ECON 260 1st Edition Lecture 1Outline of Last LectureN/AOutline of Current Lecture1. Class Introduction2. Syllabus Reviewa. Class Toolsb. Class Creditc. EconocoinCurrent LectureClass IntroductionWhy do we study microeconomics? Economics is the study of decisions. Ideally, studying economics helps us make good decisions, with awareness and purpose. Economics can be used to examine all disciplines; the concepts of supply and demand can be applied to anything at all.Examples: Why is the price of gas falling? What is the demand for dates among the student population? At the beginning of the course we will be learning the economist's basic tools, which we will then use to consider more complex concepts, such as market failures.Examples: How can deforestation happen? Why do we have to listen to ads on the radio?Syllabus Review*Note* The recommended email to communicate any issues is [email protected] ToolsThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.This class is part of the Course Transformation Project, which is intended to make classes more hands-on.There are several experimental elements along with the regular class tools:- In addition to TAs, this class has a Peer Mentor, Jeremiah. He is an undergrad who has gone through the course and will provide addional support. - Blackboard will host pre-class videos. These are intended to give a basic overview of the material which the class lecture will enhance, so as to get more value out of class time. This typeof technique is called "flipping the classroom."- Launchpad, the online textbook portal, is needed because homework is uploaded into it. o It works best in Chrome, then Mozilla, worst in Explorer and Safari.o The company provides primary tech support. Contact them first, but loop Dr. Groves in iftech support is not resolving the issue. He will be our "helicopter parent" in case of a support failure. *Note* the LMS on that website is the same as the Z ID.- A clicker is required. The physical clicker can be purchased in the bookstore, but the ResourceWare app can be purchased and downloaded onto Android and iOS devices. o The clicker is for use in answering questions during class. Even incorrect answers are useful because they verify attendance.- Econocoin - a class-specific currency.Class CreditThere are three types of class credit:1. Low Stakesa. Online videos, 70 pts.b. Homework, 12 assignments, 120 points, 1 week for each one.i. UNLIMITED attempts but MUST be done before the due date closes assignment.c. Participation points - starts at 50 points and drops with missed classes. Do NOT miss classes.2. Medium Stakesa. weekly quizzes on Launchpad, 180 points.i. one quiz out of all the quizzes in the semester can be "reset" allowing it to be retaken.3. High Stakesa. Three in class exams, 100 points each, 300 total. A note on the consequences of plagiarism: consider the case of Montana State Senator John Walsh. His military and state political record made him a likely candidate to replace retiring US Senator Max Baucus,but when it came out that he had plagiarized his master's thesis years back, he ended up withdrawing from the race, and the Army War College rescinded his master's degree. EconocoinEconocoin is an experimental in-class currency. Demonstrating the universal nature of incentives, Econocoins can be earned with positive activities such as correct clicker answers, participating in peer mentor review, volunteering, exceptional responses in online discussion, and other triggers that will be determined by the professor during the course of the semester. Once earned, Econocoins will be useable to purchase rewards - the structure of which will become clearer once the currency supply has been established - but in concept, students will be able to purchaseitems such as the ability to retake a homework, or a quiz, or receive extra participation points. Slackers will not be able to afford any of the