UoPeople Online Syllabus Repository (OSR)

General Studies

ECON 1580 Introduction to Economics

Uopeople

ECON 1580: Introduction to Economics

Syllabus

Prerequisites: None.

Course Description: This course provides an introduction to economics as well as an overview of macroeconomics and microeconomics. Course topics include the operations of a market economy, money and banking, the relations between business organizations and government regulatory agencies, optimal allocation of resources, price stability and long-term growth.

Required Textbook and Materials: UoPeople courses use open educational resources (OER) and other materials specifically donated to the University with free permissions for educational use. Therefore, students are not required to purchase any textbooks or sign up for any websites that have a cost associated with them. The main required textbooks for this course are listed below, and can be readily accessed using the provided links. There may be additional required/recommended readings, supplemental materials, or other resources and websites necessary for lessons; these will be provided for you in the course's General Information and Forums area, and throughout the term via the weekly course Unit areas and the Learning Guides.

Rittenberg, L. & Tregarthen, T. (2009). Principles of Economics. Flat World Knowledge. Each chapter of this textbook, as required reading, is available to download here, and also in the weekly Learning Guides under the Reading Assignment areas.

Recommended: McAfee, R. P., Lewis, T. R., & Dale, D. D. (2014). Introduction to Economic Analysis. Available to download here.

Software Requirements/Installation: No special requirements.

Learning Objectives and Outcomes: By the end of this course students will be able to:

Explain the basic principles and use terminology of microeconomics and macroeconomics.
Identify the role of supply and demand in a market economy and the necessary conditions for market economies to function well.
Discuss the efficiency advantages of a market system, the role of prices in achieving efficiency, and the various types of competition.
Identify the major components of a macro-economic system.
Explain how the macro-economy accounts for economic output, income, and economic growth.

Course Schedule and Topics: This course will cover the following topics in eight learning sessions, with one Unit per week. The Final Exam will take place during Week/Unit 9 (UoPeople time). This course takes a bit of a different approach as each unit is based on two unique chapters. Therefore, for each unit you will have two Learning Guides to follow, two Learning Journal tasks, and two Self-Quizzes. However, you will only have a single Written Assignment and Discussion Assignment for Units 1 through 7. The course also includes two Graded Quizzes one in Unit 3 and one in Unit 6. Your Final Exam, as always, is in Unit 9.

Week 1: Unit 1 - Chapter 1: Economics: The Study of Choice
Week 1: Unit 1 - Chapter 2: Confronting Scarcity: Choices in Production

Week 2: Unit 2 - Chapter 3: Demand and Supply
Week 2: Unit 2- Chapter 5: Elasticity: A Measure of Response

Week 3: Unit 3 - Chapter 7: The Analysis of Consumer Choice
Week 3: Unit 3- Chapter 8: Production and Cost

Week 4: Unit 4 - Chapter 9: Competitive Markets for Goods and Services
Week 4: Unit 4- Chapter 10: Monopoly.

Week 5: Unit 5 - Chapter 11: The World of Imperfect Competition
Week 5: Unit 5- Chapter 20: Macroeconomics: The Big Picture

Week 6: Unit 6 - Chapter 21: Measuring Total Output and Income
Week 6: Unit 6- Chapter 22: Aggregate Demand and Aggregate Supply

Week 7: Unit 7 - Chapter 23: Economic Growth
Week 7: Unit 7- Chapter 24: The Nature and Creation of Money

Week 8: Unit 8 - Chapter 26: Monetary Policy and the Fed
Week 8: Unit 8- Chapter 27: Government and Fiscal Policy

Week 9: Unit 9 - Course Review and Final Exam

Learning Guide: The following is an outline of how this course will be conducted, with suggested best practices for students.

Unit 1: Chapter 1: Economics: The Study of Choice
Unit 1: Chapter 2: Confronting Scarcity: Choices in Production

Read the Learning Guide and the Reading Assignments
Read Chapter 1: Economics: The Study of Choice
Suggested reading: Introduction to Economic Analysis, pp. 7 – 12.
Make entries to the Learning Journal
Complete the Self-Quiz
Read Chapter 2: Confronting Scarcity: Choices in Production
Suggested reading: Introduction to Economic Analysis, pp. 84 – 91
Participate in the Discussion Assignment (post, comment, and rate in the Discussion Forum)
Make entries to the Learning Journal
Complete and submit the Written Assignment
Take the Self-Quiz

Unit 2: Chapter 3: Demand and Supply
Unit 2: Chapter 5: Elasticity: A Measure of Response

Peer assess Unit 1 Written Assignment
Read the Learning Guide and the Reading Assignment
Read Chapter 3: Demand and Supply
Suggested reading: Introduction to Economic Analysis, pp. 13 – 26.
Take the Self-Quiz
Participate in the Discussion Assignment (post, comment, and rate in the Discussion Forum)
Make entries to the Learning Journal

Read Chapter 5: Elasticity: A Measure of Response
Suggested reading: Introduction to Economic Analysis, pp. 27 – 31.
Complete and submit the Written Assignment
Make entries to the Learning Journal
Take the Self-Quiz

