Download introductory economics

Economics 101-A
Fall 2016-17
Clark G. Ross
Chambers 3170
INTRODUCTORY ECONOMICS
Why do women, on average, earn less than men for an hour of work in the same
profession? Why do two bedroom apartments in Chicago cost less than two bedroom
apartments in New York? Is free trade really good for the United States? What causes
our economy to grow, and how quickly can we expect it to grow in the future? What is
the Federal Reserve and what policy actions can it undertake? These are examples of the
types of questions you will confront in Economics 101: Introductory Economics.
As a gateway course, Economics 101 provides students with the foundation required to
pursue an economics major. However, just as importantly, Economics 101 is designed
for the student who simply wants to get a taste of what economics is all about. So, while
the course introduces students to the core models that are needed for upper level
economics courses, it does so with an eye towards grounding economic theory in real
world examples. Covering both microeconomics (the behavior of consumers and firms)
and macroeconomics (the performance of the economy as a whole), Economics 101
introduces to students to the concept of economic efficiency while also paying attention to
issues of equity.
Class Hours:
Section A: Monday, Wednesday, Friday 9:30-10:20; Chambers 2234
Text:
Margaret Ray and David Anderson, Krugman’s Economics for AP, 2nd Edition,
BFW/Worth Publishers, 2015.
Office Hours:
Monday and Wednesday: 2:00-3:00 p.m., and Tuesday and Thursday 9:30-10:30 a.m.
Other times by appointment (Call me at, x2205 to make an appointment. Or, feel free
to e-mail me at [email protected] )
More Help:
The Economics Center (Sunday to Thursday: 8-11 p.m.). CTL at Little Library
[Good help, without dollar charge, from economics majors and minors.]
COURSE OUTLINE
Week 1: August 22, 24, 26:
Topic(s):
Scarcity, Choice, Economic Systems; Market Analysis
Text:
Modules 1 and 3. Modules 5 and 6.
Week 2: August 29, 31, September 2:
Topic(s):
Market Analysis (cont.); Elasticity
Text:
Modules 5-9; (Elasticity-Modules 46-50).
Quiz No. 1: Friday, September 2
Week 3: September 5, 7, 9:
Topic(s):
Consumer Choice
Text:
Module 51 and Enrichment Module D (end of the book)
Week 4: September 12, 14, 16:
Topic(s):
Costs and Profit Maximization
Text:
Modules 52-56.
Test No. 1: Friday, September 16
Week 5: September 19, 21, 23:
Topic(s):
Pure [Perfect] Competition
Text:
Modules 57-60.
Week 6: September 26, 28, 30:
Topic(s):
Perfect Competition (continued) and Imperfect Competition
Text:
Modules 61-68.
Week 7: October 3, 5, 7:
Topic(s):
Labor; Capital; Income Inequality
Text:
Modules 69-73, 78.
Problem Set #1: Monday, October 3
Special Discussion Day #1: Inequality and Poverty
Week 8: October 12, 14:
Topic(s):
Economic Efficiency and the Roles of Government
Text:
Modules 74-77.
Week 9: October 17, 19, 21:
Topic(s):
Comparative Advantage and Trade
Text:
Module 4
Test #2: Friday, October 21
Special Discussion Day #2: Winners and Losers from International Trade
Week 10: October 24, 26, 28:
Topic(s):
Introduction to Macroeconomics and Basic Concepts
Text:
Modules 2, and 10-15.
Week 11: October 31, November 2, 4:
Topic(s):
Long-run Classical Model; Economic Growth; Short-run
Fluctuations; The Keynesian [Short-run] Model
Text:
Modules 16-21.
Problem Set #2: Friday, November
Week 12: November 7, 9, 11:
Topic(s):
The Keynesian [Short-run] Model (cont.) and Fiscal Policy
Text:
Modules 16-21.
Special Discussion Day #3: The Problem of Unemployment and
Underemployment
Week 13: November 14, 16, 18, 21:
Topic(s):
Money, Banking System, and Monetary Policy
Text:
Modules 22-29.
Test No. #3: Friday, November 18
Weeks 14/15/16: November 28, 30, December 2, 5, 7:
Topic(s):
Stabilization Policy (cont.); Open-economy Macroeconomics,
Exchange Rates
Text:
Modules 37-45.
Problem Set# 3: Monday, December 5
LEARNING OUTCOMES
Following the completion of this course student will be able to:
1. Apply the “economic way of thinking” in decision making and in evaluating
trade-offs.
2. Construct and manipulate basic economic models.
3. Interpret critical microeconomic and macroeconomic concepts – demand and
supply in the competitive output market; and aggregate demand and aggregate
supply in the macro economy, and to apply basic economic policy tools in these
contexts.
4. Distinguish between positive and normative economic concepts and arguments.
5. Explain the connections between the domestic and international economies,
with particular application to international trade and international finance or
exchange rates.
EVALUATION
Problem Sets 15%; Quiz 5%; Tests 55%; Final Exam 25%
Quiz 1 (5%)
Test 1 (15%)
Problem Set 1 (5%)
Test 2 (20%)
Problem Set 2 (5%)
Test 3 (20%)
Problem Set 3 (5%)
Final Exam (25%)
Friday, September 2
Friday, September 16
Monday, October 3
Friday, October 21
Friday, November 4
Friday, November 18
Monday, December 5
Self-scheduled, Exam Period
Final Exam (30%): Self-scheduled, Exam Period
ADVICE FOR SUCCEEDING IN THE STUDY OF ECONOMICS
1. Attending each class lecture is very important.
2. Try to take comprehensive notes. After the class, review them, even rewrite them.
Please visit me in the office if anything is unclear in your notes.
3. Try to stay current with the material. Earlier material builds a foundation for later
concepts, and catching up in economics can be difficult. Shorter, regular periods
of study will be more helpful than longer, infrequent study periods.
4. Try to take practice quizzes and tests under simulated “in-class” conditions. Set a
time limit and do not consult your notes on the first attempt. Then, after taking the
practice exercise, consult your notes to address questions that proved difficult for
you. Finally, see me and/or the student tutors at the Economics Center to address
lingering doubts or uncertainties.
5. Go to:
http://apcentral.collegeboard.com/apc/members/exam/exam_information/2084.ht
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for excellent practice questions for microeconomics and macroeconomics. Click
on sample questions and scoring to look at free response questions. The above
link is for microeconomics. You can find a similar one for macroeconomics, as
these are two courses with separate web pages. [See: Sample questions and
scoring for each, micro and macro.] Correct answers are also there, in a separate
file.
6. Above all, if you have questions or concerns relating to the material or to the
course, itself, please come visit me in the office.