Dr. Satya J. Gabriel
Associate Professor of Economics
e-mail: sgabriel@mtholyoke.edu
FAX: 413-538-2512

This course offers an intensive introduction to microeconomics and macroeconomics. Microeconomic topics include hypotheses on the decision making criteria employed by consumers and firms; the structure and functioning of labor, land and investment capital markets; and, the consequences of social costs and benefits generated by private economic activity (also called externalities). Macroeconomic topics include hypotheses on the determinants of aggregate levels of output, employment and prices, and the complex interaction of these variables; the role of foreign exchange rates and international movements of financial wealth upon macroeconomic variables; and, public policies to control unemployment and inflation.

This course is designed primarily for nonmajors who need an introductory prerequisite for a specific 200-level economics course. However, prospective economics majors who have taken a 100-level topics course may take this course in order to complete the prerequisites for all 200-level economics courses, including the intermediate level courses required of all economics majors. Note, however, that the compressed nature of this course means it is, without question, more difficult than EC 103, Introductory Microeconomics, or EC 104, Introductory Macroeconomics.

Please note that this course is NOT open to first-year students as a first economics course.

Grading policy

Course grades will be based on two exams, a midterm and final, and class participation (including pop quizzes). The midterm and final will be valued at 45% of the grade each (for a total of 90% of the course grade) and class participation (including pop quizzes) will be valued at 10%.

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Course calendar
Jan. 28	Course introduction.
Microeconomics
Feb. 2-4	Supply & Demand: Case & Fair, Chapters 4 & 5
Feb. 9-11	Household Behavior & Consumer Choice: Case & Fair, Ch. 6
Feb. 16-18	The Production Process & the Behavior of Profit-Maximizing Firms: Case & Fair, Chapters 7-9
Feb. 23	Labor and Land Markets: Case & Fair, Ch. 10
Feb. 25	Capital Market and the Investment Decision: Case & Fair, Ch. 11
March 2	Monopoly: Case & Fair, Ch. 13
March 4	Monopolistic Competition and Oligopoly: Case & Fair, Ch. 14
March 9	Externalities, Public Goods, & Social Choice: Case & Fair, Ch. 16
March 11	Midterm Examination
Macroeconomics
March 23	Intro to Macroeconomics: Case & Fair, Chapter 21
March 25	Unemployment, Inflation & Growth: Case & Fair, Ch. 23
March 30-April 1	Aggregate Demand & The Multiplier: Case & Fair, Ch.24 Macro Caselet: Japanese Household Spending & the MPC
April 6-8	Fiscal Policy: Case & Fair, Ch.25
April 13	Money & The Central Bank: Case & Fair, Ch.26 Macro Caselet: Russian Central Bank to Print More Money
April 15	Monetary Policy: Case & Fair, Ch. 27-28
April 20-22	Aggregate Demand & Supply: Case & Fair, Ch. 29
April 27-29	Balance of Payments & Exchange Rates: Case & Fair, Ch. 36

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Federal Reserve Board Beige Book

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Copyright © 1998, Satya Gabriel, Economics Department, Mount Holyoke College.