Course curriculum
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1
Instructors' Introduction
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Meet Your Instructors
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2
Unit 1: Basic Economic Concepts (9 - 11 class periods; 12 - 15% of class)
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1.1 Scarcity and 1.2 Resource Allocation and Economic Systems (1 and a 1/2 class periods)
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1.3 Production Possibilities Curve (Frontier) Part I (1 and a 1/2 class periods)
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1.3 Production Possibilities Curve (Frontier) Part II (1 and a 1/2 class periods)
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1.4 Comparative Advantage and Trade (1 class period)
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EVALUATIONS: HOMEWORK or IN-CLASS ASSIGNMENTS 1.2 thru 1.4
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1.5 Costs-Benefit Analysis and 1.6 Marginal Analysis (1 1/2 class periods)
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1.6 Consumer Choice (Utility), Part II (2 class periods)
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EVALUATIONS: HOMEWORK or IN-CLASS ASSIGNMENTS 1.5thru 1.6
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3
Unit 2: Supply and Demand (13 to 15 class periods; 20 - 25% of exam)
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2.1 Demand (Quantity Demanded vs. Demand) (2 class periods)
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2.2 Supply (Quantity Supplied vs. Supply) (2 class periods)
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2.1 and 2.2 COMBINED Supply and Demand Combined (2 class periods)
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EVALUATIONS: HOMEWORK or IN-CLASS ASSIGNMENTS 2.1 thru 2.2
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2.3 Price Elasticity of Demand (2 class periods)
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2.4 and 2.5 Price Elasticity of Supply and Other Elasticities (1 and 1/2 class periods)
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EVALUATIONS: HOMEWORK or IN-CLASS ASSIGNMENTS 2.3 thru 2.5
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2.6 Consumer and Producer Surplus; Deadweight Loss (DWL) (2 class periods)
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2.7 Market Equilibrium, Disequilibrium, and Changes in Equilibrium (2 class periods)
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2.8: The Effects of Government Intervention in Markets (2 class periods)
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EVALUATIONS: HOMEWORK or IN-CLASS ASSIGNMENTS 2.3 thru 2.8
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4
Unit 3: Production, Costs, and the Perfect Competition Model (11- 13 class periods; 22 - 25 % of class)
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3.1 The Production Function (1 and 1/2 class periods)
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3.2 and 3.3 Short-Run Production Costs and Long-Run Production Costs (3 class periods)
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3.4 and 3.5 Types of Profit and Profit Maximization (1 class period)
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3.6 Firms' Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market (1 class period)
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3.7 Perfect Competition (6 to 7 class periods)
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5
Unit 4: Imperfect Competition (8- 10 class periods; 15 - 22 % of class)
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4.1 Introduction to Imperfectly Competitive Markets (1 day)
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4.2 Monopoly (3 - 4 days)
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4.3 Price Discrimination (1 day)
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4.4 Monopolistic Competition (2 days)
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4.5 Oligopoly and Game Theory (2 and 1/2 days)
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6
Unit 5: Factors Market (6- 8 class periods; 10 - 13% of class)
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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)
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5.4 Monopsonistic Markets (1 day)
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7
Unit 6: Market Failure and the Role of Government (9- 11 class periods; 8 - 13% of class)
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6.1 and 6.2 Socially Efficient and Inefficient Market; Externalities (2 and 1/2 days)
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6.3 Public and Private Goods (1 day)
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6.4 The Effects of Government Intervention in Different Market Structures , World Trade and Tariff Graph (2 days)
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6.5 Inequality (3 days)
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8
Principles of Microeconomics Resources
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Reffonomics Current Events (2021 - 2022)
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9
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