ECON 107: Principles of Microeconomics usually taken following Economics 106: Principles of Macroeconomics. Topics covered include: supply and demand � price supports, the agricultural problem, value theory, theory of the firm � competition, pollution, industrial organization � monopoly, public utilities, advertising, income distribution � labour unions, productivity.
Prerequisites: Program Admission Standards
Accessibility Services Notice
standard statementCourse Details| Total number of weeks | 15 |
|---|
| Total Credits | |
|---|
| Total Hours | 60 |
|---|
Typical hours per week breakdown| Lecture | 4 |
|---|
Outcomes
Upon successful completion of this course, the learner will be able to:
- explain why scarcity, choice and cost are at the heart of economics and how each is illustrated by the production possibility frontier;
- differentiate how monopolistically competitive and oligopolistic markets work and how they differ from perfect competition.
- describe how markets determine relative prices through the forces of demand and supply;
- apply the demand/supply model to real-life markets;
- illustrate the concept of elasticity and how it applies to markets;
- explain consumer behavior using economic-specific language;
- demonstrate an understanding of the relationship between productivity and costs of production;
- explain the difference between costs in the short run and in the long run;
- describe how a perfectly competitive market works;
- discuss how a monopoly market works and how it differs from perfect competition; and
Grading Table
Academic and Career
See the Academic Calendar for General Information including how to withdraw from course(s) and other regulations.
Disclaimer
standard statement