Economics 111 – Introduction to Economics

This is an introductory course in economics. By the end of the term, students will be able to analyze newspaper and magazine articles that involve economic concepts, understand the interactions among consumer choices, business decisions and government policies, and interpret the jargon used by economists and those who write about economic issues. This course will also prepare you to take additional classes in the Department of Economics.


Class calendar

Economics tutoring schedule:

  • Monday evenings 7:00 – 9:00 PM, SJU, room TBA
  • Wednesday Evenings 7:00-9:00 p.m., CSB, room TBA

Answers to textbook problems

  • Chapter 1
  • Chapter 2
  • Chapter 3
  • Chapter 4
  • Chapter 6
  • Chapter 9
  • Chapter 17
  • Chapter 18
  • Chapter 20
  • Chapter 24
  • Chapter 25
  • Chapter 29


  • The Myth of Multitasking
  • Starting College this Fall? 10 Things a Professor Wants You to Know
  • Most People in the World Have No Idea How to Manage Their Money
  • Human history, in one chart
  • Here’s How America Uses Its Land
  • What is Globalization?
  • Just Another Factory Closing
  • Another way to visualize the Great Decoupling
  • When the next recession hits, will unemployment benefits be generous enough?

Audio and Video

  • The Circular Flow
  • Gross Domestic Product
  • Inflation
  • Unemployment
  • 200 countries, 200 years, 4 minutes
  • The Production Possibilities Frontier
  • How I Built a Toaster – From Scratch
  • Supply
  • Demand
  • Equilibrium
  • Elasticity of demand
  • Externalities
  • Secrets of the potato chip factory
  • Costs of Production and the Shutdown Decision
  • The Business Cycle
  • How Interest Rates Are Set: The Fed’s New Tools Explained

Quizzes and Exams

Quiz #1 – original, model answers, distribution

Exam #1 – original, model answers, distribution

Quiz #2 – original, model answers, distribution

Exam #2 – original, model answers, distribution


Goal 1: Students of economics will be able to apply economic theory to understand economic issues and policies by:

1.1: Analyzing interactions between human values and economic life;

1.2: Demonstrating a knowledge of and ability to apply appropriate analytical tools; and

1.3: Recognizing the diversity of methodologies practiced in conducting economic analysis.

Goal 2: Students of economics will be able to evaluate evidence bearing on those economic issues and policies by:

2.1: Identifying, locating, and assessing the necessary quantitative and non-quantitative information, facts and arguments; and

2.2: Employing both quantitative reasoning and computing skills where appropriate.

Goal 3: Students of economics will be able to communicate effectively the results of their economic analysis through:

3.1: Clear writing, appropriately supported and documented;

3.2: Effective participation in discussion; and

3.3: For majors, polished oral presentations.