FAQ: Am I required attend my scheduled lecture? Must I do the online videos and quizzes? YES! On- line videos cover vital material, and quizzes count. Must I do the textbook readings? YES! Quizzes and problem sets draw on readings even if they are not discussed in class.
Required Texts
Available for purchase at the at Amherst Books on Main Street in Amherst
Or through: MyBookOrders.com
Microeconomics: Individual Choice in Communities
(2017 edition) by Gerald Friedman
Real World Micro
(2017, 24th edition!) by Dollars & Sense
FAQ: Do I need the most current editions of the textbook? Preferably! New editions contain updated information pertinent to the coursework.
About This Course
Economics 103 is a general education course in Social World. It is designed to help you to arrive at a better understanding of yourself and other
people and involves writing and analytical and critical thinking as well as the development of technical skills. Econ 103 introduces students to the fundamental questions in social theory: the nature of society and the relationship between individuals and the community in the construction of an economic system. While a course in economic and social theory, theories are taught through examples that illustrate their use in practice and the implications of different approaches. In particular, we look at the meaning and value of economic growth, the importance of market externalities and alternative ways to regulate them, the relationship between economic inequality and economic growth, and the meaning and role of social insurance. An underlying theme of Econ 103 is how our choice of economic theory informs our choice of economic policy and our collective action.
Course Requirements
Problem Sets – Worth 60%
There are three problem sets worth 60% of your final grade (20% each). You are encouraged to work together on the problem sets with another student and hand in a single copy of the numerical problems (for which both contributing students will get the same grade); you should hand in your own essay questions. Here, you can collaborate with other students. But remember, there is a difference between collaboration and cheating. It should go without saying that you should not copy last year’s problem sets. The problem sets change (and yes people copy in the wrong answers from last year).
Quizzes – Worth 30%
25 Quizzes will be given throughout the duration of this course. These quizzes occur every Monday and every Wednesday. They are short, and only take 10 minutes. These quizzes force you to stay on top of the reading and thus make up 30% of the overall course grade. The most difficult part of these quizzes is making sure you understand when they are due.
Discussion Board – Worth 10%
The final 10% of your grade is made up of discussion board posts. There will be one discussion board due at the beginning of each module. These questions are meant to get you thinking about the topics being addressed throughout that module. Answer the questions to the best of your ability. You will find the instructions to these questions available under the discussions tab.
Late Work
I do not accept late work – even with excuses. This is an online economics course. You can do the work in advance. There is an opportunity cost to choosing to do something else that is not submitting the assignments at their due dates. This costs is not having them graded.
Academic Integrity
Cheating is bad....so don’t do it! If you find the work is overwhelming, ask your professor for help. Do not resort to cheating. Cheating is dishonest, and once you cheat, you accept the label of cheater.
If you are caught cheating on the problem set, you will be subject to draconian University disciplinary action.
Some things to do when things get hard
-
Be sure to read the relevant materials in the textbooks and review the lectures and videos. Economics is hard, sometimes you have to read the textbook 2 or 3 times before it starts to make sense.
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Formulate a question to send to me. Usually in the process of writing out a question the answer will come to you.
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Email me! I am happy to answer your questions. However, I will not give you the answers to questions on you problem set but will push you in the right direction.
Problem Sets, Quizzes, and Discussion forums are due at the posted syllabus days and the
times posted on the blackboard site.
Econ 103 Online Fall 2019
Readings
Sometimes there are different versions of the books available. It is recommended you get the most updated version. However, if you do not, it is possible to match up the chapters and topics.
Modules
There are 5 main course modules which span different parts of the course.
(1) Module 1: Introduction and Big Picture
(2) Module 2: Caring Labor and Other Public Goods
(3) Module 3: Orthodox Consumer and Producer Theory (4) Module 4: Markets are Complicated
(5) Module 5: Economic Policy
Each of these modules is broken into subparts that correspond to a day of the course. For example: In module 1, there is “1.1 Introduction” and “1.2 Social Facts.” These respond to the class dates of September 4th and September 9th. If you have questions about this please feel free to send me an email.
Class Lecture No. Date Day
2 Sept 9 Mon
4 Sept Mon 16
6
Topic
Economics is a social science and that is why institutions matter.
Transactions costs, bargaining, and the PPF
�
Readings �
Friedman, Microeconomics, Chapter 1-2
Real World Micro, Chapter 1
Friedman, Microeconomics, Chapter 4
BlackBoard
Videos and � PowerPoint Slides
Econ103 Introduction
Econ 103: Production Possibility Frontier
Econ103 Lecture 5
Due
Introduction and the 1 Sept 4 Wed production possibilities
frontier (PPF).
Friedman, Microeconomics, Chapter 1
Sept
3 11 Wed The division of labor and
capitalism.
Econ103 Lecture 2 Econ 103:
Comparative Advantage
Quiz 1
Friedman, Microeconomics, Chapter 3
Friedman, Microeconomics, Chapter 5
Real World Micro, Chapter 3.6, pages 77-82
Sept If we are so rich, why aren’t 5 18 Wed we happy? Problems with
markets.
