Microeconomics – BUS 1103: Learning Materials
Get Ready For Your College Courses
To best prepare for your future studies, please review the below preparation resources. We encourage you to use the time before starting your first term, to get a taste of the topics of your upcoming courses. There’s no better time to start than now! Good luck with your studies!
Learn Microeconomics
Course Overview
This is an introductory course in Microeconomics. In this course, we will learn about basic elements of consumer and firm behavior, different market structures and their effects on welfare, and the direct and indirect role of the government in determining economic outcomes.
Preparation Resources
- OpenStax Economics, Principles of Economics. OpenStax CNX. (2016). Available at:http://cnx.org/contents/69619d2b-68f0-44b0-b074-a9b2bf90b2c6@11.330
Microeconomics – BUS 1103 -Course Schedule and Topics:
This course will cover the following topics in eight learning sessions, with one Unit per week. The Final Exam will take place during Week/Unit 9 (UoPeople time).
Unit 1: Introduction to Economic Principles
Topics:
1. Thinking like an Economist, Opportunity Costs, Production Possibility Frontier.
2. Mathematical Requirements: Graphs, slopes, functions.
Unit 2: Economic Models: Supply and Demand
Topics:
1. Demand and Supply Curves: Definition and Examples. Equilibrium and
Comparative Statics
Unit 3: Properties of Demand and Supply curves
Topics:
1. Elasticity and its properties:
2. Supply, Demand and Government Policy: Consumer and Producer Surplus.
Application to taxation
Unit 4: The Theory of the firm
Topics:
1. Production and Cost. How firms make decisions for profit maximization
2. Cost structure, marginal revenue, marginal cost
Unit 5: Market Structures: Perfect Competition and Monopoly
Topics:
1. Perfect Competition
2. Monopoly and perfect Competition: Price Discrimination
Unit 6: Other Market Structures
Topics:
1. Monopoly (continued)
2. Monopolistic Competition, Oligopoly. Introduction to Game Theory
Unit 7: Market Failures
Topics:
1. Markets with Externalities
2. Public Goods:
3. The Tragedy of the Commons
Unit 8: Efficiency and Equity
Topics:
1. Comparative Advantage and Gains from Trade
2. Inequality measures