Econ50 - Principles of Economics (Study Guide)

by Elizabeth Schultz (Andrew’s Cool Economist-Girlfriend)

Of the professors teaching the dreaded Econ50 class, Professor Ashenmiller offered the greatest utility, and as such students arranged and rearranged their schedules to get into her classes. The demand for her classes also proved to be rather inelastic, as students were willing to take her classes whether they started at noon or early in the morning.

If you are contemplating taking Econ 50, you probably had a little trouble understanding that first paragraph. Fear not, by the time you finish your course, these concepts will be pounded into your head. Econ 50 covers the fundamentals of micro and macro economics, so potential Economics majors should take this course in the first semester of their freshman year. The first two-thirds of the course will cover micro, while the last third will cover macro.

During the entire course, be sure to pay attention in class, don’t skip, and take good notes. Econ 50 is mostly lecture-based, and the material on the tests comes from the lectures. Make sure you understand everything right away: the micro is especially cumulative, so if you don’t get the basics you will have trouble throughout the course. And if you are planning to take Intermediate Micro, understanding the graphs you learn during the micro portion, and what they mean will be incredibly helpful.

Most people find economics challenging. Don’t be discouraged if you have trouble, but do make sure to put in some extra time in office hours or tutoring, and always ask questions in class.

Like most, Professor Ashenmiller’s class included “experiments” in which students made transactions to mimic markets. The experiments were fun, and made the concepts real for many students. Each experiment was accompanied by a homework assignment. Beyond a summary of economics articles and this assignment, there was no other homework. The experiments went with the micro portion of the class. Students who did well in these contrived markets were rewarded with candy.

Professor Ashenmiller finished her last semester at CMC in the spring of 2005. She is now teaching at Occidental. Her former students will miss her– as will future Econ 50 students who will never get to take a class with her.

Some of my favorite memories of Professor Bevin Ashenmiller and Econ 50:

  • Getting a sucker for ripping off a classmate in an experiment
  • The Economist on an Island joke
  • Hearing that Profesor Ashenmiller gave a lecture in Russian on the improper use of the term “comrades” to an impetuous student
  • Finally, my choice to be an econ major– as a result of my class with Professor Ashenmiller

Generally, to study for Econ 50, one should make sure to understand the concepts from the book and the lectures.Practice, and if you don’t understand, go to Econ tutoring or ask your professor for help. The following practice midterms and vocabulary is for the Mankiw book and were designed for her class, but the material they cover is likely relevant for most Econ 50 classes. Andrew forgot the actual midterms and finals back in his apartment, so he should be providing those in scanned form sometime. But for now, enjoy!

 

Econ 50 Vocab (Ch. 1-8)- Basic Econ definitions (pretty much all micro vocab)

Practice Midterm- Covers Monopolies, Externalities, Consumer Choice, and Macro

Midterm Book Notes- Covers Ch. 15- Monopoly; Ch. 10- Externalities; Ch. 11- Public Goods and Common Resources; Ch. 23- Measuring a Nation’s Income; Ch. 24- Measuring the Cost of Living; and Ch. 26- Saving, Investment, and the Financial System.

Final Macro Vocabulary- Aggregate Demand & Short-Run Aggregate Supply

Final Practice Test- Practice Macro Test