Chapter 1 Lecture Notes

Chapter 1 Lecture Notes - Econ 101 Introduction to...

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Unformatted text preview: Econ 101 Introduction to Microeconomics Professor Richard V. Burkhauser 1 Introduction Why am I Here? Econ 101 Professor Burkhauser What do they have in common? George Stigler Milton Friedman Ted Schultz Ronald Coase Gary Becker Jim Heckman Rich Burkhauser Jeff Larrimore Kuntal Banerjee Joe Podwol Hyunkyung Choe Ram Dubey Sarah Reynolds Econ 101 Professor Burkhauser Syllabus For the course syllabus, instructions on how to get on the course web site, and how to register your clickers, go to: Read your syllabus before you do anything else. It is your roadmap to success. Econ 101 Professor Burkhauser The Course Web Site The course web site is hosted at Make sure you enroll in the course web site through the address above The course is listed as Econ 101-2: Introductory Microeconomics in the Course Catalog Econ 101 Professor Burkhauser Grading Schedule Background Review (Second Section Meeting) Preliminary Exam 1 (October 5, 2006, 7:30 9:30 p.m.) Preliminary Exam 2 (November 2, 2006, 7:30 9:30 p.m.) Final Exam (December 13, 2006, 7:00 9:30 p.m.) Problem Sets Daily In-Class Quiz via Clicker response Total 0.0% 25.0% 25.0% 25.0% 20.0% 5.0% 100.0% Background review: Multiple-choice. Preliminary exams 1 and 2 will consist of both multiple-choice questions and essay questions. The final examination will cover new material but it will also be cumulative. It will be entirely multiple-choice. Econ 101 Professor Burkhauser Steps to Success Economics 101 1. Show up. Regularly attend classes and sections. Hand in your assignments on time. Take all exams. 1. Come prepared for class by reading the material beforehand. 1. Download my PowerPoint outlines and bring them to class. 1. Add supplemental notes to these outlines if that is helpful to you, but do not do so at the cost of carefully listening to what I emphasize in class. Econ 101 Professor Burkhauser Steps to Success Economics 101: Preparing for Exams 1. Ask questions. Especially do so in section where class size is less intimidating, no new materials is introduced, and answering your questions is the main task of the teaching assistant. 1. Do your problem sets early and allow yourself retake time. Your problem sets provide you and me with feedback on your basic understanding of economic concepts and definitions. This is the first level of economic understanding. If you are not doing well on problem sets, you are in serious trouble in this course and you should seek help from your TA immediately. Econ 101 Professor Burkhauser Steps to Success Economics 101: Preparing for Exams 1. Problem sets alone will not prepare you for exams. Exams focus on the more important aspect of economic understanding: applying economic concepts to specific economic issues. 1. The best gauge of success on exams is your clicker answers. The questions come from previous exams. Note however that memorizing answers to these specific questions will not lead to success on future exams. Practicing your analytical skills prior to being told the answer is the surest feedback you will receive of your current understanding. Econ 101 Professor Burkhauser Steps to Success Economics 101: Preparing for Exams 1. Come to the help sessions. Help sessions will be given before every exam. The TAs and I will review the main concepts tested on each exam. If you follow the previous eight steps you will have little else to do but attend these help sessions to prepare for your exam. 1. Get a good night's sleep before taking the exam. Economic understanding comes with prolonged practice. Concepts and definitions can be memorized the night before but not how to use those concepts. Spending all night worrying about the exam will reduce your chances of making the most of what you do know. Econ 101 Professor Burkhauser Econ 001 Taught by Albert Alexander ([email protected]). Econ 001 is a supplement course for Econ 101. Econ 001 is open to any student currently taking Econ 101. You may attend any and all meetings, review sessions, and office hours provided for Econ 001. You are not required to enroll in Econ 001 to use the services provided for the course. For additional information, Econ 101 Professor Burkhauser "The trouble with the world is not that people know too little, but that they know so many things that ain't so." Mark Twain Econ 101 Professor Burkhauser ...
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