ECON 115
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ECON 115 Introductory Economics

  • School:
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  • Professor:
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    StevenBerry, JustineHastings, BERRY, GUIENNE, RayFair, TonySmith, Udry, christopherudry, StephenBerry, StevenT.Berry, DeanKarlan, FabianLange, GeorgeJ.Hall, PINELOPIGOLDBERG
  • Average Course Rating (from 4 Students)

    3.5/5
    Overall Rating Breakdown
    • 4 Advice
    • 5
      50%
    • 4
      0%
    • 3
      25%
    • 2
      25%
    • 1
      0%
  • Course Difficulty Rating

    • Easy 0%

    • Medium 75%

    • Hard 25%

  • Top Course Tags

    Great Intro to the Subject

    Many Small Assignments

    Math-heavy

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    • Profile picture
    Jan 11, 2017
    | Would highly recommend.

    Not too easy. Not too difficult.

    Course Overview:

    I would recommend this course to another student. ECON 115 teaches about the way we think and act within the lens of market transactions and economic efficiency, going through the legal and social realms of their explanation. The potential to apply this to real-world experiences is so high that one might even find herself thinking about the principles as she shops in a store or market, or as she hears about the economy of individual businesses on the news. To be a well-informed citizen is to know the system of economy and I believe that any student will enjoy the insights taught in this class.

    Course highlights:

    ECON 115 taught me the tendencies of individuals placed before a set of choices and market conditions along with the social costs that affect them in general. The concepts of scarcity and opportunity cost expounded the majority of economic principles presented, and it started with an introduction to trade-offs and market graphs for demand and supply, revealing the price dependence on quantity produced as well as the quantity demand dependence on the willingness-to-pay for the good or service. This demonstrated the change of extrinsic worth due to rarity/paucity and its relationship to other ”worthy” goods or decisions. It continued with the tax toward goods and the analysis of new prices and quantities. Because of ECON 115’s emphasis on graphical representation of these concepts, the course helped me develop a keen appreciation for graphical analysis, pushing me to consider the movement and quality of curves. With this mindset, I could better understood the social reasoning of markets in the context of microeconomics. Utility and indifference delivered important messages about our ability to prefer and to maintain a state of preference. I found it pensive to relate the two with marginal analysis, the applications of which gave mathematical relationships equal to the economic principles of marginal rate of substitution, the equality between marginal benefit and marginal cost, and the optimization between cost constraints. Even the understanding of firm costs and production was explained using marginal analysis. After the costs and production of firms operating under perfect competition were taught, the course led into oligopoly and monopoly markets. I found these to be the most difficult because the topics brought together the knowledge of market demand and supply as well as firm revenue and costs, relating the markets’ economic conditions contributing to their existence as well as their disintegration. This connected the Nash and Bertrand equilibriums which led into a small introduction to game theory. Further knowledge on the human responses to competitive conditions became the subject, and I developed the skill to explain my actions/choices, especially with examples of risk aversion and prisoner’s dilemma, which can apply to insurance, markets, oligopolies, plus a wider range of life lessons concerning myself and others. The difference between normative and positive assumptions became clear to me at this point, where the previous masks of “money-making” became replaced by the “fairness” structure of most societal transactions, including the contribution toward pure public goods and the reversal of social costs by means of Pigouvian taxes. Truly, this course helped me develop an understanding of the reasons we think and act and of the reasons why efficiency and equilibrium are idealized frames for economy.

    Hours per week:

    6-8 hours

    Advice for students:

    Go into this course with a fresh mind and with the fascination to learn. This course strikes a balance between critical thinking and problem-solving, synthesizing areas from math, government, and philosophy. One great thing is that the math used is at the "9th Grade Level" so do not expect calculus or derivations or proofs or anything like that. Lastly, please read the textbook and the readings that are assigned. Although you can pretty much figure out the problems on the problem sets with the lecture notes, the readings give you extra exposure to the subject and help you really understand the topic. Do not be afraid to use Google or your favorite search engine from time to time too, it'll just make you smarter.

    • Fall 2016
    • StevenBerry
    • Math-heavy Great Intro to the Subject Many Small Assignments
    • Profile picture
    Jan 04, 2017
    | No strong feelings either way.

    This class was tough.

    Course Overview:

    I'd recommend this course if you are willing to put in the effort to get the work done. You will learn a lot if you stay on track with Psets and lecture. If you don't then it is very difficult.

    Course highlights:

    I took AP Macro in high school so it was an expansion on some basic things I already knew. Interesting, life-applicable material.

    Hours per week:

    3-5 hours

    Advice for students:

    Don't get behind on Psets & go to lecture.

    • Spring 2016
    • PINELOPIGOLDBERG
    • Math-heavy Go to Office Hours Many Small Assignments
    • Profile picture
    Dec 26, 2016
    | Would highly recommend.

    Not too easy. Not too difficult.

    Course Overview:

    Berry is an incredible professor who gives engaging lectures and provides ample real-world applications.

    Course highlights:

    If you take it with Professor Berry, you will leave the course with not only an understanding, but an appreciation, for the powerful insights made possible by even basic-level microeconomics.

    Hours per week:

    3-5 hours

    Advice for students:

    GO TO LECTURE! It's not worth it to skip. And work on problem sets with other people.

    • Fall 2016
    • StevenBerry
    • Yes
    • Great Intro to the Subject

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