ECON 101-01, Introduction to Economics, Fall 2005

Abstract

The purpose of this course is to introduce to you the principles of microeconomics. Part of the course will acquaint you with the technical vocabulary of economics where words in everday use take on specific meanings. The word "cost", for example, has a very precise meaning when used by an economist and this meaning is quite different from the use of the word in casual conversations. It is extremely important that you grasp the exact meanings of all such terms and are able to use them correctly. The other part of the course will be analytical where conceptual ideas will be introduced and explained. It will be shown how an economist thinks and how his/her methodology is somewhat different from those of other social sciences. As part of the course wi will try to understand how and when markets work and deal with how prices and quantities are determined in the market place, how individuals deal with uncertainty and how firms determine what goods and services to produce. Real world problems and phenomena will be studies using the "economic" methodology. The single most important factor affecting how well you will do in this course is the extent to which you develop logical thinking. Economic theory develops logically and requires constant attempts at understanding everyday phenomena. It is imperative that you study on a regular basis. Rote memorization is not enough for this course. In addition to the text you are encouraged to read the economics/business section of a national newspaper/magazine like The Wall Street Journal, The Economist, and The New York Times.