Discipline: Economics Degree Credit  [X]
Non Credit  [ ]
Nondegree Credit  [ ]
Comm Service  [ ]
 

Riverside Community College District
Integrated Course Outline of Record

Economics 8


COURSE DESCRIPTION
8 Microeconomics Units: 3.00
 
Prerequisite(s): None.

Advisory: Qualification for English 1A and Math 52.
Economic theory and analysis as applied to consumer and producer behavior in markets. Emphasizes the allocation of resources and the distribution of income through the price mechanism, and deals with the microeconomic concepts of equilibrium in product and factor markets, perfect and imperfect competition, government intervention in the private sector, and international trade and finance. 54 hours lecture.
 
SHORT DESCRIPTION FOR CLASS SCHEDULE
Economic theory and analysis applied to consumer and producer behavior in markets.
 
ADVISORY ENTRY SKILLS
Before entering the course, students will be able to:
  1. critically discuss and analyze primary and secondary texts, recognizing key ideas and responding in both oral and written form;

  2. analyze, synthesize, and evaluate concepts studied in primary and secondary texts using critical thinking skills;

  3. compose and develop unified, stylistically competent writing assignments and adjust writing to the target audience with intermediate to advanced skill;

  4. understand, create and apply graphical analysis;

  5. manipulate simple algebraic equations.
STUDENT LEARNING OUTCOMES
 Upon successful completion of the course, students should be able to:
  1. Describe, analyze and evaluate economic concepts, paradigms, and theories of the micro-economy.
  2. Identify major current microeconomic problems and use economic theory to analyze and evaluate the problems.
  3. Identify current governmental policies to remedy the microeconomic problems and assess the effectiveness of these policies.
  4. Evaluate the impact of microeconomic policies on such issues as:  the distribution of wealth and income, consumer welfare, the environment, degree of competition, and the global economy.
 
COURSE CONTENT
  TOPICS
 

1.   Introduction
      a.   Introduction to Economics
            1.   What is economics
            2.   Factors of production
            3.   Economics theory and policy
            4.   Tools of the economist
      b.   Economic Decision Making and Economic Systems
            1.   Scarcity and society’s basic economic decision
            2.   Economic systems
            3.   The U.S. economic system
      c.   Demand, Supply Overview
            1.   Determination of equilibrium price and quantity
            2.   Changes in demand and supply
            3.   Limiting the movement of prices (price controls)
            4.   Price elasticity of demand and supply
2.   The Microeconomy
      a.   Demand and Utility
            1.   Concept of utility/marginal utility
            2.   Maximizing satisfaction
      b.   Business Costs
            1.   Defining costs
            2.   Measuring costs
            3.   Short-run vs. long-run
            4.   Private costs vs. social costs
      c.   Competition and Market Structures
            1.   Perfect competition
            2.   Monopolistic competition
            3.   Ologopoly
            4.   Monopoly
      d.   Government Intervention in the Economy
            1.   Antitrust Law and Regulation
            2.   Price Controls
      e.   Factor Markets
            1.   Marginal Productivity Theory
            2.   Labor Markets
            3.   Labor Unions and Collective Bargaining
            4.   Interest, Rent, Profit
            5.   Income Distribution and Poverty
3.   The International Economy
      a.   The International Economy:  Trade
      b.   An overview of U.S. international trade
      c.   The case for trade
            1.   Free trade vs. protectionism
      b.   The International Economy:  Finance
            1.   International transactions and balances
            2.   Exchange rates
 
METHODS OF INSTRUCTION
 Methods of instruction used to achieve student learning outcomes may include, but are not limited to:

  • Conduct classroom lecture and demonstration as well as online activities in order to develop the necessary understanding of the micro-economy, it’s problems, and policies to alleviate the problems.
  • Create and have students participate in small group analysis of microeconomic problems and policies both in-class and online.
  • Develop and assign class and/or computer-based exercises in order to have students practice identifying and applying economic analysis to current microeconomic problems and policies
  • Create and have students participate in active learning techniques in order to engage students more actively in the learning process

 
 
METHODS OF EVALUATION
 Students will be evaluated for progress in and/or mastery of learning outcomes by methods of evaluation which may include, but are not limited to:

  • Exams designed to assess the students’ ability to grasp concepts, paradigms and theories of the microeconomics, problems, and policies.
  • Short papers designed to assess the students’ ability to analyze microeconomic concepts, paradigms, theories, problems, policies, and the results of those policies.  These papers are also assigned to help students’ learn the material by writing and contemplating.
  • Class and individual projects designed to assess the students’ ability to gather information, analyze materials and test results.
  • Class participation/demonstrations/oral reports designed to engage students in the dialogue of the micro-economy.
ASSIGNMENTS

Required Reading Assignments


Required Writing Assignments


Other Outside-of-Class Assignments
 
COURSE MATERIALS
 All materials used in this course will be periodically reviewed to ensure that they are appropriate for college level instruction. Possible texts include:

  • Baumol, W. and Blinder A. . Principles of Microeconomics. 10 ed. any: Thompson Learning, 2005.
  • Colander, David C. . Microeconomics. 6 ed. any: McGraw-Hill/Irwin, 2005.
  • McConnell, C. and Brue, S. . Microeconomics. 17 ed. any: Worth Publishing, 2006.
  • Schiller, Bradley. Microeconomics Today. 10 ed. any: McGraw-Hill Irwin, 2005.
  • Taylor, John B. . Principles of Microeconomics. 5 ed. any: Southwestern College Publishing, 2006.
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