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
After successfully completing this course, you will be able to:
- 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
Students will need to source the following Open Textbook, free of charge from the link below:
- Curtis, D., & Irvine, I. (version 2017-Revision B). Principles of Microeconomics
[Open Text] Lyryx.
https://lyryx.com/wp-content/uploads/2017/08/CI-Principles-of-Microeconomics-2017-RevisionB.pdf
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% |
| Final Exam (mandatory) | 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.
