Quella ECO108 Intro F17 PDF

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STONY BROOK UNIVERSITY -- Fall 2017 ECO108 Introduction to Economics -- Section 01 (81365) ----------------- Núria Quella-Isla ----------------Lectures:

Tues. & Thurs. 2:30pm-3:50pm Javits Lectr 100

Prof. Contact:

[email protected]

Prof. Office Hours:

Tues. 12:30pm-2:00pm Thurs. 11:30am-1:00pm Social and Behavioral Sciences (SBS) S-625

Teaching Assistants & Recitations:

See below for sections, rooms & times, and TA

Undergraduate TAs & Office Hours:

Nima Abbaszadeh –Tues. 4 PM-6 PM -- [email protected] Omar Hamzic – M. & W. 5:00PM - 6:00PM -- [email protected] Yingzhe Hong – Thurs. 2:00pm - 4:00 pm -- [email protected] Yuhao Lai – Mon. 12:00pm-2:00pm -- [email protected] Nuonan Shi – T. & R. -- 1:00pm - 2:00pm -- [email protected]

Prerequisites:

C or higher in MAT 122 or MAT 123 or AMS 151 or level 4 on the mathematics placement examination Recitations____________________________________

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Please, read this syllabus IN ITS ENTIRETY. Familiarize yourself with its content. You are responsible for being informed and up to date. COURSE OVERVIEW This course is an introduction to how economists think about the world. It is recommended for both students who are considering a major in economics and students that wish to take a single semester of economics for their own edification. Any other course you take in economics will build upon the knowledge and skills you develop in this one. The course is roughly divided into two sections: Microeconomics and Macroeconomics. Microeconomics examines the behavior of individual consumers and firms and analyzes their interactions, their behavior and how they make decisions in specific markets. It studies questions such as whether or not to buy a good and how much to buy; whether to raise the price of a good; whether firms should stay in business in the short run. or how (and why) to regulate monopolies or pollution emissions. Macroeconomics is the study of a country‟s economy as a whole; it measures and studies the behavior of aggregates at the national level, such as unemployment, inflation, trade and fiscal balances, and interest and exchange rates. It also examines the impact of government policies on economic performance. It answers questions such as: How big is the economy? Is it growing? How fast are prices increasing? Why don‟t more people have jobs? STUDENT LEARNING OUTCOMES / COURSE OBJECTIVES After completing this course, you should be confident in your ability to: 1) Understand and use the basic concepts of economics. 2) Demonstrate knowledge of the basic models of micro and macroeconomics, their assumptions, and influence on economic policy and ideas. 3) Apply economic reasoning to understand the causal determinants of economic phenomena, empirical regularities, and policy proposals. COURSE MATERIALS This course requires you to use MindTap, which is an interactive, cloud-based and COMPLETE online platform that has been CUSTOMIZED for this specific course. It works on computers and on cell phones. EVERYTHING is included in MindTap: the textbook chapters we will use, your assignments, your practice quizzes, sample questions for your exams, and all sorts of tools that will enable each one of you to personalize your learning and focus your effort on what you need to work on most. The reference you have to use to purchase it is the following: MindTap Economics for N. Gregory Mankiw's Essentials of Economics, 8th Edition (Online Courseware), ISBN-13: 9781337813877. To purchase the MindTap bundle for this course, go to www.cengagebrain.com/course/2208890  Please note the above is a CUSTOM print book packaged with MindTap for our course, therefore ONLY the ISBN above corresponds to OUR course. You may see other, very similar references, however ONLY THIS ONE is usable for our course. Note also that, during lectures, we will not have time to cover absolutely everything in the textbook chapters. You are, however, responsible for reading every chapter completely. 2

