IMC University of Applied Sciences Krems
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The Gini Index and the World Income Distribution
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8 Minutes Video In Defense of Capitalism
5 Minutes video explaining Inflation
The Austrian School Video: 1:50 MIn.
Windows Media: low | high
QuickTime 5:low | high
RealVideo:low | high
Two minutes video explaining how works the market-oriented economy and the magic invisible hand that self-regulate markets worldwide
Use the attached template
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Syllabus
IMC University of Applied Sciences Krems
Bachelor: Export-Oriented Management
Course: Introduction to Economics
Part-time program
Academic year 2008-2009
Second semester
1.5 ECTS
Contact details:
Lecturer: Alberto Romero Ania
E-mail: [email protected]
Office: 2.15 International Campus, Piaristengasse 1, 3500 Krems, Austria.
IMC University of Applied Sciences.
LEARNING OUTCOMES AND TOPICS COVERED DURING THE COURSE
This course is designed to provide basic insights into selected concepts of economics. The most important learning outcomes are hereby depicted:
The lectures will deal with the fundamentals of micro- and macroeconomics and will help students to understand the history of economics, markets, monetary policy, fiscal policy, labor market, employment and unemployment, the types of markets, supply and demand, how markets work and welfare, the economics of the public sector, firm behavior, the organization of industry, and the data of macroeconomics.
Students will be able to use the basic tools and concepts of economics to think critically about news in media or be able to develop economic arguments on their own.
After completion of this course, the student will acquire an economic knowledge for recognizing and analyzing common business problems within the framework of economics. Specifically, the following topics will be explained:
- History of economy
- Introduction to microeconomics
- Introduction to macroeconomics
- Monetary policy
- Fiscal policy
- Labor market: employment and unemployment
- Types of markets.
- Supply and demand
- How markets work and welfare
- The economics of the public sector
- Firm behavior
- The organization of industry
- The data of macroeconomics
COURSE OBJECTIVES & COMPETENCES
In this course, we will explore how economics work and learn about the economy theoretical framework. We will learn the most important issues related to the history of economy, microeconomics and macroeconomics, such as, but not limited to, theories of economy, markets, monetary policy, fiscal policy, labor market, employment and unemployment, the types of markets, supply and demand, how markets work and welfare, the economics of the public sector, firm behavior, the organization of industry, and the data of macroeconomics. To do that, the study of all these concepts will be accompanied by the next general objectives:
Generic competences
- The student will be able to improve his/her analysis and summarize competence.
- The student will be able to improve his/her organization and planning competences.
- The student will be able to improve his/her ability to communicate both orally and in writing.
- The student will be able to improve his/her ability to manage the information.
- The student will be able to improve his/her ability to work in a group.
- The student will be able to work in a group and reason analytically.
- The student will improve his/her ability to make a decision.
- The student will know about quality topics.
- The student will be able to apply his/her theory knowledge to practical work.
Specifically, we embark on this intellectual journey so that by the end of the semester you will acquire the following competences:
Specific competences
- The student will be able to analyze outstanding information about economy.
- The student will understand the main topics about economics.
- The student will know the different kind of markets.
- The student will understand the dynamic character of economics.
- The student will know about the main history of economy.
- The student will understand the main topics about microeconomics.
- The student will understand the main topics about macroeconomics and know the principal macro magnitudes of the economic activity.
- The student will understand monetary policy and fiscal policy issues.
- The student will understand the labor market: employment and unemployment.
- The student will know about the different types of markets, how markets work and the organization of industry.
- The student will know about the economics of the public sector and about the data of macroeconomics.
COURSE DESCRIPTION AND OVERVIEW:
The course is divided in two parts. The first part studies and gives to the students a general overview of the history of economy, and a wide knowledge of micro- and macroeconomics main issues. This part is learned throughout attending the lecturer´s explanation of the economy theories and by studying at home these theories.
The second part studies micro- and macroeconomics topics in detail. This part is learned mainly throughout attending the lecturer´s explanation of the economy theories and by studying at home these theories, but also by attending the colleagues’ explanation of their group work presentation about some different topics of economy.
COURSE FORMAT / TEACHING METHODOLOGY
It will be mainly used the lecture style teaching methodology. Lecturer will explain the core theoretical knowledge of the course. Interactive lectures will consist of group works and group presentations. After the presentation of the topic of research, students could open and lead a short discussion in order to improve learning efficiency and student motivation as well as to foster a practical approach to the theoretical framework.
