Economics 210: Principles of Economics

Instructor

Ben Van Kammen, PhD. My last name is 2 words: “Van Kammen.”

Office: Krannert 531

Email: [email protected]

Teaching Assistant: Town Oh. [email protected]

Course Description

A principle is an important underlying law or assumption required in a system of thought. This class presents the principles upon which the social science of Economics is based. Specifically it examines the ways that economic agents, e.g., individuals, firms, and government, determine and respond to prices of goods. It also examines the aggregate value of goods traded and its growth.

Course Goals

The general goal of the course is that, after its completion, students are able to describe economic theories with factual correctness and apply them to discussions of current events and decisions in their professional and personal lives. Additionally the course aims to: a) increase students’ literacy of Economics vocabulary, phenomena and institutions, b) exercise analytical skills that will help students in any challenging future career, and c) motivate students to continue studying Economics and practicing the “Economic Way of Thinking.”

Learning Outcomes

In this course, students will learn to:

1. Identify costs and benefits involved in economic decision making.

2. Predict market equilibrium and changes in equilibrium.

3. Evaluate the efficiency of market equilibrium.

4. Express and interpret economic theory and data using various visual representations (e.g., graphs, tables, charts).

5. Calculate basic measures of macroeconomic performance and the forces that influence those measures.

Required Texts & Materials

1. Computer Hardware:

A. The course is entirely online and will be conducted through Purdue’s Learning Management System, Brightspace (https://purdue.brightspace.com/), including submission of assessments and the majority of the communication. Students will require a reliable high speed internet connection that enables them to view media on and transfer files to the Brightspace and textbook publisher’s (see below) sites, which they will do regularly.

i. On exam days, students need a distraction-free environment and a very reliable internet connection.

2. Modern Principles of Economics, 4th Ed., by Cowen and Tabarrok. Publisher: Macmillan.

A. An e-book of the text (6 month access, $95.99) can be bundled with Launchpad, the online homework program, as a convenient way of reading and doing homework. ISBN: 978-1-31-926558-8.

B. To get started, visit: https://macmillan.force.com/macmillanlearning/s/article/Students-Register-for-LaunchPad-Writer-s-Help-2-0-courses-via-your-school-s-LMS-Part-1#d2l or click any of the links to individual assignments in the course Modules. Don’t worry, this won’t initiate doing homework. It’s just a way—the easiest way, too—to get to the publisher’s virtual course and match your identity to your Brightspace identity. Enroll in this course using one of the following options:

i. If you have an access code, select “I have a student access code,” enter the code exactly as it appears on the card, and click Submit.

ii. If you don’t have an access code, either purchase a text package that includes one OR click “I want to purchase access” and follow the instructions.

iii. If you need to start working but can’t purchase right away, select “I want temporary access” and follow the instructions. Your grades are linked to your Launchpad account username (email address). If you use temporary access, make sure you purchase or register your code using the same email address for your paid access.

iv. If you have problems registering, purchasing, or logging in, please contact Customer Support. You can reach a representative 7 days a week: through the online form, by chat, and by phone at (800) 936-6899.

C. Hardcover or loose leaf printed copies are optional. Other (free!) readings may be assigned as necessary.

3. Time input. This is a 3 credit course that lasts 16 weeks. According to widely used guidelines, this equates to roughly 7 to 9 hours of overall work per week. While it is in session, students should expect this course to be one of their primary activities in order to be successful.

Course Requirements

1. Examinations (50% of grade). There will be three exams during the course. Each exam covers a unique portion of the course; none is cumulative except in the sense that the material builds upon itself throughout the course. The exam due dates are February 22, March 25 and May 7. Scores on the three exams count for 15%, 15%, and 20%, respectively, of the course grade.

A. Exams consist of 40 (64 for Final exam) selected response questions, presented in Brightspace, and are timed (60 mins. for midterms, 96 mins. for Final).

B. The exams are asynchronous and can be begun anytime between 9 a.m. ET five (5) days ahead of the due date until midnight on the due date.1

i. Students will take exams as scheduled unless authorized by the instructor ahead of time. Exams are offered within a week-long window, so circumstances that prevent a student from taking it in that time and warrant a make-up will be vanishingly rare.

ii. The following examples illustrate what would justify a make-up exam: a family/personal emergency that has been confirmed by the Dean of Students Office, illness corroborated by a note from a physician or the PPHC. Travel plans, e.g., are not an acceptable reason to request a make-up exam. To request a make-up exam, provide a written excuse and supporting documentation to the instructor as early as possible. Make-up exams are not offered without appropriate documentation.

C. Exams are open written notes and ebook. No other internet resources are allowed. This is enforced by requiring that quizzes be taken in Respondus Lockdown browser (see instructions in Brightspace).

