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.
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
- Supply and Demand: How Markets Work
- Markets in Action: Government and Trade
- Consumer Choice: Utility and Demand
- The Firm: Production and Cost
- Market Failures and Government Intervention
- Markets for Factors of Production
Grading scheme with the Purchase of MyEconLab:
|Online Final Exam||55%|
Grading scheme without the Purchase of MyEconLab:
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.
Webex is a video conferencing tool used to facilitate synchronous virtual meetings. You are responsible for ensuring that your computer system meets the necessary system requirements. You will need to have a microphone, headset or speakers, and a webcam to participate fully in Webex sessions.https://help.webex.com/en-us/nki3xrq/Webex-Meetings-Suite-System-Requirements
This course uses Zoom as a video communication tool. A Webcam, a microphone to record video, and headphones/speakers to play back the recording are also needed. In order to use Zoom, you must meet the following technical requirements:
- An internet connection – broadband wired or wireless (3G or 4G/LTE)
- Speakers and a microphone – built-in or USB plug-in or wireless Bluetooth
- A webcam or HD webcam - built-in or USB plug-in
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.
*Course details are subject to change.