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					                                                    Valencia College
                           Course Syllabus ECO 2023 Principles of Economics-MIcro
                                Summer 2012 May 7- July 31, 2012 (Full Term)
                                         CRN 30294 3 Credit Hours

 Instructor: Dr. Jim Chase                                                 Time: Monday & Wednesday
 Telephone: (407) 388-0136 (home phone)                                    11:30 AM – 1:05 PM
 Email: or                                 Place: East Campus                                                           Building 7
 Office Hours: Before or after class or by appointment.                           Room 128

Course Description: An introduction to the theories, issues and applications of microeconomic concepts.
The methods of evaluating and gathering factual information concerning the domestic economy will be
emphasized such as: economic thinking, comparative and absolute advantage, elasticity of demand,
market systems, externalities and property rights, supply and demand, consumption, savings, investment
and governments role in the economy.

TEXTBOOK: McConnel, Brue, Flynn. 2011. Microeconomics W/Connect Plus Looseleaf. McGraw
Hill Irwin. 19 edition. ISBN 0-07-786344-5 NOTE: In case of last minute changes by the college, use the textbook
available for purchase at the Valencia bookstore listed for this course.

SUPPLEMENTAL MATERIALS: Please see Dr. Chase’s web site: for copies of all the PDF files and
syllabi. Copies of all class files are under the Valencia tab and course #.

Course Objectives: To emphasize the study of macroeconomics, issues such as national accounting,
supply and demand, consumption, savings, investment, government spending and the major issues of
money and monetary policy will be discussed in depth.

COMPETENCIES: This course reinforces the following competencies:
  Valencia College Student Competencies:
  1. Think critically and make reasoned choices by acquiring, analyzing, synthesizing, and evaluating
  2. Read, listen, write, and speak effectively.
  3. Understand and use quantitative information.
  4. Clarify personal strengths, values and goals in relation to cultural values.
  5. Recognize the value of physical and mental health.

     CLAST Competencies
     a)   Reading Skills
     b)   Essay Skills
     c)   English Language Skills
     d)   Logical Reasoning Skills


ABSENCES: Attendance is critical to learning and understanding. Five or more total absences may lead
to an automatic withdrawal from the class. If for any reason you cannot attend class, notify the instructor
beforehand or as soon as possible. Failure to do so will lead to zero points being recorded.

TIMELINESS, TARDINESS, STAY FULL PERIOD: Be on time for class. If you arrive late you miss vital
information which can affect your performance in the course. Stay for the Complete Session: Leaving

           ECO 2013 Micro- Summer 2012: May 7 – July 31, 2012 (Full Term) - CRN 30294 Dr. Jim Chase Page 1 of 5
the class early or disappearing after the break is unwise. Not only do you fail to benefit from the entire
lesson, points may be subtracted from your grade for failure to attend the entire session.

CLASS PARTICIPATION--PAY ATTENTION IN CLASS: No one is fooled except yourself if you do non-
class related activities in class. Ask questions if you don’t understand a concept. Students who actively
participate do the best in the course.

CELL PHONE POLICY—in class and during testing: Students are required to turn off all cell
phones and pagers before the beginning of class and when in the Testing Center. If a cell phone or
pager vibrates or is audible, the student may be asked to turn it off or leave for the remainder of the class.
If there is an emergency situation warranting the use of a cell phone or pager during class time, the
student must notify the professor in writing prior to the beginning of class. During testing, both in class
and at the testing center, if a cell phone or pager vibrates or is audible, the student’s test, or exam
will be collected and the student will be asked to leave without an option for completion.

WITHDRAWAL POLICY: For a complete explanation of the college’s withdrawal policy, please go to:

WITHDRAWAL & NO SHOW DATES                                           Summer 2012 Full Term Courses

Please check the college calendar for “No Show” dates and Add/Drop/Refund and
Withdrawal dates.
          COLLEGE CLOSED ON THESE DAYS (Credit Classes Do Not Meet)
                  May 28 ONLY. Memorial Day. Class IS scheduled Saturday, May 26 and Sunday,
Dates                     May 27 .
                  July 4. Wednesday only, not the whole week.

