Notes, Homework, and Class Schedule                      Textbook                      Grading System

Course Description          Instruction and Preparation         Goals and Objectives

Erroneous Expectations                        Helpful Expectations

This course will introduce students to critical thinking in  economics and use those tools to examine economic issues, problem-solving tools that economists use to analyze these issues, and the associated public policy concerns. First, we will introduce economics in general, tools of logic and critical thinking, and some of the tools of economists. Using these tools, we will overview how markets work and examine some economic problems that consumers face. 

Next, we will address a large microeconomic topic, behavior of the firm. This section will concentrate on two theoretical models: Perfect Competition and Monopoly. 

The last major section of our class is an introduction to macroeconomics. While the first part of the class looked at individuals separately, macroeconomics will examine the economy as a whole. We will begin with the measurement indexes and ratios and use these to examine the behavior of the United States over the past 100 years. Finally, we will conclude with an introduction to several macroeconomic topics including financial markets, unemployment, the role of money, and inflation. Throughout the course, I will relate our discussion to topics in United States history. (This is my area of interest.) However, if you know a current event that relates to our studies, please draw my attention to it. 

Lastly, the most important goal we should set is to have fun. We are trying to make some sense out of this crazy world; it is a difficult task, but a very interesting one.

The course will be presented in a non-technical manner. Mathematically speaking, the basic analytical tools will be simple algebra and graphic analysis. Lectures will follow the course outline and the textbook. The reading material will provide excellent guidance for practically all of the lecture material. However, not every topic in the lecture will appear in the textbook, and not every page of reading will be covered in class.  This is especially true for the Friday topics lectures.  Fridays will be special applications of what we have been learning.

The goals and objectives of this course focus on what you the student should be able to do once you have completed this course. The main goal is the following: students can think effectively for themselves about economic issues. Additional goals are the following:

• exhibit an awareness of, and continuing interest in, the major economic issues of society;

• Be able to define clearly an economic problem

Be able to gather relevant factual information and apply it to the problem

Be able to evaluate potential bias in the information selected.

• Demonstrate a firm grasp of the few basic principles and analytical concepts necessary to think intelligently about economic issues.

Be able to identify, construct, and asses economic arguments.

Understand the logical connections between the facts, goals, and implicit assumptions to the economic problem.

Be able to evaluate the implication of the results and how the results will affect society.

• Exhibit and understanding of how changes in the assumptions, perspectives, or interpretations can affect the solution or meaning of a given economic problem or situation.

Demonstrate knowledge of the experiences and contributions of the many groups that shape American society and culture and how their experiences shape their perspective and interpretations of economic issues.

Understand the impact of prejudicial exclusion, structural inequalities, and systemic oppression affect the solution and meaning of a given economic problem or situation.

Be able to critically asses cultural images that develop as a result of exclusion, inequalities, and economic oppression.

• develop an independent ability to apply these analytical tools in thinking about economic issues.

In addition to these goals, the following specific instructional objectives will be helpful for your study efforts:

• Relate terms that have the same meaning.
• Select the term that best fits a particular definition.
• Identify terms used in reference to particular economic issues
• Use terms correctly in describing economic issues.

• Identify examples of economic concepts and principles.
• Describe economic principles and concepts in own words.
• Point out interrelationship of economic principles.

• Identify the economic principles needed to solve a practical problem.
• Predict the probable outcome of an action involving economic principles.
• Describe how to solve a practical economic problem in terms of the economic principles involved.

• Differentiate between relevant and irrelevant information.
• Differentiate between facts and inferences.
• Distinguish between warranted and unwarranted conclusions from data.

Many of you may believe that introductory economics will provide clear and irrefutable answers to socioeconomic problems. If you share this belief, this course will sadly disappoint you. This course cannot provide definitive answers for three reasons:

• economics simply does not have the answers,
• definitive answers require very sophisticated analytical tools beyond the level of introductory economics,
• definitive answers transcend economics.

Rather than a set of answers ready to be taken off the shelf, economics is a way of thinking about problems. Economics is a process of straight thinking -- "thinking like an economist."

Previously you were required to learn concrete stuff -- memorize facts and/or specific experiences. Economics demands a higher more "formal" level of thinking. In this course, you will need to reason analytically about hypotheses, to manipulate mentally abstractions, to understand contrary-to-fact situations (i.e. hypothetical situations), and to understand counter-intuitive results.

Because economic concepts are abstract, they may appear esoteric and mystifying. However, economics requires abstract concepts in order to develop a strong framework of analysis that is flexible enough to apply to various scenarios in numerous settings.

Since the essence of economics is analysis, you cannot simple memorize stuff. You must practice the art of developing the economic framework of analysis and applying it to a broad field of subjects. In other words, you must "rehearse" the framework of analysis, not solely by remembering it but by examining its logical structure and applying it.

Unless you can apply knowledge it is useless. Thus, exams will require you to apply knowledge to new situations. Do not expect to simply regurgitate facts on the exams.

By stressing the process of problem solving, you will be better able to transfer economic concepts to other contexts, classes, and future employment.

Economics 100