Course

Course Summary
Credit Type:
Course
ACE Course Number:
EXCL-0010
Location:
Online
Length:
24 weeks (126 hours)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 principles of microeconomics
Description

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 Course 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

Instructional Strategies:

  • Audio Visual Materials
  • Computer Based Training

Methods of Assessment:

  • Quizzes
  • Proctored Final Examination

Minimum Passing Score:

70%
Supplemental Materials

Other offerings from Excel Education Systems, Inc.

(EXCL-0020)
(EXCL-0013)
(EXCL-0022)
(EXCL-0001)
(EXCL-0019)