KING FAHD UNIVERSITY OF PETROLEUM & MINERALS

COLLEGE OF INDUSTRIAL MANAGEMENT

DEPARTMENT OF FINANCE & ECONOMICS

FIRST SEMESTER - 2003-2004 (031)

Instructor : Dr. Mubarak Al-Ghamdi

Course : Econ 101.01 (9:00-9:50, SMW, B24/135)

Office : B24/209, Phone 2450

Office Hours : 8:00-9:00 A.M. (SMW) and by appointment

Textbook : Economics, by Lipsey, et al, 12th Ed., 1999

Study Guide, by Menz & Mutti, 12th Ed., 1999

Email : mobarak@kfupm.edu.sa

Internet Assignments: [see p. 3 of this syllabus].

Course Description: Econ 101 is concerned with the workings of Microeconomics. It defines the economic problem and explains why it exists in each and every society. Further, it analyzes the role of each economic agent or decision maker - - namely, the economic roles played by the households, firms, and government agencies – and their effects on economic activities in the market system.

Course Objectives: The course attempts to give students good background in the behavior of the price system in terms of the analysis of demand, supply, price determination, elasticities, consumer behavior, production and costs in different market structures, as well as pricing of factors of production, and knowledge of public goods and externalities.

Week Chapter Topic

1^st 13-17Sep03 Chapter 1 The Economic Problem

2^nd 20-24Sep03 Chapter 2 Economics as A Social Science

3^rd 27Sep03- Chapter 3 The Anatomy of Market Economy

01Oct03

4^th 04-08Oct03 Chapter 4 Demand, Supply, and Price

5^th 11-15Oct03 Chapter 5 Elasticity

First Major Exam, Thursday, 23 October 2003

Covers Chapters 1-5

Old Administration Building (OAB) – 1:00-3:00 PM

6^th 18-23Oct03 Chapter 6 Demand and Supply in Action

7^th 25-29Oct03 Chapter 7 Consumer Behavior

8^th 01-05Nov03 Chapter 8 Production and Cost in the Short Run

9^th 08-12Nov03 Chapter 9 Production and Cost in the Long-Run

Eid Al-Fitr Vacation

13-29 November 2003

10^th 30Nov03- Chapter 10 Competitive Markets

03Dec03

Second Major Exam, Sunday07 December 2003

Covers Chapters 6-10

Old Administration Building (OAB) – 5:30-7:30 PM

11^th 06-10Dec03 Chapter 11 Monopoly

12^th 13-17Dec03 Chapter 12 Imperfect Competition

13^th 20-24Dec03 Chapter 13 Economic Efficiency and Public Policy

14^th 27-31Dec03 Chapter 14 Inside the Firm

15^th 03-07Jan04 Chapter 15 Factor Pricing and Factor Mobility

Final Examinations, 10 – 20 January 2004

Covers Chapters 11-15

Course Requirements

1. Two Major Exams (30% each) 60%

2. Final Exam 30%

3. Quizzes (5) and class participation 10%

Total 100%

Special Note: Hats are ABSOLUTELY not allowed to be worn in class!

Important Rules

1. Major exams have equal weight.

2. No make-up examinations or quizzes.

3. Attending is compulsory. Nine (9) unexcused absences will lead to "DN”.

4. Important Note: For each unexcused absence, one point will be deducted from the OVERALL course grade. For example, 8 unexcused absences = 8 points to be deducted from the OVERALL grade. If a student got 70 points which is a "C" grade, then the final course grade would be 62 points which is, unfortunately, a "D" grade!

AACSB Perspectives:

The AACSB expects business curricula to incorporate a variety of perspectives on critical issues such as (1) ethical and global issues, (2) the influence of political, social, legal and regulatory, environmental and technological issues, and (3) the impact of demographic diversity on organizations. The pervasiveness of these critical issues in economics is well-known at both levels, microeconomics as well as macroeconomics. Needless to say, almost every chapter in an economics textbook talks about the above-mentioned critical issues in one form or another.

Computer Usage:

Students of Econ 101 (Microeconomics) are required to take advantage of the Internet services shown in the following sites. These economic services are free and considered to be applications of economic theories, as well as many self-test quizzes on each chapter to help students understand economic implications and prepare for major exams. The sites are:

www.awl.com

www.econ100.com

www.mhhe.com/economics/frankbemanke

www.mhhe.com/economics/colander

Communications Skills:

Student oral communication skills are developed through class participation in discussion of the subject matter, in questions-and-answers sessions, explanations and clarifications of some issues under discussions, etc. Written communication skills are developed and enhanced through taking quizzes, exams, writing short essays and definitions of related economic terminologies and their economic implications.

Note: This class requires three tools: strong English, use of graphs, and elementary math.

Assignments on the Internet: Students are required (and held responsible) to go to this Website, www.awl.com, and study the “Multiple Choice Quizzes” which cover the major topics in each chapter we have covered. Other Websites are shown above (p.3 of this syllabus). They can be used as additional sources to enrich students’ economics background and help prepare them for exams and quizzes.

Website on Economics, by Lipsey, et al (1999), 12/e

www.awl.com

1.

Click on:

Student Support

2.

Click on

Under “How can I. . . . hAccess my book’s website” :Textbook Website

3.

4. Under choose a discipline, select

Lipsey

Under choose an author, select

Student Resources

5. Click on

6. Choose a chapter: 1 – 38 chapters

Multiple Choice Quiz

7. Click on