Syl_201_W07_7_12769 - Cal Poly Pomona Winter 2007 Class...

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Cal Poly Pomona, Winter 2007 Class Meets in 1-309, TuTh 10-11:50 Professor: Bruce Brown Office: 1-339; Phone: (909) 869-5074 Blackboard: email: [email protected] Required Site: : ECONOMICS 201 -- Principles of Microeconomics Background and Motivation: Economics can be defined as “the study of allocation of scarce resources by societies, firms, and households.” Although many definitions exist, most include the terms “allocation” and “scarcity.” While economics is closely related to business management, it is not directly about how to run a business firm or how to make money in the stock market. Nonetheless, economic reasoning is useful and should indirectly help individuals make beneficial market decisions. The relationship between economics and business is similar to that between physics and engineering. In both comparisons the former is more theoretical, and the latter more applied. Economics is a “social science” along with political science, sociology, anthropology, and psychology. It ana- lyzes the behavior of people. Economics focuses directly on individual consumers and producers and how their interaction in markets can influence resource allocation (who gets what). In contrast, sociology focuses directly on groups , their goals, perspectives and behavior. At some universities the economics department is in the business school (e.g., Cal State Northridge), while at others it is grouped with social sciences (e.g., Cal Poly Pomona, where it is in the College of Letters Arts and Social Sciences, or “CLASS”). Microeconomics (EC201) examines the behavior of producers, consumers, and governments in the economy and how these decision making “agents” interact within markets. It addresses determination of prices in individual markets and how price changes effect production and consumption. In contrast, Macroeconomics (EC202) focus on aggregate or economy-wide values such as national output, unemployment, interest rates, and price inflation (or deflation). Most students must devote a considerable amount of time to this course to understand the material. Expect to read text material several times. Regular class attendance is essential and required. Course Goals for Students: i) Gain a basic understanding of economic ways of thinking and approaching questions. ii) Be able to use simple theory to analyze real world issues. For example, understand and be able to use the production possibility frontier; supply and demand; and cost curve models. iii) Understand and be able to use the terminology of economics.
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This note was uploaded on 03/11/2008 for the course EC 201 taught by Professor Brown during the Winter '07 term at Cal Poly Pomona.

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Syl_201_W07_7_12769 - Cal Poly Pomona Winter 2007 Class...

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