Course Outline for Economics 1
Principles of Microeconomics

Effective: Fall 2018
SLO Rev: 09/15/2017
Catalog Description:

ECN 1 - Principles of Microeconomics

3.00 Units

Economic analysis of market systems, price theory, including supply and demand analysis, marginal utility, elasticity, cost and revenue concepts, perfect and imperfect competition, international trade theory, pricing of the factors of production, poverty and income inequalities.
Strongly Recommended: Eligibility for ENGL 1A, Prerequisite: MTH 53, MTH 53B, MTH 65, MTH 65B or an appropriate skill level demonstrated through the mathematics assessment process.
2204.00 - Economics
Optional
Type Units Inside of Class Hours Outside of Class Hours Total Student Learning Hours
Lecture 3.00 54.00 108.00 162.00
Total 3.00 54.00 108.00 162.00
Measurable Objectives:
Upon completion of this course, the student should be able to:
  1. utilize the concept of scarcity to explain economic trade-offs, opportunity costs, and rational behavior;
  2. calculate and interpret measures of elasticity;
  3. demonstrate how markets function and what happens in the presence of market failures;
  4. analyze production and costs of the firm;
  5. demonstrate how firms attempt to optimize their objectives in response to price signals under a variety of market structures in the short and long-run.
Course Content:
  1. The central economic problems of each society
  2. The function of price in a mixed market system
  3. The functions of the consumer, business and the government
  4. The elements of supply and demand
    1. Elasticity of supply and demand
    2. Supply and demand applied to agriculture
  5. Production and cost in the firm
    1. Introduction to the production function
    2. marginal and average product
    3. Law of diminishing returns
    4. Explicit and implicit cost
    5. Accounting profit vs. economic profit
    6. Total cost, average cost and marginal cost in the short run
    7. Short-run production decisions
    8. Long run average cost curve
    9. Economies and disecomonies of scale
  6. Market structures
    1. Perfect competition
    2. Monopoly
    3. Monopolistic competition
    4. Oligopoly
  7. Market power in the United States
  8. International trade
  9. Externalities and economics
  10. Market failure and public policy
  11. Factor markets and income distribution
  12. Specialization and the gains from trade
Methods of Instruction:
  1. Audio-visual aids
  2. In-class problem solving
  3. Lecture/Discussion
  4. Distance Education
  5. Student participation
Assignments and Methods of Evaluating Student Progress:
  1. After reading Chapter 5, prepare answers to the "Questions for Review" section at the end of the chapter and share your work with the class for discussion and class input.
  2. Write a 2-3 page summary on a contemporary economic topic of the instructor's choosing.
  3. Draw a graph, on the board, of the "perfectly competitive model" to lead a class discussion on this graph.
  1. Exams/Tests
  2. Papers
  3. Class Participation
  4. Midterm review game
  5. Final Examination
Upon the completion of this course, the student should be able to:
  1. Demonstrate an understanding of economics terminology.
  2. Demonstrate how to interpret economic graphs.
  3. Demonstrate the ability to solve common economic problems.
Textbooks (Typical):
  1. Mankiw, N. Gregory (2018). Principles of Economics (8th). Cengage Learning.
  2. McConnell, C.R., S.L. Brue, H. R. Flynn (2014). Microeconomics (20th). McGraw-Hill .
  • Access to internet
  • Calculator
  • Printer
  • Mechanical pencil
  • French curve
  • General test scoring pencils
  • Four colored pencils
Abbreviated Class Schedule Description:
Economic analysis of market systems, price theory, including supply and demand analysis, marginal utility, elasticity, cost and revenue concepts, perfect and imperfect competition, international trade theory, pricing of the factors of production, poverty and income inequalities.
Strongly Recommended: Eligibility for ENGL 1A, Prerequisite: MTH 53, MTH 53B, MTH 65, MTH 65B or an appropriate skill level demonstrated through the mathematics assessment process.
Discipline:
Economics*