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Lakeland Community CollegeDepartment of EconomicsCourse:Principles of Microeconomics (Online)Course Code:ECON 2600Semester:Spring 2017 Professor:Dr. Hyojin JeongOffice Phone:440) 525-7448Email:[email protected]Credit Hours:Three (3)Pre-requisite:NoneRequired Textbook:Microeconomicsby Roger Arnold, 12thedition. Southwestern Publishing Company.Course Description:Microeconomics is the branch of economics which deals with the behavior of individual economic units including consumers, workers, investors, owners of land, and business firms-in fact, any individual or entity that plays a role in the functioning of our economy. By studying the behavior and interaction of individual firms and consumers, microeconomics reveals how industries and markets operate and evolve, why they differ from one another, and how they are affected by government policies and global economicactivities.This is an introductory microeconomics course which introduces students to the economic decision making of individuals and firms. Topics include scarcity, opportunity cost, production possibility frontier, demand and supply, elasticity, consumer choice, production and cost theory, market structure, profit maximization, resource markets, market failure, and international trade.Course Objectives:It is important that students understand microeconomic principles and theories, and are able to apply them to real world issues. At the end of the course, the student is able:1.To understand microeconomic theories and concepts and their applications to real world problems.2.To analyze and solve microeconomic problems using the theories and concepts.3.To realize the significance of microeconomics in the business and global perspective.4.To develop an analytical way of solving economic issues and a logical way of economic thinking.1
Learning Outcomes:The Economics faculty has outlined specific learning outcomes that it expects all studentsof ECON 2600 to have upon completion of the course. Specific learning outcomes expected from the Principles of Microeconomics course are:1.Understand how economics is a social science that draws conclusions based on hypothesis, theories, and data to understand human behavior2.Understand basic microeconomics terms and concepts, including scarcity and choice, equilibrium, efficiency and equity, positive and normative economics, comparative advantage, and specialization3.Understand the fundamental economic question of the allocation of scarce resources4.Comprehend the concepts of opportunity cost and the production possibilities frontier5.Comprehend supply and demand, functions of market price, and how markets work and sometimes don’t work (e.g., market failure and externalities)6.Comprehend the effects of government intervention in markets7.Comprehend elasticity and its application8.Comprehend how consumers make choices9.Comprehend production theory10. Comprehend the costs of production11. Comprehend firm behavior in competitive markets12. Comprehend firm behavior in imperfect markets13. Comprehend how the markets for resources operate