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Econ 111 Principles of Macroeconomics

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Title: Econ 111 Principles of Macroeconomics


1
Econ 111 Principles of Macroeconomics
  • Welcome!

2
  • Economics is common sense made difficult
  • As seen by an undergraduate student

3
  • Dr. Anwar Al-Shriaan
  • Economics Department

Office hours Sundays and Tuesdays 1200 1250
pm and by appt.
4
Today
  • Syllabus
  • Intro to economics

5
(No Transcript)
6
Some definitions of economics
7
  • Economics is a study of mankind in the ordinary
    business of life
  • Alfred Marshall

8
  • "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

9
  • Economics is what economists do
  • Jacob Viner

10
Economics (1)
  • Study of the choices people make to attain their
    goals given their scarce resources.

11
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

12
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
13
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

14
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?
15
Economics (2)
  • Study of the choices people make to attain their
    goals given their scarce resources.

16
Course Materials
  • Required
  • McConnell and Brue Economics, 16th ed

17
Recommended
  • course web site
  • URL at top of the syllabus
  • contains
  • course information
  • exam study guides
  • TAs

18
lecture notes
  • PowerPoint slides

19
Email list
  • I send email about
  • Announcements
  • Course information
  • Do you prefer Emails or Facebook groups .

20
TA
  • Check my website
  • But please see me too!

21
Grading Policy
Midterm 1 25 Midterm 2 25 Recitation and
Participations 10 Final 40
22
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
23
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)
24
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
25
1st Mid (25) 2nd Mid (25) Part (10) Final (40) Total
15 17 9 36 77 C
60 68 90
82.4 B-
26
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
27
final exam
  • cumulative

28
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

29
Attendance
  • regular attendance is expected
  • you are responsible for information in class
  • attendance is necessary to earn extra credit.

30
Please be respectful of your classmates
  • be on time
  • do not talk during lecture
  • do not have your phone on

31
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

32
Course Schedule
  • in syllabus
  • note exam dates,
  • note the final exam date time

33
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

34
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
35
  • if you need special accommodations, see me
  • if you are having problems in the course, see me
    sooner NOT later
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