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Econ 111 Principles of Macroeconomics

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.

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Econ 111 Principles of Macroeconomics

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  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 12:00– 12:50 pm and by appt.

  4. Today • Syllabus • Intro to economics

  5. Some definitions of economics

  6. “Economics is a study of mankind in the ordinary business of life” • Alfred Marshall

  7. "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

  8. “Economics is what economists do” • Jacob Viner

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

  10. 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

  11. 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

  12. 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

  13. Learning Objective 1.3 MakingtheConnection • When Economists Disagree: A Debate over Outsourcing Does outsourcing by U.S. firms raise or lower incomes in the United States?

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

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

  16. Recommended course web site • URL at top of the syllabus • contains • course information • exam study guides • TA’s

  17. lecture notes • PowerPoint slides

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

  19. TA • Check my website • But please see me too!

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

  21. 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

  22. 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)

  23. 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) 86 B+

  24. 82.4 B-

  25. final exam • cumulative

  26. Makeup'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

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

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

  29. 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

  30. Course Schedule • in syllabus • note exam dates, • note the final exam date & time

  31. 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

  32. 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

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

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