Course Snapshot for ECO202 - Principles of Microeconomics
The information listed below is subject to change. Please review the course syllabus within your online course at the start of class.
Course Competencies
The competencies you will demonstrate in this course are as follows:
- Demonstrate awareness of economic concepts of: the consumer, the firm, the nature of cost, perfect competition, monopoly, oligopoly, and monopolistic competition.
- Show understanding of the fundamental significance of the resource base, demographic change, positive and negative externalities, income distribution, social welfare, discrimination and economic waste.
- Manifest the ability to recognize, collect and analyze objective performance data employing the scientific method. Further, understand and use models that project possible economic outcomes.
- Demonstrate the ability to select and apply contemporary forms of technology to solve problems or compile information.
- Read, analyze and apply written materials to new situations.
- Write and speak clearly and logically in presentations and essays.
Module Outcomes Mapped to Competencies
Module 1 Learning Outcomes |
Mapped to Course Competencies (above) |
| Define economics and distinguish between microeconomics and macroeconomics as well as between positive and normative economics. | 1, 2, 3, 4, 5, 6 |
| Describe the concepts of scarcity, choice and opportunity cost. | 1, 2, 3, 4, 5, 6 |
| Explain the law of demand and the law of supply and understand the interaction between the two to determine equilibrium market price and equilibrium quantity. | 1, 3, 4, 5, 6 |
| Discuss determinants that influence supply and demand and distinguish between a change in demand or supply with a change in quantity demanded or quantity supplied. | 1, 3, 4, 5, 6 |
| Explain the effects of price ceilings and price floors. | 1, 3, 4, 5, 6 |
| Describe economic functions and political functions of government along with public spending and public choice. | 1, 2, 3, 4, 5, 6 |
| Discuss taxation and the structure of the US tax system. | 1, 2, 3, 4, 5, 6 |
Module 2 Learning Outcomes |
Mapped to Course Competencies (above) |
| Express and calculate elasticities with an understanding of factors that influence elasticity and the relationship between elasticity of demand and total revenues. | 1, 3, 4, 5, 6 |
| Distinguish between total utility and marginal utility and determine an individual’s optimal consumption choice. | 1, 3, 4, 5, 6 |
| Explain the importance of concepts of economic rent, profits and the financial environment of business. | 1, 3, 4, 5, 6 |
| Discuss the main organizational forms of business and explain the advantages and disadvantages of each. | 1, 3, 4, 5, 6 |
| Discuss production and cost information experienced by producers and determine the optimal profit maximizing level for a firm. | 1, 3, 4, 5, 6 |
Module 3 Learning Outcomes |
Mapped to Course Competencies (above) |
| Identify characteristics, output, price and profit decisions, and entrance in and out of markets for firms under Perfect Competition. | 1, 3, 4, 5, 6 |
| Identify characteristics, demand and marginal revenue conditions, and output and price determination for Monopolies. | 1, 3, 4, 5, 6 |
| Discuss characteristics and output and pricing decisions for Monopolistically Competitive firms and why brand names and advertising are important features. | 1, 3, 4, 5, 6 |
| Explain characteristics, game theory and pricing strategies for firms in Oligopoly markets. | 1, 3, 4, 5, 6 |
| Explain concepts involved in the regulation of industries and anti-trust policy in the US economy. | 1, 3, 4, 5, 6 |
Module 4 Learning Outcomes |
Mapped to Course Competencies (above) |
| Explain concepts in the labor market including labor demand, hiring, labor supply, determination of wage rates and the effects of labor outsourcing. | 1, 3, 4, 5, 6 |
| Discuss the history, current status, economic goals and effects of labor unions. | 1, 3, 4, 5, 6 |
| Describe determinants of income differences and theories of income distribution and distinguish between approaches to measuring and addressing poverty. | 2, 3, 4, 5, 6 |
| Identify the key provisions of the US national health insurance program. | 2, 3, 4, 5, 6 |
| Explain the relationship between markets and the environment with an understanding of private and social costs, correcting for externalities, pollution, common property and endangered species. | 2, 3, 4, 5, 6 |
Module 5 Learning Outcomes |
Mapped to Course Competencies (above) |
| Discuss the importance of international trade and why nations can gain from specializing in production based on comparative advantage. | 1, 2, 3, 4, 5, 6 |
| Describe ways that nations restrict foreign trade. | 1, 2, 3, 4, 5, 6 |
| Distinguish between the balance of trade and the balance of payments. | 1, 2, 3, 4, 5, 6 |
| Discuss how exchange rates are determined and factors that can induce changes in the equilibrium exchange rates. | 1, 2, 3, 4, 5, 6 |
Course Time Commitment and Expectations
The semester schedule for this course may be 15 weeks, 10 weeks, or 6 weeks in duration. Based on the course format, this table shows the approximate amount of time you should plan to spend per week on this course. This includes time to read/listen to the online content, participate in discussion forums, complete all assignments, and study the course material.
For accelerated courses, the amount of time required per week is greater. Note that regardless of course format, the course material is the same and all course competencies, module outcomes, and assignments will be covered.
| Course Credit Hours | Course Format (Duration) | Pace Relative to a 15 Week Course | Course Activity Hours | Student Learning Hours Per Week |
|---|---|---|---|---|
| 3 | 15 Weeks | - | 135 | 8.5 to 9.5 |
| 3 | 10 Weeks | 1.5x faster | 135 | 12.5 to 14.5 |
| 3 | 6 Weeks | 2.5x faster | 135 | 21 to 24 |
Aside from typical reading assignments, this course has the following (Please Note: This list is subject to change based on the discretion of the instructor facilitating this course.):
Assignment | Points |
|---|---|
| Discussion | 5 |
| Introductory Assignment | 10 |
| Discussions (10 @ 20 pts each) | 200 |
| D2L Written Homework Assignments (4 @ 60 pts each) | 240 |
| MEL Homework Assignments (5 @ 20 pts each) | 100 |
| Exams (4 @ 100 pts each, 1 @ 60 pts) | 460 |
| TOTAL | 1015 |
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