2. Homework (20% of grade). students will complete homework assignments pertaining to each topic the course covers using the Launchpad system (see above, Required Materials). Assignments are due on the dates shown on the last page of the syllabus at midnight ET.

A. Homework is your first chance to see how well you understand the content. It is graded “pass/fail” but students can answer as many questions as they need to fill the progress bar and get 100%. It’s a good sign, though, if you can do it quickly, i.e., by getting all the questions right the first time!

B. To that end, the best strategy is to prepare thoroughly by reading the textbook chapter and viewing the video lectures on which the assignment is based before starting.

C. Students will not receive points for late homework (see policy below, “Grading”).

3. Quizzes. (15% of grade). Students will perform timed selected response 10-question quizzes related to the content of each week’s lectures (see schedule on last page). Quizzes are open written notes. However neither the ebook nor internet resources are allowed. This is enforced by requiring that quizzes be taken in Respondus Lockdown browser (see instructions in Brightspace).

A. Quizzes are asynchronous and can be begun anytime between 9 a.m. ET two (2) days ahead of the due date until midnight on the due date.

4. Discussion and Participation (15% of grade). Students will participate in formal discussion topics (10%) and be graded on their overall participation in the course, as measured by the Class Progress tab in Brightspace (5%).

A. To earn credit for Discussions, students should post and reply to classmates’ posts on the Brightspace Discussion board. The instructor will provide prompts to begin the discussions (see attached schedule). Students will be evaluated based on the quality and timing of their response posts (see rubric on Brightspace).

B. Students will abide by the “Netiquette” guidelines posted on Brightspace when making and responding to posts in the discussion.

C. Students are assessed on their regular interaction with the course materials, including logging into Brightspace, reading/viewing the videos, and reading/posting in the “Casual Conversation” portion of the Discussion board. Check the Class Progress tab to view a summary of your participation and inquire with your instructors if you are unsure if what you are doing is adequate.

Policies

General Course Policies

1. Office Hours. The instructor will hold virtual office hours using the Brightspace discussion forum, Casual Conversation. Questions, e.g., about the content, from which other students would benefit from a response will be answered in this forum even if they are posed in email form. The instructor will hold synchronous office hours by appointment (arrange with me by email) using Zoom.

2. Questions that are individual in nature should be posed to the instructor via email. The instructor will respond as promptly as possible to students’ emails, usually within 24 hours. As a courtesy to your teachers, please attempt to find the answer to any procedural questions in the syllabus prior to posing them in an email or office visit. A. I reserve the right not to respond to questions adequately answered in this syllabus.

3. Students are advised to take notes on the content of lectures by hand, rather than by attempting to transcribe it verbatim by typing. Recent research has found studying is more effective with notes you have taken “in your own words,” thereby processing information in addition to recording it. Better notes also help with (open written notes) quizzes.

Grading

1. Letter grades are earned on the basis of the weighted average of exam scores, homework scores, and class participation.

2. When computing Averages, students’ lowest homework and quiz scores will be dropped. This provides a method for handling a missed assignment due to illness, a misunderstanding, an emergency, or other special circumstances.

3. At the end of the class, the instructor will determine a distribution of letter grades on the basis of students’ Averages.

A. Students may forecast their letter grades by performing the calculation above and comparing their score to the standard 90-80-70-60 scale.

B. Any distribution of letter grades will be no less generous than the standard scale, e.g., students will not require more than 90 points to earn an “A minus.”

C. The instructor may assign plus and minus grades.

Academic Dishonesty

Cheating on exams and plagiarism are violations of the academic honor code and carry severe sanctions, including failing a course or even suspension or dismissal from the University. Students’ performance on examinations must reflect only their individual understanding, and copying from other students or internet sources is forbidden. In general students in this class are expected to exemplify the University’s Honors Pledge: “As a boilermaker pursuing academic excellence, I pledge to be honest and true in all that I do. Accountable together—we are Purdue.”

Academic integrity is one of the highest values that Purdue University holds. Individuals are encouraged to alert university officials to potential breeches of this value by emailing [email protected] or by calling (765) 494-8778. Information may be submitted anonymously, but more information increases the university’s capacity to investigate concerns.

Use of Copyrighted Materials

Students are asked not to sell or barter their course notes via a commercial note taking service without advanced review and permission by the instructor. University Regulations state that:

Among the materials that may be protected by copyright law are the lectures, notes, and other material presented in class or as part of the course. Always assume the materials presented by an instructor are protected by copyright unless the instructor has stated otherwise. Students enrolled in, and authorized visitors to, Purdue University courses are permitted to take notes, which they may use for individual/group study or for other non-commercial purposes reasonably arising from enrollment in the course or the University generally.

