20809212Microeconomics
Course Information
Description
Introduces basic economic principles to analyze economic topics such as the minimum wage, poverty, pollution, the impact of monopoly power, and globalization. Students analyze the economic role of markets and prices, with emphasis on when markets work well and when they fail. Also explore decision-making behavior by consumers and businesses in a variety of economic scenarios, including evaluation of the role of governmental policies to influence economic outcomes. 
Total Credits
3
Prior Learning Assessment
  • Exam-National (CLEP)
Course Competencies
  1. Develop a framework of economic decision making
    Assessment Strategies
    Oral, written, and/or graphic formative and summative assessments
    Criteria
    identify trade-offs between choices (opportunity costs)
    use marginal analysis in decision making
    identify the factors of production
    examine the concept of efficiency
    compare and contrast economic systems
    assess the effect of economics on contemporary public issues
    analyze the Production Possibilities Frontier
    distinguish between normative and positive analysis

  2. Apply supply and demand analysis
    Assessment Strategies
    Oral, written, and/or graphic formative and summative assessments
    Criteria
    assess the role price plays in a market economy
    identify the determinants of demand
    distinguish between changes in demand and changes in quantity demanded
    identify the determinants of supply
    distinguish between changes in supply and changes in quantity supplied
    identify the equilibrium price and quantity
    use supply and demand analysis to predict market outcomes
    analyze the impact of price ceilings and price floors on market participants
    analyze the impact of taxes and subsidies on market participants
    identify consumer surplus and producer surplus

  3. Analyze market failures within economic systems
    Assessment Strategies
    Oral, written, and/or graphic formative and summative assessments
    Criteria
    identify market failures
    determine the causes of market failures
    differentiate between positive and negative externalities
    differentiate between public and private goods
    explain the importance of common resources
    evaluate potential solutions to market failures
    analyze the role of government in addressing market failure
    analyze trends in income and wealth inequality

  4. Explore the role of demand and supply elasticities in economic applications
    Assessment Strategies
    Oral, written, and/or graphic formative and summative assessments
    Criteria
    calculate price elasticity of demand
    apply the concept of price elasticity of demand to related economic topics
    apply the concept of cross-price elasticity of demand to related economic topics
    apply the concept of income elasticity of demand to related economic topics
    calculate price elasticity of supply
    apply the concept of price elasticity of supply to related economic topics

  5. Examine models of consumer choice and behavior
    Assessment Strategies
    Oral, written, and/or graphic formative and summative assessments
    Criteria
    define total and marginal utility
    explain the law of (eventually) diminishing marginal utility
    analyze utility-maximization behavior
    compare and contrast traditional consumer choice models with behavioral economic ideas
    explore key findings in behavioral economics and their implications for consumer behavior and policy

  6. Examine production and cost structures of businesses
    Assessment Strategies
    Oral, written, and/or graphic formative and summative assessments
    Criteria
    distinguish between the short-run and long-run
    determine the causes and consequences of diminishing marginal productivity of variable inputs
    explain the relationship between marginal productivity and business costs
    define economies and diseconomies of scale
    differentiate between accounting costs and economic costs
    distinguish between fixed costs and variable costs and their impact on short-run and long-run decision making
    calculate total, average, and marginal costs
    calculate total and marginal revenue
    explain profit-maximizing production choices using marginal analysis

  7. Examine profit-maximizing behavior in perfectly competitive markets
    Assessment Strategies
    Oral, written, and/or graphic formative and summative assessments
    Criteria
    identify the characteristics of perfectly competitive markets
    graph revenue and cost curves in perfectly competitive markets
    analyze short-run profit-maximization using marginal analysis
    determine the short-run break-even price and shut-down price
    analyze long-run profit-maximization and the entry and exit of firms
    define economic efficiency conditions

  8. Examine profit-maximizing behavior in imperfectly competitive markets
    Assessment Strategies
    Oral, written, and/or graphic formative and summative assessments
    Criteria
    identify the characteristics of monopolistic competition, oligopoly, and monopoly
    analyze the similarities and differences among market structures
    graph revenue and cost curves in monopolistic markets
    identify the impact of imperfectly competitive markets on consumer and producer surplus
    identify "dead weight loss" from imperfectly competitive markets
    identify the characteristics of natural monopolies and the role of government regulation
    examine oligopoly markets using basic models of game theory
    explore anti-trust policies and measures

  9. Assess the impact of international trade
    Assessment Strategies
    Oral, written, and/or graphic formative and summative assessments
    Criteria
    analyze the basis for international trade
    examine the international-trade model of comparative advantage
    explore protectionist arguments opposing international trade
    identify barriers to trade