Econ 111 Principles of Macroeconomics
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Transcript of Econ 111 Principles of Macroeconomics
Dr. Anwar Al-Shriaan
Economics Department
Office hours:Sundays and Tuesdays 12:00– 12:50 pm and
by appt.
• "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
EconomicsEconomics (1) (1)
• Study of the choices people make to attain their goals given their scarce resources.
Economics: Foundations and Economics: Foundations and ModelsModels
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 What makes a good theory or a model?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?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
Makingthe
Connection
Learning Objective 1.3
Does outsourcing by U.S. firms raise or lower incomes in the
United States?
Economics (2)Economics (2)
• Study of the choices people make to attain their goals given their scarce resources.
RecommendedRecommended
course web site• URL at top of the syllabus
• contains
• course information
• exam study guides
• TA’s
Email listEmail list
• I send email about• Announcements
• Course information
• Do you prefer Emails or Facebook groups .
Grading PolicyGrading PolicyLetter grades will be assigned as follows:94.00 – 100.0 % … A90.00 – 93.99 % … A-86.00 – 89.99 % … B+83.00 – 85.99 % … B80.00 – 82.99 % … B-78.00 – 79.99 % … C+73.00 – 77.99 % … C70.00 – 72.99 % … C-66.00 – 69.99 % … D+60.00 – 65.99 % … D59.99 – 0.00 % … F
Grading PolicyGrading Policy
Your Final Grades: 1st Mid + 2nd Mid + Part + Final.If Your Participation > 8.5 you will have Extra credits as follows:
Your Final Grades: 20% X Max (1st Mid, 2nd Mid, Final)
Grading PolicyGrading PolicyYour Final Grades: 1st Mid + 2nd Mid + TA + Part + Final.
If Your Participation > 8.5 you will have Extra credits as follows:
Your Final Grades: 20% X Max (1st Mid, 2nd Mid, Final)
1st Mid (25)
2nd Mid (25)
Part
(10)
Final
(40)
Total
222492882B-
84%88%70% 86 B+
Makeup'sMakeup'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
AttendanceAttendance
• regular attendance is expected
• you are responsible for information in class
• attendance is necessary to earn extra credit.
Please be respectful of your Please be respectful of your classmatesclassmates
• be on time
• do not talk during lecture
• do not have your phone on
CheatingCheating
• you cheat,
• I catch you,
•you fail the course
• programmable calculators (e.g. TI-83),translators, phones, PDAs, etc.
are NOT allowed in exams
Tips for successTips 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 Why you should try to learn something in this course.in this course.Percentage of wage dispersion explained by skill factors.
Huge variation in earnings of low vs. high-skilledcollege graduates