Principles of Microeconomics ECN122.910
REQUIRED Application Assignment : Learning Objectives Journal (LO Journal)
Objective: Among the course objectives for this class is for the student to be able view the world from an economic perspective: to explain, use and interpret basic economic terminology and concepts and relate them to their own lives, career, area of study, everyday decisions, and political decisions. To facilitate the accomplishment of this objective the following comprehensive application project is assigned. It is designed as a comprehensive project covering all course content. This project applies critical thinking and writing skills and gives the student the opportunity to think and learn about economics and to apply the knowledge learned to their own lives, current events or social policy issues.
Expectations and evaluation: The focus is on correct and comprehensive application of course concepts. READ carefully and follow all directions. Use of college level writing/grammar/spelling is expected. Work should be clear and substantive. It should show your understanding and use of the economic concepts. The more you elaborate and show your understanding and ability to apply the concept the better your grade. This assignment is NOT about just repeating definitions! Complete explanations and use of graphs are ways to enhance your response. The better you are able to convey this understanding, the better your grade. Creativity is welcomed. Always keep a copy of work submitted. Citations are expected as appropriate. Plagiarism is not accepted and if found the paper will receive a grade of 0. This includes copying other students’ work. Review the WCC plagiarism statement found through the WCC homepage, under CTLT on the Teaching and Learning page under Academic Integrity. The format for you submission is up to you (word doc, power point, excel, video or some combination). ANY questions on any aspects of this assignment, please ask.
What to do: This is a comprehensive reflection of the noted chapters in terms of what you learned. The idea is to view your life and the world around you from an economic perspective. To do so use the Learning Objectives (LO’s) listed at the beginning of each chapter and apply them to the world around you. Do so by evaluating selected individual, business, political or group decisions, actions, or news events through the lens of an economist using the terms and concepts learned in this class in the explanation/application of the LO to that event, example, or decision. ( Example: shopping for a new pair of jeans can bring in the concept of consumer choice theory, market structure of monopolistic competition, brand names, advertising, demand, supply, price to name a few!) So be creative in your presentation and journal your decisions, activities, or news events by connecting them to and explaining them with as many economic terms and concepts as possible from this course. Make it unique and personal focusing on your interests. The best grades will represent a comprehensive use of course material, correctly applied to the list of learning objectives for each chapter. The LO’s (learning objectives) are listed at the beginning of each chapter and at the end in the “What you Should Know” section. Also in the “What you Should Know” section are the relevant terms for each chapter. These may be accessed in the hardcopy text or the e-text. Have fun with it and be creative and show me how much you have learned and can apply!
Your submission must include: 1. Introductory statement of your expectations and any concerns of this course before you started and why you took it. 2. The presentation format of your “Learning Objectives Journal” is your choice to best reflect your learning (word doc, power point, excel, graphs, video). It may be a diary, daily journal, story, play, current event review, or just entries and application examples for each LO covered. Multiple LO’s may be covered in the same example, entry, story, etc. 3. Concluding paragraph on your impressions of economics as compared to your introductory paragraph with statements including suggestions to potential students on how to succeed in the course, the aspects that most and least facilitated your learning, the best part and worst part of the course and the one most significant or impressionable economic concept that you will walk away with and remember most from the course 4. Header with your name, course name and number, date. Also name and page number on each page. 5. Economic terms/concepts used must be highlighted or bolded.
Spring 17 Page 2 of 3
6. Most importantly: Each LO applied must be clearly labeled (chapter # and LO) For example, a journal entry should include a header or title line with the chapter number and learning objective being applied followed by your application of that learning objective. Or an explanation should be followed by the chapter and LO citation.) You are to select and apply at least THREE of the LEARNING OBJECTIVES listed for EACH CHAPTER excluding any of the appendices. Only those clearly labeled will be counted. See the end of this document for a sample.
A general rubric: Remember this will account for a significant portion of your course grade as stated in the syllabus, thus the content, coverage and substance should be proportional. You will be graded on the correctness and depth of your applications, comprehensiveness of course chapters, extensiveness of terms used, and concepts covered. Submissions have included papers or power point presentations or with narratives and accompanying tables. The weight of each category, adding up to 100%, is noted below.
Exceptional Grade 90-100%
Great Grade 80-89%
Very good Grade 70-79%
Needs improvement Grade 60-69%
Does not meet expectations Grade Less than 60%
FOLLOWING DIRECTIONS All directions followed; includes intro, content, and conclusion. . LO headings provided. Economic terms/concepts highlighted or bolded 10% weight 9-10 points
Some directions not followed but includes: intro, content, conclusion; LO headings and Economic terms/concepts are highlighted or bolded.
