Course Summary
Credit Type:
ACE Course Number:
Organization Course Number:
8 weeks (18 hours a week of inside and outside class time)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 Introduction to Microeconomics


The course objective is to provide a comprehensive overview of core concepts in Microeconomics. Emphasis is placed on basic economic concepts such as: the interactions of supply and demand in any market; the nature and functions of product markets and input factor markets; the theory of consumer choice; the analysis of firm behavior under different market structures; the impact of market failure on social welfare; and the positive and negative potential of government tax and regulatory policy.

Learning Outcomes:

  • explain basic economic concepts like gains from trade and opportunity costs
  • anticipate the market impacts from changes in market supply and demand
  • use a production possibilities frontier model to explain the costs of alternative choices
  • explain how opportunity costs, scarcity and production inefficiency affect market prosperity
  • use marginal analysis to maximize profits for firms and maximize utility for consumers
  • explain the difference in perspectives in short run and long run production decisions
  • explain how market power determines a firm's profitability and production efficiency
  • assess the capability of government to improve social welfare when intervening in markets

General Course Topics:

  • Introduction
  • Strategies for success
  • Basics economic concepts
  • The basics of supply and demand
  • Measuring market responsiveness and social welfare
  • Income elasticity and cross-price elasticity
  • Consumer and producer surplus
  • Impact of a tax on consumer and producer surplus
  • Theory of consumer choice
  • Deriving consumer demand curves, normal goods versus inferior goods
  • The relationship between production and costs
  • The relationship between production measures and cost measures
  • Firm behavior and market structure -perfect competition, monopolistic competition, oligopoly, monopoly
  • Labor and capital markets
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials
  • Discussion
  • Lectures
  • Practical Exercises

Methods of Assessment:

  • Other
  • Quizzes
  • Written Papers
  • Discussion Boards

Minimum Passing Score:

Supplemental Materials

Other offerings from Distance Learning Systems Indiana, Inc