Course

Course Summary
Credit Type:
Course
ACE ID:
OOSL-0008
Organization's ID:
ECON102
Organization:
StraighterLine
Location:
Classroom-based
Length:
14 weeks (75 hours)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 Principles Of Microeconomics
Description

Objective:

The course objective is to teach the principles of microeconomics. Microeconomics is the analysis of the manner in which markets resolve the problem posed by the reality of scarce resources. A model of efficiency is constructed and is analyzed through the topics of demand, supply, production, distribution, consumer choice, the behavior of the firm, and market structure. A consideration of market failures and the role of government in a market-driven society completes the analysis.

Learning Outcomes:

  • Identify and apply economic terminology and concepts to economic issues and problems
  • Use demand and supply models in the analysis of real-world issues
  • Use market structure models to explain and predict business firm behavior
  • Explain the basis for and the benefits of trade
  • Compare and contrast the market system of economics with other systems
  • Analyze and synthesize the public and private sectors of the U.S. economy
  • Use the theory of consumer choice to explain and predict consumer behavior

General Topics:

  • Limits, alternatives, and choices
  • The market system and circular flow
  • Demand, supply, and market equilibrium
  • The U.S. economy: private and public sectors
  • The United States in the global economy
  • Extension of demand and supply analysis
  • Consumer behavior and utility maximization
  • The costs of production
  • Pure competition, pure monopoly, monopolistic competition, and oligopoly
  • Technology, research and development, and efficiency
  • The demand for resources
  • Wage determination
  • Rent, interest, and profit: government and market failure
  • Public choice theory and the economics of taxation
  • Antitrust policy and regulation
  • Agriculture: economics and policy
  • Income inequality and poverty
  • The economics of health care
  • Labor market institutions and issues
  • International trade
  • Exchange rates, the balance of payments, and trade deficits
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials
  • Computer Based Training
  • Practical Exercises

Methods of Assessment:

  • Examinations
  • Quizzes

Minimum Passing Score:

70%
Supplemental Materials

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