Economics 101 TTh 1-2:20 Morgan 307

Principles of Economics Office: Morgan 213, Ext. 2417

Fall 2004 Office Hours: T2:30-4, W 1-3

Prof. Barb Burnell or by appt.

Text: Karl Case and Ray Fair, Principles of Economics, 7th edition

Course Description & Objectives: The objective of this course is to provide you with a broad background in the fundamentals of micro and macro economics. The course develops theoretical models of the national economy and its individual components--consumers and firms -- and applies the models to current economic problems and issues. The course is intended for both non-majors and prospective majors. For majors, it will serve as the basis for more advanced and/or topical analysis in the 200-level economics courses. For those who do not plan on taking additional courses in economics, this course will provide a framework for thinking about economic problems and possible solutions, and will hopefully make you a better-informed observer of and participant in policy debates.

Class Attendance and Participation: It is expected that you will attend all classes and will regularly participate in informed class discussion. This requires you to have read the material assigned for the week before coming to class. While much of our class time will be devoted to lecture and the development of formal economic models, I do not (nor, I think, do you) want this to be exclusively a lecture course that rehashes the textbook. I view our class time as an opportunity to interpret, question and apply the formal models to real-life economic situations, and as a means of bringing different perspectives to bear on economic issues. We will, where appropriate and when time permits, have class activities that facilitate these goals.

Resources: We will be using the Blackboard course management system in this class. By the beginning of the second week of class, all students are expected to register for this. Blackboard will be used to post course announcements, all assignments, class outlines and handouts. It can also be used to submit problem sets and essays (see below). In addition, links to the web site associated with your text, which has additional problems and questions, will be provided. It is your responsibility to check Blackboard on a regular basis.

Examinations: There will be three hourly exams and a comprehensive final exam on the dates indicated on the reading list. These dates are not subject to change. Exams will consist of short essays and problems that require you to apply the material learned in class. Comprehension of concepts and the ability to use them, not the memorization and regurgitation of class notes or textbook material, are the goals of the course, and the exams will reflect this. The material to be covered on each exam is tentatively indicated on the reading list; determination of precisely which chapters in the text will be covered will be made a week before each exam.

Homework Assignments: There will be regular homework assigned throughout the semester. Homework assignments are designed to get you to use the economic tools we develop--economics is not a subject one learns through the passive absorption method! A series of problem sets from your text and other sources will be assigned throughout the semester. Assignments will be collected at the beginning of the class period in which they are due, at which time answers will be distributed. No late assignments will be accepted. Assignments must be stapled and legible; graphical analysis must be labeled, explained and large enough to be clear. There are also many additional exercises available on the web site that accompanies your text if you want extra practice.

Writing Assignments: You will also be responsible for writing four 2 page review essays on "the article of the week". Each Thursday,, a news article or other short piece that relates to the concepts we have been discussing in class will be made available. Article reviews that critically assess how the material relates to our class discussion will be due in my office no later than 4 P.M. on the following Monday. You may choose which four of the articles you want to review. There will be no articles of the week during exam weeks. Please subscribe to receive [free] e-mails of New York Times headlines by going to NYTimes.com. We will be referring to it frequently.

Academic Integrity: It is expected that you are familiar with the code of academic integrity and will abide by it. Discussion of class material and assignments is certainly encouraged; however, outright collusion on problem sets, essays and exams is clearly not allowed. Evidence of such collusion constitutes the potential for failure in the course. Academic integrity, in my view, also implies that you have respect for other members of the class. This means that you get to class on time, and remain in class --doing otherwise is disruptive and unfair to me and to other students.

Grading: Your grade will be based on your performance on exams, essays and problem sets. Each exam is worth 20% of the grade, and the problem sets and essays are each worth 10%. Borderline cases will be decided on the basis of class participation. All assignments must be completed in order to receive credit for the course. If you are taking the course on an S/NC basis, a grade of C is required to receive an S.

Reading List

Week of: Reading: Topic:

30 August Chs. 1, 2 Introduction and Method

Basic Economic Problems

6 September Ch. 3 Supply and Demand

13 September Chs. 3,4 Supply and Demand

Elasticity & Applications of the Market Model

20 September Ch. 5 Consumer Behavior

EXAM 1 Thursday, 23 September

27 September Ch. 6 Firm Behavior: Production Decisions and

Profit Maximization

4 October Chs. 7, 8 Cost and Output Decisions in the Short Run

and the Long Run

11 October Ch. 11 Perfect Competition and Efficiency

18 October Fall Break Monopoly

25 October EXAM 2 Tuesday, 26 October

Chs. 17,18,19 Introduction to Macroeconomics

National Income Accounting

Unemployment and Inflation

1 November Ch. 20 Aggregate Expenditures and Equilibrium

8 November Chs. 20, 21 Fiscal Policy

15 November Ch. 21 Fiscal Policy

22 November Thanksgiving EXAM 3 Tuesday, 23 November

Break

29 November Chs. 22,23 Money and the Federal Reserve System

Monetary Policy: Money Supply, Interest and

National Income

6 December Chs. 24,25 Aggregate Demand, Aggregate Supply and Inflation

FINAL EXAM Thursday, 16 December, 9 AM