Principles of Microeconomics

Course Number:

EC 201Z

Transcript Title:

Principles of Microeconomics

Created:

Aug 09, 2022

Updated:

May 24, 2025

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, P/NP, Audit

Default Grading Options

A-F

Repeats available for credit:

0

Alignment with Institutional 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, Institutional Learning Outcomes (ILOs) 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.

Suggested Outcome Assessment Strategies

The determination of assessment strategies is generally left to the discretion of the instructor. Here are some strategies that you might consider when designing your course: writings (journals, self-reflections, pre writing exercises, essays), quizzes, tests, midterm and final exams, group projects, presentations (in person, videos, etc), self-assessments, experimentations, lab reports, peer critiques, responses (to texts, podcasts, videos, films, etc), student generated questions, Escape Room, interviews, and/or portfolios.

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

Outcome #1: Articulate the concepts of opportunity costs and trade-offs.

• Introductory terms and concepts

  • opportunity costs<

  • marginal decision making

  • use of the production possibility curve

• Comparative advantage

  • how countries specialize in international trade

  • the use of tariffs and quotas

Outcome #2: Explain producer and consumer behavior using economic models.

• Demand analysis:

  • identify the factors that determine consumer demand

    • elasticities

    • utility theory of value

• Production costs

  • identify types of production costs

  • illustrate graphically various cost curves

Outcome #3: Analyze the relationship between supply and demand and its applications across various economic contexts.

• Profit maximization - how firms maximize profits/minimize losses under different types of markets

  • competition

  • monopoly

  • oligopoly

  • monopolistic competition

• Resource markets:

  • labor markets to illustrate wage determination and hiring decisions in resource markets

  • resource or factor theories of rent, profit, interest, and wages

Outcome #4: Identify the impact of market failures and government policy on efficiency and welfare.

• Market failures

  • public goods

  • externalities

• Government intervention

  • regulation of industry and antitrust policies

  • roles and functions of government in regulating market activities and encouraging competition

Suggested Texts and Materials

• Schiller, Bradley R., Essentials of Economics, McGraw-Hill Education, New York, NY