Economics 111 - An Introduction to Economics

An introduction to the core ideas economists use to understand the U.S. and world economy.  Every day, people use their time, talent and energy to produce, sell, buy and consume a bewildering variety of goods and services.  How are all these activities organized and connected?  How do societies decide what gets produced now, and how much to invest for the future?  Why do some people, and some groups, earn more than others, and how can the economy be made more equitable?  Why are some countries so much richer than others, and what might poor countries do to ‘catch up’?  What effect does international trade have on workers, consumers, and firms, both in the U.S. and overseas?  What can be done to mitigate the harmful effects of economic activity on the natural environment?  What role does government play in organizing economic activity?  Economics is the study of these and many other related questions.  We study both microeconomics, which looks at the role of consumers, markets, firms, and governments in determining how our society allocates its scarce resources; and macroeconomics, which addresses the economy as a whole, especially issues related to output, unemployment, productivity, and inflation.

Requisite for all other courses in Economics. Two 80-minute and one 50-minute lecture/discussion per week. Fall and spring semesters. The Department.

Fall: One section of 60 students, three sections of 25 students. 

Spring: Limited to 25 students per section. 

How to handle overenrollment: Drop students who do not attend the first class and admit students from a waiting list.

Students who enroll in this course will likely encounter and be expected to engage in the following intellectual skills, modes of learning, and assessment: Quantitative reasoning; modes of learning and assessment include readings, lectures, problem sets, in-class quizzes, exams, short paper, graphical analysis, group discussion.