Principles of Economics

1. Principles of Economics Professor Ted Bergstrom

2. Your Text:Experiments with Economic Principles By Prof. Bergstrom & John Miller

3. Course Information on Class Web Page • Go to www.econ.ucsb.edu • Click on Class Pages • Click on Economics 1 Everything you need to know about class is here. Refer to it frequently!

4. Learning By Doing • Participate in Experiment Each Week (Including this week!) • Do homework to analyze experiment • Attend Lecture to discuss theory behind experiment • Frequent quizzes, usually on Wednesdays

5. Experiments and Homework • Before section, do warm-up exercise in text. • Participate in experiment, make lab profits. • We will post data on your experiment within three days of the section meeting. • Use experimental data to complete homework assignment. • Turn in homework at next section meeting.

6. Class Web Page • Class web page has daily schedule of experiments, lectures, and quizzes. • Experimental data for homework. • Test scores and profits. • Practice questions for quizzes. • Lecture slides can be viewed from web page.

7. Computer Access at UCSB • You need internet access. • Homework is easier if you use Excel • Open Access Lab in Phelps 1529 • You can get IC sticker in Phelps 1523. (Need to show proof of enrollment in Economics 1)

8. Quizzes • Wed, April 10 (middle of next week) • Wed, April 24 • *Mon, May 6 • *Wed, May 15 • *Wed, May 29 (*In the class presentation, I had these dates right but the day of the week wrong. This is now corrected.) There are NO MAKEUPS. We drop your lowest quiz score when calculating course grades.

9. Final Exam • Monday June 10, 12 noon- 3pm • No make-ups • No alternative times • If this doesn’t work for you, take Econ 1 in another quarter. • It is offered every quarter.

11. Grade Distribution • Department recommended grading standard • A 12 percent • B 33 percent • C 40-45 percent • D-F 10-15 percent I do not negotiate grades. Don’t even try!

12. A message to non-majors • If you have no intention in majoring in economics, but are taking this course to fill a distribution requirement, this message is for you. • If you don’t want to work very hard and\or are looking for an easy grade, this is the WRONG course for you. • You might want to consider Econ 109.

13. Dropping Econ 1 • Drop date is April 26 at 4pm. • You will have had two quizzes by then. If you are doing badly, keep this in mind. • You can petition the dean to drop after that date… • But I won’t support your petition, except in the case of major medical problems.

14. Sections • Go to your section meeting this week. • You will not be allowed to switch sections and you must attend the section that you registered for in order to get attendance credit. • Remember section attendance affects your grade through direct credit, through your winnings, and your homework.

15. Equipment Needed • Textbook • Colored Pens for Homework • Scantron F1712 sheets for quizzes and final • #2 Pencil and eraser for quizzes and final • Access to web and to Excel

16. Your First Econ 1 Lesson • Caveat Emptor. What does it mean? • Let the buyer beware. • We try to make Econ 1 interesting, informative, fun… • But we don’t promise it will be easy,… • And we have high standards. • The choice is yours.

17. Campbell Hall Acoustics • Sound Travels. • Be courteous. • Do not rattle desks or leave the room until the class is over.

18. What happens this week? • Read through the class rules on the class website. • Read the instructions for Experiment 1 and work the warm-up exercise. • Go to your section. • No Lecture this Wednesday! • SEE YA!