Principles of Microeconomics/MIEC100 OERu course specification

=Part A: Course specification=

Metadata

 * OERu course name: Principles of Microeconomics
 * Level: 1st year Bachelor's Degree level
 * Notional learning hours: 120
 * Micro-courses (Three micro-courses of 40 hours each)
 * Introduction to Principles of Microeconomics (MIEC101)
 * Production and consumption (MIEC102)
 * Market structures (MIEC103)
 * OERu course codes: MIEC101, MIEC102, MIEC103
 * OERu assessing institutions: Thomas Edison State University
 * Micro-credential options: No
 * OERu mode of study: Self-directed study or cohort-based independent study with peer-learning support.

Course aim
The aim of this introductory course is to provide learners with a basic understanding of the principles of microeconomics as they relate to production, consumption and markets and to apply this knowledge to understanding of the decision-making process in the market place.

Learning outcomes

 * 1) Analyse relevant economic concepts and economic models which inform the study of microeconomics.
 * 2) Apply the principles of microeconomics associated with supply and demand in determining market equilibrium and the effects of price controls and elasticity.
 * 3) Apply the principles of microeconomics associated with production and consumption in determining the behaviour of individuals and producers in successful markets and situations where markets fail or contribute to income inequality.
 * 4) Analyse market structures and apply theoretical concepts of perfect competition to identify the behaviour of monopolies and imperfect competition.
 * 5) Analyse resource markets to understand the decision-making of resource allocation and interrelationships among key markets in the economy.

Indicative content

 * 1) Individual choice
 * 2) Economic models
 * 3) Circular flow diagram
 * 4) Ceteris paribus assumption
 * 5) Supply and demand
 * 6) Market equilibrium
 * 7) Price controls
 * 8) Elasticity
 * 9) Markets, individual maximising behaviour and market failure
 * 10) Rational consumers, preferences, consumer choice and price elasticity
 * 11) Producers, costs and production function in the short run and long run
 * 12) Market structures
 * 13) Perfect and imperfect competition including price discrimination
 * 14) Resource markets including the labour market, financial market and land and natural resources.

Saylor examination
Saylor Academy examination for OERu partners who recognise The ACE Alternative Credit Project and assessments from Saylor. While credit is not guaranteed at all schools, Saylor have partnered with a number of schools who have expressed their willingness to accept transfer of credits earned through Saylor. Visit the Saylor site for more information.

CLEP examination
College-Level Examination Program (CLEP) towards awards for partner institutions who recognise CLEP examinations for credit.

Pre-requisites

 * Learners whose primary language is not English must demonstrate proficiency in written and spoken English as indicated by a Test of English as Foreign Language (TOEFL) score of 550 on the written version; 213 on the computer version; or 79 on the Internet based version.

=Part B: Detailed objectives=

Micro-course structure
Overview

Learning objectives
Upon successful completion of this course, learners will be able to:
 * Explain the economic way of thinking;
 * Identify how individual economic agents make rational choices given scarce resources, and explain how to optimize the use of resources at hand;
 * Apply the concept of marginal analysis in order to make optimal choices, and identify whether the choices are efficient or equitable;
 * Apply basic economic models related to production, trade, and the circular flow of resources;
 * Analyze and apply the mechanics of demand and supply for individuals, firms, and the market;
 * Determine equilibrium in the market under various situations that either cause movements or shifts in demand and supply;
 * Apply the concept of elasticity as a measure of responsiveness to various variables; and
 * Explain how the market can be manipulated through price controls or quantity controls.

Learning objectives
Upon successful completion of this course, learners will be able to:
 * Identify the maximizing behavior of individuals in the market;
 * Identify the behavior of individuals when markets fail;
 * Apply the concept of marginal analysis in order to make optimal choices, and identify whether the choices are efficient or equitable;
 * Analyze the causes and reasons for income inequality;
 * Analyze the behavior of the producer;
 * Compare the costs of production in the short run to the costs of production in the long run;
 * Identify the production function in the short run as well as in the long run; and
 * Compute the relationship between different cost functions.

Learning objectives
Upon successful completion of this course, learners will be able to:
 * 1) Identify the characteristic differences between various market structures, namely, perfectly competitive markets, non-competitive markets, and imperfectly competitive markets, and discuss differences in their operations;
 * 2) Compare, contrast and discuss the three main kinds of economic systems; and
 * 3) Analyze how the demand and supply technique works for the resource markets.

Course links (if available)

 * Planning page
 * Course materials
 * MIEC101 (Introduction to Principles of Microeconomics) --- MIEC101 Wordpress site
 * MIEC102 (Production and Consumption) --- MIEC102 Wordpress site
 * MIEC103 (Market Structures) -- MIEC103 Wordpress site