1. SYLLABUS
Economics
4346
(Survey
of
Economics)
Wayland
Baptist
University—Hawaii
Campus
Spring
Semester
2011
Mr.
Timothy
C.
Fawcett
1
Mission
Statement:
Wayland
Baptist
University
exists
to
educate
students
in
an
academically
challenging,
learning-­‐focused,
and
distinctively
Christian
environment
for
professional
success
and
service
to
God
and
humankind.
Instructor:
Mr.
Timothy
Fawcett—my
biography
can
be
accessed
on
my
blog-­‐site
(below
under
contact
information).
Instructor
Contact
Information:
808-­‐554-­‐0383
(evening
hours
are
best)
Timothy.C.Fawcett@gmail.com
http://tc6617.wordpress.com/
Office
Hours:
I
will
be
available
for
at
least
30
minutes
after
class.
If
necessary,
alternate
appointments
or
meeting
times
can
be
arranged.
Class
Meeting
Time
and
Location:
Monday
evenings,
5:30pm—When
Complete
(No
earlier
than
9:30pm),
Hickam
Air
Base
Catalog/Course
Description:
As
stated
in
the
Wayland
Baptist
University
Academic
Catalog
(p.
341),
Econ
4346
is
a
“survey
course
covering
macroeconomics
and
microeconomics.
Credit
not
awarded
for
Econ
2307
or
Econ
2308
and
Econ
4346.”
Economics
4346
(Survey
of
Economics)
is
an
important
social
science
cornerstone.
While
there
are
no
prerequisites
for
attending
this
course,
it
will
serve
as
a
key
requirement/prerequisite
for
graduation
from
both
the
Wayland
Baptist
University
School
of
Business
and
School
of
Behavioral
and
Social
Science.
Simply
described,
this
survey
format
is
a
one-­‐semester,
three
(3)
credit
hour
course
focusing
on
the
most
important
principles
of
Economics.
Due
to
the
abbreviated
nature
of
the
schedule,
this
course
will
be
taught
in
seminar
format.
General
topics
will
include:
supply
and
demand;
pricing
and
production
decisions
of
firms;
the
role
of
government
in
the
economy;
the
determination
of
national
income;
money
and
banking;
monetary
and
fiscal
policy;
and
government
finance.
Prerequisites:
As
stated
previously,
there
are
no
prerequisites.
Required
Text
and
Resources:
Mankiw,
N.
Gregory
(2009)
Principles
of
Economics,
Fifth
Edition.
Mason,
Ohio:
South-­‐Western
CENGAGE
Learning.
Students
should
also
have
access
to
a
computer
with
Microsoft
Office
(Excel
’97
or
later).

2. SYLLABUS
Economics
4346
(Survey
of
Economics)
Wayland
Baptist
University—Hawaii
Campus
Spring
Semester
2011
Mr.
Timothy
C.
Fawcett
2
Optional
Materials:
One
goal
of
this
course
is
to
encourage
critical,
economic
thinking.
As
such,
I
will
assign
additional
readings
and
direct
the
students
to
various
websites
for
further
exploration.
Learning
Objectives:
Upon
completion
of
this
course,
students
should
be
able
to:
1.
Define
scarcity,
opportunity
cost,
elasticity
of
demand
and
supply,
inflation,
unemployment,
and
gross
domestic
product.
2.
Identify
a
production
possibility
frontier
and
use
the
frontier
to
demonstrate
the
potential
for
growth
in
an
economy
and
to
illustrate
the
concept
of
opportunity
cost.
3.
Illustrate
the
process
by
which
supply
and
demand
for
a
product
converge
to
market
equilibrium.
4.
Analyze
price
ceilings,
price
floors
and
tax
burdens
using
the
supply
and
demand
model.
5.
Define
standard
business
organizational
forms,
stocks
and
bonds,
present
value
and
economic
profit.
6.
Demonstrate
with
graphs
and
verbal
analysis
the
essential
features
of
short-­‐run
and
long-­‐run
production
costs
for
firms.
7.
Apply
the
concepts
of
marginal
analysis
and
opportunity
costs
to
consumer
theory
and
to
the
profit-­‐maximizing
behavior
of
firms
in
both
competitive
and
monopolistic
markets,
and
compare
competition
to
monopoly
on
efficiency
grounds.
8.
Apply
the
model
of
aggregate
supply
and
aggregate
demand
to
make
predictions
about
inflation
and
real
gross
domestic
product.
9.
Understand
the
necessary
conditions
for
an
economy
to
experience
sustained,
long-­‐
term
growth.
10.
Explain
the
money
creation
process.
11.
Explain
the
mechanics
of
fiscal
and
monetary
policies,
and
evaluate
how
well
various
policies
promote
economic
growth
and
stability.
12.
Identify
Mankiw’s
Ten
Principles
of
Economics
and
be
able
to
apply
each.
Attendance/Classroom
Expectations:
Although
a
survey
format,
Econ
4346
is
a
demanding,
challenging
course.
Students
are
required
to
keep
up
with
the
textbook
and
strongly
encouraged
to
read
ahead.
Homework
will
be
assigned
every
Thursday.
As
such,
in
order
to
be
successful,
students
are
expected
to
physically
attend
every
class.
All
absences
should
be
pre-­‐coordinated,
if
at
all
possible.
Based
on
the
nature
of
the
absence,
we
will
mutually
determine
how
the
work
will
be
made
up.
In
general,
I
will
follow
the
attendance
criteria
as
set
forth
in
the
2010-­‐
2011
Catalog
(p.88).
We
are
all
adults
and
will
be
treated
with
the
appropriate
level
of
trust
and
decorum—in
accordance
with
the
University’s
Christian
principles.
However
it
is,
nonetheless,
important
to
state
the
following:

