Course Syllabus

Course and Instructor Information

Course Materials

CMC Libraries

Course Description and Student Learning Outcomes, Competencies, and Skills

Evaluation Method

Guaranteed Transfer Information

1. Fundamentals of Economic Thinking
   1. Scarcity
   2. Opportunity Costs
   3. Production Possibilities
   4. Marginal Analysis
   5. Rational Behavior
   6. Positive v. Normative Distinction
2. How Markets Operate
   1. Definition of a market
   2. Factors of production
   3. Supply and demand
   4. Price mechanism
   5. Producer and consumer surplus
   6. Price controls
3. Elasticity
4. Consumer demand
5. Production and cost in the firm
   1. Introduction to the production function
   2. Marginal and average product
   3. Law of diminishing returns
   4. Explicit and implicit cost
   5. Accounting profit v. economic profit
   6. Total cost, average cost and marginal cost in short-run
   7. Short-run production decisions
   8. Long run average cost curve
   9. Economies and diseconomies of scale
6. Market structures
   1. Perfect competition
   2. Monopoly
   3. Monopolistic competition
   4. Oligopoly
7. Introduction to factor markets
8. Market failure and public policy
9. Specialization and gains from trade

Textbook:

Great news: your textbook for this class is available for free online!
Principles of Microeconomics from OpenStax, ISBN 1-947172-29-8

You have several options to obtain this book:

• View online (Links to an external site.) (Links to an external site.)
• Download a PDF (Links to an external site.) (Links to an external site.)
• Order a print copy (Links to an external site.) (Links to an external site.) 
• Download on iBooks (Links to an external site.) (Links to an external site.) 

You can use whichever formats you want. Web view is recommended -- the responsive design works seamlessly on any device.