1. MICROECONOMICS BU224 SeminarOne

2. Agenda Course Issues and Questions Course Issues and Questions Review of Chapter One concepts Review of Chapter One concepts Unit One Assignments Unit One Assignments

3. Course Requirements: What you need to do:

4. Course Requirements Discussions Discussions Written Assignments Written Assignments Seminars Seminars Research Paper Research Paper Final Exam Final Exam

5. Quality (40%) of your post will be measured on the following criteria:  All assigned discussion questions were answered completely  Posts were on topic and unique in content  All posts demonstrated analysis of the topic Score No quality criteria were met. (0 points) One criterion was met. (8 points) Two criteria were met. (24 points) Criteria were fully met. (40 points) ­­­­ ____ pts Participation Guidelines (30%) will be measured on the following criteria:  Initial post no later than Saturday, midnight EST  Posts made to each discussion question on at least 3 different days  The original post to be no less than 100 words No participation criteria met. (0 points) One criterion was met. (6 points) Two criteria were met. (18 points) Criteria were fully met. (30 points) ____ pts

6. Clarity and Organization of Writing (20%) of your post will be measured on the following criteria:  Posts were organized and logical  No spelling or grammatical errors  References were used and cited properly Criteria were not met at all. (0 points) One criterion was met. (4 points) Two criteria were met. (12 points) Criteria were fully met. (20 points) ____ pts Professional & Netiquette (10%) in your post will be measured on the following criteria:  Respect and consideration toward peers/instructors  Appropriate language  Professional use of abbreviations and acronyms Criteria were not met at all. (0 points) One criterion was met. (2 points) Two criteria were met. (6 points) Criteria were fully met. (10 points) ____ pts

7. Project Grading Criteria Grade Content, Focus, Use of Text/Research Analysis and Critical Thinking Writing Style, Grammar, APA Format (when assigned) %50%30%20% 90-100% Response successfully answers the assignment question(s); thoroughly uses the text and other literature. Response exhibits strong higher-order critical thinking and analysis (e.g., evaluation). Sentences are clear, concise, and direct; tone is appropriate. Grammatical skills are strong with almost no errors per page. Correct use of APA format when assigned. 80-89% Response answers the assignment question(s) with only minor digressions; sufficiently uses the text and other literature. Response generally exhibits higher-order critical thinking and analysis (e.g. true analysis). Sentences are generally clear, concise, and direct; tone is appropriate. Grammatical skills are competent with very few errors per page. Correct use of APA format when assigned. 70-79% Response answers the project assignment(s) with some digression; sufficiently uses the text and other literature. Response exhibits limited higher-order critical thinking and analysis (e.g. application of information). Sentences are occasionally wordy or ambiguous; tone is too informal. Grammatical skills are adequate with few errors per page. Adequate use of APA format when assigned. 60-69% Response answers the assignment question(s) but digresses significantly; insufficiently uses the text and other literature. Response exhibits simplistic or reductive thinking and analysis but does demonstrate comprehension. Sentences are generally wordy and/or ambiguous; tone is too informal. Grammatical skills are inadequate, clarity and meaning are impaired, numerous errors per page. Inadequate use of APA format when assigned. 0-59% Response insufficiently answers the assignment question(s); insufficiently uses the text and other literature. Response exhibits simplistic or reductive thinking and analysis and demonstrates limited knowledge on the subject matter. Sentences unclear enough to impair meaning; tone is inappropriate and/or inconsistent. Grammatical skills are inadequate for college level. Unacceptable use of APA format when assigned.

