Course

Credit Type:
Course
ACE ID:
SOPH-0011
Version:
5
Organization's ID:
ECON1002
Organization:
SOPHIA Learning, LLC
Location:
Online
Length:
The course is self-paced, and many learners complete it in 4-8 weeks.
Minimum Passing Score:
70
ACE Credit Recommendation Period:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 Principles of Microeconomics
Description

Objective:

The course objective is to help students explore and interpret the behavior of individual consumers and firms in the marketplace. Through this exploration, students learn how to evaluate decisions, both public and private, with an eye toward production, consumption, and transfer of wealth. Students also learn how to apply conceptual principles of microeconomics in practical ways to everyday life.

Learning Outcomes:

  • Describe economics as a social science.
  • Interpret the behavior of the consumer and the firm.
  • Examine market structures, market failures, and behavior in the labor markets.

General Topics:

  • Demand
  • Changes in Demand and Movements Along Demand Curve
  • Supply
  • Changes in Supply and Movements Along Supply Curve
  • Market Equilibrium
  • Market Surpluses
  • Disequilibrium in Markets
  • Elasticity
  • Utility and Consumer Choice
  • Cost: Total, Average, Marginal
  • Revenue: Total, Average, Marginal
  • Profit Maximization
  • Supply Curve, Shutdown, Breakeven, and Profit Point
  • Long Run for the Firm
  • Perfect Competition
  • Monopoly
  • Imperfect Markets: Monopolistic Competition
  • Imperfect Markets: Oligopoly
  • Classifying Goods
  • Supply and Demand of Labor
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials
  • Computer Based Training
  • Lectures
  • Practical Exercises

Methods of Assessment:

  • Examinations
  • Quizzes
Supplemental Materials
Equivalencies

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