Principles of Economics
(Micro) for Econ Majors
What is Economics?
Economics is the study of decision-making under scarcity. We'll spend the semester focusing on the role of incentives in society and how they can lead to efficient social outcomes, but also be responsible for inefficiencies in society. A portion of this course will focus on the government's role in the marketplace and measuring its ability to improve or disrupt a market.
Some of My Favorite Quotes
The Wealth of Nations
It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from their regard to their own interest.
Marginal Revolution University
Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.
An incentive is a bullet, a key: an often tiny object with astonishing power to change a situation.
Meet Your Instructor
My name is Jadrian Wooten and I'll be your instructor this semester for ECON 2005. I also serve as the Director of Undergraduate Studies for the Economics Department. I have taught economics for over a decade and this course is one of my absolute favorite courses to teach. I'm excited to share the ways that economics impacts all of our lives each day, and I hope to demonstrate that in class and in future semesters as an economics major at Virginia Tech.
Feel free to stop by during office hours if you ever have any questions about our course, your economics degree, or just economics in general. You're welcome to connect with me on any social media platform you're comfortable with, but you aren't obligated to.
The first three items are required for our course and consist of access codes for online platforms that you'll complete assignments on throughout the semester. These platforms are fully digital and will require a laptop or cell phone. I highly recommended purchasing access to these platforms online as they are available at a much cheaper rate compared to the prices at the VT bookstore or local bookstores. The bookstores will charge you 25% more than the online price.
The Microeconomics Study Card isn't required for the course but would be a great resource for your homework and exams for only $5 on Amazon.