ECO 202: Principles of Microeconomics

Ed4Credit presents Principles of Microeconomics

ECO 202: Principles of Microeconomics

Course Description

This course introduces students to the study of Microeconomics by focusing on how we make choices in a world of scarce resources.  We start by learning about the first analytical model in economics: supply, demand, and equilibrium.  Next, we move on to discuss elasticity, choice, and competition, three key concepts in economics. We will discuss the positive and negative impacts of monopolies, and the steps government takes to regulate them.  After this, we will learn about inequality in economic distribution, several labor issues, and how risk manifests within an economy.  We conclude by learning about financial markets, the public economy, the role of government, and international economics.   Materials There is no extra cost for textbooks or materials. All materials are included with this course.   Tr... Read More »

This course introduces students to the study of Microeconomics by focusing on how we make choices in a world of scarce resources.  We start by learning about the first analytical model in economics: supply, demand, and equilibrium.  Next, we move on to discuss elasticity, choice, and competition, three key concepts in economics. We will discuss the positive and negative impacts of monopolies, and the steps government takes to regulate them.  After this, we will learn about inequality in economic distribution, several labor issues, and how risk manifests within an economy.  We conclude by learning about financial markets, the public economy, the role of government, and international economics.

 

Materials

There is no extra cost for textbooks or materials. All materials are included with this course.

 

Transferability

Ed4Credit’s courses have all either been recommended for credit through the American Council on Education’s Alternative Credit Project™ or their College Credit Recommendation Service (CREDIT®). This highly regarded recommendation means that your Ed4Credit classes will be considered for credit at almost 2,000 colleges and universities across the United States.

It’s important that you check with the college you are planning to transfer this course to in order to verify the transferability to your college. Also, every college individually determines if a course will count as a lower-level course or an upper-level course. Please contact your college and make sure you understand their policies regarding ACE credit transfers.

Ed4Credit courses go through an intensive quality review process by ACE CREDIT® prior to being available to students. ACE CREDIT has evaluated and recommended this Ed4Credit course for college credit. Once you have completed an Ed4Credit course, you are eligible to receive an ACE Transcript for credit transfer purposes. Upon completion of your Ed4Credit courses simply create an account with the American Council on Education (ACE). Once you’ve created your account select the courses you’ve completed and choose the appropriate educational institution and ACE will send them your transcript.

The ACE CREDIT® logo is a registered trademark of the American Council on Education and cannot be used or reproduced without the express written consent of the American Council on Education. Used with permission.

 

More Information

Ed4Online has partnered with ProctorU!

ProctorU is a live online proctoring service that allows exam takers to complete their certification exams at home. This partnership allows us to maintain the professionalism and integrity that we desire within the exam taking process. You can take your proctored exam online from anywhere using a webcam and a high speed internet connection. Here are some things to keep in mind as you prepare to take your exam…

  • You will need to create a FREE PROCTORU ACCOUNT and schedule an exam
  • Exams need to be scheduled 3 days in advance!
  • You will need a webcam, speakers and a microphone for the exam.
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Course Outcomes:
  • Identify how supply, demand, and equilibrium models help us better understand both labor and finance markets.
  • Differentiate between elasticity, consumption choices, cost structures, and perfect competition.
  • List the roles that monopolies, anti-trust laws, and environmental protection play in microeconomics.
  • Recognize economic inequality, labor issues, risk, and insurance as they relate to the distribution of wealth.
  • Define the public economy, financial markets, trade, trade barriers, and protectionism.
Course Details:

Access Timeframe

You will have access to your course for 4 months (120 days) from the time of purchase.
Certificate Info:

Type of Certification

Certificate of Completion

Format of Certification

Digital

Professional Association/Affiliation

Ed4Credit courses are recommended by ACE (American Council on Education) and approx. 2,000 colleges and universities accept ACE CREDIT's® recommended courses.

Method of Obtaining Certification

Credits are displayed on the Certificate of Completion which can be downloaded upon successful completion of a course. Official transcripts must be requested from ACE via a ACE Account.

Additional Details

Students are awarded course credits upon successful completion of a course.