Class slides for every lecture will be posted in advance in Blackboard. Additional readings (usually current news) and any other ancillary materials we may use will also be available in Blackboard prior to every class. I will never distribute printed material of any kind, except for midterms and the final exam. Make sure you are up to date with materials and announcements. If you have used Stony Brook Blackboard system before, your login information (username and password) have not changed. If you have never used Stony Brook Blackboard system before, your username is your Campus Net ID, which is usually the initial of your given name and (up to) the first seven letters of your family name. Your assigned password is your SOLAR ID number. Please, make sure you can login and access all class materials as soon as possible. If you have any problems logging in, go to the helpdesk in the Main Library SINC site or the Union SINC site. You can also call 631-632-9602 or email [email protected] GRADING POLICY Your course grade will be composed as a weighted average of the following: Two midterm exams (non-cumulative) = 25% each; Final exam (non-cumulative) = 25%; Assignments = 25% in total. For all final exam dates, see http://www.stonybrook.edu/commcms/registrar/registration/exams.html Check in advance for possible final exam conflicts and address them ASAP. Assignments — From the third week of classes, we will post an assignment every Tuesday, due next Tuesday, except for the weeks in which we have an exam (see the „Course Outline‟ section below for exam dates and times). You must submit assignments AT or BEFORE the stated deadline. No assignments will be accepted after the deadline. Your lowest assignment grade will be dropped. However, missing assignments will be graded as zero and WILL count toward your grade. Hence, it is in your best interest to do all assignments AND submit them by the deadline. Also, doing your assignments is the best way to prepare you to do well in your exams. Exams — Both midterm exams are scheduled in the evening, from 8:45pm to 10:00pm (see the „Course Outline‟ section below). Take note and plan accordingly. A strict policy of no make-up exams will be enforced. If you miss a midterm (because of an acceptable excuse and after you have provided sufficient proof) you will take it together with the final. If you fail to take the missing exam together with the final, the grade for the missed exam will be zero and this grade will count toward your average. The final exam will take place on Tues. Dec. 12th from 5:30pm to 8:00pm. All exams (both midterms and the final) will be in multiple choice format. Exams will not be returned, however, you are welcome to come see your exam and discuss your grade during office hours. Your Teaching Assistant (TA) will go over them during recitation. Grades -- The point-to-letter correspondence for this course is as follows: 0 -- 49 50 -- 53 54 -- 57

F D D+

58 -- 61 62 -- 65 66 -- 69

CC C+

70 -- 75 B76 -- 82 B 83 -- 89 B+

90 -- 94 95 -- 100

AA

 Keep in mind that, in order to take any other course in economics, you need to obtain AT LEAST a C in this course. If majoring in economics is important for you, act accordingly and work toward this grade FROM THE VERY BEGINNING. No amount of sorrow at the end of the semester will change your past performance, which brings us to the next section. 3

HOW TO OPTIMIZE YOUR COURSE PERFORMANCE Your performance in this course will be best if you 1. Attend lectures AND are engaged with/during lectures. That is, if you are not only physically present but also mentally present and alert. 2. Attend recitations AND are engaged with/during recitations. Same as above. 3. Read the corresponding textbook chapters in their ENTIRETY. 4. Keep current with class slides AND your own notes. 5. Do ALL your assignments. 6. Practice as much as possible (MindTap is an excellent source of quizzes and questions, and it will suggest more questions in the areas you are weakest in). 7. Look for the answer to your questions in the course material rather than google it (course materials have been chosen for a reason: everything you need to know is actually there). 8. Keep your cell phone muted/off and tucked away in your bag during lectures and recitations (see points 1 and 2 above). I strongly recommend you read the corresponding lecture materials shortly before or shortly after the lecture and review your own assignments before recitations. Also, I do recommend you take your own longhand notes during class to complement class slides and textbook chapters.1 Above all, do not fall behind. Material builds on itself and it will become increasingly difficult to keep up if you are not current. My main job is to present content, concepts, ideas, etc. and how they relate to each other in a clear and accessible manner. Your job is to be current and engaged with the course and your own learning process. Only you can do your job. Moreover, my job is not effective if you do not do yours. COURSE RESOURCES Please, be aware that there are more than 500 of you in this course and it is going to be necessary to carefully manage attendance to office hours as well as communications via e-mail. Make it easy on all of us (including yourself) and, every time you contact any of us, start by including your family name, your given name, your recitation section, and your Stony Brook ID number. 

