Eco_561

Course Topics & Objectives Week One: Increasing Revenue • 1.1 Choose methods to increase revenue in an organization. • 1.2 Explain market equilibrating process. Week Two: Cost Concepts • 2.1 Identify production level to maximize profits. • 2.2 Explain how to balance fixed and variable costs. • 2.3 Apply economic cost concepts in making business decisions. Week Three: Market Structure • 3.1 Determine pricing strategy to meet organizational goals. • 3.2 Determine ways to create non-price barriers to entry based on market structure. • 3.3 Determine ways to increase product differentiation based on market structure. • 3.4 Determine ways to reduce costs for an organization. Week Four: Macroeconomic Conditions • 4.1 Determine the economy’s stage in the business cycle. • 4.2 Evaluate current macroeconomic condition based on key indicators. Week Five: Credit Markets and Globalization • 5.1 Project the effect of credit markets on the economy. • 5.2 Project the effect of global economic conditions regarding trade and specialization business decisions. Week Six: Improving Business Decisions • 6.1 Apply economic concepts in making business decisions. • 6.2 Integrate economic concepts and strategic planning. Course Materials McConnell, C. R., Brue, S. L., & Flynn, S.M. (2009). Economics: Principles, problems, and policies (18th ed.). New York: McGraw-Hill Irwin. Pugel, T. A. (2009) International economics (14th ed.). New York: McGraw-Hill Irwin. Ball, L. (2009) Money, banking and financial markets. New York: Worth Publishers. All electronic materials are available on your student Web site. Point Values for Course Assignments Week One: The Basic Concepts of Economic Reasoning Participation: (Discussion Questions, Weekly Summaries) 3 Assignment: Lecture Exam Questions 2 Assignment: Scenario Concept 9 Week Two: Cost Concepts & Profit Maximization Participation (Discussion Questions, Weekly Summaries) 3 Assignment: Lecture Exam Questions 2 Assignment: Scenario Analysis Simulation Summary 10 + 1 Week Three: Market Structure & Strategic Choice Participation (Discussion Questions, Weekly Summaries) 3 Assignment: Learning Team Assignment: Milestone 1: Business Recommendations Based on Economic Projections 10 Week Four: Macroeconomic Measurement & Basic Concepts Participation (Discussion Questions, Weekly Summaries) 3 Assignment: Lecture Exam Questions 2 Assignment: Simulation analysis 10 Week Five: Money, Creation & Control and Monetary Policy Participation (Discussion Questions, Weekly Summaries) 3 Assignment: Lecture Exam Questions 2 Assignment: Learning Team Assignment: Milestone 2: Business Recommendations Based on Economic Projections 10 Week Six: Global Context: Business Beyond National Borders Participation ( Weekly Summaries) 2 Assignment: Learning Team Assignment: Business 3: Recommendations Based on Economic Projections 10 Final Exam 15 Point Total 100 If you have any questions about appropriate academic citations, you may want to review the Avoiding Plagiarism tutorial. This tutorial, designed by Longman Publishing Company, is designed for use by students to help you understand and avoid plagiarism. We will be using APA writing style for all assignments in this class. To access the tutorial: 1. Go to ecampus https://ecampus.phoenix.edu 2. Go to Site Tools 3. Click on Tutorials 4. Select Avoiding Plagiarism If you have any questions about any of the information contained in this syllabus, or about any other aspect of this class, please do not hesitate to ask! PLEASE NOTE: Internet searches will often take you to non-academic information resources such as Wikipedia.com, Ask.com, Encarta.msn.com, Infoplease.com, etc. You may supplement your research with these sources, but keep in mind that the information you find there may not be accurate, since it does not come under a formal oversight or peer-review process. If someone uses Wikipedia in a TDA post (Threaded discussion question), you MUST provide an additional link to an acceptable source to prove or disprove the content you have taken from Wikipedia and/or write an economically correct proof or disproof on the Wikipedia content. While you may use and cite non-academic resources such as Wikipedia when working on assignments, you may not rely on them exclusively. The majority of your sources should be peer-reviewed academic journals. Further, remember that you are responsible for the accuracy of any facts you present in your assignments and therefore should confirm the veracity of information you find on non-academic sources through further research. Week One (The Basic Concepts for Economic Reasoning) 1.1 Choose methods to increase revenue in an organization. 1.2 Explain market equilibrating process ASSIGNMENTS 1. Read objectives and welcome. 2. Read Ch. 1-3, 6 of Economics. 3. Individual Assignment: Market equilibrating Process Paper • Read the University of Phoenix Material. • Write a 350- to 500- word paper in which you relate the concepts in this week's readings to a prior real world experience. The experience does not necessarily have to be work experience. Discuss the market equilibrating process in relation to your experience ( using APA writing style) 4. Individual Assignment: Quizzes • Visit the MBA Web Prep for Economics site at: • http://wps.pearsoncustom.com/pcp_90734_uop_casefair/ • Complete: Lecture Exam Questions. 