Principles of Microeconomics

Student Learning Outcomes, Goals, Objectives:

Students successfully completing this course will be able to:

Minerva Academic Curriculum - Critical Thinking and Inquiry in the Social and Behavioral Sciences:

• Critically analyze claims, arguments, artifacts or information.

• Construct coherent, evidence-based arguments.

Course Learning Objectives:

• Demonstrate how scarcity forces trade-offs, how every choice has an opportunity cost, and how different opportunity costs give rise to comparative advantages.

• Apply knowledge of supply and demand, market equilibrium and elasticity to demonstrate how price allocates scarce resources.

• Explain how markets reach efficient outcomes, why markets sometimes fail, and how government intervention can impact markets.

• Describe a firm’s production process and resulting cost structure and show how output decisions are made.

• Distinguish between perfectly competitive and monopolistic markets and understand the implications of each on market efficiency.

Course Grading Information:

Activity/Performance Measure	Percentage/Points
Interactive Textbook HW	40%
Discussion boards	10%
AI Assignments	5%
Exams	45% (15% each)

Grading Scale

Percentage	Letter Grade
93% and above	A
At least 90% but less than 93%	A-
At least 87% but less than 90%	B+
At least 83% but less than 87%	B
At least 80% but less than 83%	B-
At least 77% but less than 80%	C+
At least 73% but less than 77%	C
At least 70% but less than 73%	C-
At least 67% but less than 70%	D+
At least 63% but less than 67%	D
At least 60% but less than 63%	D-
Less than 60%	F

Attendance/Participation:

Attendance/participation is not a graded component included in the student's final grade for this course.

Course Materials Purchased by the Students:

Microeconomic Interactive, by Parkin, Bade, Sarbaum. Pearson Higher Education