Lecture 1: ECN 111

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Lecture 1 ECN 111

• Introductions
• Questions that economics seeks to answer
• Course logistics
• What is the Key to a Good Grade in this Class?

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Who is everybody ?

• Introductions
• Hoffman
• TAs
• Julia Hinners, Rene Schmidt, Jesse Bishop, Brian
  Lutz, Nate Scavello, Lab assistants
• graduate assistant
• graduate assistant
• Class

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What is this class about?

• Macroeconomic issues
• What Determines Aggregate Activity??
• Government and Policy
• Choices, Decisions and Incentives
• it is a foundation course
• other classes
• future employment
• overall education

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What type of Questions will We Deal With?

• Technology
• Incomes
• Government
• Unemployment
• Inflation
• International Trade

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Economic Questions Technology

• How does technological change affect the goods
  people consume and the jobs they do both here in
  the United States and around the world?

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Economic Questions Income

• What determines peoples incomes?
• Why are women paid less than men, even when they
  do jobs that seem similar?
• And why are minorities persistently paid less
  than other workers?

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Economic Questions Government

• What is the most effective role for government in
  economic life?
• Can government help us protect our environment?
• Can government be as effective as private
  enterprise at producing goods and services?

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Economic QuestionsUnemployment and Jobs

• What causes unemployment?
• Why are some countries and groups more severely
  affected than others?
• Why are there so few good jobs for young
  Americans, especially for young African-Americans
  and Hispanic-Americans?

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Economic QuestionsInflation

• Why do prices rise?
• Why do some countries sometimes experience rapid
  price increases while others have stable prices?

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Economic Questions International Trade

• What determines the amount of trade between
  nations?
• How do international trade agreements affect jobs
  and prosperity in the United States and other
  countries?

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ECN111 Logistics

• A run through the course outline
• Text
• Course Notes
• Newspaper/magazine subscriptions
• Economics in Action
• What will we cover and when??
• Exams and Quizzes
• We will check IDs

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Computer Usage(get handout)

• New Account Access
• Logging on the Network
• Accessing Economics in Action on the Network
• Using Economics in Action
• Communication
• The course WEB page

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Grading

• Total of 500 points
• 100 pts for exam 1
• 100 pts for exam 2
• 160 pts for the final exam
• 140 pts for the in class quizzes

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Format of the Exams

• Multiple choice midterms
• role of economics in action
• Final Exam
• Random Quizzes
• decide each day-- at least a 1/4 chance
• content is based on either previous lecture or
  current lecture material.
• there will be a quiz opportunity WED.!!!

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Missing Exams or Quizzes

• Dropping exams and quizzes
• cannot miss any exam
• limited flexibility in quizzes
• those in attendance at all quizzes will be
  rewarded

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Who Cares about Grades in Principles of Economics?

• Why does GPA matter?
• Where will I use the concepts we discuss?
• The Hoffman Sermon -- pass the collection plates!!

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What is the Key to Getting a Good Grade?

• Attendance
• Work outside of Class
• Study Groups/Labs
• Willingness to invest in computer technology
• Hard work
• Bonus Points

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Getting Help with this course

• Office Hours
• Using Economics in Action on your own or in study
  groups
• sign up sheets
• Computer Resources
• You must invest time
• general knowledge
• learn to cope

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How About a Taste of Economics in Action

• Your assignment for the week
• Read Chapters 1 and 2 in text
• Work through chapters 1 and 2 in EIA
• 1 getting to know EIA
• 2 working with graphs