Martin Tuchman School of Management

New Jersey Institute of Technology

ECON 201-451 Dr. Theologos Homer Bonitsis

DL Section Office: Central Ave Bldg./4024
Fall 2021 Office tel. no.: (973) 596–3263
Office hours: Online daily and
Friday: 8:00 a.m.-1:00 p.m. &
by Webex appointment daily.
E-mail: [email protected]
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Course Objective
This course is a survey of the fundamental principles of economics. It commences with an analysis of the
methodology of economic inquiry. The course is divided into two major parts: microeconomics, the theory
of how prices are determined under various market structures; and macroeconomics, the theory of national
income determination. Some of the topics studied under microeconomics are market demand and supply,
price elasticity of demand, the theory of cost, perfect competition, monopoly, monopolistic competition and
oligopoly. Some topics covered under macroeconomics are gross domestic product, the business cycle,
inflation, aggregate demand and supply, the monetary system, and monetary and fiscal policy. The course
ends with a discussion of international trade and finance.

Course Outcomes
A student that successfully completes this course will have a panoramic understanding of the basic tenets of
economics; a student should be able to apply basic economic theory to evaluate real-world issues.

Distance Learning
This is a distance learning (DL) course. This means that the course is taught using extensive online
didactical technologies, so one must feel very comfortable using virtual interfaces. DL requires a
student to take the initiative to do independent studying: it is not for everyone. Are you prepared to take
a DL course? If one does not feel comfortable with DL modalities, then one should consider taking this
course in a traditional classroom setting. You are required to have reviewed and studied the assigned
reading material each week. The anticipated reading assignments are listed on the next page: the pace
of the course may differ, so do not feel overwhelmed by the reading list. All exams are online using
remote webcam monitoring with ProctorU: if you cannot do this, then you should not take this course.
You may learn about this mode of testing by clicking on to the hyperlink ProctorU. The exams are
closed book exams: the only source of information you may use during an exam is your intellect.

Required Background for Economics

A student should be competent in basic algebra: one should be able to construct and read graphs and
know the algebra of linear relationships. Appendix 1, Using Graphs and Formulas, in the textbook
should provide sufficient review of this topic.

Text and Other Material

Essentials of Economics, with MyEconLab, seventh edition, by R. Glenn Hubbard and Anthony Patrick
O’Brien, Pearson Prentice-Hall, Inc., 2021. The ISBN for the electronic package is 9780135955987.
This bundles a copy of the e-book and the course’s online virtual classroom, MyEconLab. A color
loose-leaf textbook may be purchased for a nominal amount through MyEconLab. Please review the
welcome letter sent prior to the start of the semester for further details on the required course material.

There is extensive course content, lecture notes, PowerPoint slides and other supplemental material, on
the homepage for this course on MyEconLab; it is each student’s responsibility to timely review this
material. Homework assignments are posted on MyEconLab, they must be done by their due dates.
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© 2021 THB
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Topic
Week Chapter

Introduction to Economic Methodology

I Economics: Foundations and Models ch. 1

Using Graphs and Formulas ch. 1A
Trade-offs, Comparative Advantage and the Market System ch. 2

Microeconomics

II Where Prices Come From: The Interaction of Demand and Supply ch. 3
III Market Efficiency and Market Failure ch. 4
The Economics of Healthcare ch. 5
IV Firms, the Stock Market, and Corporate Governance ch. 6
Consumer Choice and Elasticity ch. 7
V Technology, Production, and Cost ch. 8
VI Firms in Perfectly Competitive Markets ch. 9
VII Monopoly and Antitrust Policy ch. 10
Monopolistic Competition and Oligopoly/Exam I ch. 11

Macroeconomics

VIII GDP: Measuring Total Production and Income ch. 12

IX Unemployment and Inflation ch. 13
X Economic Growth, the Financial System, and Business Cycles ch. 14
XI Aggregate Demand and Aggregate Supply Analysis ch. 15
Macroeconomic Schools of Thought ch. 15A

Monetary and Fiscal Policy

XII Money, Banks, and the Federal Reserve System ch. 16

XIII Monetary Policy ch. 17
XIV Fiscal Policy ch. 18
The International Economy

XV Comparative Advantage, International Trade, and Exchange Rates ch. 19

Exam II
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A student's academic responsibilities and grade for this course are as follows:
 All students are to abide by the University Code on Academic Integrity, please review it now
here. Students who plagiarize and/or cheat will be sent to the Dean of Students for pertinent action.
 Semester grade: Exam I, 40%; Exam II, 40%; Homework, 20%.
 Exams are online using remote webcam monitoring with ProctorU.
 Exams are closed-book open-mind exams; you may only use your intellect during an exam.
 Exam questions may have the following form: multiple choice, true/false, definitions, or problems.
 Exams will test your theoretical and applied knowledge of economics, simple memorization of the
course material will not help one to perform well.
 There will be no make-up exams or homework assignments; it is the responsibility of each student to
timely do one’s work.
 All assignments are to be done on time by each student individually, there are no time extensions.
 It is advisable for students to network, so that they may discuss course content.
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