MICROECONOMICSMICROECONOMICSBU224BU224

Seminar Seminar

One One

AgendaAgenda Course Issues and QuestionsCourse Issues and Questions Review of Chapter One conceptsReview of Chapter One concepts Unit One AssignmentsUnit One Assignments

Course Requirements: Course Requirements: Assessments Number Points each Total Points

Discussions 9 25 225

Assignments 8 30 240

Seminar 9 15 135

Research Paper Topic 1 10 10

Research Paper Outline 1 45 45

Research Paper Draft 1 50 50

Research Paper 1 200 200

Final Exam 1 60 60

Writing Assignment 1 35 35

Total Points 1000 Points

What you need to do:What you need to do:

Course RequirementsCourse Requirements DiscussionsDiscussions Written Assignments Written Assignments SeminarsSeminars Research PaperResearch Paper Final ExamFinal Exam

Quality (40%) of your post will be measured on the following criteria:All assigned discussion questions were answered completelyPosts were on topic and unique in contentAll posts demonstrated analysis of the topic

ScoreNo quality criteria were met.(0 points)

One criterion was met.

(8 points)

Two criteria were met.

(24 points)

Criteria were fully met.

(40 points)

____ pts

Participation Guidelines (30%) will be measured on the following criteria:Initial post no later than Saturday, midnight ESTPosts made to each discussion question on at least 3 different daysThe original post to be no less than 100 words

No participation criteria met.(0 points)

One criterion was met.

(6 points)

Two criteria were met.

(18 points)

Criteria were fully met.

(30 points)____ pts

Clarity and Organization of Writing (20%) of your post will be measured on the following criteria:Posts were organized and logical No spelling or grammatical errorsReferences were used and cited properly

Criteria were not met at all.

(0 points)

One criterion was met.

(4 points)

Two criteria were met.(12 points)

Criteria were fully met.(20 points) ____ pts

Professional & Netiquette (10%) in your post will be measured on the following criteria:Respect and consideration toward peers/instructorsAppropriate language Professional use of abbreviations and acronyms

Criteria were not met at all.

(0 points)

One criterion was met.

(2 points)

Two criteria were met.

(6 points)

Criteria were fully met.

(10 points)____ pts

Project Grading Criteria

GradeContent, Focus, Use of

Text/ResearchAnalysis and Critical

ThinkingWriting Style, Grammar, APA Format

(when assigned)

% 50% 30% 20%

90-100%

Response successfully answers the assignment question(s); thoroughly uses the text and other literature.

Response exhibits strong higher-order critical thinking and analysis (e.g., evaluation).

Sentences are clear, concise, and direct; tone is appropriate. Grammatical skills are strong with almost no errors per page. Correct use of APA format when assigned.

80-89%

Response answers the assignment question(s) with only minor digressions; sufficiently uses the text and other literature.

Response generally exhibits higher-order critical thinking and analysis (e.g. true analysis).

Sentences are generally clear, concise, and direct; tone is appropriate. Grammatical skills are competent with very few errors per page. Correct use of APA format when assigned.

70-79%

Response answers the project assignment(s) with some digression; sufficiently uses the text and other literature.

Response exhibits limited higher-order critical thinking and analysis (e.g. application of information).

Sentences are occasionally wordy or ambiguous; tone is too informal. Grammatical skills are adequate with few errors per page. Adequate use of APA format when assigned.

60-69%

Response answers the assignment question(s) but digresses significantly; insufficiently uses the text and other literature.

Response exhibits simplistic or reductive thinking and analysis but does demonstrate comprehension.

Sentences are generally wordy and/or ambiguous; tone is too informal. Grammatical skills are inadequate, clarity and meaning are impaired, numerous errors per page. Inadequate use of APA format when assigned.

0-59%

Response insufficiently answers the assignment question(s); insufficiently uses the text and other literature.

Response exhibits simplistic or reductive thinking and analysis and demonstrates limited knowledge on the subject matter.

Sentences unclear enough to impair meaning; tone is inappropriate and/or inconsistent. Grammatical skills are inadequate for college level. Unacceptable use of APA format when assigned.

99

What is theWhat is theeconomic problem?economic problem?

Providing for people’s Providing for people’s wants and needs in wants and needs in a world of scarcitya world of scarcity

1010

What is meant What is meant by scarcity?by scarcity?

The condition in which The condition in which wants are forever wants are forever greater than the greater than the available supply of available supply of time, goods, and time, goods, and resourcesresources

1111

What does scarcity What does scarcity force us to do?force us to do?It forces us to It forces us to make choicesmake choices

1212

What are resources?What are resources?The basic categories The basic categories of inputs used to of inputs used to produce goods and produce goods and servicesservices

1313

What is economics?What is economics?

The study of how The study of how society chooses to society chooses to allocate its scarce allocate its scarce resources in order to resources in order to satisfy unlimited satisfy unlimited wants and needswants and needs

1414

What is What is macroeconomics?macroeconomics?

The branch of The branch of economics that economics that studies decision-studies decision-making for the making for the economy as a wholeeconomy as a whole

1515

What is What is microeconomics?microeconomics?

The branch of economics The branch of economics that studies decision-that studies decision-making by a single making by a single individual, household, individual, household, firm, industry, or firm, industry, or governmentgovernment

What are two key What are two key concepts in this chapter?concepts in this chapter?

Opportunity costsOpportunity costs

Marginal analysisMarginal analysis

What isWhat isopportunity cost?opportunity cost?

