Download AGENDA 2 1 13 ATTACH LAPC Economics EC 120 Principles of

Principles of Microeconomics
Course Outcome Summary
Course Information
Organization
Developers
Development Date
Course Number
Potential Hours of
Instruction
Total Credits
South Central College
Mark Friedman
1/11/2013
ECON 120
48
3
Description
Microeconomics is the study of how people, businesses, governments, and other institutions make
economic decisions. Topics include market price determination, income determination, resource
allocation, and impacts of government policies. Prerequisites: Must have a score of 78 or higher on the
reading portion of the Accuplacer test or complete READ 0080 and READ 0090 with a grade of C or
higher. This course satisfies MnTC goal areas 5 (History and the Social and Behavioral Sciences) and 9
(Ethical and Civic Responsibility).
Prerequisites
Must have a score of 78 or higher on the Reading portion of the Accuplacer test or completion of READ
0080 and READ 0090 with a grade of C or higher)
Exit Learning Outcomes
Core Abilities
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Civic knowledge and engagement- local and global: Students will understand the richness and
challenge of local and world cultures and the effects of globalization, and will develop the skills and
attitudes to function as global citizens.
Teamwork and problem-solving: Students will demonstrate the ability to work together cohesively
with diverse groups of persons, including working as a group to resolve any issues that arise.
Analysis and inquiry: Students will demonstrate an ability to analyze information from multiple
sources and to raise pertinent questions regarding that information.
Competencies
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Describe the economic method.
Learning Objectives
a. Define Economics.
b. Apply the scientific method in economics.
c. Explain scarcity and opportunity costs.
d. Apply the production possibility curve model.
Analyze major economic systems.
Learning Objectives
a. Analyze fundamental questions facing all economies.
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b. Describe trends in income distribution, poverty, and economic growth in the U.S.
c. Differentiate between different economic systems.
d. Explain the potential efficiency of market systems.
e. Explain market failures.
Apply the concept of supply and demand to analyze markets.
Learning Objectives
a. Define demand and supply.
b. Identify determinants of demand.
c. Identify determinants of supply.
d. Determine equilibrium price and quantity with a demand/supply diagram.
e. Explain shortages and surpluses with a demand/supply diagram.
f. Demonstrate market impacts of price floors and ceilings with a demand/supply diagram.
Describe elasticities.
Learning Objectives
a. Define price elasticity of demand intuitively and mathematically.
b. Describe determinants of price elasticity.
c. Calculate price elasticity of demand.
d. Explain how price elasticity of demand affects total revenue when price changes.
e. Describe price elasticity of supply.
f. Describe cross elasticity.
g. Describe income elasticity
Explain consumer behavior.
Learning Objectives
a. Explain utility.
b. Explain how marginal utility determines the quantity a consumer will purchase.
c. Determine the optimal combination of goods a consumer will purchase.
Describe production costs.
Learning Objectives
a. Distinguish between explicit and implicit costs.
b. Distinguish between the short run and the long run in production.
c. Describe marginal product.
d. Describe diminishing marginal returns.
e. Explain total costs, fixed costs, and variable costs.
f. Explain per unit costs.
g. Describe marginal costs.
h. Explain economies and diseconomies of scale.
i. Explain long run average costs.
Analyze perfectly competitive markets.
Learning Objectives
a. Identify characteristics of perfectly competitive markets.
b. Model a perfectly competitive market with graphs.
c. Determine the profit maximizing output for a competitive firm.
d. Demonstrate graphically economic profit or economic loss for a competitive firm.
e. Determine whether a competitive firm having an economic loss should produce in the short
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run or shut down.
f. Explain long run firm entry or exit in a perfectly competitive market.
g. Explain allocative and productive efficiency in a perfectly competitive market.
Analyze monopoly markets.
Learning Objectives
a. Identify characteristics of a monopoly.
b. Explain causes for monopoly.
c. Determine graphically the profit maximizing price and output under monopoly.
d. Explain the loss of efficiency under monopoly.
e. Explain legal restrictions on monopoly.
f. Describe natural monopoly.
g. Describe the regulation of monopolies.
Analyze monopolistic competition and oligopoly.
Learning Objectives
a. Identify characteristics of monopolistic competition.
b. Identify similarities of monopolistic competition to both competitive markets and monopoly.
c. Determine graphically the profit maximizing price and output for a monopolistically
competitive firm.
d. Demonstrate less efficient operation under monopolistic competition compared with perfect
competition.
e. Demonstrate normal profits in the long run under monopolistic competition.
f. Identify characteristics of oligopoly.
g. Identify potential social benefits and harms from oligopoly markets.
h. Measure market concentration with concentration ratios and the Herfindahl index.
i. Model firm behavior under oligopoly using game theory.
Describe markets for productive resources.
Learning Objectives
a. Determine how much of a resource to hire using marginal revenue product.
b. Explain determinants of demand for productive resources.
c. Explain how marginal revenue product determines incomes for factors of production.
d. Determine the optimal combination of productive resources that a firm will hire.
Analyze the labor market.
Learning Objectives
a. Demonstrate graphically employer and labor surplus in a competitive labor market.
b. Explain monopsony in a labor market.
c. Determine graphically the wage offered and the number of workers employed in a
monopsony labor market.
d. Explain the impact of unions on labor markets.
e. Describe work conditions that encourage workers to organize into unions.
f. Explain views of how the minimum wage impacts labor markets.
g. Describe human capital.
h. Evaluate views on growing income inequality.
Explain market failure and the role of government in market economies.
Learning Objectives
a. Review potential efficiencies in market economies.
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b. Describe reasons for market failure.
c. Explain why governments may intervene to correct market failure.
d. Describe public goods.
e. Explain optimal provision of public goods.
f. Describe positive and negative externalities.
g. Describe government interventions to correct externalities.
h. Describe market-based remedies for negative externalities.
Analyze taxation and public expenditures.
Learning Objectives
a. Identify taxes and expenditures at the local and federal levels.
b. Explain tax progressivity.
c. Contrast concepts of tax fairness.
d. Identify different kinds of taxes.
e. Evaluate taxes for efficiency and equity.
SCC Accessibility Statement
If you have a disability and need accommodations to participate in the course activities, please
contact your instructor as soon as possible. This information will be made available in an
alternative format, such as Braille, large print, or cassette tape, upon request. If you wish to
contact the college ADA Coordinator, call that office at 507-389-7222.
Disabilities page http://southcentral.edu/academic-policies/disability-rights.html