Econ103 Lecture 4
Quiz 3
Discussion
Forum 1
NY Times: The Kids Are Not Alright
Sept Mon
23 5
Caring labor
Friedman, Microeconomics, Chapter
Quiz 2
Quiz 4
|
Sept Public goods, prisoner’s externalities. |
Friedman, Microeconomics, Chapter Econ 103: Prisoners 6 Dilemma |
Quiz 5 |
|
Real World Micro, Chapter 1.5; Chapter 6; Chapter 11.7 “Not just for future generations” Econ 103: Externalities Gawker: Must Watch: Golden Balls Contestant Wins With Most Ballsy Move Ever |
Class No.
8
10
12
14
Lecture Date Day
Sept Mon 30
Oct 7 UMass Monday
Oct 15 Tues
Oct 21 Mon
Topic
Coase's Theorem: What it is and does it work?
Do aggregate demand curves slope down? Shifting demand curves.
Supply: Firms and production. Marginal productivity. Marginal cost.
Monopoly.
�
Readings
�
BlackBoard
Videos and PowerPoint Slides
Econ 103: Externalities
Econ 103: Elasticity of Demand
Econ 103: MPL and MC
Econ 103: Monopoly
Econ 103 Why Elasticity Matters
� Due Quiz 6
Quiz 8
DUE: PS 1!
Quiz 10
Quiz 12
Econ 103 Online Fall 2019
|
Friedman, Microeconomics, Chapter 7 |
Econ 103: Marginal Utility Quiz 7 |
9 Oct 2 Wed
Marginal utility and downward sloping demand curves.
11 Oct 9 Wed
The elasticity of demand, and Friedman, Microeconomics, Chapter consumer surplus. 7
Econ 103, Lecture 07 Econ 103, Lecture 08
Quiz 9
Discussion
Forum 2
Supply curves under perfect 13 Oct 16 Wed competition and marginal
revenue.
Friedman, Microeconomics, Chapter Econ 103: Marginal
8 Revenue Quiz 11 Real World Micro, Ch. 5.
15
Oct 23 Rents, profits and producer Wed surplus under monopoly and
perfect competition.
16
Oct 28 Mon
Prices and regulations
Friedman, Microeconomics, Chapter 7
Friedman, Microeconomics, Chapter 8
Real World Micro, Chapter 4. Friedman, Microeconomics, Chapter
8
Friedman, Microeconomics, Chapter 9
http://www.nytimes.com/2016/10/09/upshot/sending-potatoes-to- idaho-how-the-free-market-helps-food-banks.html
Quiz 14
Friedman, Microeconomics, Chapter 9
Real World Micro, Chapter 2
Econ 103, Lecture 09
Quiz 13
Sendhil Mullainathan, “Sending
Potatoes to Idaho”
Class No.
18
Lecture Date Day
Nov 4 Mon
Nov 12 Tues
Topic
Income inequality. Citizenship and the market economy.
Marginal productivity of labor and the neoclassical demand for labor.
Marginal revenue product of labor;
Wage = MRP.
Do wages really equal MRP? Ford and efficiency wages: quits, incentives, human capital.
�
Readings �
Friedman, Microeconomics chapter 10
Real World Micro, Chapter 8
Friedman, Microeconomics, chapter 11
BlackBoard
Videos and PowerPoint Slides
Econ 103, Lecture 10 Econ 103, Lecture 11
Econ 103: Marginal Revenue Product
� Due
Quiz 16
DUE: PS 2
Quiz 18
Econ 103 Online Fall 2019
Shifting supply and demand curves.
17 Oct 30 Wed Using market outcomes to identify shifts in supply and
demand.
Friedman, Microeconomics Chapter Econ 103 Changes in 9 Supply and Demand
Quiz 15
Discussion
Forum 3
Is inequality good? Okun and 19 Nov 6 Wed leaky buckets, and why he is
wrong.
20
Friedman, Microeconomics chapter
10 Econ 103, Lecture 12 Quiz 17
Real World Micro, Ch. 9
Discussion
Forum 4
Friedman, Microeconomics, chapter 11
Real World Micro, Chapter 7
Econ 103, Lecture 14 Quiz 19
21 Nov 13 Wed
Labor supply and demand, home production, compensating differentials, and immigration.
22
Nov 18 Mon
Friedman, Microeconomics, Chapter 12
Quiz 20
Power in labor markets: 23 Nov 20 Wed discrimination and the
economics of care.
12
“Why Mark Wahlberg earns more” at https://theconversation.com/the- real-reason-mark-wahlberg-earns- us-42m-more-than-any-woman-in-
Econ 103:
Discrimination and Quiz 21
Crowding Out
Friedman, Microeconomics, chapter
Class No.
24 25
26 27
Lecture Date Day
Dec 2 Mon Dec 4
Topic
Efficient financial markets; risk, uncertainty, interest rates
Government and insurance
DUE: Problem Set 3
� Readings hollywood-83003
Friedman, Microeconomics, chapter 12
Friedman, Microeconomics, chapter 14
Real World Micro, Chapter 11
�
BlackBoard
Videos and PowerPoint Slides
� Due
Quiz 22
Quiz 23
Quiz 24