Econ 111 Principles of Macroeconomics

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Econ 111 Principles of Macroeconomics

• Welcome!

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• Economics is common sense made difficult
• As seen by an undergraduate student

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• Dr. Anwar Al-Shriaan
• Economics Department

Office hours Sundays and Tuesdays 1200 1250
pm and by appt.
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Today

• Syllabus
• Intro to economics

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(No Transcript)
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Some definitions of economics
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• Economics is a study of mankind in the ordinary
  business of life
• Alfred Marshall

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• "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

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• Economics is what economists do
• Jacob Viner

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Economics (1)

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

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Economics Foundations and Models

• What do economists study?
• gasoline prices, inflation, housing markets,
  international trade, income inequality, sports,
  families, smoking, health care, happiness
• decision-making or choices
• How do they do it?
• by using theories and models
• theories are based on assumptions

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What makes a good theory or a 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
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Why study theory?

• I dont 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

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Learning Objective 1.3

• When Economists Disagree A Debate over
  Outsourcing

Does outsourcing by U.S. firms raise or lower
incomes in the United States?
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Economics (2)

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

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Course Materials

• Required
• McConnell and Brue Economics, 16th ed

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Recommended

• course web site
• URL at top of the syllabus
• contains
• course information
• exam study guides
• TAs

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lecture notes

• PowerPoint slides

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Email list

• I send email about
• Announcements
• Course information
• Do you prefer Emails or Facebook groups .

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TA

• Check my website
• But please see me too!

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Grading Policy
Midterm 1 25 Midterm 2 25 Recitation and
Participations 10 Final 40
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Grading Policy
Letter grades will be assigned as follows 94.00
100.0 A 90.00 93.99 A- 86.00 89.99
B 83.00 85.99 B 80.00 82.99
B- 78.00 79.99 C 73.00 77.99 C 70.00
72.99 C- 66.00 69.99 D 60.00 65.99
D 59.99 0.00 F
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Grading Policy
Your Final Grades 1st Mid 2nd Mid Part
Final.
If Your Participation gt 8.5 you will have Extra
credits as follows
Your Final Grades 20 X Max (1st Mid, 2nd Mid,
Final)
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Grading Policy
Your Final Grades 1st Mid 2nd Mid TA Part
Final.
If Your Participation gt 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
22 24 9 28 82 B-
84 88 70
86 B
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1st Mid (25) 2nd Mid (25) Part (10) Final (40) Total
15 17 9 36 77 C
60 68 90
82.4 B-
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1st Mid (25) 2nd Mid (25) Part (10) Final (40) Total
15 17 6 40 76 C
68 100 76
15 17 9 40 80 B-
86 B
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final exam

• cumulative

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Makeup's

• Usually I dont do it
• planned absence 1 weeks 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

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Attendance

• regular attendance is expected
• you are responsible for information in class
• attendance is necessary to earn extra credit.

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Please be respectful of your classmates

• be on time
• do not talk during lecture
• do not have your phone on

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Cheating

• you cheat,
• I catch you,
• you fail the course
• programmable calculators (e.g. TI-83),translators,
  phones, PDAs, etc.
• are NOT allowed in exams

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Course Schedule

• in syllabus
• note exam dates,
• note the final exam date time

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Tips 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

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Why you should try to learn something in this
course.
Percentage of wage dispersion explained by skill
factors.
Huge variation in earnings of low vs.
high-skilled college graduates
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• if you need special accommodations, see me
• if you are having problems in the course, see me
  sooner NOT later