I will hold office hours weekly (see schedule above). If you plan to come to my office hours, please choose a time slot and sign in advance on the attendance-sheet(s) posted on my office door. When you sign, include also your recitation section (R01, R12, etc.) and a couple of words that broadly describe the subject of your consultation, question, etc.2 This helps me manage attendance efficiently and ensure I can dedicate enough time to all. If you have another class during my office hours, send me an e-mail to make an appointment for some other, mutually convenient time. If you do not sign in the attendance sheet nor send me a message, you risk finding other students have taken all available time slots. If you study in groups and wish to attend as a group, use only one name to sign in the attendance sheet.



Your Graduate TAs will conduct weekly recitations and hold two office hours per week starting the second week of classes. They will communicate with you directly via Blackboard announcements to let you know when and where their office hours will be held, how they

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Researchers at Princeton University and UCLA found that students who take handwritten notes generally outperform students who type their notes via computer. According to other researchers who also compared note-taking techniques, students who write notes in longhand appear to learn better, retain information longer, and more readily grasp new ideas. Read more at Can Handwriting Make You Smarter? 2 For example: equilibrium in a perfectly competitive market; question 5 in Assignment 2; questions in reference to the calculation of GDP.

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choose to manage attendance, and on any issue concerning recitations. During recitations your Grad TAs will solve exercises and discuss assignments. Recitations are important because, among other things, they will help you check whether you understand the material covered in class and identify your blind spots. 

Your Undergraduate TAs will also hold two office hours weekly. They will usually hold their office hours in the lobby of the 6th floor of the SBS building, where the Dept. of Economics is. They, likewise, will communicate with you directly via Blackboard announcements concerning any issue regarding their office hours and how they choose to manage them.

 There will be no office hours on exam dates. Make sure you give yourself ample time to prepare for exams; you already know the dates. 

Also, be aware of the free academic support services offered to all undergraduate students by the Academic Success and Tutoring Center (ASTC), including one-on-one tutoring, small group tutoring, academic success coaching, public speaking programs, and academic success workshops.

CLASS POLICY OR WHAT IS EXPECTED OF YOU If you miss a lecture, you are responsible for the material covered in your absence as well as for making sure your assignments are submitted on time. You are responsible for having a working stonybrook.edu e-mail inbox AND for checking it regularly for messages and/or class announcements (at the very least, once before every lecture). Likewise, check the Blackboard page and its contents regularly. As it is formally stated in Stony Brook‟s Undergraduate Bulletin: “Students are expected to attend class regularly unless other arrangements are made; arrive for class on time and leave the classroom only at the end of class; engage in class discussions and activities when appropriate; exhibit classroom behavior that is not disruptive of the learning environment; secure and turn off all electronic communications and entertainment devices during class time unless otherwise directed by the course instructor. Any use of a cell phone or other unauthorized electronic device during an examination may lead to an accusation of academic dishonesty.” If you absolutely need to leave the class earlier, please talk to me first and sit near an exit, so as to minimize noise and distractions for the rest of us. No tablets or computers are allowed unless you have spoken to me first. Also, the use of cell phones of any kind, headphones, earphones, etc. during lectures is NOT ALLOWED; it devalues the teaching and learning experience for all. If deemed necessary, a policy of subtracting points from your total course grade will be implemented. You are encouraged, however, to bring a basic calculator to class (and to exams) so you can actively participate in solving numerical examples. In general, keep noise to a minimum and be respectful to your classmates, remember we are all responsible for maintaining an appropriate learning environment, especially in a class as large as ours. During lectures, there will be times when discussion among you or with me is encouraged. However, other times it will be best to postpone discussion for after class and/or study groups. Studying and working in groups or in partnership is very much encouraged.3 Learning is an active

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Research from cognitive psychology has shown that one of the best ways to improve understanding is to teach material to a peer. see, among others, Topping and Stewart, (1998).

