ECON112 Principles of Economics - Micro

Department of Social & Behavioral Science: Economics

I. Course Number and Title
ECON112 Principles of Economics - Micro
II. Number of Credits
3 credits
III. Minimum Number of Instructional Minutes Per Semester
2250
IV. Prerequisites
None
Corequisites
None
V. Other Pertinent Information
None
VI. Catalog Course Description
Students study basic economic principles with particular emphasis upon microeconomic theory and problems. Among topics considered are the economics of the firm, the price system and resource allocation, the distribution of income, domestic economic problems, international trade, economic development and comparative economic systems.
VII. Required Course Content and Direction
  1. Learning Goals:

    1. Course
    2. Students will:
      1. demonstrate knowledge of microeconomic concepts and their importance in everyday life; and
      2. analyze, synthesize, and apply microeconomic concepts and principles.

    3. Core (if applicable)
    4. Category III:
      Critical Thinking/Problem Solving
      Students will:
      1. understand and express the meaning and significance of a variety of communications. (Interpretation)
      2. use methods, concepts and theories in new situations. (Application Skills)
      3. identify the explicit and implied features of a communication, especially in arguments that put forth a conclusion. (Analysis Skills)
      4. integrate and/or combine knowledge from multiple sources to create new knowledge. (Synthesis)
      5. assess the credibility of a communication and the strength of claims and arguments. (Evaluation Skills)


      Category III:
      International, Gender, and/or Minority Perspectives:
      Students will
      1. identify prejudice, stereotypes, and misuses of power that affect the of women and/or minorities in areas such as education, business, politics, religion or industry.
  2. Planned Sequence of Topics and/or Learning Activities:

    1. Introduction to Microeconomics
      1. Scarcity and the Resource Allocation
      2. Production Possibilities
        1. Impact of International, gender and minority perspectives on labor
      3. Economic Systems
      4. The Market System
        1. Basic Model
        2. Origins of the Demand Curve
        3. Elasticity
    2. Product Markets
      1. Theory of the Firm
      2. Pure Competition
      3. Monopoly
      4. Monopolistic Competition
      5. Oligopoly
      6. Evaluating the Market: Successes and Failures
    3. Resource Markets
      1. Theory of the Firm
      2. Pure Competition
      3. Monopoly
      4. Monopolistic Competition
      5. Oligopoly
      6. Evaluating the Market: Successes and Failures
    4. Government and the Economy
      1. Economic Functions of Government
      2. Externalities and Environmental Protection
      3. Industry Regulation
      4. Antitrust Policy
      5. Design of the Tax System
    5. International Trade
      1. Basis for Trade
      2. Gains from Trade
      3. Trade Policy
  3. Assessment Methods for Core Learning Goals:

    1. Course
    2. The assessment of course learning goals will be based on participation in classroom discussion, written exams, assignments, papers, and or performance based tasks and projects.

    3. Core (if applicable)
    4. Category III: Critical Thinking/Problem Solving: Students will write an analysis paper that critically examines the social, political and ideological frameworks which coexist and influence the economic system.
      Category III: International, Gender and Minority Perspectives: Students will demonstrate the ability to identify prejudice, stereotypes, and misuses of power that affect the lives of women and /or other minorities and their impact on the U.S./World economy through the written analysis of a local/regional news story (e.g. the impact on the production possibilities curve and the U.S. economic competitiveness, or the impact of the entry of women into the workforce and the prejudice they faced on doing this).
  4. Reference, Resource, or Learning Materials to be used by Students:

    See course format.
VIII. Teaching Methods Employed
Section VIII is not being used in new and revised syllabi as of 12/10/08.

Review/Approval Date -2/99; Revised 6/2008