Chabot College
Fall 2002
Course Outline for Economics 1
PRINCIPLES OF MICROECONOMICS
Catalog Description:
1 - Principles of Microeconomics
3 units
Economic analysis of market systems price theory, including supply and demand analysis,
marginal utility, elasticity, cost and revenue concepts, perfect and imperfect competition,
international trade, pricing of the factors of production, poverty and income inequalities.
Strongly Recommended: English 1A eligibility and Math 65 and 65L. 3 hours.
[Typical contact hours: 52.5]
Prerequisite Skills:
None
Expected Outcomes for Students:
Upon completion of the course the student should be able to:
1.
2.
3.
apply basic principles underlying the price system in a market economy;
identify pricing and output decision making by firms in different market
structures;
discuss the economic role of citizens as consumers, producers or factors of
production, both domestically and internationally.
Course Content:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
The central economic problems of each society
The function of price in a mixed market system
The functions of the consumer, business and the government
The elements of supply and demand
a.
Elasticity of supply and demand
b.
Supply and demand applied to agriculture
Perfect and imperfect competition
Market power in the United States
International trade
Externalities and economics
Social regulation
Factor markets and income distribution
Chabot College
Course Outline for Economics 1
Fall 2002
Page 2
Methods of Presentation:
1.
2.
3.
4.
Lecture - discussion
Student participation
Audio-visual aids
In class problem solving
Assignments and Methods of Evaluating Student Progress:
1.
2.
Typical Assignments
a.
Answer questions that review each week's reading material(s)
b.
Selected at random, students are to read their prepared answers in class
with immediate corrections and/or supportive feedback from the instructor
c.
Essay assignments on contemporary topics reflecting textbook theory we
are covering
d.
Prepare for pre-test review games
Methods of Evaluating Student Progress
a.
Tests, essays, in class participation
b.
Midterm review game
c.
Final exam
Textbook(s) (Typical):
Economics, McConnell & Brue, McGraw-Hill, 2001 or latest edition
Special Student Materials:
None.
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Revised 2-12-2002