Class Logistics and Micro Review
Class Logistics and Micro Review IR 292
Popular in Fundamental International Economics
Popular in INTERNATIONAL RELATIONS
This 5 page Class Notes was uploaded by Maritt Nowak on Tuesday January 19, 2016. The Class Notes belongs to IR 292 at Boston University taught by James Baldwin in Spring 2016. Since its upload, it has received 93 views. For similar materials see Fundamental International Economics in INTERNATIONAL RELATIONS at Boston University.
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Date Created: 01/19/16
Tuesday, January 19, 2016 IR 292: Fundamental International Economics Intro to Course and Micro Review Logistics Text: International Economics Subscription to The Economist Prereqs: EC101 and EC102 *if you don’t have those, leave Grading: 20% discussion 10% assignments 10% participation 20% exam 1 (March 3, trade theory) 20% exam 2 (April 5, finance and macroeconomics) 25% final (check the registrar, quasicumulative, MOSTLY case studies, will not be super long) 15% homework Exams: multiple choice and short answer Part 1: Trade Theory Part 2: Finance and Macroeconomics Part 3: Case Studies You CANNOT miss the final for travel plans, so once the registrar schedules it, plan accordingly Homework: due Friday morning, submit electronically via Blackboard (pass/fail) listed on syllabus due typed at the start of discussion Discussion: attendance is mandatory review homework, lectures and The Economist if you really can’t be there (sick, etc.) Attendance: miss no more than 4 classes (sign in sheet, signing someone else’s name is plagiarism) Digital Device Policy: don’t distract your classmates! no laptops in discussion first 6 rows reserved for paper notes if you get caught using your laptop inappropriately, you will lose points *note to buyers: I will take my notes on paper and then retype them to ensure top quality :) Discussion: starts NEXT WEEK (week 2) 1. homework review 2. talk about the lecture, questions 3. assignments from The Economist The Economist: 1. apply lecture concepts to real world events 2. “movers and shakers” read this (check out the letters to the editor), influential How to Pass: 1 come to lecture 4. come to discussion 5. do your homework 6. do the readings 7. speak during discussion 8. pay attention in lectures 9. take notes (or buy mine :) 10. make sure your TF knows your name 11. don’t assume it will be easy Micro Review economics: the study of the efficient allocation of scarce resources The firm: provider of goods and services for households objective: make a profit, as much as they can profit: earnings/costs competencies: specialized knowledge, skills, equipment (ability to do something) every firm has a set of competencies that make it good at doing a particular thing better than anything else constraints faced by firms (and everyone else): TIME AND MONEY (ultimate constraints) resource availability competition supply and demand households and the government consumer preference capital and labor Production function: https://i.ytimg.com/vi/cBCFKiaMKkw/maxresdefault.jpg You need enough labor to use the capital and enough capital for people to use The household: produce labor and buy stuff Utility: economist for “happiness” the Dalai Lama: “the meaning of life is to be happy” the harder question is how to do it Bear Grylls: “all my earthly belongings inside the sheep, I entered the water.” (that kind of life SUCKS) constraints on happiness: TIME AND MONEY (and information) the lottery is a tax on stupidity (should have bought a candy bar, would have made you happier) rational behavior: making the utility maximizing decision (assumption made when doing analysis) normative: how things SHOULD be imperfect information: not knowing exactly how to maximize utility What do you need to know to make the right choice for you? what are the benefits? what are the costs? (money and TIME) opportunity cost: what did you give up doing/gaining to do what you’re actually doing every decision in life involves giving up something else behavioral economics: your outlook on life determines your happiness more than your decisions (good news!) Goods and services: what firms sell/provide for households Externalities: positive or negative impacts of a decision to those who weren’t involved in a transaction negative: pollution, smoking positive: education (the American Experiment you don’t want voters to be stupid) (also improves human capital required for industrialization) (decline in violent crime) circular flow model: http://images.flatworldknowledge.com/cooperecon/cooperecon fig18_014.jpg households to firms: labor, capital firms to households: goods, services mediated by institutions/government impacted by environment (resources) factor in global trade *if you are not following this now is the time to dust off that micro text and refresh your memory! Professor Baldwin on the classroom: “sacred space,” you can share opinions and speak freely without facing major negative consequences Time is the ultimate resource Shakespeare: “What unites both kings and paupers is that they both shall die”
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