Getting Started

Welcome to your Principles of Economics daily class outline called Module 1 Part 1, (or simply Module 1.1).
Within the first week, you will also study class outline called Module 1 Part 2, (or  simply Module 1.2).

There are 15 modules in this course.  Each module has Part 1 and Part 2 daily class outlines for the days of the week on the semester calendar when class is scheduled.
 
Each daily class outline is a single web page that begins with the name of the chapter in the textbook and in the study guide, that you should read and study.
Each daily class outline has five bookmarks.  Use bookmarks as links to travel quickly down each web page to the topic of interest to you.  Alternatively, you may scroll down each webpage with you mouse to discover the following five topics:

1.  The Admin/Preview bookmark will focus your attention on past and present learning goals.
2.  The Class Activity bookmark will direct your attention to the work intended for today's class.
3.  The Summary of Course Objectives bookmark is a concise review or summation of the important concepts for today's class.
4.  The Homework bookmark tells you to complete the textbook problem and solution for each course objective, and complete an additional practice problem and self-test for each course objective found in your study guide.
5.  The Love for Econ... bookmark takes you to the bottom of the webpage.  Often, there is an interesting link to an outside agency or economic service for you to explore.  Exploring such links is entirely optional, and non-graded. 

Grades
Your grades are based on your mastery of 12 chapters within the text and study guide (60%), and on four issue-papers (40%) written using only The Economics of Public Issues.  There are 1000 points in the course.  There are three exams given during modules 5, 10, and 15.  Each exam is worth 200 points.  Exams have 33 questions that look very nearly like the self-tests and problems in your text and study guide.  Turn-in an issue paper along with each exam.  Issues papers count 100 points each.  In place of a final exam, write a fourth issue-paper.  If you want extra credit, there are approximately 75 bonus points you can earn by taking optional pre-study bonus point quizzes on Sundays before a module begins, and by taking post-study bonus point quizzes on Saturdays after a module is concluded.  So three-quarters of one letter grade is given over to bonus points, which you can choose to take, or to ignore.  You may also bring one sheet of handwritten notes and your calculator to each exam.  See my letters to you on the Announcements Page in BlackBoard for further details.  My letters and your syllabus will also prompt you to consider working with a partner during the first three issue-papers if you wish to share or to learn special skills like teamwork and PowerPoint.

900 points = A
800 but less than 900 = B
700 but less than 800 = C
600 but less than 700 = D
less than 600 is not passing
 

How can I help you?

At Patrick Henry, I am ready to help you succeed!

(a) Contact me, Mr. Tom Meyer,  if you have questions about course materials or procedures: 
by email tmeyer@ph.vccs.edu, or 
by voicemail at (276) 656-0283.  
I'm the instructor, and I try to respond within 24 hours.

(b) Contact Mr. Mark Nelson, if you have technical difficulties with creating or using an account on Blackboard, or if you need software downloads, or advice about configuring your home computer:
by email mnelson@ph.vccs.edu .
Mark is the "guru" of Patrick Henry websites and Internet service.

(c) Contact Mrs. Carol Ford, if you have questions about Distance Learning, if you need someone to proctor an examination, or if you want to make use of Patrick Henry's Learning Resource Center staff:
by email cford@ph.vccs.edu. 
You'll find that Carol and the LRC staff are eager to help you.

(d) There is an additional list of people, numbers, and email addesses at the bottom of the course homepage.

For students taking ECO 201 in class:

For distance learning students taking ECO 201 by Internet and email:

Items 1 through 3 in the right-hand column also apply to in-class students:

Begin your final issue paper at any time using guidance from your syllabus.  Turn it in not later than 5 PM on the first day on which final exams are scheduled.

You can locate the course objectives for each module of study and for each daily class outline by using 15-Module-calendar link for ECO 201 on the instructor homepage at http://www.ph.vccs.edu/eco .

You can locate the syllabus for ECO 201on the course homepage.

You can email your instructor at tmeyer@ph.vccs.edu or leave voicemail at (276) 656-0283.
Always mention the course you are taking in the subject of your message, because the answer to your questions are course-dependent!

Here are six guidelines to help you begin successfully.

4. Notify the instructor when you are ready to take exams #1, #2, and #3 in the Learning Resource Center during modules 5, 10, and 15.  
5.  Notify the instructor when you have completed each exam so I can grade them promptly.
6.  Begin your final exam essays at any time.  Final exam essays for distance learning students are due by 5 PM on the first day of final exams scheduled by the Academic Dean.

You can enter ECO 201 via Blackboard at:

You can email your instructor at tmeyer@ph.vccs.edu or leave voicemail at (276) 656-0283.  Always mention the course you are taking in your message, because the answer to your questions are course-dependent!

 1.1  - Define economics and explain the kinds of questions that economists try to answer.

Scarcity is the condition that arises because wants exceed the ability of resources to satisfy them.
(It is defined in the left-hand margin of page 2 of your text.)

Economics provides answers to:

(1) What should we produce?, (2) How should we produce?, and  (3) For whom should we produce?

Do the text Practice Problem 1.1 on page 9 after reading the text.  
(A solution to text Practice Problem 1.1 is found at the bottom of page 7.)
 

Examine study guide pages 1, 2, and 3.

The first page of each chapter in the study guide lists the chapter checkpoints and provides a brief overview of each.
The second page of each chapter in the study guide re-states the first chapter checkpoint, provides a quick review, an additional practice problem and solution, and a self-test.  (Solutions to the self-test are at the end of each chapter in your study guide.)

Each chapter checkpoint in your study guide is treated in the same way.  You will need to complete the work in your study guide after you have read your textbook.

 1.1  Define economics and explain the kinds of questions economists try to answer.

A.  Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies makes as they cope with scarcity.

B.  Microeconomics is the study of the choices and interactions of individuals and businesses and the influence that governments exert on these choices.

C.  Macroeconomics studies trends in the standard of living and the cost of living and economic fluctuations - recessions and expansions.

D.  Economics answers the What?, How?, and For Whom? goods and services are created questions.

 1.2  Explain the core ideas that define the economics way of thinking.

A.  People make rational choices by comparing costs and benefits.

B.  Cost is what you must give up to get something.

C.  Benefit is what you gain when you get something, and is measured by what you are willing to give up to get it.

D.  A rational choice is made on the margin.

E.  Choices respond to incentive.

Complete all portions of the Textbook and Study Guide relating to Checkpoint 1.1and 1.2. 

For Module 1.2, read and study the Appendix: Making and Using Graphs in your text
before attending the next class session.

(A)  You should use Blackboard email and Discussion Group to find study partners, and introduce yourself to other students in class in order to form collaborative study groups.
(B)  You should use the Student Access Kit that came with your new textbook and the Addison-Wesley instructor course ID meyer40165 to register for and begin using  MyEconLab.  (Go to http://myeconlab.com to register.)