Notes taken in class are, however, generally considered to be “derivative works” of the instructor’s presentations and materials, and they are thus subject to the instructor’s copyright in such presentations and materials. No individual is permitted to sell or otherwise barter notes, either to other students or to any commercial concern, for a course without the express written permission of the course instructor. To obtain permission to sell or barter notes, the individual wishing to sell or barter the notes must be registered in the course or must be an approved visitor to the class. Course instructors may choose to grant or not grant such permission at their own discretion, and may require a review of the notes prior to their being sold or bartered. If they do grant such permission, they may revoke it at any time, if they so choose.

Grief Absence Policy for Students

Purdue University recognizes that a time of bereavement is very difficult for a student. The University therefore provides the following rights to students facing the loss of a family member through the Grief Absence Policy for Students (GAPS). GAPS Policy: Students will be excused for funeral leave and given the opportunity to earn equivalent credit and to demonstrate evidence of meeting the learning outcomes for misses assignments or assessments in the event of the death of a member of the student’s family.

Violent Behavior Policy

Purdue University is committed to providing a safe and secure campus environment for members of the university community. Purdue strives to create an educational environment for students and a work environment for employees that promote educational and career goals. Violent Behavior impedes such goals. Therefore, Violent Behavior is prohibited in or on any University Facility or while participating in any university activity.

Students with Disabilities

Purdue University is required to respond to the needs of the students with disabilities as outlined in both the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990 through the provision of auxiliary aids and services that allow a student with a disability to fully access and participate in the programs, services, and activities at Purdue University.

If you have a disability that requires special academic accommodation, please make an appointment to speak with me within the first three (3) weeks of the semester in order to discuss any adjustments. It is important that we talk about this at the beginning of the semester. It is the student's responsibility to notify the Disability Resource Center (http://www.purdue.edu/drc) of an impairment/condition that may require accommodations and/or classroom modifications.

Nondiscrimination

Purdue University is committed to maintaining a community which recognizes and values the inherent worth and dignity of every person; fosters tolerance, sensitivity, understanding, and mutual respect among its members; and encourages each individual to strive to reach his or her own potential. In pursuit of its goal of academic excellence, the University seeks to develop and nurture diversity. The University believes that diversity among its many members strengthens the institution, stimulates creativity, promotes the exchange of ideas, and enriches campus life.

Purdue University prohibits discrimination against any member of the University community on the basis of race, religion, color, sex, age, national origin or ancestry, genetic information, marital status, parental status, sexual orientation, gender identity and expression, disability, or status as a veteran. The University will conduct its programs, services and activities consistent with applicable federal, state and local laws, regulations and orders and in conformance with the procedures and limitations as set forth in Policy X.2.2, which provides specific contractual rights and remedies. Any student who believes they have been discriminated against may visit www.purdue.edu/report-hate to submit a complaint to the Office of Institutional Equity. Information may be reported anonymously.

CAPS Information

Purdue University is committed to advancing the mental health and well‐being of its students. If you or someone you know is feeling overwhelmed, depressed, and/or in need of support, services are available. For help, such individuals should contact Counseling and Psychological Services (CAPS) at (765) 494‐6995 and http://www.purdue.edu/caps/ during and after hours, on weekends and holidays, or through its counselors physically located in the Purdue University Student Health Center (PUSH) during business hours.

Course Evaluation Period

The evaluation period for this course occurs at the end of the semester. Taking a few minutes to give feedback about this course is valuable to the instructor and the University, and you are encouraged to participate. Students will receive prompts via email to complete this survey; please watch for these notices at the end of the semester.

Protect Purdue Policies

If you become quarantined or isolated at any point in time during the semester , you will receive regular tele-health check-ins from Protect Purdue Health Center staff, and you will also have access to an Academic Case Manager in order to provide you some academic support during this time. Your Academic Case Manager can be reached at [email protected] and will provide you with general guidelines/resources around communicating with your instructors, be available for academic support, and general suggestions for how to be successful when learning remotely. Importantly, if you find yourself being too sick to be able to continue progressing in the course while you are placed in quarantine/isolation, you will need to notify me, the instructor, as soon as possible by email, through the message function in Brightspace, with the help of your Academic Case Manager, so we can make arrangements based on your particular situation. The Office of the Dean of Students ([email protected]) is also available to support you should this situation occur.

In the event of a major campus emergency, course requirements, deadlines and grading percentages are subject to changes that may be necessitated by a revised semester calendar or other circumstances beyond the instructor’s control. Relevant changes to this course will be posted onto the course website or can be obtained by contacting the instructors or TAs via email or phone. You are expected to read your @purdue.edu email on a frequent basis.

Class Schedule

This syllabus is subject to change.