Econ 111 Principles of Econ 111 Principles of MacroeconomicsMacroeconomics

Welcome!

•“Economics is common sense made difficult”

• As seen by an undergraduate student

Dr. Anwar Al-Shriaan

Economics Department

Office hours:Sundays and Tuesdays 12:00– 12:50 pm and

by appt.

TodayToday

• Syllabus

• Intro to economics

Some definitions of economicsSome definitions of economics

• “Economics is a study of mankind in the

ordinary business of life”

• Alfred Marshall

• "the purpose of studying economics is not to acquire a set of ready-made answers to

economic questions, but to learn how to avoid being

deceived by economists."

• Joan Robinson

• “Economics is what economists do”

• Jacob Viner

EconomicsEconomics (1) (1)

• Study of the choices people make to attain their goals given their scarce resources.

Economics: Foundations and Economics: Foundations and ModelsModels

1. What do economists study?

• gasoline prices, inflation, housing markets, international trade, income inequality, sports, families, smoking, health care, happiness

• decision-making or choices

2. How do they do it?

• by using theories and models

• theories are based on assumptions

What makes a good theory or a What makes a good theory or a model?model?

• Models are not judged by their realism but by their usefulness

• What is the most useless map in the world?

To be useful a model has to be refutable

Why study theory?Why study theory?

• “I don’t know how it is in theory but here is what I know from my 20 years of experience will happen “

• Theory saves time!

• Laura, Executive MBA student

•When Economists Disagree: A Debate over Outsourcing

Makingthe

Connection

Learning Objective 1.3

Does outsourcing by U.S. firms raise or lower incomes in the

United States?

Economics (2)Economics (2)

• Study of the choices people make to attain their goals given their scarce resources.

Course MaterialsCourse Materials

Required:McConnell and Brue“ Economics“,

16th ed

RecommendedRecommended

course web site• URL at top of the syllabus

• contains

• course information

• exam study guides

• TA’s

lecture noteslecture notes

• PowerPoint slides

Email listEmail list

• I send email about• Announcements

• Course information

• Do you prefer Emails or Facebook groups .

TATA

• Check my website

• But please see me too!

Grading PolicyGrading Policy

Midterm 1 25%Midterm 2 25%Recitation and Participations 10%Final 40%

Grading PolicyGrading PolicyLetter grades will be assigned as follows:94.00 – 100.0 % … A90.00 – 93.99 % … A-86.00 – 89.99 % … B+83.00 – 85.99 % … B80.00 – 82.99 % … B-78.00 – 79.99 % … C+73.00 – 77.99 % … C70.00 – 72.99 % … C-66.00 – 69.99 % … D+60.00 – 65.99 % … D59.99 – 0.00 % … F

Grading PolicyGrading Policy

Your Final Grades: 1st Mid + 2nd Mid + Part + Final.If Your Participation > 8.5 you will have Extra credits as follows:

Your Final Grades: 20% X Max (1st Mid, 2nd Mid, Final)

Grading PolicyGrading PolicyYour Final Grades: 1st Mid + 2nd Mid + TA + Part + Final.

If Your Participation > 8.5 you will have Extra credits as follows:

Your Final Grades: 20% X Max (1st Mid, 2nd Mid, Final)

1st Mid (25)

2nd Mid (25)

Part

(10)

Final

(40)

Total

222492882B-

84%88%70% 86 B+

1st Mid (25)

2nd Mid (25)

Part

(10)

Final

(40)

Total

151793677C

60%68%90% 82.4 B-

1st Mid (25)

2nd Mid (25)

Part

(10)

Final

(40)

Total

151764076C

68%100%76

151794080B-

86B+

final examfinal exam

• cumulative

Makeup'sMakeup's

• Usually I don’t do it

• planned absence: 1 week’s notice

• emergencies: case-by-case

• must be an excused absence!

• must be documented!

• makeup's may be essay exams or I may re weight other exams

AttendanceAttendance

• regular attendance is expected

• you are responsible for information in class

• attendance is necessary to earn extra credit.

Please be respectful of your Please be respectful of your classmatesclassmates

• be on time

• do not talk during lecture

• do not have your phone on

CheatingCheating

• you cheat,

• I catch you,

•you fail the course

• programmable calculators (e.g. TI-83),translators, phones, PDAs, etc.

are NOT allowed in exams

Course ScheduleCourse Schedule

• in syllabus

• note exam dates,

• note the final exam date & time

Tips for successTips for success

• come to class with lecture notes to follow

• read the book!!

• weekly “look-through”

• ask for help

• ME or

• the TA or

• ME

• use available resources• course web site

Why you should try to learn something Why you should try to learn something in this course.in this course.Percentage of wage dispersion explained by skill factors.

Huge variation in earnings of low vs. high-skilledcollege graduates

• if you need special accommodations, see me

• if you are having problems in the course, see me sooner NOT later