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Course Description

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

This course gives students an introduction to the economy including the topics of price determination, market structure and resource allocation, the behaviour of consumers and firms, and market intervention by government. Some of the economic issues addressed may include agricultural price supports, rent control, trade policy, environmental regulation, price discrimination, 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

  • Introduction: Thinking Like an Economist
  • 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


Grading scheme with the Purchase of MyEconLab:

Assessment Item Weight
MyEconLab Quizzes 10%
Tests 40%
Final Exam 50%
Total 100%

Grading scheme without the Purchase of MyEconLab:

Assessment Item Weight
Tests 45%
Final Exam 55%
Total 100%



Additional Technical Requirements

This course will use the following:

  • Respondus tool to invigilate one or more exams. 

Please view the Technical Considerations.


Applies Towards the Following Certificates

Technical Requirements

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*Course details are subject to change.

Enrol Now - Select a section to enrol in
Section Title
Introductory Microeconomics
May 09, 2024 to August 02, 2024
Contact Hours
Delivery Options
Course Fee(s)
Domestic Tuition Fee (0.5 units) $683.39 Click here to get more information
Domestic Tuition Fee - Non-Ontario (0.5 units) $745.75 Click here to get more information
International Tuition Fee (0.5 units) $3,379.57 Click here to get more information
Available for Credit
0.5 units
Reading List / Textbook

PLEASE NOTE: The materials required for this course are ONLY available for purchase at the University of Guelph Bookstore or the Co-op Bookstore.



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

If you have access to used copies of the required textbook 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 required 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
  • e-book (Confirmed) (Mandatory) Microeconomics: Canada in the Global Environment by Michael Parkin and Robin Bade © 2022 Pearson 11th edition ISBN e-Book with My Lab access: 9780136691839
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