Basic Economic Principles Econ 101
Fall 2011
Class time: M/W/F 10:00-10:50 (section 1), 11:00 -11:50 (section 2)
Class Room: Seabury Hall N217
Instructor: Rasha Ahmed
Office: WM 317
Email: rasha.ahmed@trincoll.edu
Office Phone: 860-297-2446
Office Hours: MW 1:15-2:30pm or by appointment.
Teaching Assistant: Ayiti Maharaj-Best (section 1) and Katy Leung (section 2)
Course Description and objectives
The course is an introduction to the principles of economics. We will start by looking at the behavior of utility maximizing individuals and profit maximizing firms to understand how they make choices under conditions of scarcity. We then look at the economy as a whole and analyze problems of inflation, unemployment and recession and the role of policy making.
I hope by the end of the course that you will have acquired a better understanding of the world in which you live and become a more informed decision maker.
Textbooks and Reading Material:
The textbook we will be using is N. Gregory Mankiw. Principles of Economics. 6th edition.
It is advisable that you do not buy the book until after the first class. Purchase options will be discussed the first day of class.
Supplemental reading materials as well as the lecture notes will be uploaded on this page.
Online practice quizzes are available on the book's website.
Grading:
The grade for this class will be calculated as follows:
Exam 1 15%
Exam 2 20%
Final Exam 25%
Quizzes 15%
Aplia Assignments 15%
Participation and Discussion sheets 10%
There will be a 10-minute quiz at the beginning of class every Monday. The quiz will be on material covered during the previous week including the readings. There will be no make ups for missed quizzes for any reason. However, the lowest two quiz grades will be dropped. In class participation constitutes 10% of your class grade. This requires that you review the chapters that will be covered before hand and come to class prepared to ask questions. You are also expected to carefully do the readings and relate them to the concepts we cover in class. I will assign practice sheets that we will do in class to practice the different concepts as we cover them. Students who actively interact with the class, ask and respond to questions typically do better. I encourage you to participate in class discussion to help keep the class meaningful and enjoyable. Online assignments will be available on aplia's website.
Note: As stated in the Bulletin, students must now earn grades of C+ in 101, 301 and 302 in order for these courses to count towards the economics major, or a grade of B- if the course is being retaken (and 101, 301 and 302 can only be retaken once).
Policies
1. Students are expected to be in class on time.
2. No cell phones, laptops or electronic devices can be used in class.
3. If you absolutely must miss an exam, you have to contact me immediately. A make-up exam shall be given only if official documents from the dean's or the nurse's office are provided supporting a valid reason for missing the exam. The format of the make-up exam will be at my discretion.
4. If you accumulate more than two unexcused absences, 1% will be deducted from your final grade for every class missed. Excused absences are those absences for which I recieve a note from the dean's or the nurse's office.
5. Assignments submitted after the due date will not be accepted regardless of the reason.
6. No make ups for missed quizzes
7. It is your responsibility to collect your assignment from the TA. Assignments that have no names will be discarded a week after they are graded.
8. There are no "extra credit" assignments.
9. Dishonest conduct or disruptive behavior will not be tolerated. Please refer to the student code of conduct for a review of requirements.
Finally, students are encouraged to speak with me directly should any concerns or difficulties arise. I am happy to work with students who need extra help. Please feel free to drop by during office hours, send an email or speak with me following class time.
Course Outline
The following is an outline of the chapters that we will cover. Additional readings will be assigned as the semester progresses. The outline and dates are intended as a guide and may be changed during the semester.
Week 1: Sept 7, 9
Chapter 1, Chapter 2
Portney, Paul (2002). "Penny-Wise and Pound-Fuelish? New Car Mileage Standards in the United States," Resources, spring issue 147.
The magic washing machine
Week 2: Sept 12, 14, 16
Chapter 3
Glassman, James K. "The Blessings of Free Trade." The Cato Institute. May 1, 1998. 27 Jan 2010
Week 3: Sept 19, 21, 23
Chapter 4, Chapter 5
Eaves, James and Stephen Eaves. "Is Ethanol the 'Energy Security' Solution?" The Cato Institute. October 3, 2007. (Discussion sheet, due Sept 21)
Week 4: Sept 26, 28, 30
Chapter 6
Reading: Neal R. Peirce. On Rent Control. Cato Institute publications.
(Discussion Sheet, Due Sept 30th)
Week 5: Oct 3, 5, 7
Exam 1, Oct 5
Chapter 7
Practice Sheet: Welfare implications of a unit tax
OMB watch. Gas Tax Holiday Would Yield Little for Consumers. May 13, 2008
Week 6: Oct 12, 14
Chapter 13
Frontline. Is Wal-Mart Good for America? Nov 16, 2004
Week 7: Oct 17, 19, 21
Chapter 14,
Green, Emily (2001). "Study Gives Nod to Organic Apples, But it's Crunch Time for All State Growers," Los Angeles Times, April.
Week 8: Oct 24, 26, 28
Chapter 15, Chapter 23
Stiglitz, Joseph. "The Great GDP Swindle,"The Guardian, September 13, 2009.
Week 9: Oct 31, 2, 4
Chapter 24
Week 10: Nov 7, 9, 11
Chapter 29
Even, Louis (1936). "The GoldSmith Who Became a Banker- A True Story," in This Age of Plenty, Chapter 26.
Exam 2, Nov 9
Week 11: Nov 14, 16, 18 Chapter 33
Isidoe, Chris. "Best Economic Growth in Six Years," CNN Money, Jan 2010
Week 12: Nov 21
Keynesian Aggregate Expenditure Model , (chapter)
Patti Frank. "Government spending and Keynesian theory," Red County, March 31, 2010
Week 13: Nov 28, 30, Dec 2
Keynesian Aggregate Expenditure Model- continued
Week 14: Dec 5, 7, 9
Chapter 34
Week 15: Dec 12
Review
Final Exam Dec 15th, 9:00 a.m. in McCook Auditorium*
* If you would like to get back your final exam, you may give me a self-addressed, stamped postcard or envelope and I will mail you the final exam and course grade.