ECON 130 PRINCIPLES OF ECONOMICS I:  MICROECONOMICS

The study of the economic behavior of individuals and of business firms in a market economy.  Analysis of how commodity and factor prices are determined.  Examination of current problems in resource allocation.

Course Objectives:

• To introduce you to the study of microeconomics and to the methodology  and models that economists use to analyze and explain the economic behavior of individual consumers and firms.

• To provide you with a foundation for understanding how the U.S. economy works compared to other types of economic systems.

• To provide you with basic economic tools for analyzing how the prices of goods and resources are determined and how these goods and resources are allocated among competing uses and users.

• To provide you with basic economic tools for analyzing social problems and evaluating policy solutions for remedying social problems.

Math 24 or Math 25 placement; and Eng 22 or 60 or Eng 100 placement

Textbook:

1.  William Boyes & Michael Melvin, Microeconomics.
2.  James Clark & Janet Wolcutt, Study Guide.

Grading Policy:

Grades will be allocated as follows:  A=90-100%; B=80-89%; C=65-79%; D=51-64%; F=0-50%.  An N grade will be given only under extreme circumstances (e.g., medical emergency) and where students have demonstrated a willingness to learn by regular attendance in class.  Students who disappear from the class without formally withdrawing or contacting the instructor will receive a failing grade.

Attendance Policy:

Your learning in this course will suffer if you fail to attend class.  Attendance will be taken each day.  Four or more unexcused absences will very likely result in a failing grade.

Requirements:

1.  Homework (Textbook 5 pts. each, Study Guide 1 pt. each); 71 points total
2.  Quizzes (5 points each); 20 points total
3.  3 Unit Exams (60 points each); 180 points total

Reading Assignments:

You are required to read all assigned readings prior to class, and to be prepared to discuss them in class.  Lectures are only intended to supplement and complement your readings, not substitute for them.

Homework:

Assignments include math problems, fill in the blanks, multiple choice questions and/or brief essay questions that will reinforce your understanding of basic economic concepts.  Late Assignments: any assignment that you submit after the due date will be counted as late.  A 10% daily penalty deduction will be applied to each late assignment.

Quizzes

Quizzes are given in the first 5 minutes of each class (so don’t be late!).  They will include multiple choice or fill in the blank questions based on material covered in the previous lecture.  You will not be allowed to retest or make up missed quizzes.  Your two lowest quizzes will not be included in calculating your total points/final grade for the course.

Exams

Exams include a mix of multiple choice, true/false or fill in the blank questions; math problems; and one or two brief essay questions.  Your exam will be returned to you by the next class period.   An unexcused absence on the day of an exam will result in a zero score and you will not be allowed to make up the exam.

Disclaimer

The information on this web page should be viewed only as general guidelines for this class and is not intended to be all inclusive as modifications may be necessary.
 

Topics	Chapters
Unit 1- Introduction to Economics &Economic Systems
Intro:  Definition, Scarcity, Choice, Opportunity  Costs, Specialization, Trade	1, 2, 21 (sec. 2 a, b)
Price/Market System:  markets, Demand, Supply, and Price	3, 4 (sec. 1)
Economic Systems:  Capitalism, Socialism & Mixed Economy	Handouts
Circular Flow Model:  Household, Business,  Goverment, International sectors	4, 5
Private Sector vs. Public Sector	4, 5
Unit 2 - Product Market Basics
Elasticity of Demand & Supply	6
Consumer Decision Making:  Utility Theory	7
Producer Decision Making:  Production Costs	8
Overview:  Accounting Profit, Economic Profit, Types of Product Markets	9 (sec. 1, 3)
Unit 3 - Product Markets
Overview:  Profit Maximization, Marginal Revenue, Marginal Cost	9 (sec. 2)
Perfect Competition	10
Monopoly	11
Monopolistic Competition	12
Oligopoly	12
Government Policy Toward Business:  Antitrust Policy &Government  Regulation	13
Optional - Resource Markets, Current Issues, Government Policy
Resource Markets	14, 15, 16, 17
Current Issues:  Environmental Policy, Social Security & Health Care, Poverty	18, 19, 20

This website was created by Denise Wong and Ellen Wong as part of a project for Cent 102 at Honolulu Community College.