Principles of Microeconomics – Course Syllabus and Study Guide

Study Guide - Smart Notes

Tailored notes based on your materials, expanded with key definitions, examples, and context.

Principles of Microeconomics (ECON 2106) – Syllabus Study Notes

Course Overview

This course introduces students to the fundamental concepts and analytical tools of microeconomics. It is designed to help students understand the structure and performance of the market economy, including the behavior of individuals and firms, market structures, and the role of government.

Instructor: Dr. Vincent Jackson
Course Delivery: Online
Credit Hours: 3
Textbook: Economics Today, 20th edition, Roger LeRoy Miller
Supplemental Platform: MyEconLab (Pearson)

Core IMPACTS Curriculum Statement

This course is part of the Social Science area and fulfills the Core IMPACTS requirement, providing essential knowledge for foundational academic areas. The course supports broad academic and career goals, focusing on understanding human experience and connection through economic principles.

Learning Outcomes:
- Analyze the complexity of human behavior and economic relationships.
- Develop skills in intercultural competence, perspective-taking, and persuasion.

Major Topics in Microeconomics

The Basic Economic Problem

Microeconomics begins with the study of how individuals and societies allocate scarce resources to satisfy unlimited wants. This is known as the basic economic problem.

Scarcity: Limited nature of resources.
Choice: Decisions must be made about how to use resources.
Opportunity Cost: The value of the next best alternative forgone.

Example: Choosing to spend time studying economics instead of working a part-time job involves an opportunity cost.

Markets and Price Determination

Markets are mechanisms through which buyers and sellers interact to determine prices and allocate resources.

Demand: The quantity of a good or service consumers are willing and able to buy at various prices.
Supply: The quantity of a good or service producers are willing and able to sell at various prices.
Equilibrium Price: The price at which quantity demanded equals quantity supplied.

Formula:

(at equilibrium)

Example: The market for coffee reaches equilibrium when the amount consumers want to buy equals the amount producers want to sell.

Theories of the Firm

Theories of the firm explain how businesses make decisions about production, pricing, and resource allocation.

Profit Maximization: Firms aim to maximize the difference between total revenue and total cost.
Production Function: Relationship between inputs and outputs.

Formula:

Example: A bakery decides how many loaves of bread to bake based on costs and expected sales revenue.

Factor Markets

Factor markets are where resources such as labor, land, and capital are bought and sold.

Labor Market: Wages are determined by supply and demand for workers.
Capital Market: Interest rates are determined by supply and demand for funds.

Example: The wage rate for teachers is set by the interaction of schools' demand for teachers and the supply of qualified individuals.

Microeconomic Issues

Microeconomics addresses various issues such as market failures, externalities, and the role of government in correcting inefficiencies.

Market Failure: Occurs when markets do not allocate resources efficiently.
Externalities: Costs or benefits that affect third parties not involved in the transaction.
Government Intervention: Policies such as taxes, subsidies, and regulations.

Example: Pollution from a factory is a negative externality that may require government regulation.

Microeconomic Components of International Economics

Microeconomics also examines how international trade and globalization affect markets and resource allocation.

Comparative Advantage: The ability of a country to produce a good at a lower opportunity cost than another country.
Trade Barriers: Tariffs and quotas that affect international trade.

Example: The U.S. imports electronics from countries with comparative advantage in manufacturing.

Course Goals and Expected Outcomes

Understand, analyze, and evaluate key microeconomic concepts.
Demonstrate effective problem-solving and critical thinking skills.
Interpret and communicate quantitative data using graphs and models.
Apply microeconomic principles to real-world issues and policy debates.

General Education Outcomes

Communicate effectively through oral and written means.
Develop reading and listening skills via lectures and materials.

Course Schedule and Assessment

The course is organized into weekly modules, each with specific readings, assignments, and quizzes. Assessments include:

Quizzes (e.g., Syllabus Quiz, Chapter Quizzes)
Homework (via MyEconLab)
Discussion Posts
Exams (Midterm and Final)

Required Technology Skills

Ability to send and receive email
Proficient use of the Internet and web browsers
Word processing skills
Ability to use the iCollege learning management system

Textbook and Supplemental Materials

Title	Author	Edition	Publisher	ISBN
Economics Today	Roger LeRoy Miller	20th	Pearson Prentice Hall PTR	0135134119

Access to MyEconLab is required for homework and supplemental study modules.

Example Weekly Activities

Read assigned chapters in the textbook.
Complete Dynamic Study Modules and homework in MyEconLab.
Participate in discussion boards and submit assignments.
Take quizzes and exams as scheduled.

Academic Integrity and Policies

Follow the college's policies on academic honesty and integrity.
Accommodations available for students with disabilities.
Attendance and participation are required for successful completion.

Grading Breakdown (Sample)

Assessment	Points	Percentage of Grade
Discussion/Syllabus Quiz	10	2%
Homework/Practice	255	54%
Quizzes	70	10%
Exams	280	34%
Total	675	100%

Additional info:

Students are expected to use iCollege and MyEconLab for all course activities.
Dynamic Study Modules adapt to student responses for personalized learning.
Course covers both theoretical and applied aspects of microeconomics.