ECON 101 - Principles of Economics (Micro)

This course examines the way that a mixed market economy allocates and distributes scarce resources. Specific topics include the theory of consumer behaviour, market structure, production, production cost, price determination, allocation of resources, and the economics of income distribution.

 

Credits:  3

 

Hours: 45 (Lecture Hours: 3)

 

Total Weeks:  15

 

Prerequisites: 

None

 

Non-Course Prerequisites: 

None

 

Co-Requisites: 

None

 

Course Content:
- What is Economics?
- The Economic Problem
- Demand and Supply
- Elasticity
- Efficiency and Equity
- Markets in Action
- Utility and Demand
- Organizing Production

- Output and Costs
- Perfect Competition
- Monopoly
- Monopolistic Competition and Oligopoly
- Demand and Supply in Factor Markets

 

Learning Outcomes:
Upon successful completion of the course, the students will be able to:
- Define and explain basic economic terms, concepts and principles
- Explain the types of choices required because of the problem of scarcity
- Use graphs to demonstrate relationships between economic variables
- Explain how firms make production and pricing decisions
- Compare and contrast various Market Structures
- Explain resource allocation in the market economy

- Use the economic way of thinking to make real life decisions

 

Grading System: Letters

 

Passing Grade:  D (50%)


Percentage of Individual Work:  80

 

Percentage of Group Work:  20

 

Additional Comments:

Assignments are mandatory and must be handed in on the specified due date.  Work handed in late may lose marks for each day delayed. Exceptions may be made for documented medical reasons or extenuating circumstances.  Cheating and plagiarism policy as outlined in the current College Calendar will be enforced.

 

Textbooks:
Textbooks are subject to change.  Please contact the bookstore at your local campus for current book lists.