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Introduction to Economics II Economics 202 – Microeconomics University of Missouri-Kansas City

Introduction to Economics II Economics 202 – Microeconomics University of Missouri-Kansas City. Course Outline Economics 202 – Introduction to Economics II Instructor: James I. Sturgeon Office: Haag Hall 211 Phone: 816-235-2837 E-mail: sturgeonj@umkc.edu

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Introduction to Economics II Economics 202 – Microeconomics University of Missouri-Kansas City

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  1. Introduction to Economics II Economics 202 – Microeconomics University of Missouri-Kansas City

  2. Course OutlineEconomics 202 – Introduction to Economics II • Instructor: James I. Sturgeon Office: Haag Hall 211 • Phone: 816-235-2837 E-mail: sturgeonj@umkc.edu • Texts: David C. Colander Microeconomics • Supplement: Study Guide • Topic Schedule • Section 1 – Introduction, History and Concepts – Lectures 1 – 12, Chapters 1 - 6 • Introduction - Scope and Method of Economics – • Economic History • History of Economics • Economic Reasoning and Economic Reality – • Alternative Approaches • The Structure of the U.S Economy: Private, Public and Global • Quiz 1 -- After Lecture 8, Covers Lectures 1 - 8 and Chapters 1 - 3 • Demand, Supply, and Market Equilibrium • The Price System, Resource Allocation, and Elasticity • Fallacies and Myths: Beyond the Tools • Test 1 -- After Lecture 12, Covers Lectures 1 - 12 and Chapters 1 – 6 Section 2 Lectures 13 – 36, Chapters 8 – 17 Consumer Choice and Household Behavior Producer Decision Making – Costs and Output Short-Run Costs and Output Decisions Costs and Output Decisions in the Long-Run Quiz 2 -- After Lecture 20, Covers Lectures 13 - 20 and Chapters 8 - 9

  3. Product Markets - Market Types, Structure and Theory • Perfect Competition • Monopoly • Test 2 -- After Lecture 24, Covers Lectures 13 - 24 and Chapters 8 - 12 • Monopolistic Competition • Oligopoly • Competition, Technology and Reality • Quiz 3 -- After Lecture 32, Covers Lectures 25 - 32 and Chapters 13 – 14 • Antitrust and Regulation • Section 3 Lectures 33 – 40, Chapters 7, 16 - 21 • Factor Markets and Technology and Reality • Inputs: Land, Labor and Capital • Income Distribution • Unions • Test 3 -- After Lecture 36, Covers Lectures 25 - 36 and Chapters 13 – 17 • Issues and Policies • Externalities and Public Goods • Public Finance • Agriculture • International and Global • Final Examination Cover all Lectures and all Chapters

  4. Tests, Quizzes & Grading

  5. Course Outline Name: James I. Sturgeon Office: Haag Hall 211 Phone: 816-235-2837 E-mail: sturgeonj@umkc.edu

  6. Texts DavidC. Colander Microeconomics Supplemental Textbook: Study Guide

  7. Course Outline • Section 1 – Introduction, History and Concepts – Lectures 1 – 12, Chapters 1 – 6 • Introduction - Scope and Method of Economics • Economic History • History of Economics • Alternative Approaches • The Structure of the U.S Economy: Private, Public and Global • Quiz 1 – Covers Lectures 1 - 8 and Chapters 1 – 3 • Demand, Supply, and Market Equilibrium • The Price System, Resource Allocation, and Elasticity • Fallacies and Myths: Beyond the Tools • Test 1 – Covers Lectures 1 - 12 and Chapters 1 – 6

  8. Section 2 -- Lectures 13 – 36, Chapters 8 – 17 • Consumer Choice and Household Behavior • Producer Decision Making – Costs and Output • Short-Run Costs and Output Decisions • Costs and Output Decisions in the Long-Run • Quiz 2 – Covers Lectures 13 - 20 and Chapters 8 – 9 • Product Markets - Market Types, Structure and Theory • Perfect Competition • Monopoly • Test 2 – Covers Lectures 13 - 24 and Chapters 8 - 12

  9. Monopolistic Competition • Oligopoly • Competition, Technology and Reality • Quiz 3 – Covers Lectures 25 - 32 and Chapters 13 – 14 • Antitrust and Regulation • Section 3 Lectures 33 – 40, Chapters 7, 16 - 21 • Factor Markets and Technology and Reality • Inputs: Land, Labor and Capital • Unions • Income Distribution • Test 3 – Covers Lectures 25 - 36 and Chapters 13 - 17

  10. Issues and Policies • Externalities and Public Goods • Public Finance • Agriculture • International and Global • Final Examination Cover all Lectures and all Chapters

  11. That’s all there is to it Folks So Let’s get Started

  12. Introduction • Nature, Scope and Purpose of Economics • Definitions of Economics • Standard -- sometimes called orthodox • The study of the allocation of scarce resources among alternative uses • Institutional -- sometimes called heterodox or Social Economics • The study of how we make a living • Colander Text – • The study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of society.

  13. Economic History • Neolithic Period -- (12-13K years ago) • Settled Life -- Civilization -- Mesopotamia • First Agricultural Revolution • Wheat and Water • Accumulation • Tools

  14. Emmer --Bread Wheat Goat Grass Contemporary Bread Wheat Wheat

  15. Water • The Fertile Crescent • Mesopotamia • Iraq • Turkey • Syria • The Tigris & Euphrates Rivers

  16. Accumulation – Economic Surplus How is it used?

  17. Alternative Uses? They could have done something else

  18. Temple – City of Ur City of Ur – Gold Bull Sumer Temple

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