Econ 101 Principles of EconomicsSpring 2015
MWF 3:10 –4:00
Baxter 202
Professor Joyce Burnette
Office: Baxter 129
Office Hours: You are welcome to stop by anytime.
Office Phone: 361-6073
e-mail:
The purpose of this class is to introduce you to the basic theories of economic analysis. Knowledge of these basic economic theories will:
1. Help you to understand the world around you. Prices affect everyone; in this course you will learn why they change. After taking this class, you will be better able to understand what you read in the newspaper.
2. Make you a better citizen. You will be able to developed informed opinions about important public policy questions.
3. Improve your reasoning skills. Economics is great practice in logical analysis.
4. To develop basic skills in using Excel and quantitative reasoning.
To convince you that the economic theory we are learning is relevant to “real life” I will make an effort to apply what we are learning to current policy issues. There are five scheduled “issues days” that will be devoted to class discussion of an economic policy issue. Each student will write a paper connected to one of the five topics. Students who wrote their paper on that topic will serve as a panel of experts for the discussion.
Expectations
As a student, you are expected to
1. Attend class. You will not be able to learn everything you need to know by reading the book. I do not take attendance, but I do give pop quizzes. While you are in class, pay attention and take notes. Do not use your computer, ipad, or phone during class. Why? Because you are hurting not only yourself but also your classmates. The evidence suggests that you will learn less and your fellow students will learn less if you are surfing the web.[1]
2. Do the assigned homework. You cannot do well in economics by cramming the night before the test. The only way to learn the material is to do problems. However, if you keep up with the material and understand the homework, you will be well prepared for the tests.
3. Read the book. In response to evidence of students not reading the book, I have instituted weekly on-line quizzes over the readings.
4. Ask questions if you don’t understand something (preferably before the test).
5. Take the tests as scheduled. Yes, that includes the final exam.
Skills you will need: Basic algebra – solving equations and graphing a line.
Note that the Quantitative Skills Center offers peer tutoring in economics. Tutoring is generally two evenings a week in Goodrich 101.
Textbook
N. Gregory Mankiw, Essentials of Economics, 4th or 5th edition
We are using an old edition of this book because they are (much!) cheaper. This means that you cannot buy the book in the bookstore. However, they are easily available on-line.
Evaluation and Assignments
Your grade will be based on the following:
3 Tests15% each
Homework10%
Quizzes10%
Essay10%
Comprehensive Final 25%
Homework:
There will be twelve homework assignments. The homework will teach you how to do the problems so that you can do well on the tests. Answers to homework problems will be posted on Canvas after the assignment is due. You are encouraged to work with your fellow students, but do not simply copy a friend’s homework. Late homework will be accepted, but will receive only half credit. If you have a dean’s excuse for the day the homework is due that doesn’t change the due date of the homework; you still need to turn in the homework on time. No late homework will be accepted after the last day of class.
Excel Skills:
The economics department works on data analysis and Excel skills throughout its curriculum. In this class we will work on the most basic skills: downloading data, calculating formulas in Excel, and drawing graphs. We will have one lab day to introduce you to Excel, and the second homework will follow up on those skills. Subsequent homeworks may require Excel work.
Quizzes:
There will be two types of quizzes, on-line and in-class. Quizzes are an important part of learning. Scientists who have studied learning suggest that teachers “use frequent quizzing to help students consolidate learning and interrupt the process of forgetting.”[2]
On-line quizzes assess whether you are reading the book. Quizzes will be available all day on Fridays, and are due by 5:00 pm.
There will also be in-class unannounced quizzes. These quizzes check whether you are keeping up with the material and encourage attendance.
There will be no make-ups for quizzes.
Issue Days:
We will occasionally pause to discuss specific economic issues. Six members of the class will write an essay on each topic, and will serve as our panel of experts for the discussion. I will provide you with a handout to acquaint you with the topic. Read the handout before class and think about your position on the policy. Come to class ready to debate your position.
Essay:
Each student will write an essay for one of the five issue days. Students writing an essay for that day will serve as a panel for the class discussion. Topics are:
1. Why did gasoline prices fall?
2. Should the government tax pop?
3. Should cities restriction the operations of Uber taxi?
4. Should Europe break up Google?
5. Should the Fed raise interest rates at their next meeting?
In a 3-5 page essay you will take a position on the policy question and support that position with facts and economic analysis. Find at least two news articles from reputable sources related to the topic and provide a citation that is sufficient for me to find the article. Use at least one economic theory that we have learned in class to analyze the problem. This is likely to be a graph, but could also be a concept such as elasticity or the multiplier.
Plagiarism Policy:
You may not copy other people's work and turn it in as your own. Using someone else's exact words without placing them in quotations is plagiarism. This applies to entire papers or parts thereof. Instances of plagiarism will be reported to the Dean. See the Academic Honesty Guide at
Schedule:
Date / Assignments / Topic / ReadingJan. 19 / Introduction to Economics, Why Do Economist Disagree?
21 / Production Possibilities Frontiers / Ch. 2
23 / No Class / Celebration of Student Research
26 / Comparative Advantage / Ch. 3
28 / HW1 due / Trade / Ch. 9 “Lessons for Trade Policy” to the end
30 / Excel Day: Meet in Baxter 214
Feb. 2 / HW2 due / Demand and Supply / Ch. 4
4 / Demand and Supply
6 / Taxes / Ch. 6
9 / HW3 due / Elasticity / Ch. 5
11 / Elasticity, Consumer Surplus
13 / HW4 due / Efficiency / Ch. 7, 8
16 / Issue #1: Gas Prices
18 / TEST ONE
20 / HW5 due / Market Failures / Ch. 10
23 / Public Goods / Ch. 11
25 / Issue #2: Tax on pop
27 / HW6 due / Firms / Ch. 12
Mar. 2 / Costs
4 / Perfect Competition / Ch. 13
6 / HW 7 due / Monopoly / Ch. 14
SPRING BREAK
16 / Monopoly
18 / Issue #3 Uber taxi
20 / Monopolistic Competition
23 / HW8 due / Issue #4: Walmart in India
25 / GDP / Ch. 15
27 / TEST TWO
30 / Business Cycles
Apr. 1 / HW9 due / Inflation / Ch. 16
3 / Unemployment / Ch. 20
6 / Inflation vs. Unemployment / “Striking a Balance”
8 / HW10 due / Circular Flow, Savings and Investment / Ch. 18
10 / Keynesian Equilibrium
13 / Multipliers and Fiscal Policy
15 / HW11 due / Money / Ch. 21
17 / Banking
20 / The Fed and Monetary Policy / Ch. 22
22 / HW12 due / Deficits
24 / Issue #5 Fed policy
27 / TEST THREE
29 / The Great Recession
May 1 / The Great Recession
Tues. May 5 / FINAL EXAM
1:30 pm
[1]
[2]Peter Brown, Henry Roediger, and Mark McDaniel, Make it Stick: The Science of Successful Learning, Belknap Press, 2014, p. 226.