Course

Course Summary
Credit Type:
Course
ACE ID:
PLNS-0095
Organization's ID:
PLNS-0094
Organization:
Pearson
Location:
Classroom-based
Length:
12 -- 15 weeks (87.1 hours)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 Principles Of Microeconomics
Description

Objective:

The course objective is for students to develop a logical, conceptual, and analytical understanding of microeconomic principles. This course introduces foundational concepts of economic principles, such as opportunity costs and supply and demand, and explores primary microeconomic principles, including efficiency and fairness in markets, government actions and their impacts, the decisions that consumers and producers make, different market structures from perfect competition to monopoly, and factor markets and income distribution. Students are presented with real-world contemporary examples that apply theory to practice, demonstrating the relevance of microeconomic thought.

Learning Outcomes:

  • Analyze the economic way of thinking
  • Explain how free and competitive markets allocate resources through the interaction of supply and demand
  • Evaluate the different effects caused by changes in demand and supply conditions
  • Evaluate the impacts of government actions in markets on efficiency and fairness
  • Analyze the impacts of taxes on consumers, producers, employers, and workers
  • Evaluate the benefits and costs of international trade
  • Evaluate methods of efficiently dealing with negative externalities
  • Determine how rational consumers make choices to maximize their satisfaction
  • Analyze the decisions made by a firm operating in perfectly competitive markets
  • Analyze the behavior of a monopoly
  • Evaluate how firms in monopolistic competition and oligopoly determine their profit-maximizing strategies
  • Evaluate the way factor markets determine a society's distribution of income
  • Evaluate the models used by economists to explain how efficient production decisions are made in an environment of scarcity
  • Assess the provision and importance of public goods
  • Analyze a firm's short-run and long-run costs

General Topics:

  • The economic way of thinking
  • Supply and demand
  • Changes in supply and demand
  • The economic problem
  • Effects of government actions
  • Tax impact
  • International trade and trade restrictions
  • Examining public goods
  • Dealing with negative externalities
  • Consumer choice
  • Short-run and long-run costs
  • Looking at perfect competition
  • Understanding monopoly markets
  • Monopolistic competition and oligopoly
  • Distribution of income
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials
  • Computer Based Training

Methods of Assessment:

  • Examinations
  • Quizzes

Minimum Passing Score:

70%
Supplemental Materials