EXAMS: There are three exams in the course, two interim and one final. The exams cover, on
average, three to six chapters and will consist of multiple-choice and true/false questions. The week prior
to an exam, a review of the material will be covered in class. To do well on the exam, attend this review.

If illness, jury duty, or other emergency prevents your taking any of the interim exams on the scheduled
test date, a copy of each test will be in the testing area of the library for seven (7) calendar days
after the testing date in the classroom. It is the student’s responsibility to make sure they take the test
during the required time. Failure to do so may seriously impact your grade. You will need a valid
Valencia ID when you enter the testing center. Please see section regarding Valencia ID (VID).

    YOU MUST BE PRESENT FOR THE FINAL EXAM. The school closes shortly thereafter and
      grades close. There is no time for make-up.
    Missing the final = 0 for the exam. Your grade will be calculated on existing points..
    An incomplete will only be given for emergency reasons. This will result in a WP/WF depending
      on your progress in the class.
    The FINAL EXAM CANNOT BE TAKEN EARLY unless you petition the Provost in writing well in
      advance of the final. The instructor cannot grant this permission.
    DO NOT MISS THE FINAL EXAM. The exam is mandatory and must be taken in class at the
      normally scheduled class time.

ASSIGNMENTS--HOW TO COMPLETE THEM: There are eight (8) assignments in the course which
appear as questions on the Assignment and Course Schedule on the final pages of this syllabus. Here
are the rules for completing assignments:
    1. Assignments must be passed in on time to receive full points.
    2. Each question must be fully answered. One-sentence answers do not suffice.
         ECO 2013 Micro- Summer 2012: May 7 – July 31, 2012 (Full Term) - CRN 30294 Dr. Jim Chase Page 2 of 5
    3. To complete the assignment the student must use material from class lectures combined with
       information from the textbook. Use the textbook index when necessary to find related material.
       The answer may be at more than one place in the textbook.
    4. Make sure all statements are backed up with facts. Unsubstantiated statements do not qualify as
    5. Although typed assignments are preferred, if you do not have access to a computer, you may
       handwrite your answers legibly.
    6. PROOFREAD your papers. Check spelling and sentence structure for clarity.

GRADES:         Grades will be determined on the following scale:
                       315 - 350 points                          90 - 100% = A
                       280 - 314 points                          80 - 89% = B
                       245 - 279 points                          70 - 79% = C
                       210 - 244 points                          60 - 69% = D
                       Less than 210 points                       0 - 59% = F

                         3 exams                                 100 points each = 300
                         8 homework assignments                     5 points each = 40
                         Classroom participation                   10 points      = 10
                                                               Total Points        350
If you are failing the course, you will receive a mid-term report.

Valencia College is dedicated not only to the advancement of knowledge and learning but is concerned
with the development of responsible personal and social conduct. By enrolling at Valencia College, a
student assumes the responsibility for becoming familiar with and abiding by the general rules of conduct.
Students who engage in any prohibited or unlawful acts that result in disruption of a class may be directed
by the faculty to leave the class. Violation of any classroom or Valencia’s rules may lead to disciplinary
action up to and including expulsion from Valencia. Disciplinary action could include being withdrawn
from class, disciplinary warning, probation, suspension, expulsion, or other appropriate and authorized
actions. The Student Code of Conduct can be found at:

Each student is expected to do his/her own work. Cheating will not be tolerated and will result in
immediate dismissal. All forms of academic dishonesty are prohibited at Valencia College. Academic
dishonesty includes, but is not limited to, acts or attempted acts of plagiarism, cheating, furnishing false
information, forgery, alteration or misuse of documents, misconduct during a testing situation, facilitating
academic dishonesty, and misuse of identification with intent to defraud or deceive. You may also
reference the Academic Dishonesty policy at:

Students with disabilities who qualify for academic accommodations must provide a notification from the
Office for Students with Disabilities (OSD) and discuss specific needs with the instructor, preferably
during the first two weeks of class. The Office for Students with Disabilities determines accommodations
based on appropriate documentation of disabilities. The East Campus Office is l in Building 5, Room 216.

