ECON*1050 - Introductory Microeconomics
Course Description
An introduction to the Canadian economy: price determination, market structure and resource allocation; the behaviour of consumers and firms; market intervention by government. Some of the economic issues addressed may include agricultural price supports, rent control, the NAFTA, environmental regulation, price discrimination, pay equity, and taxation.
Note: This course can be taken individually or as a part of a certificate program.
Learning Outcomes
By the end of the course, the learner should be able to:
- Describe basic principles of microeconomics including demand and supply, utility and consumer choice, production and costs, market structure, market failures and government intervention, and factor markets
- Demonstrate and discuss how basic economic models work
- Analyze specific markets, including goods and services, housing and labour markets
- Recognize the successes and failures of government intervention in the market
- Explain the role of public policies, such as competition policy, environmental policy, and trade policy
- Apply mathematical concepts and tools, such as computing the slope of a line or graphing the relationship between variables, to explain basic economic models and the interaction between economic variables
- Apply the microeconomic principles to critically examine every day economic events
- Apply basic problem solving techniques used in microeconomics, including techniques to calculate elasticity, determine the market equilibrium, and compute total, marginal, and average cost and product
- Use graphical analysis to demonstrate and interpret various economic models, including the demand and supply model, market equilibrium determination, and the impact of government regulation on the economy
Course Topics
- Supply and Demand: How Markets Work
- Markets in Action: Government and Trade
- Consumer Choice: Utility and Demand
- The Firm: Production and Cost
- Markets
- Market Failures and Government Intervention
- Markets for Factors of Production
Additional Requirements
Equate(s): ECON*1200
Assessment
Grading scheme with the Purchase of MyEconLab:
| Assessment Item | Weight |
|---|---|
| PEAR Assignment | 8% |
| MyEconLab Quizzes | 10% |
| Tests | 27% |
| Online Final Exam | 55% |
| Total | 100% |
Grading scheme without the Purchase of MyEconLab:
| Assessment Item | Weight | ||
|---|---|---|---|
| PEAR Assignment | 10% | ||
| Tests | 30% | ||
|
60% | ||
| Total | 100% |
Note that you must receive at least a 50% on the final exam to pass this course. Your term work will only be included in calculating your final grade if you pass the final exam. If you receive less than a 50% on the final exam your final mark in the course will be your final exam mark.
Note as well that if you pass the final exam with a 50% or higher that you will pass the course, even if your cumulative average using Grading Scheme 1 or 2 is below 50%. If your cumulative average is less than a 50% given either grading scheme, and you pass the final with a 50% or higher, your final mark will be 50%.
Note:
Additional Technical Requirements
This course will use MyLab, a web-based tool created by Pearson Education. Visit their website to complete a check that ensures your computer meets the MyLab system requirements.
This course will use the Respondus tool to invigilate one or more exams. In order to use Respondus LockDown Browser and Monitor, you must meet the following technical requirements:
- Operating Systems: Windows 10, 8, 7; Mac OS X 10.10 or higher.
- Memory: Windows 2 GB RAM; Mac 512 MB RAM.
- For Mac users: Safari must function properly on the computer.
- Mac users must have Adobe Flash Player installed to Safari, even if a different browser is normally used.
- Functioning webcam and microphone. The webcam and microphone can be built into your computer or can be the type that plugs in with a USB cable. (You will be required to do an environment scan of your room, so please ensure you can move your computer, laptop or webcam for this scan.)
- A broadband Internet connection. It is recommended that you access the Internet via a wired connection.
Applies Towards the Following Certificates
- Certificate in Business : Electives
- Certificate in Environmental Citizenship : Electives
Technical Requirements
You are responsible for ensuring that your computer system meets the necessary system requirements. Use the browser check tool to ensure your browser settings are compatible and up to date (results will be displayed in a new browser window).
*Course details are subject to change.