Unit 3: Chapter 7: The Analysis of Consumer Choice
Unit 3: Chapter 8: Production and Cost

Peer assess Unit 2 Written Assignment
Read the Learning Guide and the Reading Assignment
Read Chapter 7: The Analysis of Consumer Choice
Suggested reading: Introduction to Economic Analysis, pp. 156 – 172.
Participate in the Discussion Assignment (post, comment, and rate in the Discussion Forum)
Make entries to the Learning Journal
Take the Self-Quiz
Read Chapter 8: Production and Cost
Complete and submit the Written Assignment
Make entries to the Learning Journal
Take the Self-Quiz
Take the Graded Quiz

Unit 4: Chapter 9: Competitive Markets for Goods and Services
Unit 4: Chapter 10: Monopoly

Peer assess Unit 3 Written Assignment
Read the Learning Guide and the Reading Assignment
Participate in the Discussion Assignment (post, comment, and rate in the Discussion Forum)
Read Chapter 9: Competitive Markets for Goods and Services
Make entries to the Learning Journal
Take the Self-Quiz
Read Chapter 10: Monopoly
Suggested reading: Introduction to Economic Analysis, pp. 204 – 216.
Complete and submit the Written Assignment
Make entries to the Learning Journal
Take the Self-Quiz

Unit 5: Chapter 11: The World of Imperfect Competition
Unit 5: Chapter 20: Macroeconomics: The Big Picture

Peer assess Unit 4 Written Assignment
Read the Learning Guide and the Reading Assignment
Read Chapter 11: The World of Imperfect Competition
Suggested reading: Introduction to Economic Analysis, pp. 234 – 242.
Participate in the Discussion Assignment (post, comment, and rate in the Discussion Forum)
Make entries to the Learning Journal
Take the Self-Quiz
Read Chapter 20: Macroeconomics: The Big Picture
Complete and submit the Written Assignment
Make entries to the Learning Journal
Take the Self-Quiz

Unit 6: Chapter 21: Measuring Total Output and Income
Unit 6: Chapter 22: Aggregate Demand and Aggregate Supply

Peer assess Unit 5 Written Assignment
Read the Learning Guide and the Reading Assignment
Read Chapter 21: Measuring Total Output and Income
Participate in the Discussion Assignment (post, comment, and rate in the Discussion Forum)
Make entries to the Learning Journal
Take the Self-Quiz
Read Chapter 22: Aggregate Demand and Aggregate Supply
Complete and submit the Written Assignment
Make entries to the Learning Journal
Take the Self-Quiz
Take the Graded Quiz

Unit 7: Chapter 23: Economic Growth
Unit 7: Chapter 24: The Nature and Creation of Money

Peer assess Unit 6 Written Assignment
Read the Learning Guide and the Reading Assignment
Read Chapter 23: Economic Growth
Participate in the Discussion Assignment (post, comment, and rate in the Discussion Forum)
Make entries to the Learning Journal
Take the Self-Quiz
Read Chapter 24: The Nature and Creation of Money
Complete and submit the Written Assignment
Make entries to the Learning Journal
Take the Self-Quiz

Unit 8: Chapter 26: Monetary Policy and the Fed
Unit 8: Chapter 27: Government and Fiscal Policy

Peer assess Unit 7 Written Assignment
Read the Learning Guide and the Reading Assignment
Read Chapter 26: Monetary Policy and the Fed
Make entries to the Learning Journal
Take the Self-Quiz
Read Chapter 27: Government and Fiscal Policy
Make entries to the Learning Journal
Take the Self-Quiz
Take the Review Quiz
Read the Unit 9 Learning Guide carefully for instructions on the Final Exam
Take the Review Quiz

Unit 9: Course Review and Final Exam

Read the Learning Guide and take the Review Quiz, if you haven't already done so
Prepare for, take, and submit the Final Exam
The Final Exam will take place during the Thursday and Sunday of Week/Unit 9 (UoPeople time); exact dates, times, and other details will be provided accordingly by your instructor

Course Requirements:

Written Assignments & Assessment Forms
Some units in this course require that you complete a Written Assignment. You are required to submit your assignments by the indicated deadlines and, in addition, to peer assess three (3) of your classmates’ assignments according to the instructions found in the Assessment Form, which is provided to you during the following week. During this peer assessment period, you are expected to provide details in the feedback section of the Assessment Form, indicating why you awarded the grade that you did to your peer. Failure to submit Written Assignments and/or Assessment Forms may result in failure of the course.

Discussion Assignments & Response Posts/Ratings
Some units in this course require that you complete a Discussion Assignment. You are required to develop and post a substantive response to the Discussion Assignment in the Discussion Forum. A substantive response is one that fully answers the question that has been posed by the instructor. In addition, you must extend the discussion by responding to at least three (3) of your peers’ postings in the Discussion Forum and by rating their posts. Instructions for proper posting and rating are provided inside the Discussion Forum for each week. Discussion Forums are only active for each current and relevant learning week, so it is not possible to contribute to the forum once the learning week has come to an end. Failure to participate in the Discussion Assignment by posting in the Discussion Forum and responding to peers as required may result in failure of the course.

