Course curriculum

  • 1

    Instructors' Introduction

    • Meet the Authors!
  • 2

    Unit 1: Basic Economic Concepts (9 - 11 class periods; 12 - 15% of class)

    • 1.1 Scarcity and 1.2 Resource Allocation and Economic Systems (1 and a 1/2 class periods)

    • 1.3 Production Possibilities Curve (Frontier) Part I (1 and a 1/2 class periods)

    • 1.3 Production Possibilities Curve (Frontier) Part II (1 and a 1/2 class periods)

    • 1.4 Comparative Advantage and Trade (1 class period)

    • EVALUATIONS: HOMEWORK or IN-CLASS ASSIGNMENTS 1.2 thru 1.4

    • 1.5 Costs-Benefit Analysis and 1.6 Marginal Analysis (1 1/2 class periods)

    • 1.6 Consumer Choice (Utility), Part II (2 class periods)

    • EVALUATIONS: HOMEWORK or IN-CLASS ASSIGNMENTS 1.5thru 1.6

  • 3

    Unit 2: Supply and Demand (13 to 15 class periods; 20 - 25% of exam)

    • 2.1 Demand (Quantity Demanded vs. Demand) (2 class periods)

    • 2.2 Supply (Quantity Supplied vs. Supply) (2 class periods)

    • 2.1 and 2.2 COMBINED Supply and Demand Combined (2 class periods)

    • EVALUATIONS: HOMEWORK or IN-CLASS ASSIGNMENTS 2.1 thru 2.2

    • 2.3 Price Elasticity of Demand (2 class periods)

    • 2.4 and 2.5 Price Elasticity of Supply and Other Elasticities (1 and 1/2 class periods)

    • EVALUATIONS: HOMEWORK or IN-CLASS ASSIGNMENTS 2.3 thru 2.5

    • 2.6 Consumer and Producer Surplus; Deadweight Loss (DWL) (2 class periods)

    • 2.7 Market Equilibrium, Disequilibrium, and Changes in Equilibrium (2 class periods)

    • 2.8: The Effects of Government Intervention in Markets (2 class periods)

    • EVALUATIONS: HOMEWORK or IN-CLASS ASSIGNMENTS 2.3 thru 2.8
  • 4

    Unit 3: Production, Costs, and the Perfect Competition Model (11- 13 class periods; 22 - 25 % of class)

    • 3.1 The Production Function (1 and 1/2 class periods)

    • 3.2 and 3.3 Short-Run Production Costs and Long-Run Production Costs (3 class periods)

    • 3.4 and 3.5 Types of Profit and Profit Maximization (1 class period)

    • 3.6 Firms' Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market (1 class period)

    • 3.7 Perfect Competition (6 to 7 class periods)
  • 5

    Unit 4: Imperfect Competition (8- 10 class periods; 15 - 22 % of class)

    • 4.1 Introduction to Imperfectly Competitive Markets (1 day)

    • 4.2 Monopoly (3 - 4 days)

    • 4.3 Price Discrimination (1 day)

    • 4.4 Monopolistic Competition (2 days)

    • 4.5 Oligopoly and Game Theory (2 and 1/2 days)
  • 6

    Unit 5: Factors Market (6- 8 class periods; 10 - 13% of class)

    • 5.1 through 5.3 -- 5.1 Introduction to Factor Markets; 5.2 Changes in Factor Demand and Supply; 5.3 Profit-Maximization Behavior in Perfectly Competitive Factor Markets (4 days)

    • 5.4 Monopsonistic Markets (1 day)
  • 7

    Unit 6: Market Failure and the Role of Government (9- 11 class periods; 8 - 13% of class)

    • 6.1 and 6.2 Externalities and Socially Efficient and Inefficient Markets (2 and 1/2 days)

    • 6.3 Public and Private Goods (1 day)

    • 6.4 The Effects of Government Intervention in Different Market Structures , World Trade and Tariff Graph (2 days)

    • 6.5 Inequality (3 days)
  • 8

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