Valencia ID (VID) cards are required for the Library, Testing Center, and IMC usage. No other form of ID
at those locations will be accepted. Possession and use of a VID is mandatory to obtain these services.
All students must provide a valid VID to take a test in the Testing Center. Tests are arranged by
instructor's last names, so know your instructor's last name before you arrive. Also, remember that the
last exam is administered one hour prior to close based on the official Testing Center clock. The Testing
Center recommends that students arrive 15 minutes prior to the start of their exam. If you do not have a
VID one can be obtained in the Student Development Office, Building 5, Room 212.

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     DISCLAIMER: The instructor reserves the right to make
     changes to the syllabus at any time during the course.
All assignments are due no later than the dates listed. Assignments received late will receive 0
points. NOTE! Some of the questions are not covered in that week’s chapters. They may require that
you do some independent thinking and some research into other chapters on your own. That’s what God
made an index for.
                            ECO 2013 Principles of Economics-Macro
                             Weekly Assignments & Course Schedule
                   Summer 2012 May 7- July 31, 2012 (Full Term) CRN 30294

                               IN BLDG 7, ROOM 128

Week # (Dates)                                                               Assignment

Week # 1 is May 7 through May 13                      Overview, Chapters 1, 2
                                                      Assignment #1:
Begin work on Assignment #1.                            Define economics
                                                        Distinguish between microeconomics and
Please check drop dates on college calendar.              macroeconomics
                                                        Define opportunity cost. Give an example.
                                                        What is the difference between absolute and
                                                          comparative advantage?

Week # 2 is May 14 through May 20                     Chapters 3, 4
                                                      Assignment # 2:
Begin work on Assignment #2.                            Define price ceilings and price floors. Give
                                                          examples of both.
Assignment # 1 DUE                                      Why is equilibrium not possible in a dynamic (not
                                                          government controlled) economy?

Week # 3 is May 21 through May 27                     Chapters 5,6

                                                      Review for Test 1 ON WEDNESDAY
Assignment # 2 DUE
                                                      The Memorial Day holiday does not affect this class.

Week # 4 is May 28 through June 3                     Test #1 ON MONDAY

Week # 5 is June 4 through June 10                    Chapter 7, 8
                                                      Assignment # 3:
Begin work on Assignment #3.                             Define fixed costs and variable costs.
                                                         What are considered fixed costs and variable
                                                         Define marginal utility.
                                                         Define diminishing marginal utility?
                                                         What are the differences between proprietorships,
                                                          partnerships, and corporations?

        ECO 2013 Micro- Summer 2012: May 7 – July 31, 2012 (Full Term) - CRN 30294 Dr. Jim Chase Page 4 of 5
Week # 6 is June 11 though June 17                    Chapter 9, 10
                                                      Assignment # 4:
Assignment # 3 is Due                                  What are accounting profits and economic profits?
                                                       Define explicit and implicit costs
                                                       Define fixed costs and variable costs.
                                                       What are considered fixed costs and variable

Week # 7 is June 18 through June 24                   Chapter 11, 12

Week # 8 is June 25 through July 1                    Review for Test # 2 ON WEDNESDAY

Week # 9 is July 2 through July 8                     Test # 2 ON MONDAY

                                                      School is ONLY closed for Independence Day on
                                                      WEDNESDAY. No class on Wednesday

Week # 10 is July 9 through July 15                   Chapter 13, 14

Begin work on Assignment #4.

Week # 11 July 16 through July 22                     Chapter 16
                                                      Review for Final Exam
Assignment #4 DUE

Week # 12 is July 23 through July 27                  FINAL EXAM WEEK

                                                      Special Note: DO NOT MAKE TRAVEL ARRANGEMENTS THAT
                                                      PREVENT ATTENDING THE FINAL. There is no makeup for the
                                                      final. School closes. The term ends, and grades must be
                                                      posted immediately.

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