Goal of CourseKey Items from SyllabusRefresher on Key ConceptsProducer SurplusDomestic Resource CostConsumer SurplusTuesday: Chapters 1,2,2A

Week 1 (Thurs., 8/21/2014)

Very Simple GoalGenerally understood that the world is now more interconnected than at any time since end of World War II.Goal of the course is to increase your understanding of how this interconnectedness shapes our economy and influences our standard of living.

Office HoursOffice: Computing Commons 415COffice hours: Tues & Thurs 9:00-10:00 amWed & Fri 11:00 am 12 noonor by appointment (24 hr prior notice)Contact: Jose.Mendez@ASU.EDU with subj line: STUDENT ECN 306_Time

AnnouncementsPrimary method: Lecture You are responsible for being aware of any announcement I make in class regarding changes in the course material or exam dates.Secondary method: Blackboard I do rely heavily on Blackboard so check it regularly.

Lecture FormatPowerPoint slidesSlides will be generally be posted on Sunday at 4 PMNote that slides include factual, descriptive material but not analytical material such as diagrams. Slides will simply make reference to a similar figure in the text, e.g., Figure 2.7

GradingExaminations and Online Homework Sets80 percent of grade2 exams (@26%) Non-comprehensive final (@28%)20 percent of grade9 online homework sets (may drop the lowest score)20 multiple choice questionsDue Friday at 5 pm

TWO WARNINGSCourse material at times is very difficultAs an economics course, we will cover many challenging economic conceptsTo understand these, you will have to invest a great deal of timeThe HOUR is AWFUL for both of us relative to my other courses, my evaluations suffer a lot and students on average score 10 - 15% lower on exams

To Help You Learn the MaterialExams will draw many questions from the homework setsPlease be sure to work through the problems and now how to obtain the solution.Problems will be similar but not necessarily identical.

To Help You Learn the MaterialThe class period before each, I will hold a Q&A session where you can ask me any relevant questionCourse syllabus has Q&A to remind you that I wont usually lecture on that day.On rare occasions I may need a small part to finish up material.

To Help You Learn the Material 2 TAsSajad Vahedi [sajad.vahedi@asu.edu]CPCOM 415DAndy Zhizhuang Ge [gzhizhua@asu.edu]CPCOM 415FEach TA is available to help 3 hours prior to exams and each week to help with study problems.I will shortly post their office hours.

Posting Exam Grades Tests are on Thursdays, so grades posted no later than MondayAll grades posted in an excel file by ASU posting id so you can see how you did relative to others in the classXXXX-YYYKeys are also posted at that time

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Any Questions?

Some Key Concepts

Producer Surplus*Domestic Resource CostConsumer Surplus* (*See page 30 of your text or any principles of economics text.)

Why These Concepts?

These concepts are essential for us to assess the impact(1) of international trade and (2) of policy changes on nations and different groups within society.

Short definitions

Producer SurplusThe excess of revenue received by a supplier of a good over the minimum amount they would be willing to accept to maintain the same level of supply.Domestic Resource CostValue of domestic resources used to produce a given quantity of domestic goods.Consumer SurplusThe difference between what a consumer is willing to pay for a good and what she actually pays. The net dollar benefit from consuming a given quantity of goods.

Quick definitions

These concepts will prove essential since we need a way to judge the impact(1) of international trade and (2) of policy changes on nations and different groups within society.

P SConsumer surplus PoProducer surplus D Domestic Resource Cost Qo QFigure 2.7 in Text

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