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NORTHERN MICHIGAN UNIVERSITY EC 101 Introduction to Economics (WebCT Course) Winter 2010 Dr. David L. Prychitko Department of Economics Office: 208B Cohodas Phone: 227-1216 Email: [email protected] Listen to the news: most of us have opinions about everyday economic issues, such as the role of profits, losses and competition, the effects of free trade versus protectionism, the power of the Federal Reserve and the nature of the banking system, the problems of inflation and unemployment and the financial crisis, or the rough and tumble movements of the stock market. We take stands on fundamental economic issues. We all live in a market economy, and the issues permeate the evening news, but few of us understand how the system works. This course is designed to change that. You'll be exposed to a new way of thinking about complex social issues. EC 101 is not intended to merely describe or list the facts of the American economy. You can easily find the factual data all over the web. Rather, the course surveys and discusses the economic principles and processes at work that explain the kind of economic system we live in. These principles provide a way of looking at and interpreting the facts of the American economy. If you understand our survey of economic principles, you will have the foundation to understand how the economy works, and begin to understand why the facts are what they are, and how they might be changed. EC 101 is therefore offered to any student (non-economics majors and minors) who would like to learn and apply some basic insights of modern economics . It is not open, however, to students who already have credit in, or are currently enrolled in, another economics course. There are no exceptions to this rule. READING: The required text is Paul Heyne, Peter Boettke, and David Prychitko The Economic Way of Thinking 12th edition (Prentice Hall, 2009). The entire course is structured around this new edition and does not fit with previous editions. So do not ask about previous editions. They are outdated! It is available at the NMU campus bookstore and online at places such as Amazon.
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This note was uploaded on 01/21/2010 for the course EC ec101 taught by Professor Prychitko during the Winter '10 term at N. Michigan.

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