ECON 0001B. Principles of Microeconomics
Units: 3
Prerequisite: Completion of two years of high school algebra or MATH D with grade of "C" or better, or placement by matriculation assessment process
Hours: 54 lecture
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. (C-ID ECON 201) (CSU, UC)
ECON 0001B - Principles of Microeconomics
http://catalog.sierracollege.edu/course-outlines/econ-0001b/
Catalog Description Prerequisite: Completion of two years of high school algebra or MATH D with grade of "C" or better, or placement by matriculation assessment process Hours: 54 lecture Description: 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. (C-ID ECON 201) (CSU, UC) Course Student Learning Outcomes CSLO #1: Analyze the basic principles underlying the economic way of thinking. CSLO #2: List and distinguish basic economic terms. CSLO #3: Analyze the supply and demand model. CSLO #4: Apply critical thinking skills to evaluate the credibility of economic theories, concepts, and research. CSLO #5: Analyze marginal productivity theory. Effective Term Fall 2020 Course Type Credit - Degree-applicable Contact Hours 54 Outside of Class Hours 108 Total Student Learning Hours 162 Course Objectives 1. Analyze the basic principles underlying the economic way of thinking. 2. List and distinguish basic economic terms (e.g., supply and demand, economic guideposts, supply and demand shifters, different microeconomic models, resource markets). 3. Utilize the concept of scarcity to explain economic trade-offs, opportunity costs, and rational behavior. 4. Analyze the supply and demand model. 5. Calculate and interpret measures of elasticity. 6. Demonstrate how markets function and what happens in the presence of market failures. 7. Analyze production and costs of the firm. 8. 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. General Education Information Approved College Associate Degree GE Applicability AA/AS - Social Sciences CSU GE Applicability (Recommended-requires CSU approval) CSUGE - D2 Economics Cal-GETC Applicability (Recommended - Requires External Approval) IGETC Applicability (Recommended-requires CSU/UC approval) IGETC - 4B Economics Articulation Information CSU Transferable UC Transferable Methods of Evaluation Essay Examinations Example: Students are required to write a 2-3 page paper analyzing a recent article published in the Wall Street Journal, connecting it to the concepts, topics, and theories presented in the textbook as they relate to the economic way of thinking. Objective Examinations Example: Students are asked the following question as part of an objective exam: The price elasticity of demand measures the: A) responsiveness of quantity demanded to a change in quantity supplied. B) responsiveness of price to a change in quantity demanded. C) responsiveness of quantity demanded to a change in price. D) responsiveness of quantity demanded to a change in income. Problem Solving Examinations Example: Students are asked to calculate the average total cost, average variable cost, and marginal cost of production from a selection of input combinations. Repeatable No Methods of Instruction Lecture/Discussion Distance Learning Lecture: Instructor presents (via lecture, PowerPoint slides and/or the whiteboard) the market structure of Perfect Competition, and the associated underlying assumptions. The students are asked whether they think the perfectly competitive market is an appropriate model to represent modern capitalist economies. Distance Learning The instructor presents the concept of Opportunity Cost (via lecture, PowerPoint slides and/or the whiteboard). Students are asked to analyze their personal Opportunity Costs associated with taking Economics 1B (on the LMS discussion board for online sections), leading to an extended discussion. Typical Out of Class Assignments Reading Assignments 1. Read the chapter on Economics and Economic Reasoning. Be prepared to discuss in class. 2. Read the chapter on Perfect Competition. Be prepared to discuss in class. Writing, Problem Solving or Performance 1. State the law of demand. Why is price inversely related to quantity demanded for a typical demand curve? 2. Write a 2-3 page paper analyzing an article published in the Wall Street Journal this semester, connecting it to the concepts, topics, and theories presented in the textbook. Other (Term projects, research papers, portfolios, etc.) Required Materials Principles of Economics Author: Taylor, Timothy Publisher: OpenStax College Publication Date: 2017 Text Edition: 2nd Classic Textbook?: OER Link: OER: Economics Author: Colander, David Publisher: McGraw-Hill Publication Date: 2019 Text Edition: 11th Classic Textbook?: OER Link: OER: The Economy Today Author: Schiller, Bradley R. Publisher: McGraw-Hill Publication Date: 2018 Text Edition: 15th Classic Textbook?: OER Link: OER: Principles of Economics Author: Mankiw, N. G. Publisher: Cengage Learning Publication Date: 2018 Text Edition: 8th Classic Textbook?: OER Link: OER: Other materials and-or supplies required of students that contribute to the cost of the course.
Course Identification Numbering System (C-ID)
...ECE 230 HDEV 0025 ECON 201 ECON 0001B ECON 202 ECON 0001A EDUC 200 EDU...
