vcc.ca
ECON 1100: Microeconomics
Effective date
September 2021
Department
UT Humanities
School
Arts and Sciences
Description
This course is an introduction to the principles and tools of microeconomic analysis. Microeconomics provides students with the analytical perspective to think critically about how individuals and firms make economic decisions in a world of scarce resources. Students learn to apply basic principles of microeconomics to one's day-to-day decision making. This course in economics is designed to give students a working knowledge of the subject and to increase their understanding of the market economy, as well as their individual role within this system. Topics include: supply and demand, opportunity cost, consumer behavior, elasticity, costs and revenue determination, market structures, game theory. Microeconomics and Macroeconomics can be taken concurrently or in any order.
Credits
3.0
Year of study
1st Year Post-secondary
Prerequisites
Pre-calculus 11; or Math 0861 and Math 0871; or 72% on the VCC Intermediate Algebra Assessment Test.
Corequisites
None
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- Analyze the tools used by economists.
- Apply the economic principles pertinent to many real-world problems.
- Apply economic reasoning in decision making.
- Describe basic microeconomic terms and concepts.
- Explain how markets allocate resources efficiently.
- Explain elasticity and its role in explaining consumer and producer behavior.
- Describe the utility maximizing rule and its role in demand.
- Apply basic microeconomic models and concepts to explain the behavior of individuals and businesses.
Prior Learning Assessment & Recognition (PLAR)
None
Hours
Lecture, Online, Seminar, Tutorial: 60
Total Hours: 60
Total Hours: 60
Instructional Strategies
Lectures and Tutorials
Grading System
Letter Grade (A-F)
Passing grade
D
Evaluation Plan
|
Type |
Percentage |
Assessment activity |
|
Assignments |
15 |
Assignments |
|
Participation |
10 |
Participation |
|
Midterm Exam |
40 |
2 x 20% |
|
Final Exam |
35 |
Final Exam |
Course topics
- Introduction to Economics
- Scarcity and Opportunity costs
- Gains from trade
- Demand and Supply
- Elasticity
- Efficiency and Equity
- Rent Controls, Minimum Wages
- Market Structures
- Decisions about costs, pricing, and profits
- Externalities
- Government regulation
Notes:
- Course contents and descriptions, offerings and schedules are subject to change without notice.
- Students are required to follow all College policies including ones that govern their educational experience at VCC. Policies are available on the VCC website at:
https://www.vcc.ca/about/governance--policies/policies/. - To find out if there are existing transfer agreements for this course, visit the BC Transfer Guide at https://www.bctransferguide.ca.