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Principles of Microeconomics

select to open or close Course ePortfolio detail Course ePortfolio:  Principles of Microeconomics

Course ePortfolio Description:

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).

CID Number:  ECON 201

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

Date Added to MERLOT: May 15, 2014
License: Creative Commons License
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Prerequisites

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select to open or close Course ePortfolio pedagogy and outcomes Pedagogical Approach & Learning Outcomes

Pedagogical Approach:

Course Content:

  • Fundamentals of Economic Thinking
    • Scarcity
    • 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
  • Elasticity
  • 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
    • Monopoly
    • Monopolistic competition
    • Oligopoly
  • Introduction to factor markets
  • Market failure and public policy
  • Specialization and gains from trade
Outcomes:

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.
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Assessment & Other Info

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Delete the item Principles of Microeconomics 2.0 from this Course ePortfolio
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1.
(Open Textbook)
NOTE: This 2.0 version has a cost to students of either $24 or $49. Version 1.0 is... More
Delete the item Modern Microeconomics from this Course ePortfolio
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2.
(Open Textbook)
Bookboon’s free text authored by Sanjay Rode provides an explanation of modern... More
Delete the item Microeconomics: Theory Through Applications from this Course ePortfolio
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3.
(Open Textbook)
Russell and Andrew’s open textbook presents all the theory that is standard in Principles... More
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4.
(Open Textbook)
The OpenStax College text authored by Taylor and Greenlaw covers the scope and sequence... More
Delete the item Principles of Economics from this Course ePortfolio
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5.
(Open Textbook)
This is a free, online textbook from Saylor Foundation. The authors teach economics as... More
Delete the item Principles of Microeconomics 1.0 from this Course ePortfolio
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6.
(Open Textbook)
The authors teach economics as the study of choice by providing students with an... More