This course will focus on the fundamentals of microeconomics. It introduces basic microeconomic concepts and analysis, the interaction of supply and demand, theories of the firm and individual behavior, opportunity costs, positive and normative economics, tradeoffs, comparative advantage, marginal analysis, efficiency & equity, and market failure. The course emphasizes the invisible hand and price system, as well as the importance of incentives and resource allocations. (3 credits)
Student Learning Outcomes (SLOs)
Students who successfully complete this course will be able to:
- Describe consumer behavior.
- Describe firm behavior.
- Analyze different types of market structures.
- Explain how to apply economic concepts to a range of policy questions.
- Discuss and apply the workings of the supply and demand model.
- Utilize economic tools to analyze economic policies.
General Education Outcomes (GEOs)
Course Activities and Grading
Discussions (Weeks 1-8)
Quizzes (Weeks 1-7)
Homework Assignments (Weeks 3 & 6)
Final Exam (Week 8)
Available through Charter Oak's online bookstore
- Mankiw, N. Gregory. Principles of Microeconomics. 8th edition. Cengage Publishing Company, 2018. ISBN-13: 9781305971493
- Sapling Learning-Sapling.com. Additional resource with understanding material.
Readings and Exercises
Topics: Ten principles of economics; thinking like an economist; Interdependence & the gains from trade
Topics: The market forces of supply & demand; elasticity and its application; the theory of consumer choice
Topics: Supply, demand and government policies; Consumers, producers and the efficiency of markets; Externalities
Topics: Applying the costs of taxation; Public goods and common resources; Designing the tax system
Topics: Cost of production & Firms in competitive markets
Topics: Monopoly & Monopolistic competition
Topics: Oligopoly & Markets for the factors of production
|Topics: Earnings and discrimination; Income Inequality and Poverty|