Class. The main method used will be lecture style. Lecturer will explain the theoretical knowledge of the course. Lecture material will be presented using power point software and videos. Students are requested to take notes of the most important ideas explained during the lectures. After every lecture the power point presentation will be uploaded to the IMC Intranet, so students could download and complete it with their own notes. The theoretical knowledge explained during the classes will be evaluated in the final exam, which will grade 50 % of the final grade.
Group work. Group work is intended to provide an opportunity to improve your communication skills and to communicate theoretical knowledge to an audience, as well as to improve your team working skills and self-study abilities. The objective of this course is to understand and be able to explain the basic concepts learned during the course. So there will be a group work that consists on choosing one lesson from the “group work topics list” and make a 30 minutes class presentation of this topic, addressing the most important points of this issue during the presentation.
The group work topics list consist on the following topics, which could be found in the book of N. Gregory Mankiw “Principles of Economics”: 1.- Introduction to economics and the data of macroeconomics (Mankiw´s book parts 1 + 8), 2.- Supply and demand, how markets work (Mankiw´s book part 2), 3.- Supply and demand, markets and welfare (Mankiw´s book part 3), 4.- The economics of the public sector (Mankiw´s book part 4), 5.- Firm behavior and the organization of industry (Mankiw´s book part 5) and 6.- The economics of labor markets (Mankiw´s book part 6).
Students should work in a team of four members to write together an 8-10 pages report about their topic (according to IMC Manual for academic research), and create a 30 minutes power point presentation. A hard copy and a digital version of both the paper and the power point presentation must be handed in. In their 8-10 pages report must be included two multiple choice questions about the topic of study.
The paper must include at least five references. Your sources may include books, journals, newspapers, Internet sites or interviews. Grading will be based on the ability to communicate the student´s knowledge during the group presentation and on the paper content and style (spelling, grammar, clarity and paper layout). You should use an academic or business-like style of writing rather than a conversational tone. This group work will grade 50 % of your final grade.
Exam. There will be one final exam the last day of the course. The exam will include multiple choice questions about the material learned during the classes. Most of the exam questions will cover the lecturer’s power point presentations, although some of the exam questions will cover as well what was explained and discussed during your colleagues´ power point presentations.
STUDENT’S WORKLOADAND DIRECTED LEARNING TIME
Student’s workload will be divided in two parts. The first part consists of in-depth studies of the theory explained during the lectures. The second part will be a self-study (report writing) and presentation to their colleagues of one of the group work topics list.
Students shall repeat the contents discussed during the lectures through studying individually the theoretical knowledge of the course explained by the lecturer. They can use their own notes taken during the course, the power point presentations and deepen their knowledge by using the textbooks. In total an average of two hours of self-directed learning is sufficient per lecture. This estimation excludes specific preparation for the exam.
READINGS AND MEDIA: Sources for Individual Study and Group Work
For individual learning of the contents of the lectures it must be studied the students´ notes taken during the lectures and the power point presentations uploaded in the E-learning platform by the lecturer.
The main sources for Individual study and group work, as well as for additional in-depth information about the topics covered during the course, could be found in the following textbooks:
- N. Gregory Mankiw, (2006): Principles of economics, Thomson.
(There are two copies of this book in Piaristengasse and two copies in Campus)
- N. Gregory Mankiw, (2004): Principles of economics, 3rd Edition, Thomson.
(There is one copy of this book in Piaristengasse and another one in Campus)
- Paul A. Samuelson, William D Nordhaus (2001): Economics, 17th Edition, McGraw-Hill.
E-LEARNING
The power point slides will be available on the e-learning platform after each class.
COURSE OUTLINE
In the following table it is explained when and where lectures are going to take place, the topics covered in every meeting, as well as the teaching/learning methodology applied in each lecture.
MEETING 1:
14th March, 2009
9:00-11:00
G.E.13
Topics covered during the 2 hours meeting:
-Presentation and Introduction
- History of economy
Lecturer’s explanation of the topics covered during the meeting.
MEETING 2:
21st March, 2009
15:00-18:00
G.E.11
Topics covered during the 3 hours meeting:
- Microeconomics
- Macroeconomics
Lecturer’s explanation of the topics covered during the meeting.
