ECON 1901: Principles of Microeconomics
Students examine a wide range of microeconomic concepts about markets and market behaviour and learn how to apply them to a variety of contemporary issues. Students develop a depth of knowledge in topics including demand and supply analysis, consumer theory, production and costs, market structure, market efficiency and market failure.
Learning outcomes
- Develop a depth of knowledge in the economic way of thinking incorporating the concepts of resource scarcity, choice, and opportunity costs.
- Explain a broad range of microeconomic concepts related to domestic and global markets.
- Apply microeconomic concepts and techniques to examine contemporary policy issues and the role of institutions.
- Develop problem-solving skills such as marginal analysis to examine the behaviour of humans and firms under assumptions and constraints.
- Critically examine how government regulations affect markets and their impact on fairness and equity.
- Analyze and recommend policy solutions to various market failures including environmental, provision of public goods and other social issues.
- Evaluate and compare the efficiency of various market structures including perfect competition, monopoly, and imperfect competition.
Course topics
- Module 1: Definition of Economics
- Module 2: Demand and Supply Analysis
- Module 3: Market Efficiency and Market Failure
- Module 4: Consumer Theory
- Module 5: Production and Cost
- Module 6: Market Structure
- Module 7: Resource Markets
Required text and materials
The following Open Education Resources (OER) textbook, free of charge, is required and will be provided within this course.
- Curtis, D., & Irvine, I. (version 2017-Revision B). Principles of Microeconomics. Lyryx.
Assessments
Please be aware that should your course have a final exam, you are responsible for the fee to the online proctoring service, ProctorU, or to the in-person approved Testing Centre. Please contact exams@tru.ca with any questions about this.
To successfully complete this course, students must achieve a passing grade of 50% or higher on the overall course, and 50% or higher on the final mandatory exam.
| Assignment 1 | 4% |
| Assignment 2 | 4% |
| Assignment 3 | 4% |
| Assignment 4 | 4% |
| Modules 1-4 Jounal Entries | 24% |
| Assignment 5 | 4% |
| Assignment 6 | 4% |
| Modules 5-7 Journal Entries | 18% |
| Mandatory Final Exam | 34% |
| Total | 100% |
Open Learning Faculty Member Information
An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of the course.
