What This Document Is
This document comprises lecture materials from Principles of Macroeconomics (EC 2050) at Wright State University, specifically for the Fall 2013, Session 01 course. It appears to be a foundational overview of the discipline, setting the stage for more complex economic concepts. The material covers core principles and the fundamental ways economists approach understanding economic phenomena. It outlines expectations for student participation and performance within the course.
Why This Document Matters
This resource is ideal for students enrolled in introductory macroeconomics courses, particularly those at Wright State University seeking to understand the course structure and foundational concepts. It’s most valuable at the *beginning* of the semester to grasp the instructor’s expectations, the scope of the course, and the basic framework for economic thinking. Students preparing for class discussions or needing a refresher on core economic ideas will also find it helpful – assuming they have purchased access to the full content.
Common Limitations or Challenges
This document provides an *overview* and does not contain detailed explanations, problem sets, or specific solutions. It won’t offer a substitute for attending lectures, completing assigned readings, or engaging with the course materials in full. It also doesn’t include the specifics of team presentations or research paper requirements, only that they exist. Access to the complete document is required for a comprehensive understanding of the course.
What This Document Provides
* An outline of course expectations regarding participation, assignments, and quizzes.
* A foundational definition of economics and its core focus on scarcity and choice.
* A distinction between the fields of microeconomics and macroeconomics.
* An introduction to the concepts of positive and normative economics.
* Discussion of the “economic perspective” and the assumption of rational decision-making.
* An explanation of opportunity cost and its importance in economic analysis.
* An overview of marginal benefits and costs and their role in decision-making.
* A glimpse into the scientific method as applied to economic theory.
