202		Lecture Topics
wk	date	day
1	29-Sep	tues	all actions have costs
			treat students as adults
			ghandi
			oliver wendell holmes quote re: justice
			first house
			well-defined objective function
			e-harmony
			where did I meet my wife
			webster quote
			what is the opposite of free trade
	30-Sep	wed	science: explain and predict
			hubert and fear
			wealth defined
			marginal defined
			trade creates wealth out of thin air…..
			expected marginal benefits vs expected marginal costs
			all actions have costs
			peete and maria (coffee and money) example
			blond joke
			group work on heyne audio
	1-Oct	thur	economics is a behavioral science
			what to produce
			how to produce
			how to distribute that which is produced
			factors of production and returns
			function of the entrepreurneur
			relative prices matter
			labor/capital intensive production function
			vertical / horizontal production function
			actions reveal preferences
			willingness and ability to scacrifice
			scarcity implies competition
			institutional framework
			incentives and disencentives
			clarence thomas quote
			keynes quote
			dirty air, water
			needs vs wants
	2-Oct	fri	hispanic bank
			opportunity cost defined
			exploited part-time instructor?
			no free lunch
			economic growth
			economic pie - education vs healthcare reading
			incentives and disencentives
			rationality assumption
			fundamental assumption in economics
			the stones' tour and taxes
			taxes matter
			penalizing the productive group in society
2	5-Oct	mon	no class
	6-Oct	tues	mb(x) > mc(x) then act
			normative / positive economics
			ceteris paribus
			public policy steps
			positive / normative economics
			adam smith quote: butcher, baker
	7-Oct	wed	hybrid
	8-Oct	thur	frank shrontz letter re: boeing
			zero-sum game - ppc, poker
			potential gains from trade
			postulates of behavior
			promarket bias
			unloading truck example (overhead folder)
			diminishing marginal returns
			u.s. auto industry
	9-Oct	fri	efficiency defined (heyne)
			cra discussion
			bank returns
			friedman quote: max profits
			poverty defined
			give poor people money
			heyne on justice discussion
3	12-Oct	mon	no class
	13-Oct	tues	korea: north and south
			production possibilities model
			opportunity cost defined
			ppc and opp cost
			homeless discussion: how we organize ourselves
			demand lecture and graph
	14-Oct	wed	http://seattlecentral.edu/faculty/jhubert/proust.html
			change in qty demanded
			change is quantity demanded: movement along the demand curve
			qty demanded > qty supplied: shortage
			qty demanded < qty supplied: surplus
			minimum wage graph
			"price floor"
	15-Oct	thur	profit reading
			normal profit, economic rent (pure profit)
			psychic income
			quantity and quality of income
			define exploitation - part-time instructors and pay
			http://seattlecentral.edu/faculty/jhubert/profit10.html
			rent control
			"price ceiling"
			arc (midpoint) and point approaches
			availability of close substitutes
			necessities vs luxuries
			definition of the market (narrow or broadly defined)
			time horizon
			proportion of the total budget
			change in demand - the whole curve shifts, either up or down
	16-Oct	fri	usury law
			price floors
			price ceilings
			price ceiling on milk
			price floor on milk
			http://seattlecentral.edu/faculty/jhubert/elasticity.html
			tr = p X q
			cross elasticity of demand (pepsi and coke)
			income elasticity of demand
			prices convey information
			the pope and south america allocation between brazil and portugal
			yalta
4	19-Oct	mon	budget deficit discussion
			tariff defined
			cp conditions for demand
			tastes and preferences
			income
			prices of related goods: substitutes and complementary goods
			fords and hondas
			population
	20-Oct	tues	http://seattlecentral.edu/faculty/jhubert/cpdemand.html
			http://seattlecentral.edu/faculty/jhubert/cpsupply.html
			"abuse" workers
	21-Oct	wed	allocative/technical efficiency
			"heaven on earth"
			betty the typist
			producing coffee in wash state
			http://seattlecentral.edu/faculty/jhubert/advantage.html
			david ricardo, 1817, principles of political economy and taxation
			consumer / producer graph
			efficiency: max surplus
			http://seattlecentral.edu/faculty/jhubert/circularflowdiagram.html
	22-Oct	thur	specialization
			division of labor: specialization
			ben, ann, and cal
			law of increasing marginal costs
			upward sloping supply curve
			sciences' goal in to explain & predict
			trade creates wealth out of thin air…..
			dumping
	23-Oct	fri	rules discussion
5	26-Oct	mon	surplus and taxes
			recession defined
			welfare economics (mankiw # 7) - jump drive mankiw lecture
			nber
			gdp - rough definition
			deadweight loss
			economic pie discussion: republicans vs democrats
	27-Oct	tues	international trade (mankiw # 8)
			sovereignty and trade
			midterm exam: chapters 1 - 9
	28-Oct	wed	group work
	29-Oct	thur	mankiw video on chapter 1
	30-Oct	fri	midterm exam: part 1
	2-Nov	mon	midterm exam: part 2