Description of Course Goals and Curriculum
As an introductory-level course, ECO 100 has one primary goal: to familiarize students with the concepts of microeconomics and their applications. High school algebra is sufficient mathematical background to take ECO 100, although understanding of calculus will be very helpful.
The fundamental principle of economics is the presence of scarcity: limited resources do not allow everyone to have all the goods and services they want. Microeconomics is the study of how we allocate scarce resources, focusing specifically on local interactions involving households, firms, and goods. Macroeconomics, which is taught in ECO 101, is the study of how a national or international economy functions as a whole. ECO 100 is an introductory-level course, so it does not delve deeply into any particular area of microeconomics. Instead, students learn the basics of each area. Major topics covered in ECO 100 include: supply and demand, consumer choice, uncertainty and risk, markets and efficiency, economic policy, and political economy.
ECO 100 is usually the first college-level economics course that a student will take, especially because it serves as a prerequisite or requirement for many concentrations, certificates, and upper-level courses.
Learning From Classroom Instruction
ECO 100 is consistently one of the largest courses at Princeton by enrollment, often reaching 400 students per semester. Because of this, the professor usually lectures from the front of a large room, such as McCosh 50. To increase engagement, Professor Rosen would call on individual students in the lecture hall to answer questions throughout the lecture. Although the chances of being called upon to answer are low, this practice was meant to ensure that students were keeping up with the content. Another practice implemented by Professor Rosen was a “no electronics” rule, to discourage students from checking social media, texting, or focusing on anything other than the lecture. Because the material was often presented as graphs or equations, taking notes with pen and paper is more effective than using a computer. As an introductory-level course, ECO 100 with Professor Rosen moved relatively slowly and assumed no prior knowledge, but the concepts build upon each other immediately, so it is important to copy down even the most obvious or basic points -- such as the definitions of “supply” and “demand” -- for later studying.
Professor Rosen employed the “chalk and talk” strategy instead of using slides, writing equations and drawing graphs on the blackboard while explaining them. He also assigned a Pequod -- a bound workbook containing problem sets and notes -- as required reading. Students would buy the Pequod and bring it to each lecture and precept, where the professor or preceptor would refer to it frequently. Readings were assigned each week from the Mankiw textbook, “Principles of Economics”, but these usually provided only background information that was repeated in lecture. The textbook is more useful as a reference for exam preparation and as a source for extra practice problems. Finishing the readings before lecture is not necessary, but skimming them on non-lecture days can help reinforce the new knowledge.
Learning For and From Assignments
The problem sets assigned by Professor Rosen were relatively short and straightforward, but the exams were long and filled with tricky questions. Problem sets are due each week in precept, but it is a good strategy to start them the day after the previous precept, while the new concepts are still fresh. One point to keep in mind is that problem sets are intended to reinforce learning, but exams are intended to generate a grade curve and “weed out” students. Being able to complete problem sets easily does not necessarily translate to scoring well on exams. Instead, students should study and practice using old exams, which are available online and through preceptors.
External Resources
Princeton offers access to the online edition of pThe Economist, accessible by going to www.economist.com/princeton. Professor Rosen also often emailed students news articles relevant to microeconomics, but only as supplementary material rather than required reading. However, it is a good idea to read each article and practice “simplifying” them into the equations and graphs from class. Students can also perform this exercise on articles they come across on their own, simultaneously keeping them up-to-date on current news and improving their understanding of microeconomics.
Office hours are also a valuable resource and underutilized by the majority of students in such a large class. They require students to take the initiative in asking questions, but they offer the chance to do so in a one-on-one situation that is difficult to find within a large lecture course.
What Students Should Know About This Course For Purposes Of Course Selection
In addition to being required for Economics and Woodrow Wilson School concentrators, ECO 100 is also a prerequisite to required courses for Operations Research and Financial Engineering concentrators and students pursuing the Finance Certificate. These four programs are some of the most popular at Princeton, and ECO 100 is essentially the gateway course to all of them.
Some students will also take ECO 100 for general interest or as a distribution requirement. These students should keep in mind that introductory lecture courses tend to serve as barriers to entry, intended to determine which students will become Economics concentrators. Most students in ECO 100 will earn B-range grades, but this should not discourage them from continuing to take economics courses out of interest. Students might also find that they prefer a certain subject within microeconomics, but it will receive only a lecture or two within ECO 100. Once this prerequisite is finished, students can take more advanced courses that usually give out more As, have fewer students, and focus more on specific topics.