Course Course Summary Section 1 Content Section 1 Content Left Section 1 Content Right Credit Type: Course ACE ID: EXCL-0010 Organization: Excel Education Systems, Inc. Location: Online Length: 24 weeks (126 hours) Dates Offered: 10/1/2020 - 9/30/2023 Credit Recommendation & Competencies Section 2 Content Section 2 Content Left Section 2 Content Right Level Credits (SH) Subject Lower-Division Baccalaureate 3 principles of microeconomics Description Section 3 Content Section 3 Content Left Section 3 Content Right Objective: The course objective is to focus on choices of individual economic decision-makers. Topics include scarcity, specialization and trade, market equilibrium, elasticity, production and cost theory, market structures, factor markets, and market failure. Learning Outcomes: calculate and interpret measures of elasticity demonstrate how markets function and what happens in the presence of market failures 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 analyze production and costs of the firm utilize the concept of scarcity to explain economic trade-offs, opportunity costs, and rational behavior General Topics: Fundamentals of economic thinking: scarcity, opportunity costs, production possibilities, marginal analysis, rational behavior, and positive versus normative distinction How markets operate: definition of a market, factors of production, supply and demand, price mechanism, producer and consumer surplus, and price controls Elasticity Consumer demand Production and cost in the firm: introduction to the production function, marginal and average product, law of diminishing returns, explicit and implicit cost, accounting profit versus economic profit, total cost, average cost and marginal cost in short-run, short-run production decisions, long run average cost curve, and economies and diseconomies of scale Market structures: perfect competition, monopoly, monopolistic competition, and oligopoly Introduction to factor markets Market failure and public policy Specialization and gains from trade Instruction & Assessment Section 4 Content Section 4 Content Left Section 4 Content Right Instructional Strategies: Audio Visual Materials Computer Based Training Methods of Assessment: Quizzes Proctored Final Examination Minimum Passing Score: 70% Supplemental Materials Section 5 Content Section 5 Content Left Section 5 Content Right Section 6 Content Section 6 Content Left Section 6 Content Right Button Content Rail Content 1 Other offerings from Excel Education Systems, Inc. ACE Business Communication Skills (EXCL-0006) ACE Business Law (EXCL-0022) ACE College Algebra (EXCL-0001) ACE Principles of Management (EXCL-0016) ACE Principles of Marketing (EXCL-0005) ACE Sociology (EXCL-0003) View All Courses Page Content