1 & 2. • Submit the results to your faculty member (via email or copy/ paste your results in your individual area. ONLINE & DIRECTED STUDY 1. Discussion Questions • Respond to the discussion questions posted by your instructor. • Post your responses in the Main forum. Assignment Individual or Learning Team Due Concepts Assignment Tab 08/08/11 Creation of Learning Teams Team 08/06/11 Participation Main forum 08/02/11 Respond to the Discussion Questions Main forum 08/04/11 Submit your Weekly Summary Main forum 08/08/11 Quizzes (1 & 2) Assignment Tab 08/08/11 Week Two (Cost Concepts & Profit Maximization) 2.1 Identify production level to maximize profits. 2.2 Explain how to balance fixed/variable costs. 2.3 Apply economic cost concepts in making business decisions. ASSIGNMENTS 1. Read Ch. 8-9, 12-13 of Economics; and the University of Phoenix Material – Read the Opportunity Cost Paper on your student Web site. Read the Clear Hear Scenario on your student Web site. Read the Guillermo Furniture Scenario 2. Learning Team Assignment: Scenario Analysis • Review the University of Phoenix Material – Will Bury’s Price Elasticity Scenario introduced in Week four. You may also use information from your own organization. If you use your own organization, get approval from your instructor before proceeding. • Prepare a 350- to 700-word paper ( using APA writing style) where you explain the following concepts in the context of the Will Bury scenario: o The effect on revenue when there is a change in price (assuming competitors do not follow) o Estimate the elasticity of demand in your scenario using either the arc method of elasticity or base your estimate on the number and closeness of substitutes (including foreign substitutes) o Justify your estimate of the elasticity 3. Simulation: Cost and Revenue Curves • Using the link provided in Week Two of the rEsource page, access and complete the simulation Economics for Managerial Decision Making: Cost and Revenue Curves. Write a one page summary about the simulation. 4. Individual Assignment: Quizzes • Visit the MBA Web Prep for Economics site at: http://wps.pearsoncustom.com/pcp_90734_uop_casefair/ • Complete Lecture Exam Questions 3 & 4 • Submit the results to your faculty member. ONLINE & DIRECTED STUDY 1. Discussion Questions • Respond to the discussion questions posted by your instructor. • Post your responses in the Main forum. Assignment Individual or Learning Team Due Elasticity Scenario Analysis Assignment Tab 08/15/11 Participation Main forum 08/09/11 Respond to the Discussion Questions Main forum 08/11/11 Submit your Weekly Summary Main forum 08/15/11 Quizzes (3 & 4) Assignment Tab 08/15/11 Simulation Summary Assignment Tab 08/15/11 Peer Evaluation Form (each member of the Team) Individual 08/15/11 Week Three (Market Structure & Strategic Choice) • Determine pricing strategy to meet organizational goals. • Determine ways to create non price barriers to entry based on market structure. • Determine ways to increase product differentiation based on market structure. • Determine ways to reduce costs for an organization. ASSIGNMENTS 1. Read Ch. 10–11 & 11W of Economics. 1. Non-graded Activities and Preparation • Review the Economics for Managerial Decision Making: Market Structures simulation. 2. Learning Team Assignment: Milestone 1: Business Recommendations Based on Economic Projections. The economic future of an industry may change depending on various economic conditions. Predicting economic futures is an essential skill when choosing between business alternatives. This Learning Team project prepares you to make informed management decisions based on what you know about the economy. For this project, your team must offer recommendations for a company to make business decisions based on potential changes that may occur in the economy over the next 5 years. • Resources: Learning Team Project document located on your student Web site. • Choose an organization for your final project. You may choose among the Larson Scenario located on your student Web site or an organization of your choosing in which you may obtain the same type of data as the provided scenarios. • Review the data for the organization you have chosen. • Provide pricing strategy recommendations, recommendations for nonprice barriers to entry, and ideas for product differentiation for the organization. • Explain the evidence that supports these recommendations. Note. There is no word count guideline for this assignment. address all of the required components of Milestone 1. (Using APA writing style) Assignment Individual or Learning Team Due Learning Team Assignment: Milestone 1: Business Recommendations Based on Economic Projections Assignment Tab 08/22/11 Participation Main forum 08/16/11 Respond to the Discussion Questions Main forum 08/18/11 Submit your Weekly Summary Main forum 08/22/11 Peer Evaluation Form (each member of the Team) Individual 08/22/11 Week Four (Macroeconomic Measurement & Basic Concepts) 4.1 Determine the economy’s stage in the business cycle. 4.2 Evaluate current macro economic condition based on key indicators. ASSIGNMENTS 1. Read Ch. 24, 26, & 28–30 of Economics. 2. Visit the U.S. Bureau of Economic Analysis (BEA) at http://www.bea.gov/. Use this site as a resource for Weeks 4, 5, & 6. 