Course

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

Objective:

The course objective is to provide intensive study of supply and demand analysis. Theories and principles of market behavior are examined and applied to economic issues related to production, consumption, and distribution. The course further evaluates market structure, factor markets, and market failure.

Learning Outcomes:

  • Define basic economic terminology and concepts including the effects of scarcity and choices, and the role of rational self-interest
  • Evaluate the economic way of thinking by applying the following: scarcity, specialization, opportunity cost, marginal analysis, and production possibility
  • Analyze the concepts of utility, marginal utility, the law of diminishing marginal utility and how they relate to price elasticity of demand for economic analysis
  • Apply the supply and demand model including evaluating price and market output impacts of changing market dynamics
  • Compare and contrast the fixed and variable costs: analyze the marginal-cost and the law of diminishing marginal returns concepts
  • Evaluate the implications of the production function and the impacts of the diminishing returns and spreading effects on market economies of scale
  • Compare and contrast the four basic market models: pure competition, pure monopoly, monopolistic competition, and oligopoly
  • Review and analyze the causes and effects of market failures and strategies to mitigate outcomes
  • Analyze the relationship between price elasticity of demand and profitability in the context of the market structure

General Topics:

  • Introduction and Getting Started
  • Economic Thinking
  • Supply and Demand
  • Elasticity
  • Demand
  • Midterm Exam
  • Perfectly Competitive Supply
  • Efficiency, Exchange, and the Invisible Hand in Action
  • Monopoly, Oligopoly, and Monopolistic Competition
  • Games and Strategic Behavior
  • An Introduction to Behavioral Economics
  • Externalities, Property Rights, and the Environment
  • The Economics of Information
  • Review and Final Exam
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials
  • Computer Based Training
  • Practical Exercises

Methods of Assessment:

  • Examinations
  • Quizzes
  • Written Papers

Minimum Passing Score:

70%
Supplemental Materials

Other offerings from StraighterLine

(OOSL-0009)
(OOSL-0010)
(OOSL-0063)
(OOSL-0109)