ECON 2012 Principles of Macroeconomics Laura Argys

Syllabus Professor Laura Argys Office: Lawrence Street Center 460F Hrs: TR 9-10 and by appt. Website: Office Phone: www.econ.cudenver.edu/argys TAs: Michelle McCown and Hamdan OsmanOffice: Lawrence Street Center Office Hrs: COURSE OBJECTIVES. The objective of this course is to familiarize students with the vocabulary and graphical tools of economists so that they can evaluate the economic issues and policies currently affecting their lives. We focus on the problems of inflation, unemployment, and economic growth. In this context, we will examine the actions that the government may take to address these problems -- monetary and fiscal policy. REQUIRED TEXT. Macroeconomics, 6th edition, David Colander, Homewood IL: McGraw-Hill Irwin Inc, 2005.

Grading Policy 12 Homework Assignments100  Homework  In-class assignments  Quizzes (10 points each – count your 10 best) 3 “Midterm” exams Cumulative final (Count your 3 best exams) _____________________________ Total points points A points B points C points D below 240 points F Plus and minus grades will be added within 5 points of each grade cut-off. Incomplete Grades follow Economics Department Policy

ACADEMIC DIFFICULTIES. If you are having problems at any point during the semester, please come and see me or call. Problems are always more easily solved if dealt with early. ACADEMIC INTEGRITY. Students are expected to submit only their own work. Plagiarism and cheating (as defined in the University catalog) will not be tolerated, and I expect students to adhere to the University policies regarding academic ethics. Violations may result in an F in the course. STUDENTS WITH DISABILITIES. Please contact me if special accommodations are necessary.

Fall 2006 Registration and Academic Deadlines August 24, 2006 (midnight) Last day to be added to the wait-list for a closed course. August 24 – September 6, 2006 Students are responsible for verifying an accurate fall 2006 registration via the SMART registration system. Students are NOT notified of their wait-list status by the University when they are added to a class or dropped from the waitlist. All students must check their schedules prior to September 6, 2006 for accuracy. August 31, 2006 (midnight) Last day to add courses via the web SMART registration system. September 6, 2006 (5:00 pm) Last day to add rostered courses without a written petition for a late add. This is an absolute deadline. This deadline does not apply to independent study, internships, and late-starting modular courses. September 6, 2006 (5:00 pm) Last day to drop a fall 2006 course for a full tuition refund and no transcript notation. This is an absolute deadline. September 6, 2006 (5:00 pm) Last day for undergraduates and graduates to apply for December 2006 graduation. This is an absolute deadline. September 6, 2006 (5:00 pm) Last day to request pass/fail or no credit option. This is an absolute deadline. October 30, 2006 (5:00 pm) Last day for NON-CLAS students to drop a fall 2006 course without a petition to their home college and receiving their Dean’s approval. November 10, 2006 (5:00 pm) Last day for CLAS students to drop a fall 2006 course. Treated as an absolute deadline. A petition and Dean’s approval required. November 10, 2006 (5:00 pm) Last day to withdraw (drop all courses) without a written petition. Dean’s approval required after this date.

Exam Schedule MIDTERM EXAM # 1 -- Chapters Thursday, September 21 MIDTERM EXAM # 2 -- Chapters Tuesday, October 24 MIDTERM EXAM # 3 -- Chapters Thursday, November 30 FINAL EXAM Cumulative December 12 or 14

Chapter 1 -- Introduction Economics: The study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs and political realities of the society. (Colander p. 4) The study of decision-making under constraints (i.e. when resources are scarce).  Scarcity – when there is less of something than a society would like if it were free.

Microeconomics and Macroeconomics Microeconomics -- the study of individual choice and how it is affected by economic forces  Income  Time Macroeconomics – the study of the economy as a whole (unemployment, inflation, business cycles, growth)  Resource allocation

Economic Terminology Economic Reasoning  MB > MC  Opportunity Cost – value of the next best alternative forgone. Economic Institutions Economic Insights  Models – Supply and demand  Predictions Economic Policy Options (Actions taken by government)  Positive Economics:  what is, and how the economy works – potentially provable  Normative Economics:  what the goals of the economy should be – an opinion

Next Class Review Graphing (Appendix A) Introduce the production possibilities curve (Chapter 2) Distribute Homework #1