Section outline

  • Welcome to Microeconomics [SUBJ ####]!

    Course Introduction
    Economics is the study of how people make choices under scarcity and how these choices affect the allocation of resources in society. In this course, you will learn the basic economic principles that serve as the foundation of economic analysis. You will understand how supply and demand determine prices and how prices coordinate economic activity. You will also analyze the economic impact of government intervention, such as regulation, price setting, and taxes, on consumers and producers. Furthermore, you will explore how externalities affect the efficiency of markets and what policies can be implemented to correct them. Additionally, you will understand how international trade can improve the well-being of society and what factors influence trade patterns. Finally, you will discuss the basic theories behind consumer and producer behavior and how they affect the performance of firms under different market structures. Moreover, you will learn about macroeconomics, which is the study of the economy as a whole. You will examine how aggregate indicators, such as gross domestic product, inflation, unemployment, and interest rates, are measured and how they reflect the state of the economy. You will also learn about the role of fiscal and monetary policy in stabilizing the economy and promoting economic growth.

    Upon successful completion of this course, the student will be able to:

    • Identify the basic economic principles that serve as the foundation of economic analysis
    • Understand the interaction of supply and demand in determining prices and the role of prices in coordinating economic activity
    • Analyze the economic impact of government regulation, price setting, and taxes on consumers and producers
    • Explain how externalities affect the efficiency of markets, and what can be done to improve the efficiency of markets in which externalities exist
    • Understand how international trade can improve the well-being of the society
    • Discuss the basic theories behind consumer and producer behavior
    • Analyze the performance of firms under different market structures
    Structure of the Course
    Describe the course structure, such as number of modules, to allow the learner to understand how the learning process if structured and carried out.

    The course is organized into five unifying units with individual modules in each. There are 19 modules. The units are:

    • What is Economics?  This module corresponds to the first two modules or chapters, which introduce students to the study of economics with a focus on making choices in a world of scarce resources.
    • Supply and Demand, This module corresponds to Chapters 3 and 4, and it introduces and explains the first analytical model in economics–supply, demand, and equilibrium–before showing applications in the markets for labor and finance.
    • The Fundamentals of Microeconomic Theory:  This module corresponds to Chapters 5 through 9 and it begins the microeconomics portion of the text, presenting the theories of consumer behavior, production and costs, and the different models of market structure, including some simple game theory.
    • Microeconomic Policy Issues, This module corresponds to Chapters 10 through 17, covers the range of topics in applied micro, framed around the concepts of public goods and positive and negative externalities. Students explore competition and antitrust policies, environmental problems, poverty, income inequality, and other labor market issues. The text also covers information, risk and financial markets, and public economy.
    • International Economics, This module corresponds to Chapters 18 and 19, introduces the international dimensions of economics, including international trade and protectionism.

    Navigating the Course
    Adopting institution should provide learners information on how to navigate the course. Consider adding an introductory navigation video. Text description could include, for example:

    This course is set up in Modules covering various topics which may be accessed from the course navigation menu on the left or by scrolling below. Modules may be collapsed in the menu and it the body of the course to minimize scrolling. Each module includes the relevant chapters followed by various activities, which may include discussion forums, listening activities and quizzes, practice quizzes, module tests, and other relevant activities as appropriate for each module. Many items are required and may be marked as completed automatically when the activity has been submitted (the broken check box), but others will marked as done by the student (the solid check box). 

    Please move through the items below and continue through the Learner Support and Getting Started modules before moving on to Module 1. Be sure to check for announcements and due dates to stay on track.

    Creative Commons attribution license This course and its contents are licensed under a Creative Commons Attribution 4.0 International License by LOUIS: The Louisiana Library Network, except where otherwise noted. 
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