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. Number of Instructional Minutes
2250
IV. Prerequisites
None
Corequisites
None
V. Other Pertinent Information
This course meets the General Education requirement for Critical Thinking.
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. Course Learning Goals

    Students will:

    1. demonstrate knowledge of microeconomic concepts and their importance in everyday life; and
    2. analyze, synthesize, and apply microeconomic concepts and principles [Critical Thinking].
  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 Course Learning Goals

    Course learning goals are assessed with in-class exams, electronically administered exams, essays, written assignments, multi-media projects, and/or participation in classroom/online discussions.
  4. Reference, Resource, or Learning Materials to be used by Student:

    See course syllabus.

Review/Approval Date -2/99; Revised 6/2008; New Core 8/2015