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 2. How do they do it? 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 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

When Economists Disagree: A Debate over Outsourcing Making the Connection Learning Objective 1.3 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 TA’s

lecture notes PowerPoint slides

list I send about Announcements Course information Do you prefer s 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: – % … A – % … A – % … B – % … B – % … B – % … C – % … C – % … C – % … D – % … D – 0.00 % … F

Grading Policy Your Final Grades: 1 st Mid + 2 nd Mid + Part + Final. If Your Participation > 8.5 you will have Extra credits as follows: Your Final Grades: 20% X Max (1 st Mid, 2 nd Mid, Final)

Grading Policy Your Final Grades: 1 st Mid + 2 nd Mid + TA + Part + Final. If Your Participation > 8.5 you will have Extra credits as follows: Your Final Grades: 20% X Max (1 st Mid, 2 nd Mid, Final) 1 st Mid (25) 2 nd Mid (25) Part (10) Final (40) Total B- 84%88%70% 86 B+

1 st Mid (25) 2 nd Mid (25) Part (10) Final (40) Total C 60%68%90% 82.4 B-

1 st Mid (25) 2 nd Mid (25) Part (10) Final (40) Total C 68%100% B- 86B+

final exam cumulative

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

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. TI- 83),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