Microeconomics

Course Description

Microeconomics focuses on the behavior of individual economic units such as households, firms, and markets. In this course, you will learn how microeconomic principles apply to real-world business decisions. You will learn about the economic concepts, models and theories that will facilitate comprehension of supply and demand dynamics, pricing strategies, cost analysis, market structures, consumer choices, production theory, and optimal resource allocation. Understanding microeconomics is essential for comprehending the underlying principles guiding informed decisions related to production, pricing, and revenue management. The course will examine the broader economic environment to refine your ability to analyze economics factors that impact producers' choices and investment decisions. Each week will provide valuable insights and real-world examples that illustrate the relevance of microeconomics in your daily personal and professional lives.   Learning Objectives and Outcomes: Apply critical thinking skills and relevant decision-making models to address economic problems Recognize changes in the market environment and determine the direction of price movements. Identify the potentially negative consequences of well-meaning government intervention in markets Identify market structures and their effect on market efficiency Explain the distinction between equity and efficiency related to economic markets Examine the active role of the government in situations of market failures Course Schedule and Topics This course will cover the following topics in eight learning sessions, with one Unit per week. The Final Exam will take place during Week/Unit 9 (UoPeople time).Week 1: Unit 1: Introduction to Economic PrinciplesWeek 2: Unit 2: Demand and Supply Analysis: The Economic Model of Price DeterminationWeek 3: Unit 3: ElasticityWeek 4: Unit 4: Consumer ChoicesWeek 5: Unit 5: Producers' Analysis and Investment DecisionsWeek 6: Unit 6: Perfect Competition Vs MonoployWeek 7: Unit 7: Imperfect MarketsWeek 8: Unit 8: ExternalitiesWeek 9: Unit 9: Course Review and Final Exam Learning Guide The following is an outline of how this course will be conducted, with suggested best practices for students. Unit 1: Introduction to Economic Principles ● Read the Learning Guide and the Reading Assignment● Complete the Discussion Assignment by posting in the Discussion Forum● Complete and submit the Assignment Activity● Take and submit the Self-Quiz Unit 2: Demand and Supply Analysis: The Economic Model of Price Determination ● Read the Learning Guide and the Reading Assignment● Complete the Discussion Assignment by posting in the Discussion Forum● Complete and submit the Assignment Activity● Take and submit the Self-Quiz Unit 3: Elasticity ● Read the Learning Guide and the Reading Assignment● Complete the Discussion Assignment by posting in the Discussion Forum● Complete and submit the Assignment Activity● Take and submit the Self-Quiz● Take and submit the Graded Quiz Unit 4: Consumer Choices ● Read the Learning Guide and the Reading Assignment● Complete the Discussion Assignment by posting in the Discussion Forum● Complete and submit the Assignment Activity● Take and submit the Self-Quiz Unit 5: Producers' Analysis and Investment Decisions ● Read the Learning Guide and the Reading Assignment● Complete the Discussion Assignment by posting in the Discussion Forum● Respond to three of your fellow classmates' posts in the Discussion Forum● Complete and submit the Assignment Activity● Take and submit the Self-Quiz Unit 6: Perfect Competition Vs Monoploy ● Read the Learning Guide and the Reading Assignment● Complete the Discussion Assignment by posting in the Discussion Forum● Respond to three of your fellow classmates' posts in the Discussion Forum● Complete and submit the Assignment Activity● Take and submit the Self-Quiz● Take and submit the Graded Quiz Unit 7: Imperfect Markets ● Read the Learning Guide and the Reading Assignment● Complete the Discussion Assignment by posting in the Discussion Forum● Respond to three of your fellow classmates' posts in the Discussion Forum● Complete and submit the Assignment Activity● Take and submit the Self-Quiz Unit 8: Externalities ● Read the Learning Guide and the Reading Assignment● Complete the Discussion Assignment by posting in the Discussion Forum● Respond to three of your fellow classmates' posts in the Discussion Forum● Complete and submit the Assignment Activity● Take and submit the Self-Quiz Unit 9: Course Review and Final Exam ● Review the course and take the Review Quiz; it will not be included in the final grade● Prepare for, take, and submit the Final Exam● The Final Exam will take place during Week/Unit 9 (UoPeople time); exact dates, times, and other details will be provided accordingly by your instructor

Code

BUS 1103

Credits

3

Subject

BUS

Programs That Include This Course

• Associate Associate of Science in Business Administration
• Bachelor's Bachelor of Science in Business Administration