ECO 2023 Microeconomics

Scope of the course:

Economics is an often misunderstood and sometimes maligned subject. For instance, economics is often called the "dismal science". The wisdom of economists is nearly proverbial, but in a negative sort of way. Despite this prevailing prejudice, economics does have useful lessons for understanding the world around us and the purpose of the two-course series is to contribute to this understanding. The two courses in the economic sequence are aimed at providing a basic level of sophistication in economic matters that will help explain both the U.S. and the increasingly important global economies.

The sequence is divided into two parts or courses. One is the macroeconomics part (emphasizing how governments act to constrain or release economic forces). The second part of the sequence deals with the topics of microeconomics (how individuals and businesses operate in the context of supply and demand).

The topics of the two courses combine to explain, and relate to one another, the terms you frequently encounter in newspapers, both on the front page and in the business section: supply and demand, interest rates, wages, financial markets, public goods versus private interests, regulation and deregulation, unemployment, the poverty level, inflation, trade balances, budgets and deficits, taxation, exchange rates, and the "global economy".

However, economics is about much more than the relatively "dry" sounding topics mentioned above. Economics is about a way of thinking. It is a structured and disciplined way of looking at our world and the behavior of the people in it with whom we must interact. The principles of economics can be applied in many areas other than business or making money. At the macroeconomic level it is a method of analysis that helps us understand things that affect real people in real and often tragic ways. For instance, in New York City there are abandoned buildings containing four times as many dwelling units as there are homeless people. Yet, homeless people sleep on the sidewalks in winter. In many third-world countries, people are hungry despite vast amounts of the rich farmland. Why did unemployment reach 25% and American corporations as a whole operate in the red for two consecutive years during the Great Depression of the 1930s? Why is the current unemployment rate at 9% and the Federal debt at $15 trillion and what should the Federal government be doing to reduce both?

Should the Congress pass a tax cut? Raise minimum wages? How much? What about the Social Security program? Should we privatize it as some other countries have done? Should we enact universal health care? What are the economic consequences of the War on Drugs? What have been the economic consequences of 9/11, the War on Terrorism, the increase in gas prices, and illegal immigration? What caused the great financial crash and the current recession? How have they affected you and why? What do these changes portend for you as a college student soon to become a working professional? As a citizen? These and many other problems can be analyzed from an economic perspective. Indeed, they must be analyzed, in part, from an economic perspective if we, as a society, are to arrive at solutions that will be effective.

Your understanding the basic economic principles that are used to analyze these issues and others is the goal of this course. I want you to become an economic thinker!

Syllabus - provides you with the information needed to complete this course successfully.

• Monday/Wednesday 2:45 PM
• Tuesday/Thursday 4:45 PM

For help studying economics there are tutors in the library. You can also use online sources such as tutor2u, About.com, Economics Help, Finding Dulcinea. I advise you to check them out!

Procedures for accessing and registering for McGraw-Hill Connect.

McGraw-Hill Connect: Click on the link to your course below to register.

• Monday/Wednesday - 2:30 PM
• Tuesday/Thursday - 4:45 PM

PowerPoint Presentations

Extra Credit Opportunity

Stress Test - take this simple test to see if your Holiday break has been long enough!

How much is a billion? How much is a trillion?

A little fun: Tequila Ad; Five Minute University