Course

Course Summary
Credit Type:
Course
ACE ID:
DLSI-0025
Organization's ID:
DLSI-0025
Organization:
Distance Learning Systems Indiana, Inc
Location:
Online
Length:
9 weeks (144 hours).
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 Introduction to Microeconomics
Description

Objective:

The course objective is to introduce and cover traditional concepts of microeconomics, prompting students to think about current issues, consider competing views, and draw conclusions from various perspectives, tools, and alternatives. Emphasis is placed on topics such as: thinking like an economist; comparative advantage; introduction to supply and demand; elasticity; demand; perfectly competitive supply; efficiency, exchange, and the invisible hand of action; monopoly, oligopoly, and monopolistic competition; games and strategic behavior; an introduction to behavioral economics; externalities, property rights, and the environment; the economics of information; labor markets, poverty, and income distribution; public goods and tax policy; international trade and trade policy. The course will also cover the slow economic recovery from the last recession, especially related to individuals and businesses.

Learning Outcomes:

  • Recognize and apply the seven core principles of economics: The Scarcity Principle, The Cost-Benefit Principle, The Incentive Principle, The Principle of Comparative Advantage, The Principle of Increasing Opportunity Cost, The Efficiency Principle, and the Equilibrium Principle.
  • Predict the market impacts from changes in market supply and demand.
  • Use a production possibilities curve to illustrate opportunity cost and comparative advantage.
  • Identify how opportunity costs, scarcity and production inefficiency affect market prosperity.
  • Recognize and interpret the invisible hand theory, types of profit, and aspects of market equilibrium.
  • Distinguish between and identify aspects of market imperfections, types of competitive industries, games and strategic behavior, behavioral economics, externalities, property rights, and the environment.
  • Recall and apply the economics of public policy, including the economics of information, labor markets, tax policy, and also recognize concepts of international trade policy.
  • Assess the capability of government to improve social welfare when intervening in markets.
  • Interpret the economics of the pandemic and the impact since.
  • Identify, define, and interpret basic economic concepts.

General Topics:

  • Thinking Like an Economist
  • Comparative Advantage
  • Supply and Demand
  • Elasticity
  • Demand
  • Perfectly Competitive Supply
  • Efficiency, Exchange, and the Invisible Hand of Action
  • Monopoly, Oligopoly, and Monopolistic Competition
  • Games and Strategic Behavior
  • An Introduction to Behavioral Economics
  • Externalities, Property Rights, and the Environment
  • The Economics of Information
  • Labor Markets, Poverty, and Income Distribution
  • Public Goods and Tax Policy
  • International Trade and Trade Policy
  • The Economics of Pandemics
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials
  • Case Studies
  • Discussion
  • Lectures
  • Practical Exercises

Methods of Assessment:

  • Examinations
  • Quizzes

Minimum Passing Score:

70%
Supplemental Materials