Reference no: EM133201971 , Length: 2 Pages

Assignment:

Introduction

Welcome to American University's beginning course in economics. Economics is a complex discipline that studies how humans organize their material life. By material life, I mean those processes associated with the production, distribution and use of goods and services as well as all those activities that reproduce our conditions of existence. Economists study how we humans deal with this crucial aspect of our existence, and how our organization of material life has changed over time. This means that economists consider alternative methods of producing and distributing goods and evaluate which methods can better attain goals such as sustainability, efficiency and fairness. Because most economists study the modern period, economics particularly focuses on the ways in which markets organize our material life. In this class, we will focus on long-run issues of growth, equity and sustainability as well as short run issues of employment and price stability.

To address these topics, I have divided the class into five sections. The first section is called Basic Microeconomic Concepts and Institutions. In this section, we discuss terms such as scarcity, trade-offs, opportunity cost, efficiency, equity, efficiency, equilibrium, and supply and demand. This section will introduce you to the ways in which economists reason, and I hope to convince you that this way of thinking will give you important insights about how we interact with the world around us. We will use these concepts to understand the nature of the key institutions which organize our economic life.

Section II is entitled Measuring Economic Activity. It is nearly impossible to understand how our economy works if we cannot develop effective measures of economic performance. Because economic activity is highly differentiated, there is no one measure appropriate for our study. Thus, we will examine measures of productive activity, GDP; measures of labor market activity, the Labor Force Participation Rate and the Unemployment Rate; measures of economic welfare, the Human Development Index; and measures of price stability, the Inflation Rate.

Section III is entitled Economic Growth. One of the most astonishing features of the modern world is that we now experience constant change in production and consumption habits. More and more people of the world have at least for now escaped material privation. We have far more options than we used to. This section will define growth more precisely, explore the causes of growth, and consider the consequences of this constant revolutionizing of our material life. We will also examine questions related to the ecological and social sustainability of our capitalist growth process by examining problems related to global warming and inequality.

Section IV is called Short-Run Macroeconomics. In this, our longest section of the class, youwill learn about the role of money and financial markets in our economy, the causes of unemployment and inflation, and what the government tries to do to influence the direction of the economy. This section should allow you read the business press more intelligently and critically.

Section V is called Global Macroeconomics. In this section, we will examine how the globalization of our economy has changed long-run macroeconomic dynamics and also altered the policies we use to influence how our economy operates.

My goal for this class is straightforward. I want to help create a more intelligent and engaged group of citizens who understand basic economic issues and can participate in those policy debates that are so important to our lives in the present and future.

Learning Outcomes

General Education classes attempt to give students different skills and ways of looking at the world that can help them negotiate future courses and, more importantly, appreciate and understand more deeply the world around them.

This section of Economics 100 has the following two learning outcomes.

1. Critical Inquiry: Systematic questioning and analysis of problems, issues, and claims. The essay questions on economic growth and economic globalization will ask you to confront important dilemmas facing the human community. We will be asking you to use the conceptual tools of economics to develop a deeper analysis of these issues.

2. Quantitative literacy and symbolic reasoning: Applying mathematical, statistical, and symbolic reasoning to complex problems and decision making. Our weekly homework assignments and quizzes, as well as our two midterm examinations will rigorously test your ability to use graphs and symbols to study the ways in which markets and the aggregate economy function.