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Hawaii Pacific University
ECON 2010 Principles of Microeconomics Section ____
Semester and year, meeting times
Instructor: name, contact information and other relevant information about the instructor.
Course description: This course covers the fundamentals of microeconomic theory. Specifically, the
topics discussed include supply-demand analysis, consumer theory, market structures, market
imperfections, and the role of government.
Course prerequisites: Any Communication Skills A course and MATH 1105 or higher
General Education Requirement: This course is classified under the Values and Choices theme and
meets the requirement for a course in Values and Choices B: Social Choice.
General Education Student Learning Outcomes and the Five Themes: HPU’s general education
curriculum is focused around five themes. This course emphasizes the Values and Choices theme and
provides students with opportunities to achieve the following related general education student
learning outcomes:
Students will analyze the interrelationships among beliefs, choices and cultural and social institutions
and practices. (V&C 2)
The class addresses the classic economic tradeoff between efficiency and equity and the arguments
used to promote either side of this choice. The relative degree of support in different societies is noted.
Students will understand & analyze the range of consequences that follow from a choice, policy or
course of action. (V&C 3)
Readings and exam questions cover the area of incentives including what politicians call “unintended
consequences” that may follow from government policies. For example, one noted consequence of a
reduction in the supply of marijuana is a higher price which “incents” consumers to switch to substitute
goods. Raising the minimum wage helps low wage workers, BUT it also gives companies incentives to
hire fewer workers which exacerbates unemployment problems.
Students will understand the processes (such as elections and markets) by which the choices of
individuals combine to produce a shared outcome (V&C 4)
The functioning of markets is a central topic to this class. See the course specific learning outcomes.
The course also addresses the Research and Epistemology theme and provides students with
opportunities to achieve the following related general education student learning outcome:
Students will utilize methods and technologies appropriate to the discipline to investigate research
questions, solve problems and/or test hypotheses. (R&E 7)
This course introduces students to several techniques used in economic analysis. These include:
marginal analysis, which allows students to make optimal decisions and critique the decisions of others;
equilibrium analysis, which allows students to anticipate market outcomes as well as strategic
outcomes; and welfare analysis, which allows students to analyze the impact of policy changes on
various groups such as consumers, producers, and governments. Furthermore, students will learn to
appreciate the applications and interpretations of regression analysis.
Note: Purple text shows places where specific course information must be filled in. Red text provides
explanatory notes to the instructor which should be deleted before using the syllabus. Blue explanations
above may be rephrased by the individual instructor to reflect the specific approach in that section.
Optional: list any other general education outcomes that you will specifically address in the course under
the appropriate themes and/or describe how your course relates to any of the themes in ways other
than by addressing one of the general education student learning outcomes. Please delete this note and
all red text.
Course specific outcomes below are an example and may also be rephrased or modified by the instructor.
Student Learning Outcomes for ECON 2010 Principles of Microeconomics
By the end of the course, students will
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Define economics and explain the differences in scope and methods of microeconomics and
macroeconomics
Explain the key ideas that define the economic way of thinking (what, how much, how and
for whom to produce as guided by the price and market system)
Define the production possibilities frontier and calculate opportunity cost
Explain how demand and supply determine prices and quantities bought and sold
Use graphic and mathematical methods to explain factors affecting demand and supply
Define, calculate, and explain the factors that influence the price elasticity of demand
Explain the relationship between elasticity, price, and revenue
Explain how four basic types of markets work
Describe preferences using the concept of utility and distinguish between total utility and
marginal utility
Explain what a firm is and describe the economic problems that all firms face
Use graphical and mathematical methods to show how to maximize profits and minimize
losses
Use the concepts of efficiency and equity in evaluation of government economic policies
For the rest of these required syllabus items see the details in the faculty handbook. Delete this note
once the syllabus is complete. For online courses there are some additional requirements given at this
link.
Texts List textbooks with ISBN’s and include this language as well
All textbook information (pricing, ISBN #, and e-books) for this course can be found on the HPU
Bookstore website: hpu.edu/bookstore.
If you have any questions regarding textbooks, please contact the HPU Bookstore at:
Phone:
808-544-9347
Or e-mail:
[email protected]
[email protected]
Assignments and mode of evaluation
Summary of important dates and deadlines (if the schedule is a separate document and due dates are
not given with the description of the assignments).
Class rules and policies (including regarding attendance, late work and academic dishonesty)
Schedule of events (may be attached separately)