Course Outline

Module Subtopics:
  • Economics Defined
  • Importance of Studying Economics
  • Microeconomics versus Macroeconomics
  • Using Theories and Models to Understand Economics
  • Overview of Economic Systems
  • Individual Choices and Budget Constraints
  • Production Possibilities Frontier
  • Social Choices
  • Objections to the Economic Approach
Module Learning Objectives:
  • Recognize the importance of studying economics
  • Identify the theories used to understand economics
  • Define economics, microeconomics, and macroeconomics
  • List some economic systems
  • Name the link between choices and constraints
  • Recall the production possibilities frontier
  • Pick some objections to the economic approach
Assignments:
  1. Read Chapter 1-2
  2. Practice the Learning Activities
  3. Watch the Videos
  4. Review the Webliography (Web Links)
  5. Take the Exam
Learning Outcomes:
  • 1
Module Subtopics:
  • Market Demand, Supply, and Equilibrium
  • Shifts in Demand and Supply for Goods and Services
  • Four-Step Process for Equilibrium Changes
  • Price Ceilings
  • Price Floors
  • Demand, Supply, and Efficiency
  • Labor Market Demand and Supply
  • Financial Market Demand and Supply
  • Market System as an Efficient Mechanism for Information
Module Learning Objectives:
  • Recognize demand, supply and equilibrium
  • Identify the shifts in demand and supply for goods and services
  • Define the four-step equilibrium change process
  • List factors that contribute to labor market demand and supply
  • Name factors that contribute to financial market demand and supply
  • Recall why the market system is an efficient mechanism for finding information
  • Differentiate between price ceilings, price floors, demand, supply, and efficiency
Assignments:
  1. Read Chapter 3-4
  2. Practice the Learning Activities
  3. Watch the Videos
  4. Review the Webliography (Web Links)
  5. Take the Exam
Learning Outcomes:
  • 1
Module Subtopics:
  • Price Elasticity of Demand
  • Price Elasticity of Supply
  • Polar Cases of Elasticity
  • Constant Elasticity
  • Elasticity and Pricing
  • Elasticity in Other Areas
  • Impact of Income and Price on Consumption
  • Labor-Leisure Choices
  • Intertemporal Choices
Module Learning Objectives:
  • Recognize the price elasticity of demand and supply
  • Identify the polar cases of elasticity, constant. elasticity, and the elasticity of pricing
  • Recognize how income and price effects consumption choices
  • Identify labor-leisure choices
  • Define intertemporal choices
Assignments:
  1. Read Chapter 5-6
  2. Practice the Learning Activities
  3. Watch the Videos
  4. Review the Webliography (Web Links)
  5. Take the Exam
Learning Outcomes:
  • 2
Module Subtopics:
  • Explicit and Implicit Costs
  • Accounting Profit versus Economic Profit
  • Short Term Structure of Costs
  • Long Term Structure of Cost
  • Perfect Competition
  • Output Decisions in Perfectly Competitive Firms
  • Long Term Entry and Exit Decisions
  • Efficiency in Perfectly Competitive Markets
Module Learning Objectives:
  • Differentiate between explicit and implicit costs
  • Recognize accounting profit and economic profit
  • Identify short and long term cost structures
  • Define output decisions in perfectly competitive firms
  • List several long term entry and exit decisions
  • Recall how perfectly competitive markets can be efficient
Assignments:
  1. Read Chapter 7-8
  2. Practice the Learning Activities
  3. Watch the Videos
  4. Review the Webliography (Web Links)
  5. Take the Exam
Learning Outcomes:
  • 2
Module Subtopics:
  • Monopolies
  • How Monopolies Form
  • Barriers to Entry
  • Choosing Output in a ProfitMaximizing Monopoly
  • Choosing Price in a ProfitMaximizing Monopoly
  • Monopolistic Competition ? Oligopoly
Module Learning Objectives:
  • Define monopoly and how it is formed
  • Recognize barriers to entry
  • Identify output and price in a profit-maximizing monopoly
  • Define monopolist competition and oligopoly
Assignments:
  1. Read Chapter 9-10
  2. Practice the Learning Activities
  3. Watch the Videos
  4. Review the Webliography (Web Links)
  5. Take the Exam
Learning Outcomes:
  • 3
Module Subtopics:
  • Monopoly, Antitrust Policy
  • Corporate Mergers
  • Regulating Anticompetitive Behavior
  • Regulating Natural Monopolies
  • Great Deregulation Experiment
  • Economics of Pollution
  • Command-and-Control Regulation
  • Market-Oriented Environmental Tools
  • Benefits and Costs of Environmental Laws
  • International Environmental Issues
  • Economic Output versus Environmental Protection
Module Learning Objectives:
  • Recognize monopoly and antitrust policy
  • Identify anticompetitive behavior and natural monopolies
  • Define corporate mergers
  • List elements of the great deregulation experiment
  • Name how pollution is related to economics
  • Recall some marketoriented environmental tools and the benefits and costs of environmental laws, both national and international
  • Differentiate between economic output and environmental protection
Assignments:
  1. Read Chapter 11-12
  2. Practice the Learning Activities
  3. Watch the Videos
  4. Review the Webliography (Web Links)
  5. Take the Exam
Learning Outcomes:
  • 3
Module Subtopics:
  • Positive Externalities
  • Innovation Under Investment
  • How Governments Encourage Innovation
  • Public Goods
  • Drawing the Poverty Line
  • The Poverty Trap
  • The Safety Net
  • Measuring Income Inequality
  • Causes of Income Inequality
  • Government and Income Inequality
Module Learning Objectives:
  • Recognize positive externalities
  • Identify how innovation is under invested
  • Define public goods, the poverty line, poverty traps, and safety nets
  • List how government encourages innovation
  • Recall how to measure income inequality, as well as it’s causes and how government addresses it
Assignments:
  1. Read Chapter 13-14
  2. Practice the Learning Activities
  3. Watch the Videos
  4. Review the Webliography (Web Links)
  5. Take the Exam
Learning Outcomes:
  • 4
Module Subtopics:
  • Labor Markets
  • Unions
  • Employment Discrimination
  • Immigration
  • Economic Information
  • Risk
  • Insurance
  • Imperfect Information
  • Asymmetric Information
Module Learning Objectives:
  • Differentiate between labor markets, unions, and employment discrimination
  • Recognize how immigration impacts labor
  • Identify risk and how it relates to insurance
  • Define imperfect and asymmetric information
Assignments:
  1. Read Chapter 15-16
  2. Practice the Learning Activities
  3. Watch the Videos
  4. Review the Webliography (Web Links)
  5. Take the Exam
Learning Outcomes:
  • 4
Module Subtopics:
  • Financial Markets
  • Raising Financial Capital
  • Household Financial Capital
  • Accumulating Personal Wealth
  • Public Economy
  • Voter Participation
  • Costs of Elections
  • Special Interest Politics
  • Flaws in Democratic Government
Module Learning Objectives:
  • Recognize how financial markets work.
  • Identify ways to raise capital and wealth.
  • Define the public economy.
  • List some special political interests and flaws in democratic government.
  • Recall voter participation and the costs of elections
Assignments:
  1. Read Chapter 17-18
  2. Practice the Learning Activities
  3. Watch the Videos
  4. Review the Webliography (Web Links)
  5. Take the Exam
Learning Outcomes:
  • 5
Module Subtopics:
  • Absolute Advantage
  • Comparative Advantage
  • Intra-industry Trade between Similar Economies
  • Benefits of Reducing International Trade Barriers
  • Protectionism
  • Effects of International Trade on Jobs, Wages, and Working Conditions
  • Arguments for Restricting Imports
  • How Trade Policy Is Enacted
  • Tradeoffs of Trade Policy
Module Learning Objectives:
  • Recognize intra-industry trade between similar economies
  • Identify some benefits of reducing trade barriers
  • Define absolute advantage, comparative advantage, and protectionism
  • List the effects of international trade on jobs, wages, and working conditions
  • Name the arguments for restricting imports
  • Recall how trade policy is enacted, and identify its tradeoffs
Assignments:
  1. Read Chapter 19-20
  2. Practice the Learning Activities
  3. Watch the Videos
  4. Review the Webliography (Web Links)
  5. Take the Exam
Learning Outcomes:
  • 5
Module Subtopics:
  • Final Exam
  • Course Survey
  • Certificate of Completion
Module Learning Objectives:
  • N/A
Assignments:
  1. Take the Cumulative Practice Exam – Optional
  2. Review the Proctored Exam Information
  3. Create an Account with Proctor U
  4. Schedule an Exam Time Take the Proctored Final Exam
  5. Take the Cumulative Final Exam
  6. Submit the Course Survey
  7. Print Your Certificate of Completion
Learning Outcomes:
  • 1, 2, 3, 4, 5