Some directions not followed. Intro or conclusion are missing. But includes LO headings and highlighted or bolded economic terms/concepts 7 points
Some directions not followed; one part missing of intro or conclusion; LO headings are not provided or economic terms/concepts not highlighted or bolded. 6 points
More than one part is missing (intro, content, conclusion); LO headings are not provided; economic terms/concepts are not highlighted or bolded.
5 or less points
CONTENT AND ANALYSIS Very clearly written; correctly applied concepts show an excellent & comprehensive understanding and use of the chapters’ LO’s and terminology; shows ability to relate concept to new situation; shows creativity & insights into the material; substantive, relevant content fully developed & explained with examples. A guide would be specifically and directly applying 61-68 (nonduplicate) LO’s
Clearly written; correctly applied concepts; shows a very good understanding; ability to relate concept to new situation; develops and explains examples with substantive and relevant content.
A guide would be that you specifically and directly applied at least 54 (nonduplicate) LO’s with at least 3 per chapter from all the17 chapters covered in the course; substantial use of chapter terms: roughly 75% of the terms listed in the “What you Should Know section” at the end of each chapter. 52-58 points
Most concepts interpreted and applied correctly but contains some incorrect interpretations or misapplications of concepts but shows a general understanding and use of concepts and terms; lacks in some development, explanation or relevance.
A guide would be that you specifically and directly applied at least 48 (non-duplicate) LO’s for at least 14 of the17 chapters covered in the course; used at least 65% of the terms listed in the “What you Should Know section” at the end of each chapter. 45.5-51 points
Many incorrect interpretations or misapplications of concepts; shows a vague understanding and use of concepts and terms; general lack of development and explanation or lacking significantly in substance or relevance.
A guide would be that you specifically and directly applied less than 41 (non-duplicate) LO’s across 14-17 chapters; or more LO’s but used only 13 or fewer chapters covered in the course; used less than 65% of the terms listed in the “What you Should Know section” at the end of each chapter. 39-45 points
Numerous incorrect interpretations or misapplications; Shows lack of understanding and ability to define or apply concepts; responses are unclear and confusing; substantial overall lack of development, substance, relevance and explanations.
A guide would be that you specifically and directly applied less than 34 (nonduplicate) LO’s; or applied more but for 9 or less of the the17 text chapters covered in the course; used 50% or fewer of the terms listed in the “What you Should Know section” at the end of each chapter. 38 or fewer points
Spring 17 Page 3 of 3
from all 17 chapters covered in the course with at least 3 LO’s per chapter and extensive use of terms in each chapter: roughly 85% or more of the terms listed in the “What you Should Know section” at the end of each chapter. 65% weight 58.5-65 points
VISUALS Includes 2 or more originally created economic graphs and 1 or more originally created chart or table correctly done & integrated into the narrative to enhance explanations 15% weight
Includes one originally created economic graph and one originally created table or chart correctly done and integrated into the narrative to enhance explanations
Includes one of either an economic graph, table, or chart (original or a referenced copy) correctly done and integrated into the narrative to enhance explanations 10-11.5 points
Includes one of either an economic graph, table, or chart (original or a referenced copy) but incorrectly done or not integrated into the narrative 7.5-9.5 points
No graphs, tables or charts included.
GRAMMAR Few, if any, grammatical or spelling errors 10% weight 9-10 points
Some grammatical or spelling errors but does not impact the understanding of the submission 8 points
Some grammatical or spelling errors with some impact on the understanding of the submission 7 points
Many grammatical and spelling errors impacting the clarity of the submission 6 points
Numerous grammatical and spelling errors significantly impacting the clarity of the submission 5 or less points
SAMPLE Student submission: “Chapter 1, Explain why economics is a science (LO 1.4) Economics is a science as it presents a phenomenal opportunity to gain a better understanding of an answer, or the effect of the increase to the cost of product would be. The science of economics presents you the opportunity to create a model or a representation of the real world to better understand. To apply the science to the decision we were considering we needed to represent the scenario in order to understand, and predict the effect the change would have. We did so by doing what may be considered a split test, during a period of time we presented the increase cost of the product to half of our retailers, and half received the old price. This model was able to support our prediction that the changes made to the cost of the product would not only increase revenue, but also increase sales due to the positioning of the increase of cost and value of the product.
To further reinforce our decision we were able to present our approach using positive analysis by describing our analysis that if we the increased the cost of our goods, then more retailers would buy due to the increase value of our product. However if we wanted to express our take on a change we could apply was a normative analysis where we shared our personal judgment on the change we were evaluating. (Chapter 1, Distinguish between positive and normative economics–LO 1.5)”
- Among other benefits, we guarantee:
Essays written from scratch – 100% original,
Competitive prices and excellent quality,
24/7 customer support,
Priority on customer’s privacy,
Unlimited free revisions upon request, and
Plagiarism free work.
Providing Quality University Papers , written from scratch,
delivered on time, at affordable rates!