10-809-143Microeconomics
Course Information
Description
This course examines the behavior of individual decision makers, primarily consumers and firms. Topics include choices of how much to consume and to produce, the functioning of perfectly and imperfectly competitive markets, the conditions under which markets may fail, and arguments for and against government intervention. The student applies the fundamental tools of economics to real world problems.
Total Credits
3
Course Competencies
  1. Develop analytic skills central to economic thinking
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussions
    by utilizing graphical analysis
    Criteria
    learner distinguishes between normative and positive analysis
    learner identifies trade-off between choices(opportunity costs)
    learner constructs a production possibility curve
    learner identifies and gives examples of marginal analysis
    learner identifies and defines law of diminishing returns
    learner defines full employment and full production
    learner identifies the four economic resources and gives examples
    learner explains the law of increasing costs
    learner defines full emploment and full production
    learner explains the law of increasing costs and provides examples

  2. Apply supply and demand analysis to price determination
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussions
    by utilizing graphical analysis
    Criteria
    learner identifies equilibrium price and quantity
    learner identifies the factors determining Demand
    learner identifies factors determining Supply
    learner analyzes the impacts of price ceilings and price floors
    learner distinguishes between changes in demand and changes in quantity demanded
    learner distinguishes between changes in supply and changes in quantity supplied
    learner graphs supply and demand curves

  3. Calculate maximum profit as total revenue minus total cost
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussions
    by utilizing graphical analysis
    Criteria
    learner calculates total revenue and marginal revenues in various markets
    learner applies the concept of demand elasticity
    learner calculates supply elasticity
    learner distinguishes between fixed and variable costs
    learner defines average fixed, total and variable costs
    learner identifies profit maximization level
    learner distinguishes short run and long run and the decisions in both
    learner graphs AFC,AVC, ATC and MC cost curves
    learner defines economies and diseconomies of scale

  4. Examine consumer choice models
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussions
    by utilizing graphical analysis
    Criteria
    learner calculates demand elasticity
    learner applies the concept of demand elasticity to related economic topics
    learner applies the concept of diminishing marginal returns to consumer choices
    learner identifies determinants of elasticity
    learner explains elasticity and total revenue approach to determine elasticity
    learner applies the concept of demand elasticity to related economic topics
    learner identifies and defines consumer surplus

  5. Differentiate among market structures
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class assignments
    by utilizing graphical analysis
    Criteria
    learner identifies characteristics of markets
    learner calculates different types of profit found in various markets
    learner graphs market models
    learner identifies market concentration using market concentration ratios
    learner identifies entry barriers in non competitive markets
    learner identifies points of profit maximization
    learner defines economic and accounting profits
    learner explains types of monopolies
    learner defines price discrimination and gives examples

  6. Evaluate government role in a market economy
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussions
    by utilizing graphical analysis
    Criteria
    learner identifies characteristics of a planned economy and a market economy
    learner identifies types of market failures
    learner provides examples of market failure
    learner explains the effect of taxes on the market
    learner explains the tax structures and their consequences
    learner identifies and explains the effects of price controls on the market
    learner explains the impact of price floors and price ceilings
    learner explains the impact of government subsidies
    learner reviews models that measure income distribution

  7. Analyze the markets for the factors of production
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussion
    by utilizing graphical analysis
    Criteria
    learner identifies the factors of production
    learner calculates marginal revenue
    learner explains the history of the labor movement
    learner determines the causes of wage differentiation
    learner defines derived demand
    learner identifies changes in resource demand
    learner explains and gives examples of the substitution effect
    learner explains output effect and gives examples

  8. Identify interactions between domestic and global markets
    Assessment Strategies
    on a written test
    by completing class and homework assignments
    through class discussion
    by utilizing graphical analysis
    Criteria
    learner explains comparative advantage
    learner identifies trade agreements and organizations
    learner identifies arguments to support free trade
    learner examines protectionist arguments
    learner calculates exchange rates
    learner identifies causes for trade imbalance
    learner defines absolute advantage

  9. Intergrate economic models with real world applications
    Assessment Strategies
    on a written test
    by completing class and work assignments
    through class discussions
    by utilizing graphical analysis
    Criteria
    learner applies economic principles to current events
    learner explains economic principles and their effects on market participants