Transcript Chapter 4 SCARCITY AND CHOICE: THE ECONOMIC PROBLEM

ECON 202:
Economics II
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Important Information
 Instructor: Yuan(Ryan) Yuan
 Contact info: [email protected]
 This is a really good way to touch me !
 Course’s webpage: http://www.pages.drexel.edu/~yy23/
 Office hours: by appointment. (I will be available
almost every afternoon on weekdays)
 Meeting Times:
 M and W 12:00 – 1:50 pm, Pearl 101
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Required text:
 R. Glenn Hubbard and Anthony Patrick O’Brien,
Macroeconomics, 2nd Edition.
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Requirements and Grading
 Two midterm tests (25% each)
 Final exam (25%) – not cumulative
 4 - 6 homework assignments (25%)
 98 for an A+, 94 for an A, 90 for an A-, 87 for a B+, 84 for a B, 80 for a B-, 75 for
a C+, 70 for a C, 65 for a C-, 62 for a D+, 60 for a D, below 60 for an F.
 No makeups for unexcused midterms and final. No exceptions.
 If you miss any of the midterms, you will need to take a cumulative final
exam (covering the entire course) worth 50% of your course average.
 Lowest homework assignment can be dropped. Homework due on
assigned date AT THE BEGINNING of class.
 Attendance not required. Class participation for potential bump ups
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Additional Help:
 The Drexel Learning Center (DLC) provides free
individual tutoring. Contact information for
appointments: 050 Creese, [email protected], (215)
895-2568. Their website is www.drexel.edu/dlc.
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Tentative Calendar
 Jan. 21st (Week 3): Homework 1 due date.
 Jan. 28th (Week 4): Midterm exam 1.
 Feb. 11th (Week 6): Homework 2 due date.
 Feb. 18th (Week 7): Midterm exam 2.
 Mar. 4th (Week 9): Homework 3 due date.
 Mar. 11th (Week 10): Homework 4 due date.
 Attention: We have class on Mar. 16th,
Monday of the final week !
 Final: According to university schedule.
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Course Outline
 We do not cover Chapters 1-4, since they are a review on
materials that you should have learned in Econ 201 or 211.
 The tools and concepts learned in microeconomics,
particularly supply and demand diagrams, will be used
extensively throughout this course. Chapter 1-4 of the
textbook offer a good review, and you are encouraged to
read those chapters.
 The very important concepts such as supply and demand
curves and so on will be briefly reviewed when they are
needed.
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Macroeconomics
 Real GDP and Nominal GDP
 Price level and inflation
 Employment and unemployment
 Economic growth
 Aggregate demand and aggregate supply
 Monetary and fiscal policy
 Tradeoffs between Inflation and unemployment
 International economy (Time permitting)
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Some Tips For Learning
Macroeconomics
 The most important thing:
 Intuition - how economists think.
 Practice with formulas: solid understanding of
economic concepts and intuitions.
 Linkage between what happened and what you
learned.
 Asking questions and discussion