Learning Journal
Your instructor may choose to assign specific topics and/or relevant questions as a weekly Learning Journal entry for you to complete, but you are still encouraged to also use it to document your activities, record questions/problems you may have encountered, reflect on the learning process, and draft answers for other course assignments. The Learning Journal must be updated on a weekly basis, because its entries will be assessed by your instructor directly as a part of your final grade. The Learning Journal will only be seen by your instructor.

Quizzes
This course will contain three types of quizzes – the Self-Quiz, the Graded Quiz, and the Review Quiz. These quizzes may contain multiple choice, true/false, or short answer questions. The results of the Self-Quiz will not count towards your final grade. However, it is highly recommended that you complete the Self-Quiz to ensure that you have adequately understood the course materials. Along with the Reading Assignments, the results of the Self-Quiz should be used as part of an iterative learning process, to thoroughly cover and test your understanding of course material. You should use the results of your Self-Quiz as a guide to go back and review relevant sections of the Reading Assignments. Likewise, the Review Quiz will not count towards your final grade, but should also be used to assist you in a comprehensive review and full understanding of all course material, in preparation for your Final Exam. Lastly, the results of the Graded Quiz will count towards your final grade.

Final Exam
The Final Exam will take place during the Thursday and Sunday of Week/Unit 9, following the completion of eight units of work. The format of the Final Exam is similar to that of the quizzes, and may contain a combination of different question types. You will have one attempt to take the exam, and it will be graded electronically. Specific instructions on how to prepare for and take the Final Exam will be provided during Week 8 (located inside the Unit 9 Learning Guide). Final Exams must be taken without the use of course learning materials (both those inside and outside the course). If particular materials are allowed for use during the exam, these will be noted in the exam’s instructions.

Course Forum
The Course Forum is the place to raise issues and questions relating to the course. It is regularly monitored by the instructors, and is a good place to meet fellow students taking the same course. While it is not required to participate in the Course Forum, it is highly recommended.

Course Policies:

Grading Components and Weights
Each graded component of the course will contribute some percentage to the final grading scale, as indicated here:

Learning Journals	20%
Discussion Assignments	5%
Written Assignments	5%
Two Graded Quizzes	30% (2 @ 15% each)
Final Exam	40%
TOTAL	100%

Grading Scale
This course will follow the standard 100-point grading scale defined by the University of the People, as indicated here:

Letter Grade	Grade Scale	Grade Points
A+	98-100	4.00
A	93-97	4.00
A-	90-92	3.67
B+	88-89	3.33
B	83-87	3.00
B-	80-82	2.67
C+	78-79	2.33
C	73-77	2.00
C-	70-72	1.67
D+	68-69	1.33
D	63-67	1.00
D-	60-62	0.67
F	Under 60	0.00

Grade Appeal
If you believe that the final grade you received for a course is erroneous, unjust, or unfair, please contact your course instructor. This must be done within seven days of the posted final grade. For more information on this topic, please review the Grade Appeal Procedure in the University Catalog.

Participation
Non-participation is characterized by lack of any assignment submissions, inadequate contributions to the Discussion Forums, and/or lack of peer feedback to Discussion/Written Assignments. Also, please note the following important points about course participation:

Assignments must be submitted on or before the specified deadline. A course timeline is provided in the course schedule, and the instructor will specify deadlines for each assignment.
Any student showing non-participation for two weeks (consecutive or non-consecutive) is likely to automatically fail the course.
Occasionally there may be a legitimate reason for submitting an assignment late. Most of the time, late assignments will not be accepted and there will be no make-up assignments.
All students are obligated to inform their instructor in advance of any known absences which may result in their non-participation.

Academic Honesty and Integrity
When you submit any work that requires research and writing, it is essential to cite and reference all source material. Failure to properly acknowledge your sources is known as “plagiarism” – which is effectively passing off an individual’s words or ideas as your own. University of the People adheres to a strict policy of academic honesty and integrity. Failure to comply with these guidelines may result in sanctions by the University, including dismissal from the University or course failure. For more information on this topic, please review the Academic Integrity Policy in the University Catalog.

Unless otherwise stated, any materials cited in this course should be referenced using the style guidelines established by the American Psychological Association (APA). The APA format is widely used in colleges and universities across the world and is one of several style and citation formats required for publication in professional and academic journals. Purdue University’s Online Writing LAB (OWL) is a free website that provides excellent information and resources for understanding and using the APA format and style. The OWL website can be accessed here: https://owl.purdue.edu/owl/purdue_owl.html

Code of Conduct
University of the People expects that students conduct themselves in a respectful, collaborative, and honest manner at all times. Harassment, threatening behavior, or deliberate embarrassment of others will not be permitted. Any conduct that interferes with the quality of the educational experience is not allowed and may result in disciplinary action, such as course failure, probation, suspension, or dismissal. For more information on this topic, please review the Code of Conduct Policy in the University Catalog.