3. Individual Assignment: Simulation Analysis • Using the link provided on Week Four of the rEsource page, access and complete the simulation, Economics for Managerial Decision Making: Market Structures. • Write a 700- to 1,050- word paper (using APA writing style) where you explain the following in the context of the simulation. o Create a solution using strategic variables available to you to sustain the economic profits the firm can earn. o What are some of the pricing strategies that you would recommend' o What are some of the non-pricing strategies that you would recommend' o What kind of innovations would you propose to sustain the organization’s uniqueness' 4. Individual Assignment: Quizzes • Visit the MBA Web Prep for Economics site at: http://wps.pearsoncustom.com/pcp_90734_uop_casefair/ • Complete Lecture Exam Questions 5 & 6. • Submit the results to your faculty member. 5. Looking ahead: Big Drive Auto • Review the scenario contained in the University of Phoenix Material – Thomas Money Service which you use in your assignments for Week Five and Six. This Scenario enables you to relate an organization’s operations and planning to macroeconomic data. • Identify how these relationships can help Thomas money Service to plan better. Begin working on this assignment during Week Four, and submit it in Week Six. If you want to use your own organization’s data, get the approval from your instructor before proceeding. ONLINE & DIRECTED STUDY 1. Discussion Questions • Respond to the discussion questions posted by your instructor. • Post your responses in the Main forum. Assignment Individual or Learning Team Due Simulation Analysis Assignment Tab 08/29/11 Participation Main forum 08/23/11 Respond to the Discussion Questions Main forum 08/25/11 Submit your Weekly Summary Main forum 08/29/11 Quizzes ( 5 & 6) Assignment Tab 08/29/11 Week Five (Money, Creation & Control and Monetary Policy). 5.1 Project the effect of credit markets on the economy. 5.2 Project the effect of global economic conditions regarding trade and specialization business decisions. ASSIGNMENTS 1. Readings Read Ch. 27 & 31–33 in Economics, Read Ch. 17–19 in International Economics, Read Ch. 18 from Money, Banking and Financial Markets 2. Learning Team Assignment: Milestone 2: Business Recommendations Based on Economic Projections • Resource: Learning Team Final Project document • Recommend an appropriate course for your chosen organization to make business decisions based on the projected credit markets. • Describe the business decisions related to trade and specialization you would recommend based on the effects of future global conditions. • Explain the evidence that supports these recommendations and how your recommendations might need to be modified for the alternative economic futures. Note. There is no word count guideline for this assignment. You must fully address all of the required components of Milestone 2. 3. Individual Assignment: Quizzes • Visit the MBA Web Prep for Economics site at: http://wps.pearsoncustom.com/pcp_90734_uop_casefair/ • Complete Lecture Exam Questions 7 & 8. • Submit the results to your faculty member. • ONLINE & DIRECTED STUDY 1. Discussion Questions • Respond to the discussion questions posted by your instructor. • Post your responses in the Main forum. Assignment Individual or Learning Team Due Learning Team assignment Assignment Tab 09/05/11 Participation Main forum 08/30/11 Respond to the Discussion Questions Main forum 09/01/11 Submit your Weekly Summary Main forum 09/05/11 Quizzes ( 7 & 8 ) Assignment Tab 09/05/11 Peer Evaluation Form (each member of the Team) Individual 09/05/11 Week Six (Global Context: Business Beyond National Borders) 6.1 Apply economic concepts in making business decisions. 6.2 Integrate economic concepts and strategic planning. ASSIGNMENTS 1. Read Ch. 25 in Economics. • Read the Big Drive Auto Scenario. 2. Non-graded Activities and Preparation • Review the Kuddler Fine Foods virtual organization found on your student Web site. 3. Individual Assignment: Final Examination • Resource: Economics: Principles, Problems, and Policies and International Economics • Complete the Final Examination. You have one attempt for the exam, which is timed and must be completed in 3 hours. Results are sent to your instructor. Note. Final Examination questions are adapted from Economics: Principles, Problems, and Policies and International Economics. 4. Learning Team Assignment: Business Recommendations Based on Economic Projections • Resource: Learning Team Final Project document • Write a paper using APA style of no more than 1,050 words. • Complete the following in your memo: o Include a general description of three alternative economic futures within the next 5 years for the chosen organization’s industry. o Provide a summary of your specific recommendations for the organization to make business decisions in relationship to these alternative futures. You must utilize your determinations in Milestones 1, 2, and 3 to complete this portion of the assignment. o Include a visual representation, such as graphs or diagrams of Milestones 2 and 3 to support your recommendations. ONLINE & DIRECTED STUDY • Respond to the discussion questions posted by your instructor. • Post your responses in the Main forum. Assignment Individual or Learning Team Due Learning Team assignment Assignment Tab 09/12/11 Participation Main forum 09/06/11 Respond to the Discussion Questions Main forum 09/08/11 Submit your Weekly Summary Main forum 09/12/11 Final Exam Assignment Tab 09/12/11 Peer Evaluation Form (each member of the Team) Individual 09/12/11