Economics 110 Principles of Economics- Spring Semester, 2020 Ohio Wesleyan University Instructor: Julide Yazar

219 – Corns Building (Phone: 368-3538) jjyazar@owu.edu

Text: Principles of Economics: Economics and the Economy, Timothy Taylor Or Access a different version of this textbook from https://openstax.org/details/books/principles-economics-2e (The textbook is required and intended to complement the lecture notes. You must read the book before and after the class for a thorough understanding of the concepts introduced in the lectures)

Home Page: The course homepage is located at: http://www.owu.edu/~jjyazar/econ110/ Grades:

Midterm 1 Friday, February 7th 100 points Midterm 2 Friday, March 20th 100 points Midterm 3 Friday, April 17th 100 points Final Final Exam Period 125 points Homework 6 points each (10 Assignments) 60 points Data Project 25 points Total 510 points

Grade Distribution: The grade distribution will be based on your total score (M1+M2+M3+F+H+P) and total exam score (M1+M2+M3+F) (within each letter grade, + and – letter grades will be determined based on the class distribution) The grade distribution will be based on total course score and exam score: Total Score 430-510 and Total Score 370-429 B Total Score 320-369 C Total Score 240-319 and Total Score < 240 F

Exam Score ≥ 370 A Exam Score < 370 B

Exam Score ≥ 245 D Exam Score < 245 F

The Americans with Disabilities Act (ADA) is a federal anti-discrimination statute that provides comprehensive civil rights protections for persons with disabilities. Among other things, the legislation requires that all students with disabilities be guaranteed a learning environment that provides for reasonable accommodation of their disabilities. If you have, or think you may have, a disability (e.g., mental health, attentional, learning, chronic health, sensory, or physical), please contact Disability Services in Corns 315 or call 740.368.3925 to arrange a confidential discussion regarding equitable access and reasonable accommodations. If you are registered with Disability Services and have a current letter requesting reasonable accommodations, please contact me as early in the semester as possible to discuss how the accommodations will be applied in this course. For more information, consult the Disabilities Services website: http://ldac.owu.edu/index.html

Missed Assignment Policy

Homework: Regular homework assignments are announced on the course web page. The homework problems are assigned from the problem set handout located on the top of the homework page as indicated by the arrow in the below picture and the questions are downloaded upon clicking on that pdf file. For questions marked with ! in the problem set handout, graph paper is provided in the graph paper handout located on the same web page under the problem set handout. Homework is due at the beginning of the class at the due date. As you enter the class, please place your homework on my desk. If you expect to miss a class, you must plan accordingly and put your homework in my mailbox before the due date or send your homework with a friend to the class. Answers to the homework assignment will be posted on the web page.

Midterm and Final Exams: The format of the midterms and the final will be some short answer and problem solving questions and as well as some multiple-choice questions. No make-up midterm or final will be given unless arrangements have been made in advance of the scheduled exam date due to serious illness and family emergencies only. Data Project: The project will be on collection and analysis of US macroeconomic data and it will be announced in class once we start macroeconomics. All midterms are given during the 50-minute regular class duration time. If you have special needs and thus require more than the regular class time to complete the midterms please contact Disability Services to make alternative arrangements. For details please refer to the paragraph on the previous page.

Final Comments and Suggestions:

This is one of my favorite courses to teach at OWU. The aim of this course is to teach you how to use foundational economic principles to analyze real world problems. While you are sitting in the lecture and listening to me, you might often find yourself nodding along and thinking that everything makes perfect sense. You might even think that economics is easy. However, following economic arguments is not the same thing as learning how to use economic reasoning. Learning how to use the tools of economics takes a lot of active studying. The world around us is changing at an increasing pace. Often, you have a few precious minutes to communicate the value of you or your ideas in a compelling manner to your colleagues, customers, and investors. This is the time to hone your communication skills. Our classroom environment values everyone and everyone's contribution. Please make sure to take advantage of our friendly classroom setting by actively participating in experiments, asking and answering questions, making observations and comments and all along having lots of fun! This course is the foundation for further studies in economics. I hope that this course will equip you with skills that you will use in all aspects of your life and inspire some of you to become economics majors.

Good Luck! I hope you enjoy the course!

Week Date Topics Covered Reading

Assignment 1

Jan 15, 17

Introduction to Economics

Ch 1

2

Jan 20, 22, 24

Choice, Scarcity and Opportunity Costs Production Possibility Frontier Gains From Trade

Ch 2 Ch 3

3

Jan 27, 29, 31

Demand and Supply, Market Equilibrium Applications

Ch 4

4

Feb 3, 5 Feb 7

Price Ceilings and Price Floors MIDTERM 1

Ch 4

5

Feb 10, 12, 14

Consumer & Producer Surplus Economic Efficiency Elasticity

Ch 4 Ch 7

6

Feb 17, 19, 21

Firm Behavior Costs of Production

Ch 9

7

Feb 24, 26, 28

Profit Maximization and Market Structures Perfect Competition

Ch 10

8

Mar 2, 4, 6

Perfect Competition in the Long Run

Ch 10

Week Date Topics Covered Reading

Assignment

9

Mar 9, 11, 13

SPRING BREAK ☺

10

Mar 16, 18 Mar 20

Monopoly and Price Discrimination Economic Inefficiency of Monopoly MIDTERM 2

Ch 11

10

Mar 23 Mar 25 Mar 27

Market for Labor Present Value The data of Macroeconomics: National Income, Price Indices

Ch 10 Ch 21

11

Marc30, Apr 1, 3

Inflation and Unemployment The Monetary System

Ch 23, 24 Ch 29

12

Apr 6, 8, 10

Aggregate Supply and Aggregate Demand Macroeconomic Equilibrium

Ch 26

13

Apr 13, 15 Apr 17

Keynesian Analysis MIDTERM 3

Ch 27

14

Apr 20, 22, 24

Stabilization and Fiscal Policy Stabilization and Monetary Policy

Ch 27 Ch 30

15

Apr 27

Foreign Exchange Markets

Ch 31