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
- Opportunity Costs
- Production Possibilities
- Marginal Analysis
- Rational Behavior
- Positive v. Normative Distinction
- How Markets Operate
- Definition of a market
- Factors of production
- Supply and demand
- Price mechanism
- Producer and consumer surplus
- Price controls
- Consumer demand
- 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
- Market structures
- Perfect competition
- Monopolistic competition
- Introduction to factor markets
- Market failure and public policy
- Specialization and gains from trade
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.