The best alternative The best alternative sacrificed for a sacrificed for a chosen alternativechosen alternative

What opportunity cost What opportunity cost am I experiencing now?am I experiencing now?

Can opportunity cost Can opportunity cost be something other be something other

than money?than money? Yes, that most desired Yes, that most desired activity that you are activity that you are presently giving up is presently giving up is considered an considered an opportunity costopportunity cost

Scarcity

Choice

OpportunityCost

What isWhat ismarginal analysis?marginal analysis?

An examination of the An examination of the effects of additions effects of additions to or subtractions to or subtractions from a current from a current situationsituation

Marginal Analysis: Comparing Benefits and Costs:Marginal Analysis: Comparing Benefits and Costs:

1.1. Most decisions concern a change in current conditions; Most decisions concern a change in current conditions; therefore the economic perspective is largely focused on therefore the economic perspective is largely focused on marginal analysis.marginal analysis.

2.2. Each option considered weighs the marginal benefit against Each option considered weighs the marginal benefit against the marginal cost.the marginal cost.

3.3. Whether the decision is personal or one made by business Whether the decision is personal or one made by business or government, the principle is the same.or government, the principle is the same.

4.4. The marginal cost of an action should not exceed its The marginal cost of an action should not exceed its marginal benefits.marginal benefits.

5.5. Opportunity cost is the value of the next best thing forgone.Opportunity cost is the value of the next best thing forgone.

6.6. Opportunity costs are always present whenever a decision Opportunity costs are always present whenever a decision is made.is made.

SpecializationSpecialization1. 1. Division of labor allows workers to specialize.Division of labor allows workers to specialize.

a. People can take advantage of differences in abilities a. People can take advantage of differences in abilities and skills.and skills.

b. People with identical skills may still benefit from b. People with identical skills may still benefit from specialization and improving certain skills. (Learning specialization and improving certain skills. (Learning by doing)by doing)

c. Specialization saves time involved in shifting from c. Specialization saves time involved in shifting from one task to another.one task to another.

Compare this to being self-sufficient . . .Compare this to being self-sufficient . . .

2. Gains through trade – if you specialize you must 2. Gains through trade – if you specialize you must trade.trade.

Questions form the TextQuestions form the Text

4. Use the concept of opportunity cost to explain the following.

a. More people choose to get graduate degrees when the job market is poor.

b. More people choose to do their own home repairs when the economy is slow.

c. There are more parks in suburban areas than in urban areas.

d. Convenience stores, which have higher prices than supermarkets, cater to busy people.

e. Fewer students enroll in classes that meet before 10:00 A.M.

Questions form the TextQuestions form the Text

6. This morning you made the following individual choices: you bought a bagel and coffee at the local café, you drove to school in your car during rush hour, and you typed your roommate’s term paper because you are a fast typist—in return for which she will do your laundry for a month. In each of these actions, describe how your individual choices interacted with the individual choices made by others. Were other people left better off or worse off by your choices in each case?

MicroeconomicsMicroeconomics

Homework #1:Homework #1:

For this assignment you will write a one-to-two page paper For this assignment you will write a one-to-two page paper about your specific chosen topic. Discuss at least four points about your specific chosen topic. Discuss at least four points that are important considerations for the topic you chose and that are important considerations for the topic you chose and include 2 or 3 sentences discussing why each point is important include 2 or 3 sentences discussing why each point is important to consider as a business professional. Be sure to include: to consider as a business professional. Be sure to include:

Title Page Title Page Introduction Introduction 4 points about the specific Business Etiquette topic 4 points about the specific Business Etiquette topic Summary Summary Reference page Reference page

MicroeconomicsMicroeconomicsTopics – Homework One AssignmentTopics – Homework One Assignment Cubical space Cubical space DressDress EmbarrassingEmbarrassing New associatesNew associates Job relationshipsJob relationships Phone CallsPhone Calls Sharing spaceSharing space Office DonationsOffice Donations Formal letter or Personal NoteFormal letter or Personal Note Business diningBusiness dining Office DécorOffice Décor

Microeconomics – Research PaperMicroeconomics – Research Paper1. Evaluating Legal Prices: Collect information regarding the minimum wage.

2. Evaluating Antitrust Legislation: Collect information regarding antitrust legislation.

3. Evaluating Market Failures: Collect information regarding the Health Care Crisis.

4. Evaluating Environmental Regulation: Collect information regarding recycling programs.

5. Evaluating Externalities: Collect information regarding subsidizing education.

6. Applying Cost / Benefit analysis: Collect information regarding Global Warming.

Microeconomics – Research PaperMicroeconomics – Research PaperSelect one topic. This will be the subject you will research over Select one topic. This will be the subject you will research over the course of the quarter. You will submit an outline of your the course of the quarter. You will submit an outline of your paper in Unit 4 and a draft in Unit 6. The final version of your paper in Unit 4 and a draft in Unit 6. The final version of your paper will be due in Unit 8 and should be between 2 and 3 paper will be due in Unit 8 and should be between 2 and 3 pages double-spaced (between 600 and 900 words) in APA pages double-spaced (between 600 and 900 words) in APA format. format.

The Grading Rubric can be found in the Syllabus in the Course The Grading Rubric can be found in the Syllabus in the Course Home. Home.

In Word, write a small paragraph (approximately 100-150 In Word, write a small paragraph (approximately 100-150 words) indicating the topic you selected as well as the reason words) indicating the topic you selected as well as the reason for your choice. for your choice.

Submit the assignment in the dropbox. Submit the assignment in the dropbox.

MicroeconomicsMicroeconomics

Questions?Questions?