Principles of Economics: Microeconomics

Course Number: EC 201
Transcript Title: Prin Econ: Microeconomics
Created: September 1, 2012
Updated: August 27, 2019
Total Credits: 4
Lecture Hours: 40
Lecture / Lab Hours: 0
Lab Hours: 0
Satisfies Cultural Literacy requirement: No
Satisfies General Education requirement: Yes
Grading options: A-F (default), P-NP, audit
Repeats available for credit: 0

Prerequisites

MTH 20 or equivalent placement test

Prerequisite / Concurrent

Recommended

Course Description

Introduces the principles of microeconomics. Enhances the ability to recognize and analyze economic problems in the United States. Covers the American microeconomic system, which includes: a familiarization with the basis of the price system and resource allocation; the operation of the firm; market concentration; regulation and antitrust policies. Recommended: MTH 60. Prerequisites: MTH 20 or equivalent placement test scores. Prerequisite/concurrent: WR 121. Audit available.

Intended Outcomes

Upon successful completion of this course, students will be able to:

  1. Think critically and formulate independent and well-considered conclusions about economic issues and policies.
  2. Effectively participate in the political process and the economy by utilizing an understanding of the historical evolution of economic systems, institutions and ideologies.
  3. Make rational decisions based on rudimentary marginal analysis.
  4. Understand market structures and market power.

Alignment with Institutional Core Learning Outcomes

Major 1. Communicate effectively using appropriate reading, writing, listening, and speaking skills. (Communication)

Major

2. Creatively solve problems by using relevant methods of research, personal reflection, reasoning, and evaluation of information. (Critical thinking and Problem-Solving)

Major

3. Extract, interpret, evaluate, communicate, and apply quantitative information and methods to solve problems, evaluate claims, and support decisions in their academic, professional and private lives. (Quantitative Literacy)

Minor

4. Use an understanding of cultural differences to constructively address issues that arise in the workplace and community. (Cultural Awareness)

Major

5. Recognize the consequences of human activity upon our social and natural world. (Community and Environmental Responsibility)

To establish an intentional learning environment, Core Learning Outcomes (CLOs) require a clear definition of instructional strategies, evidence of recurrent instruction, and employment of several assessment modes.

Major Designation

  1. The outcome is addressed recurrently in the curriculum, regularly enough to establish a thorough understanding.
  2. Students can demonstrate and are assessed on a thorough understanding of the outcome.
    • The course includes at least one assignment that can be assessed by applying the appropriate CLO rubric.

Minor Designation

  1. The outcome is addressed adequately in the curriculum, establishing fundamental understanding.
  2. Students can demonstrate and are assessed on a fundamental understanding of the outcome.
    • The course includes at least one assignment that can be assessed by applying the appropriate CLO rubric.

Outcome Assessment Strategies

Traditional and nontraditional techniques will be used to assess student mastery of the content, competencies, and outcomes. These techniques can asses either products or processes.

  • Products: multiple choice exams, essays, individual group projects, student demonstrations, research projects, other projects with specified rating criteria, and portfolios.
  • Processes: interviews, documented observations, web searches, journals, student self-evaluations.

Course Activities and Design

The determination of teaching strategies used in the delivery of outcomes is generally left to the discretion of the instructor. Here are some strategies that you might consider when designing your course: lecture, small group/forum discussion, flipped classroom, dyads, oral presentation, role play, simulation scenarios, group projects, service learning projects, hands-on lab, peer review/workshops, cooperative learning (jigsaw, fishbowl), inquiry based instruction, differentiated instruction (learning centers), graphic organizers, etc.

Course Content (Themes, Concepts, Issues and Skills)

  • Introductory terms and concepts: opportunity costs, marginal decision making, and the use of the production possibility curve.
  • Demand analysis: identify the factors that determine consumer demand. This will include topics such as elasticities and the utility theory of value.
  • Comparative advantage: how countries specialize in international trade and the use of tariffs and quotas.
  • Production costs: identify types of production costs and illustrate graphically various cost curves.
  • Profit maximization: how firms maximize profits under different types of markets such as perfect competition; monopoly; oligopoly; monopolistic competition; etc.
  • Labor markets: wage determination and hiring decisions.
  • Factor prices: Theories of rent, profit, interest and wages.
  • Market failures: public goods and externalities.
  • Government intervention: regulation of industry and antitrust policies. The roles and functions of government in regulating market activities and encouraging competition.

Skills and Competencies

  • Build a vocabulary of economic terms that will enable the student to find the daily reading of papers and periodicals easier and more meaningful.
  • Develop the ability to summarize an argument, understand economic reports, and to discern between positive and normative statements.
  • Develop the ability to acquire and analyze quantitative data and make mathematical computations using formulas.
  • Develop the ability to use and apply theoretical models.
  • Develop the ability to conduct cost/benefit analyses.
  • Develop the ability to think clearly about social and environmental problems in an orderly and object way.