Principles of Microeconomics
This collection contains the California Open Educational Resources Council (CA OER) list of peer-reviewed textbooks for Principles of Microeconomics (common course-id ECON 201) , one of the top 50 college courses identified for inclusion in the California Open Online Library for Education (COOLforEd).
General Course Description: ECON 201
This is an introductory course focusing on choices of individual economic decision-makers. Topics include scarcity, specialization and trade, market equilibrium, elasticity, production and cost theory, market structures, factor markets, and market failure.
Minimum Units: 3.0
Fundamentals of Economic Thinking
Positive v. Normative Distinction
How Markets Operate
Definition of a market
Factors of production
Supply and demand
Producer and consumer surplus
Production and cost in the firm
Introduction to the production function
Marginal and average product
Law of diminishing returns
Explicit and implicit cost
Accounting profit v. economic profit
Total cost, average cost and marginal cost in short-run
Short-run production decisions
Long run average cost curve
Economies and diseconomies of scale
Introduction to factor markets
Market failure and public policy
Specialization and gains from trade
Laboratory Activities (if applicable):
At the conclusion of this course, the student should be able to:
Utilize the concept of scarcity to explain economic trade-offs, opportunity costs, and rational behavior.
Calculate and interpret measures of elasticity.
Demonstrate how markets function and what happens in the presence of market failures.
Analyze production and costs of the firm.
Demonstrate how firms attempt to optimize their objectives in response to price signals under a variety of market structures in the short and long-run.
Methods of Evaluation:
Assessed written work is recommended for this course and may include any of the following (colleges are encouraged to work with local CSU and UC departments to determine writing requirements):
Current event analysis
Essay questions on exams
Exams and Quizzes containing one or more:
Multiple Choice questions
Homework Problem Sets
Debates and class discussion