Course

Course Summary
Credit Type:
Course
ACE ID:
SAYA-0005
Organization's ID:
ECON101: Principles of Microeconomics
Organization:
Saylor Academy
Location:
Online
Length:
63 hours, self-paced
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 Principles of Microeconomics
Description

Objective:

Upon the successful completion of this course, students will be able to analyze microeconomic principles and the economic decisions consumers, firms, and the government face regarding economic resources, scarcity, market demand and supply, production costs, and opportunity cost.

Learning Outcomes:

  • Explain the basic assumptions in economic thinking to show how individual economic agents make rational choices for optimizing the use of scarce resources
  • Analyze the factors that affect market demand and market supply, and illustrate their interaction for achieving equilibrium in price and quantity
  • Explain the maximization principle in economics and the tools of government intervention for solving market failure when there are problems in the efficient allocation of resources
  • Explain how consumers make rational choices using the concept of utility, including the principle of diminishing marginal utility.
  • Analyze how the producer applies the marginal decision rule to maximize profit in producing goods or services when combining factors of production—labor, capital, and natural resources—in both the short-run and long-run
  • Illustrate the interaction of market demand and market supply in the various perfectly competitive markets, non-competitive markets, and imperfectly competitive markets
  • Apply economic models in public finance, public choice, and for solving environmental issues
  • Explain the economics of the environment, especially by applying economic tools for moving the economy towards an efficient level of environmental pollution

General Topics:

  • Unit 1: Introduction to Economics
  • Unit 2: Supply and Demand
  • Unit 3: Elasticity and its Applications
  • Unit 4: Markets and Individual Maximizing Behavior
  • Unit 5: The Consumer
  • Unit 6: The Producer
  • Unit 7: Market Structure: Competitive and Non-Competitive Markets
  • Unit 8: Public Finance, Public Choice, and the Environment
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials
  • Lectures
  • Practical Exercises

Methods of Assessment:

  • Other
  • Quizzes
  • Students must pass a proctored final exam to receive credit recommendation

Minimum Passing Score:

70%
Supplemental Materials