Microeconomics focuses on the behavior of individual economic units such as households, firms, and markets. In this course, you will learn how microeconomic principles apply to real-world business decisions. You will learn about the economic concepts, models and theories that will facilitate comprehension of supply and demand dynamics, pricing strategies, cost analysis, market structures, consumer choices, production theory, and optimal resource allocation. Understanding microeconomics is essential for comprehending the underlying principles guiding informed decisions related to production, pricing, and revenue management.

The course will examine the broader economic environment to refine your ability to analyze economics factors that impact producers’ choices and investment decisions. Each week will provide valuable insights and real-world examples that illustrate the relevance of microeconomics in your daily personal and professional lives.  

Learning Objectives and Outcomes:

1. Apply critical thinking skills and relevant decision-making models to address economic problems
2. Recognize changes in the market environment and determine the direction of price movements.
3. Identify the potentially negative consequences of well-meaning government intervention in markets
4. Identify market structures and their effect on market efficiency
5. Explain the distinction between equity and efficiency related to economic markets
6. Examine the active role of the government in situations of market failures

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).
Week 1: Unit 1: Introduction to Economic Principles
Week 2: Unit 2: Demand and Supply Analysis: The Economic Model of Price Determination
Week 3: Unit 3: Elasticity
Week 4: Unit 4: Consumer Choices
Week 5: Unit 5: Producers’ Analysis and Investment Decisions
Week 6: Unit 6: Perfect Competition Vs Monoploy
Week 7: Unit 7: Imperfect Markets
Week 8: Unit 8: Externalities
Week 9: Unit 9: Course Review and Final Exam

Learning Guide

The following is an outline of how this course will be conducted, with suggested best practices for students.

Unit 1: Introduction to Economic Principles

● Read the Learning Guide and the Reading Assignment
● Complete the Discussion Assignment by posting in the Discussion Forum
● Complete and submit the Assignment Activity
● Take and submit the Self-Quiz

Unit 2: Demand and Supply Analysis: The Economic Model of Price Determination

● Read the Learning Guide and the Reading Assignment
● Complete the Discussion Assignment by posting in the Discussion Forum
● Complete and submit the Assignment Activity
● Take and submit the Self-Quiz

Unit 3: Elasticity

● Read the Learning Guide and the Reading Assignment
● Complete the Discussion Assignment by posting in the Discussion Forum
● Complete and submit the Assignment Activity
● Take and submit the Self-Quiz
● Take and submit the Graded Quiz

Unit 4: Consumer Choices

● Read the Learning Guide and the Reading Assignment
● Complete the Discussion Assignment by posting in the Discussion Forum
● Complete and submit the Assignment Activity
● Take and submit the Self-Quiz

Unit 5: Producers’ Analysis and Investment Decisions

● Read the Learning Guide and the Reading Assignment
● Complete the Discussion Assignment by posting in the Discussion Forum
● Respond to three of your fellow classmates’ posts in the Discussion Forum
● Complete and submit the Assignment Activity
● Take and submit the Self-Quiz

Unit 6: Perfect Competition Vs Monoploy

● Read the Learning Guide and the Reading Assignment
● Complete the Discussion Assignment by posting in the Discussion Forum
● Respond to three of your fellow classmates’ posts in the Discussion Forum
● Complete and submit the Assignment Activity
● Take and submit the Self-Quiz
● Take and submit the Graded Quiz

Unit 7: Imperfect Markets

● Read the Learning Guide and the Reading Assignment
● Complete the Discussion Assignment by posting in the Discussion Forum
● Respond to three of your fellow classmates’ posts in the Discussion Forum
● Complete and submit the Assignment Activity
● Take and submit the Self-Quiz

Unit 8: Externalities

● Read the Learning Guide and the Reading Assignment
● Complete the Discussion Assignment by posting in the Discussion Forum
● Respond to three of your fellow classmates’ posts in the Discussion Forum
● Complete and submit the Assignment Activity
● Take and submit the Self-Quiz

Unit 9: Course Review and Final Exam

● Review the course and take the Review Quiz; it will not be included in the final grade
● Prepare for, take, and submit the Final Exam
● The Final Exam will take place during Week/Unit 9 (UoPeople time); exact dates, times, and other details will be provided accordingly by your instructor