ECON 100-02, Introduction to Economics, Spring 2012

Abstract

This course will serve as an introduction to both Micro and Macroeconomics. Microeconomics studies the behavior of individual participants in the economy: consumers and producers, workers and employers. These buyers and sellers come together in the market to allocate scarce resources, collectively determining what goods will be consumed and produced, where and how many hours to work, and how to best organize production. We will study market structures, when markets fail, and how government policies (taxation, emission controls, minimum wage laws, etc.) impact the functioning of the market. This course will serve as an introduction to both Micro and Macroeconomics. Microeconomics studies the behavior of individual participants in the economy: consumers and producers, workers and employers. These buyers and sellers come together in the market to allocate scarce resources, collectively determining what goods will be consumed and produced, where and how many hours to work, and how to best organize production. We will study market structures, when markets fail, and how government policies (taxation, emission controls, minimum wage laws, etc.) impact the functioning of the market. The objectives for the introduction to Micro are: Introduce students to the rigors (and benefits) of the “economic way of thinking.” Introduce students to the language of economics. Introduce students to the topics in microeconomics that they will need in future coursework. Teach students the difference between positive and normative analysis. Macroeconomics studies the aggregates in the economy: the interaction of output, employment, and inflation with one another and with government monetary and fiscal policies. Specifically, the models and relationships that we study in this course are the same as those used by policy-makers in making decisions that affect us as individuals. The objectives for the introduction to Macro are: Prepare students for future coursework in Macroeconomics or finance. If you decide to become a policy-maker, I want you to have the basis for making informed decisions. If (more likely) you don't plan to run for office or become the next Fed governor, I want you to be informed voters. The most concrete goal is for you to be able to pick up a newspaper and understand all of the macroeconomic news reported. Readings, class lectures, problem sets, and exams will be the tools used to meet these goals.