Econ 111 Principles of Macroeconomics

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.

Today

Syllabus Intro to economics

Some 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

Economics (1)

Study of the choices people make

to attain their goals given their scarce resources.

Economics: Foundations and Models

1.
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?

2.

by using theories and models

theories are based on assumptions

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

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

Learning Objective 1.3

Making
the

When Economists Disagree:

A Debate over Outsourcing

Connection

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

Economics (2)

Study of the choices people make

to attain their goals given their scarce resources.

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

Recommended
course web site

URL at top of the syllabus contains course information

exam study guides TAs

lecture notes

PowerPoint slides

Email list

I send email about

Announcements Course information

Do you prefer Emails or Facebook

groups .

TA

Check my website But please see me too!

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

Grading Policy
Letter grades will be assigned as follows: 94.00 100.0 % A 90.00 93.99 % A86.00 89.99 % B+ 83.00 85.99 % B 80.00 82.99 % B78.00 79.99 % C+ 73.00 77.99 % C 70.00 72.99 % C66.00 69.99 % D+ 60.00 65.99 % D 59.99 0.00 % F

Grading 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 Policy
Your 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

Final

Total

(10) 9

(40) 28
%70

22
%84

24
%88

82

B-

86

B+

1st Mid (25) 15

2nd Mid (25) 17

Part (10) 9

Final (40) 36

Total

77

%60

%68

%90

82.4

B-

1st Mid (25) 15

2nd Mid (25) 17 %68

Part (10) 6

Final (40) 40 %100

Total

76 76

15

17

40

80 86

BB+

final exam

cumulative

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

Attendance

regular attendance is expected you are responsible for information

in class attendance is necessary to earn extra credit.

Please be respectful of your classmates

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

Cheating

you cheat, I catch you, you fail the course

programmable calculators (e.g. TI83),translators, phones, PDAs, etc. are NOT allowed in exams

Course Schedule

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

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

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

 if you need special

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