Technical Requirements

Internet Connection

  • Broadband or High-Speed - DSL, Cable, and Wireless Connections

*Dial-Up internet connections will result in a diminished online experience. Classroom pages may load slowly and viewing large audio and video files may not be possible.

 

Hardware Requirements

  • Processor - 2GHz Processor or Higher
  • Memory - 1 GB RAM Minimum Recommended

 

PC Software Requirements

  • Operating Systems - Windows 7 or higher
  • Microsoft Office 2007 or higher. Also, you could use a general Word Processing application to save and open Microsoft Office formats (.doc, .docx, .xls, .xlsx, .ppt, .pptx)
  • Internet Browsers - Google Chrome is highly recommended
    • Cookies MUST be enabled
    • Pop-ups MUST be allowed (Pop-up Blocker disabled)
  • Kindle Reader App is needed for many of our courses (No special equipment needed. This can be downloaded for FREE onto your computer.)
  • PowerPoint Viewer (if you do not have PowerPoint)
  • Adobe PDF Reader
  • QuickTime, Windows Media Player &/or Real Player

 

MAC Software Requirements

  • Operating Systems - Mac OS x 10 or higher with Windows
  • Mac office programs or a Word Processing application to save and open Microsoft Office formats (.doc, .docx, .xls, .xlsx, .ppt, .pptx)
  • Internet Browsers- Google Chrome is highly recommended
    • Cookies MUST be enabled
    • Pop-ups MUST be allowed (Pop-up Blocker disabled)
  • PowerPoint Viewer (if you do not have PowerPoint)
  • Adobe PDF Reader
  • Apple QuickTime Media Player

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