9. 9 What is the economic problem? Providing for people’s wants and needs in a world of scarcity

10. 10 What is meant by scarcity? The condition in which wants are forever greater than the available supply of time, goods, and resources

11. 11 What does scarcity force us to do? It forces us to make choices

12. 12 What are resources? The basic categories of inputs used to produce goods and services

13. 13 What is economics? The study of how society chooses to allocate its scarce resources in order to satisfy unlimited wants and needs

14. 14 What is macroeconomics? The branch of economics that studies decision- making for the economy as a whole

15. 15 What is microeconomics? The branch of economics that studies decision- making by a single individual, household, firm, industry, or government

16. What are two key concepts in this chapter? Opportunity costs Opportunity costs Marginal analysis Marginal analysis

17. What is opportunity cost? The best alternative sacrificed for a chosen alternative

18. What opportunity cost am I experiencing now?

19. Can opportunity cost be something other than money? Yes, that most desired activity that you are presently giving up is considered an opportunity cost Yes, that most desired activity that you are presently giving up is considered an opportunity cost

20. Scarcity Choice Opportunity Cost

21. What is marginal analysis? An examination of the effects of additions to or subtractions from a current situation

22. Marginal Analysis: Comparing Benefits and Costs: 1.Most decisions concern a change in current conditions; therefore the economic perspective is largely focused on marginal analysis. 2.Each option considered weighs the marginal benefit against the marginal cost. 3.Whether the decision is personal or one made by business or government, the principle is the same. 4.The marginal cost of an action should not exceed its marginal benefits. 5.Opportunity cost is the value of the next best thing forgone. 6.Opportunity costs are always present whenever a decision is made.

23. Specialization 1. Division of labor allows workers to specialize. a. People can take advantage of differences in abilities and skills. b. People with identical skills may still benefit from specialization and improving certain skills. (Learning by doing) c. Specialization saves time involved in shifting from one task to another. Compare this to being self-sufficient... 2. Gains through trade – if you specialize you must trade.

24. Questions form the Text 4. Use the concept of opportunity cost to explain the following. a. More people choose to get graduate degrees when the job market is poor. b. More people choose to do their own home repairs when the economy is slow. c. There are more parks in suburban areas than in urban areas. d. Convenience stores, which have higher prices than supermarkets, cater to busy people. e. Fewer students enroll in classes that meet before 10:00 A.M.

25. Questions form the Text 6. This morning you made the following individual choices: you bought a bagel and coffee at the local café, you drove to school in your car during rush hour, and you typed your roommate’s term paper because you are a fast typist—in return for which she will do your laundry for a month. In each of these actions, describe how your individual choices interacted with the individual choices made by others. Were other people left better off or worse off by your choices in each case?

26. Microeconomics Homework #1: Homework #1: For this assignment you will write a one-to-two page paper about your specific chosen topic. Discuss at least four points that are important considerations for the topic you chose and include 2 or 3 sentences discussing why each point is important to consider as a business professional. Be sure to include: Title Page Introduction 4 points about the specific Business Etiquette topic Summary Reference page

27. Microeconomics Topics – Homework One Assignment Cubical space Cubical space Dress Dress Embarrassing Embarrassing New associates New associates Job relationships Job relationships Phone Calls Phone Calls Sharing space Sharing space Office Donations Office Donations Formal letter or Personal Note Formal letter or Personal Note Business dining Business dining Office Décor Office Décor

28. Microeconomics – Research Paper 1. Evaluating Legal Prices: Collect information regarding the minimum wage. 2. Evaluating Antitrust Legislation: Collect information regarding antitrust legislation. 3. Evaluating Market Failures: Collect information regarding the Health Care Crisis. 4. Evaluating Environmental Regulation: Collect information regarding recycling programs. 5. Evaluating Externalities: Collect information regarding subsidizing education. 6. Applying Cost / Benefit analysis: Collect information regarding Global Warming.

29. Microeconomics – Research Paper Select one topic. This will be the subject you will research over the course of the quarter. You will submit an outline of your paper in Unit 4 and a draft in Unit 6. The final version of your paper will be due in Unit 8 and should be between 2 and 3 pages double-spaced (between 600 and 900 words) in APA format. The Grading Rubric can be found in the Syllabus in the Course Home. In Word, write a small paragraph (approximately 100-150 words) indicating the topic you selected as well as the reason for your choice. Submit the assignment in the dropbox.

30. Microeconomics Questions?