ECO2030 1st Edition Lecture 1 Outline of Current Lecture I. Review of course SyllabusCurrent LectureKey Points on the Syllabus:Economics 2030Principles of Economics: Price TheoryText: Principles of Economics, 7th Edition Author: N. Gregory MankiwCourse Description:This course is an introduction to microeconomics and will focus on the determination of prices in a market economy and will examine the roles of individuals, households and firms in the allocation of scarce resources. Government decisions regarding resource allocation will also be examined.This course will:● Examine consumer and producer behavior within a market economy;● Explore microeconomic theory to understand the problems of scarcity and opportunitycost;● Use the economic methods of scientific inquiry;● Include a critical assessment of the limitations of economic theory. Students will:● Successfully integrate microeconomic concepts and information when understanding consumer and producer behavior;● Demonstrate the ability to think critically about the relationship between local, regional and global marketsThis course is part of the Liberal Studies Experience of the General Education Curriculum. The goal of the Liberal Studies Experience is to provide students with a broad and varied curriculum where they can explore many different perspectives on the human experience. The course is designed to help students develop greater competency in two of the four General Education goal areas: Thinking Critically and Creatively; and Making Local to Global Connections.Classroom sessions: Classes will largely consist of lectures and discussions. These lectures and discussions will try to focus on important topics drawn from your reading, but will serve only as a compliment rather than as a substitute for the text. The importance of reading your textbook in order to have success in this class can’t be overemphasized.Course Outline:I. Introduction- Chapters 1, 2, 3II. How Markets Work- Chapters 4, 5, 6Quiz 1 TBAExam TBAIII. Markets and Welfare- Chapters7, 8, 9IV. Economics of the Public Sector- Chapters 10, 11, 12Quiz 2 TBAExam TBAV. Firm Behavior and the Organization of Industry- Chapters 13, 14, 15, 16, 17Quiz 3 TBANote: We may not get to all chapters listedFinal Exam as scheduled by the university. Final Exam is just Exam 3!Course Grade: The three exams will each be worth up to 100 points. In addition there will be three extra credit quizzes, from which up to 12 points each can be earned and will be added toyour total points. Your scores will all be added and divided by three to give you your final course average. It is possible though unlikely to have more than 300 points from which an average would yield a score greater than 100. Attendance the day of the quiz is mandatory to take the quiz. Evaluation: Grades will be determined by the following scale-Score Grade93-100 A89-92 A-86-89 B+83-85 B79-82 B-76-78 C+73-75 C70-72 C-66-69 D+60-65 D0-59 F Attendance: Attendance is not required, but is expected and regular attendance will be taken into consideration when determining final grades.Academic Integrity Code1. IntroductionAppalachian State University’s Academic Integrity Code is designed to create an atmosphere of trust, respect, fairness, honesty, and responsibility. The Academic Integrity Code outlines “user-friendly” procedures and mechanisms for resolving alleged violations of academic integrity. The Academic Integrity Code is the result of cooperation among Appalachian’s faculty, students, and administrators, and promotes a campus dialogue about academic integrity. All members of theAppalachian State University community are responsible for promoting an ethical learning environment. 1. The Academic Integrity CodeStudents attending Appalachian State University agree to abide by the following Code:○ Students will not lie, cheat, or steal to gain academic advantage.○ Students will oppose every instance of academic dishonesty. Disabilities Statement: Appalachian State University is committed to making reasonable accommodations for individuals with documented qualifying disabilities in accordance with the Americans with Disabilities Act of 1990, and Section 504 of the Rehabilitation Act of 1973. Those seeking accommodations based on a substantially limiting disability must contact and register with The Office of Disability Services (ODS) at http://www.ods.appstate.edu/ or call 828-262-3056. Once registration is complete, individuals will meet with ODS staff to discuss eligibility and appropriate