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Course Description

Arrangement of a glass globe paperweight, glasses, and a pen on charts

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%
On Campus Final Exam 55%
Total 100%

Grading scheme without the Purchase of MyEconLab:
 

Assessment Item Weight
PEAR Assignment 10%
Tests 30%
On Campus Final Exam 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%.

Applies Towards the Following Certificates

*Course details are subject to change.

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Section Title
Introductory Microeconomics
Type
Online
Dates
January 06, 2020 to April 03, 2020
Contact Hours
36.0
Delivery Options
Online  
Course Fee(s)
Domestic Tuition Fee (0.5 units) $683.39 Click here to get more information
International Tuition Fee (0.5 units) $2,504.99 Click here to get more information
Available for Credit
0.5 units
Section Notes

If you are in a degree program at the University of Guelph, please DO NOT register using the link above.  You must register through WebAdvisor.

Important Note

The ECON*1050DE section materials are available as a bundled package, as well as individual resources. If you purchase the package please do so through either of the campus bookstores. If you have access to used copies of the two required textbooks you are still strongly encouraged to purchase MyLabEconomics access. You can do so through the Course website or at the two campus bookstores.

MyLabEconomics Access Card is strongly recommended for use in this course. This online learning and assessment tool is to be used in conjunction with the required textbook. The course grading scheme will be adjusted to accommodate students who choose not to purchase MyLabEconomics.

Section Materials
  • Textbook (Confirmed) (Mandatory) Option A: (Package) Microeconomics plus Cocktail Party Economics plus MyLab Economics New Design with eText Access Card RVP ISBN 9780135352588
  • e-book (Confirmed) (Mandatory) Option B: (Package) Microeconmics eBook plus MyLab ISBN 9781323916513
  • Textbook (Confirmed) (Mandatory) Option C: (Sold Individually) Microeconomics: Canada in the Global Environment by Michael Parkin and Robin Bade Pearson Learning Solutions 10th edition ISBN 9780134686844
  • Textbook (Confirmed) (Mandatory) Option C: (Sold Individually) Cocktail Party Economics by Eveline J. Adomait and Richard G. Maranta © 2012 Pearson Education Canada ISBN 9780132666008
  • Publishers Access Code (Confirmed) (Optional) Option C: (Sold Individually) Custom access code card with MEL and smart thinking MyLabEconomics Pearson Education Canada ISBN 9781323916520
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