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and experiential process and you will obtain best results when you engage with the material, participate in class, and collaborate with each other. ACCOMODATIONS If you have a physical, psychological, medical or learning disability that may impact your course work, please contact Disability Support Service (DSS), 128 ECC Building (631) 632-6748, [email protected]. They will determine with you what accommodations are necessary and appropriate. All information and documentation is confidential. Students are responsible for registering and providing documentation to DSS in order to receive accommodations, and for making all testing arrangements with both DSS and the faculty at least one week in advance. Students who require assistance during emergency evacuation are encouraged to discuss their needs with their professors and Disability Support Services. For procedures and information go to the following website: http://www.ehs.sunysb.edu and search Fire Safety and Evacuation and Disabilities. ACADEMIC INTEGRITY Stony Brook expects students to maintain standards of personal integrity that are in harmony with the educational goals of the institution. Each student must pursue her or his academic goals honestly and be personally accountable for all submitted work. Representing another person's work as your own is always wrong. Any suspected instance of academic dishonesty such as cheating, copying, plagiarism and other deceiving techniques and/or attitudes will not be tolerated under any circumstance and must be reported to the Academic Judiciary. The Judiciary may take disciplinary action, including dismissal from the University. For more comprehensive information on academic integrity, including categories of academic dishonesty, please refer to the academic judiciary website at www.stonybrook.edu/academicintegrity CRITICAL INCIDENT MANAGEMENT Stony Brook University expects students to respect the rights, privileges, and property of other people. Faculty are required to report to the Office of Judicial Affairs any disruptive behavior that interrupts their ability to teach, compromises the safety of the learning environment, or inhibits students' ability to learn.

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COURSE OUTLINE This course schedule is tentative and may be subject to changes according to class dynamics. Week

Date Aug. 29

1 Aug. 31 Sept. 5

Textbook Chapter/Content

Deadline

Syllabus and Course Overview 1. Ten Principles of Economics 2. Thinking Like an Economist Labor Day

2 Sept. 7

3. Interdependence and the Gains from Trade

Sept. 12

3. Interdependence and the Gains from Trade

Sept. 14

4. The Market Forces of Supply and Demand

Sept. 19

4. The Market Forces of Supply and Demand

Sept. 21

5. Elasticity and Its Application

Sept. 26

5. Elasticity and Its Application

Assignment 1 posted

3

4

5 Sept. 28

Assignment 1 due Assignment 2 posted

Assignment 2 due

Review – Class time Midterm 1 -- Evening: 8:45pm-10:15pm

Oct. 3

6. Supply, Demand, and Government Policies

Oct. 5

6. Supply, Demand, and Government Policies

Oct. 10

7. Consumers, Producers, and the Efficiency of Markets

Oct. 12

7. Consumers, Producers, and the Efficiency of Markets

Oct. 17

12. The Costs of Production

Oct. 19

12. The Costs of Production

Oct. 24

13. Firms in Competitive Markets

Oct. 26

13. Firms in Competitive Markets

Assignment 3 posted

6

7

8

Assignment 3 due Assignment 4 posted

Assignment 4 due Assignment 5 posted

Assignment 5 due

9

7

Week

Date Oct. 31

10

Textbook Chapter/Content

Deadline

Review – Class time Midterm 2 -- Evening: 8:45pm-10:15pm

Nov. 2

15. Measuring a Nation's Income

Nov. 7

15. Measuring a Nation's Income

Nov. 9

15. Measuring a Nation's Income

Nov. 14

16. Measuring the Cost of Living

Nov. 16

16. Measuring the Cost of Living

Nov. 21

18. Saving, Investment, and the Financial System

Assignment 6 posted

11

12

Assignment 6 due Assignment 7 posted

Assignment 7 due

13 Nov. 23

Thanksgiving

Nov. 28

18. Saving, Investment, and the Financial System

Nov. 30

20. Unemployment and Its Natural Rate

Dec. 5

20. Unemployment and Its Natural Rate

Assignment 8 posted

14 Assignment 8 due

15 May 7

Review Final Exam – Tues. Dec. 12 5:30pm – 8:00 pm

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