Course Description
Introduction to microeconomic principles and analysis. Topics include: the market economy, supply and demand, shortages and surpluses, competition and monopoly, international trade, and public policy issues.
Syllabus
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% (based on total points across all assignments) |
In-Class Exercise/Attendance | 10% |
Exams 1, 2, 3 | 45% (15% each) |
Generative AI Assignment | 5% |
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 |
Automatic “F” in the class for over 50% attendance missed.
Attendance/Participation:
Class attendance is required. For each module there will be a written exercise worksheet to be completed in the classroom. Classroom attendance is required to earn a score for these sheets. Each student will be allowed three classroom sheet absences. These free absences are intended to be used for illness, not trips to the beach.
Course Materials Purchased by the Students:
Microeconomic Interactive, 1st edition by Parkin, Bade, Sarbaum. Pearson Higher Education.
Scholarly Perspectives
This course engages diverse scholarly perspectives to develop critical thinking, analysis, and debate and inclusion of a reading does not imply endorsement.