MEETING 3
28th March, 2009
15:00-18:00
P.E.04
Topics covered during the 3 hours meeting:
Monetary policy, fiscal policy, labor market, employment and unemployment, types of markets.
Lecturer’s explanation of the topics covered during the meeting.
MEETING 4:
30th March, 2009
13:00-17:00
P.U.03
Topics covered during the 4 hours meeting:
- Supply and demand, how markets work and welfare, the economics of the public sector, firm behavior, the organization of industry, and the data of macroeconomics
Group works presentation and discussion.
MEETING 5:
2nd April, 2009
13:00-15:00
P.U.03
Exam & Feedback
Multiple choice questions exam
Lecturer’s feedback to every student (Individually)
Appendix course outline:
- Meeting 1 please note that students should select their group work topic.
- Meeting 3 please note that students should hand in their paper and power point.
- Meeting 4 please note that students should make their 30 minutes presentation.
COURSE GRADING: Methods of Evaluation / Assessment method
Assessment methods include both examination and group work.
There will not be extra examinations at the end of the course to improve a certain grade.
Grading elements:
Paper (Group Work):n25%
Power point presentation and explanation in class (Group Work): 25%
Final exam: 50%
Late Submittal Policy. Late work will be assessed with a 10% penalty for each late day.
Exam and presentations must take place at the scheduled time and date unless a medical emergency occurs.
The exam will include multiple choice questions about the material learned during the classes. Most of the exam questions will cover the lecturer’s power point presentations, although some of the exam questions will cover as well what was explained and discussed during your colleagues´ power point presentations.
The group work is compulsory and values fifty percent of the final grade.
Number grades will be assigned using the following scale:
1 = (91% - 100%) = Excellent / Very good
2 = (81% - 90% ) = Good
3 = (71% - 80%) = Satisfactory
4 = (60% - 70%) = Sufficient
5 = (less than 60 points) = Fail
If a student misses a final examination and can therefore not be assessed for this particular course, s/he will automatically receive a “fail” for the course. A re-sit examination is non-permissible before the end of the semester.
Attendance: If a student does not fulfil his obligation of attendance, an assessment of the course is not possible and s/he will automatically receive a “fail” for the course. In principle a student may miss a third of the number of weekly lessons per term in one course.
Re-sits: The re-sits covers the complete subject matter of the semester. This evaluation will be 100% throughout a written exam.
GENERAL CLASS POLICY:
Academic Integrity Code:
No form of cheating, plagiarism or other inappropriate assistance in work presented by a student will be tolerated. Incidence of violation will result in a failing grade, dismissal of the student from the course, and may lead to additional actions.
Violations of the principle of academic integrity include, but are not limited to:
a) CHEATING: Intentionally using or attempting to use unauthorized materials, information, notes, study aids or other devices in any academic exercise. This definition includes unauthorized communication of information during an academic exercise.
b) MULTIPLE SUBMISSIONS: The submission of substantial portions of the same academic work (including oral reports) more than once without authorization.
c) PLAGIARISM: Intentionally or knowingly presenting the work of another as one's own (i.e., without proper acknowledgment of the source). The sole exception to the requirement of acknowledging sources is when the ideas, information, etc. are common knowledge.
d) ABUSE OF ACADEMIC MATERIALS: Intentionally or knowingly destroying, stealing, or making inaccessible library or other academic resources material.
e) COMPLICITY IN ACADEMIC DISHONESTY: Intentionally or knowingly helping, or attempting to help another to commit an act of academic dishonesty.
Classroom Manners:
· Discourteous or disruptive behavior will not be tolerated. Such behavior includes chatting with others during the lecture or the discussion, checking emails, and playing computer games during the lecture, arriving late or leaving early.
· You may not use cellular phones during the proceeding of the class. If you must keep a device active due to an emergency, you have to set it to vibrate and notify to the lecturer before the class.
· Food and beverage: it is not permitted to take food into the seminar rooms. Soft drinks in lockable bottles may, however, bring in but should no account be put on the tables.
· Mobiles and laptops: During the classes mobiles have to be switched off. It is not permitted to make or answer any calls, to receive and to text while the class is still on. Laptops can only be used with the explicit permission of the lecturer.
· Dress code: Professional clothing is expected from all students of IMC FH Krems. However, it is not intended to constrain students in their individuality, but to encourage them to make a professional appearance when interacting with lectures, guests and colleagues.