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

2. 2 Course Outline Economics 202 – Introduction to Economics II Instructor: James I. SturgeonOffice: Haag Hall 211 Phone: 816-235-2837 E-mail: sturgeonj@umkc.edusturgeonj@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. 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. 4 Tests, Quizzes & Grading ActivityPoint Value Quiz 110 Test 150 Quiz 215 Test 250 Quiz 315 Test 350 Final100 Existence10 Total300 Grading Scale A280 A-270 B+260 B250 B-240 C+230 C220 C-210 D+200 D180 D-160

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

6. 6 David C. Colander Microeconomics Supplemental Textbook: Study Guide Texts

7. 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. 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. 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. 10 Issues and Policies Externalities and Public Goods Public Finance Agriculture International and Global Final Examination Cover all Lectures and all Chapters

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

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

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

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

16. 16

17. 17 Accumulation – Economic Surplus How is it used?

18. 18 Alternative Uses? They could have done something else

19. 19 City of Ur – Gold Bull Temple – City of Ur Sumer Temple

20. 20