3. SYLLABUS
Economics
4346
(Survey
of
Economics)
Wayland
Baptist
University—Hawaii
Campus
Spring
Semester
2011
Mr.
Timothy
C.
Fawcett
3
• During
class
meetings,
all
cell
phones
will
be
set
to
vibrate.
If
you
receive
a
phone
call
(this
is
a
reality,
as
we
are
parents
and
hold
“day
jobs”),
please
quietly
go
and
take
the
call
outside
of
the
classroom.
• Absolutely
no
texting,
tweeting,
and/or
posting
Facebook
status
during
class.
• All
class
participants
will
be
treated
with
respect.
Everyone
is
encouraged
to
actively
participate
and
interact.
• Keep
“side
bar”
conversations
to
a
minimum.
It
should
be
noted
that
homework
is
critical
to
success
in
this
course.
Homework
will
be
assigned
weekly,
starting
with
the
first
class
on
25
April.
All
homework
is
due
to
my
email
(timothy.c.fawcett@gmail.com)
no
later
than
2359hrs
(11:59pm)
on
Sunday
night
(e.g.,
your
homework
assignment
for
25
April
will
be
due
on
1
May).
This
allows
me
to
assess
your
weekly
progress,
provide
feedback,
and
we
will
go
over
the
homework
in
class.
If
you
make
an
honest
attempt
to
complete
all
homework
,
you
will
receive
full
credit.
There
will
be
simple
algebra/geometry/math
involved
in
the
homework
and
coursework
in
general.
Not
to
worry.
I
will
make
every
effort
to
remediate
and
provide
additional
assistance.
Academic
Honesty:
Wayland
Baptist
University
expects
that
all
students
will
act
in
a
Christian
manner
that
reflects
personal
and
intellectual
honesty.
Students
should
review
the
2010-­‐2011
Catalog
(p.
88).
Disability
Statement:
In
compliance
with
the
Americans
with
Disabilities
Act
of
1990,
it
is
the
policy
of
Wayland
Baptist
University
that
no
otherwise
qualified
person
with
a
disability
be
excluded
from
participation
in,
be
denied
the
benefits
of,
or
be
subject
to
discrimination
under
any
educational
program
or
activity
in
the
university.
The
Coordinator
of
Counseling
Services
serves
as
the
coordinator
of
students
with
a
disability
and
should
be
contacted
concerning
accommodation
requests
at
(806)291-­‐3765.
Documentation
of
a
disability
must
accompany
any
request
for
accommodations.
Course
Requirements
and
Grading
Criteria:
Attendance
and
classroom
participation
10%
Homework
Assignments
60%
Final
Exam
(Cumulative)
30%

4. SYLLABUS
Economics
4346
(Survey
of
Economics)
Wayland
Baptist
University—Hawaii
Campus
Spring
Semester
2011
Mr.
Timothy
C.
Fawcett
4
Tentative
Schedule:
25
April
INTRODUCTION
Readings:
Mankiw
Chapters
1,
2,
4,
&
5.
Homework:
To
Be
Announced
In
Class
Due
date:
1
May
(2359)
2
May
Economics:
Foundations
and
Models;
Trade-­‐offs
and
the
Market
System;
Interaction
of
Demand
and
Supply;
Economic
Efficiency;
Elasticity.
Readings:
Mankiw
Chapters
6,
7,
8,
&
10.
Homework:
Reading
Handout
and
essay
question
Due
date:
8
May
(2359)
9
May
Price
Setting,
Taxes,
and
Government
Policies;
Consumers
and
Market
Efficiency
;
Externalities.
Readings:
Mankiw
Chapters
20
and
21
Homework:
To
Be
Announced
In
Class
16
May
Economic
Profit
versus
Accounting
Profit;
Income
Inequality
and
Poverty;
Consumer
Choice
(Indifference
Curves)
Readings:
Mankiw
Chapters
13,
14,
15,
16,
&
17
Homework:
To
Be
Announced
23
May
Costs
of
Production;
Competition;
Monopolies;
Oligopolies
Labor
Markets/Markets
for
factors
of
production;
National
Income;
Gross
Domestic
Product;
Production
and
Growth
Readings:
Mankiw
Chapters
18,
23,
24,
25,
26,
27,
&
28
Homework:
To
Be
Announced
6
June
Savings,
Investment,
and
the
Finance
System;
Basic
Tools
of
Finance;
Unemployment
Readings:
Mankiw
Chapters
29,
30,
and
33
Homework:
To
Be
Announced

5. SYLLABUS
Economics
4346
(Survey
of
Economics)
Wayland
Baptist
University—Hawaii
Campus
Spring
Semester
2011
Mr.
Timothy
C.
Fawcett
5
13
June
Monetary
System;
Money
Growth
and
Inflation;
Aggregate
Demand
International
Trade;
Globalization
Issues
Readings:
Mankiw
Chapters
3
(review),
31,
&
32
Homework:
None
Final
Exam
(Take-­‐Home)