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ECON 2106

This is an archive of the Common Course Outlines prior to fall 2011. The current Common Course Outlines can be found at http://www.gpc.edu/programs/Common-Course-Outlines.   
Credit Hours   3   
Course Title   Principles Of Microeconomics   
Prerequisite(s)   Exit or exemption from all Learning Support and ESL requirements   
Corequisite(s)   None Specified   
Catalog Description   
An introductory course in microeconomics introducing students to concepts that will enable them to understand and analyze structure and performance of the market economy.  Topics include the basic economic problem, markets and price determination, theories of the firm, factor markets, the microeconomic issues, and microeconomic components of international economics.
   
Expected Educational Results   
As a result of completing this course, the student will be able to understand, analyze and evaluate:
1. The Basic Economic Problem
2. Markets and Price Determination
3. Theories of the Firm
4. Factor Markets
5. Microeconomic Issues
6. Microeconomic Components of International Economics

General Education Outcomes   
1. Students will communicate effectively through oral communication, reading and writing:
a. reading comprehension will be developed by reading the text and ancillary materials;
b. listening skills will be developed though lecture and class activities;
c. reading and writing skills will be developed through the use of problems and activities, such as article summaries and papers, developed specifically to enhance student understanding of microeconomic principles.

2. Students will demonstrate effective problem-solving and critical thinking skills by organizing, interpreting and evaluation ideas designed to illustrate microeconomic principles.

3. Students will understand, interpret, and communicate quantitative data by solving problems and analyzing graphically presented material developed to illustrate microeconomics principles.

4. Students will develop their ability to better understand how global, political, historical, and geographic forces shape microeconomics theories and policies though reading, lectures, and classroom activities.

Course Content   
I. The Basic Economic Problem
A. Scarcity
B. Opportunity cost
C. Choice

II. Markets and Price Determination
A. Supply, Demand, and Market equilibriums
B. Utility
C. Elasticity
D. Price Ceilings and Floors

III. Theories of the firm
A. Revenues, Costs, Output
B. Profit Maximization
C. Market Structures

V. Factor Markets
A. Wages
B. Rents
C. Interest
D. Profits

V. The Microeconomic Issues
A. Public vs. private goods
B. Maintaining competition
C. Externalities
D. Income redistribution and Public Choice
E. Current issues

VI. Microeconomic Components of International Economics
A. International Trade
D. International economic development

Assessment of Outcome Objectives   
COURSE GRADE
The course grade will be determined by a mix of tests, homework, presentations, written assignments and other assessment techniques as well as a required final exam.

COURSE ASSESSMENT
This course will be assessed according to the assessment methodology adopted by the Economic Committee.

USE OF ASSESSMENT FINDINGS
The results of the current assessment instrument will be summarized by the Academic Dean.  The Dean will chair a discipline group meeting of all economics faculty to analyze the results and determine implications for curriculum changes.  A summary of the group analysis, as well as specific detail and a timeline for implementation of changes, will be prepared as a result of the group meeting.  The Dean will follow up and document the implementation of agreed upon changes.  A record of these activities will be kept in the office of the Academic Dean.

Last Reviewed
February 27, 2007

Last Revised: Aug. 05, 2011
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