Fall 2013
AUG 26 - Dec 15

Econ 001: Principles of Economics I
(Microeconomics)

Section 0903, 3 Units

I
Required Text
The required text for the course is Econ Micro 3rd Edtion
William A. McEachern. (South-Western Cengage Learning).
ISBN: 978-1-111-82224-8
Course Advisories: English 020A

COURSE OUTLINE

Course Description:
This introductory microeconomics course provides an understanding of basic economic principles and forces, which govern the production, and distribution of goods and services. Topics include: forms of business organizations, the role of government in the economic system, value and price in a free enterprise system, labor/management relations and contemporary economic developments.

Course Objectives:
The objective of microeconomics is to provide the foundations for understanding of how an economy operates. All economic choices are ultimately made by individuals such as consumers, workers, investors, and managers. This course examines the decision making process of these economic agents and their interactions in individual markets. The functions of private property, entrepreneurship, and government regulation are also discussed. Production and pricing under various market structures, labor markets, and international trade as well as market failure are covered.

The goal of this course is to introduce you to the basic concepts and principles of microeconomics. At the end of this course, you should have a deeper understanding of how markets work (or don’t work) and be able to examine the world around you through the lens of economic thinking.

Student Learning Outcomes:

Students will be able to construct and interpret a Lorenz curve for the distribution of income and wealth; discuss the factors that explain the distribution of income in the US; compare and contrast income inequality in US with other countries.

Demonstrate a solid understanding of modern microeconomics, including the dominant theories of decision-making and markets.

Think analytically using both the verbal and quantitative tools employed in economics and to apply those tools to solve both theoretical as well as practical real world problems.

Evaluate how changes in technology, government regulation, and market circumstances will impact society.

Develop communication skills, oral and written, particularly in the construction and presentation of economic analysis.

An understanding of the functioning of market forces, i.e. demand and supply in competitive market system.

Grading:
Students will be graded on an absolute scale. Your grade will be based on quiz, midterms, final exam, discussions/participation, and assignments. Weight of each evaluation component is as follows:

Quiz : 15%
Midterm Exams : 25%
Assignments: : 20%
Discussion/Participation : 10%
Final Exam : 30%
Grading scale is as follows:
89 - 100 %
A
77 – 88 %
B
65 – 76 %
C
53 – 64 %
D
Below 53 %
F

Homework Assignments:
Each week there will be a homework assignment with due date on ETUDES-NGs Assignments will be based on end-of-chapter questions and some web-based material. The homework assignments are provided as a learning aid for students and are designed to synthesize information from lecture, textbook and outside sources. If you understand the assignments, you will likely do well on the exams. Homework assignments are considered important and are therefore worth 20%.

Discussion/Participation:
Discussion topics related to current material will be posted on ETUDES-NG. Discussion is an important part of the class. It is where students and the instructor can talk about topics in detail and explore difficult issues. You are encouraged to find articles (from the internet or other sources) and share them with the class.

Discussion Etiquette:
Discussion should be a learning experience for everyone. It's a great opportunity to present