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ECON 011.12 Spring, 2008 Syllabus

ECON 011.12 Spring, 2008 Syllabus - The George Washington...

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The George Washington University Department of Economics Spring 2008: Syllabus and Course Information Economics 011.12 Class: MW 9:35 - 10:25 a.m. 1757 E St., NW, Room 213 Discussion: Each student must register for a discussion section within Econ 011.30 and 011.35 Professor: Dr. Robert Trost Email: [email protected] Office: Hall of Government, Room 310 Phone: 202-994-9011 Office Hours: MW 10:35 a.m. – 12:30 p.m. Inclement Weather Information: http://www.gwu.edu/~gwalert/ Code of Academic Integrity: http://www.gwu.edu/~ntegrity/code.html Course Description: Major economic principles, institutions, and problems in contemporary life. This course, Microeconomics, focuses on supply and demand, the price system and how it works, competitive and monopolistic markets. This course is prerequisite to Econ 12 , Macroeconomics, which covers national income concepts, unemployment and inflation, institutions of monetary control. We will approach the content in a variety of ways, including readings, class discussion, lectures, discussion section work, and problem-solving exercises. We will review the theories that relate to markets, pricing, supply, and demand in the context of real-life scenarios, including those reported in the current press. Expectation of Learners: Enhance individual, group, and class understanding of the theories of microeconomics by attending class and your discussion section, completing all readings before class, and thinking comprehensively about course content Participate reliably in class, the discussion section, and homework assingments Review current business news (Wall Street Journal, Washington Post, and/or national news programs) in light of the theories in this class and generate/respond to in-class discussions regarding these theories Be considerate of other learners in class by turning off or muting your cell phone
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Check both the Blackboard site for the class and your GWU email account regularly for class updates and communication from the professor and your classmates Ask questions either during class or by submitting them to the professor or during the discussion section Have fun Course Objectives: Economics is the study of choice under conditions of scarcity. This means deciding what to produce, how to produce, and for whom to produce. In order to make these three decisions, a society must allocate its scarce resources among competing needs. The three methods of resource allocation are tradition, command, and a market. While all three methods are used in the United States, the dominant method of resource allocation is the market. As defined in your text, a market is a “group of buyers and sellers with the potential to trade with each other.” This course shows how many individual buyers, who act in their own self interest, combine to form a market demand curve, and how many individual sellers, who act to maximize profits, combine to form a market supply curve.
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