presentation by a college faculty member or instructor, during a scheduled class, delivered for the purpose of transmitting knowledge or information that is reasonably related to the pedagogical objective of the course in which the student is enrolled. Recording class activities other than class lectures, including but not limited to class discussions, student presentations, labs, academic exercises involving student participation, and private conversations, is prohibited. Recordings may not include the image or voice of other students in the class, may not be used as a substitute for class participation and class attendance, and may not be published or shared without the written consent of the faculty member. Failure to adhere to these requirements may constitute a violation of the College’s Student Code of Conduct.
Per Valencia Policy 4-07 (Academic Progress, Course Attendance, and Grades, and Withdrawals), a student who withdraws from class before the withdrawal deadline November 3, 2021 will receive a grade of "W." A student is not permitted to withdraw after the withdrawal deadline. Students who stay in the class after this deadline are responsible for completing all work required for the course, e.g., homework, projects, tests, etc. If you choose to stop participating in the class after the Withdrawal deadline, you will be held responsible for all work missed, including the final. Any work which is not completed by the appropriate deadline will receive a zero. Hence, the final grade for the course will be determined by taking into consideration the percentages obtained by work that was turned in and the zeros given to work that was not turned in on time. Students can still be withdrawn by the College for violations of the College's code of conduct policies. Any student who withdraws or is withdrawn from a class during a third or subsequent attempt in the same course will be assigned a grade of "F." For more information, please go to Course Attempts & Course Withdrawal at the Associates LevelLinks to an external site..
Family Educational Rights and Protection Act
The Family Educational Rights and Privacy Act (FERPA) is a Federal law that is administered by the Family Policy Compliance Office in the U.S. Department of Education (20 U.S.C. § 1232g; 34 CFR Part 99). FERPA affords students certain rights with respect to their education records. Valencia College has a firm commitment to protecting the privacy rights of its students. For further information on FERPA see the Valencia College website.
Your student ID card can be obtained in the Security office on any Campus once you have registered and paid for your classes. You will need your student ID card to access campus services such as the Library and Testing Center. The first student ID card is free. There is a $5 fee for a replacement card. Student IDs can be used for library access, testing purposes, and discounts in the community.
Services for Students with Disabilities
Students with disabilities who qualify for academic accommodations must provide a Notification to Instructor (NTI) form from the Office for Students with Disabilities (OSD) and discuss specific needs with the professor, preferably during the first two weeks of class. The Office for Students with Disabilities determines accommodations based on appropriate documentation of disabilities. Contact information: East Campus Bldg. 5 Rm. 216 Email: osdeast@valenciacollege.edu, Phone: 407-582-2229, Fax: 407-582-8908
Academic: The professor is available for help during posted hours and by appointment during other non-class hours. Each student is encouraged to seek assistance from the professor.
Although Valencia College campuses and locations are physically closed to students and employees, the College remains open. Tutoring can be accessed via Distance Tutoring. Other Services include Online Tutoring for Fall 2020, Computer Labs, Learning Centers, Online Resources, PERT Review Schedule, Online Tutoring (Smarthinking), Testing Center, and Writing Consultations. More information can be found on the Valencia College website, Learning SupportLinks to an external site..
Computer/Equipment Classroom Use Policies
The use of computers in the Business, IT, and Public Service classrooms at Valencia College is restricted to those activities designated by the instructor to enhance the class materials. Any other use is strictly forbidden. Inappropriate use includes, but is not limited to:
- Use of a computer to send Emails or access Internet sites not specifically assigned in class.
- Use of computer for job, internship, homework, or other activities not assigned in class.
- Modifying any hardware or software system configuration or setting.
- Activities not in accordance with the Valencia Student Code of Conduct.
The use of computers in the departmental open lab is limited to those activities involved with preparing homework or coursework in this department and is subject to the same restriction as listed above. Computer use is remotely monitored;
any student using computers inappropriately may be subject to dismissal from class or banishment from the lab. The subsequent offense may be sent to the campus administration for further disciplinary action.
BayCare Behavioral Health Student Assistance Program
Valencia College is interested in making sure all our students have a rewarding and successful college experience. To that purpose, Valencia students can get immediate help with issues dealing with stress, anxiety, depression, adjustment difficulties, substance abuse, time management as well as relationship problems dealing with school, home, or work. Valencia is committed to making sure all our students have a rewarding and successful college experience. To that purpose, Valencia students can get the immediate help that may assist them with psychological issues dealing with stress, anxiety, depression, adjustment difficulties, substance abuse, time management as well as relationship problems dealing with school, home, or work. Students have 24-hour unlimited access to BayCare Behavioral Health's confidential student assistance program phone counseling services by calling (800) 878-5470. Three free, confidential face-to-face counseling sessions are also available to students.
Mental Health Awareness: Valencia College offers a wealth of support for you, including the Self Care Center, offered by Valencia's Counselors. Please see the Valencia CARE Web page for more information.
Valencia College strives to be a place free from all forms of discrimination. Title IX protects students from discrimination based upon sex, including protections against sexual violence, domestic violence, and stalking. This also includes protections for students who are pregnant or may become pregnant. If you experience sexual violence, domestic violence, or stalking and would like assistance there are several options available to you. Valencia partners with the Victim Service Center of Central Florida which is a confidential resource available 24/7. They can be reached at 407-497-6701 or at https://www.victimservicecenter.org/. If you would like assistance on campus, you can go to http://valenciacollege.edu/eoLinks to an external site. or contact Valencia College's Title IX and Equal Opportunity Officer, Ryan Kane, by emailing rkane8@valenciacollege.edu. If you would like to report to law enforcement, you may visit Campus Security or call 911. Please note that there are no confidential resources on campus. As your professor, I am required to report any information mentioned in this statement to the appropriate campus resources. This will include your name, and detailed information shared with me. We take privacy very seriously at the College and only those who have a legitimate need to know the information will be provided with this information. If you have more questions about Title IX or the College's response, please visit http://valenciacollege.edu/eo
Course Summary:
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