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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 ml 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.