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Principles of Microeconomics

I.     Course Prefix/Number: ECO 202

       Course Name: Principles of Microeconomics

       Credits: 3 (3 lecture; 0 lab)

II.    Prerequisite

None

III.   Course (Catalog) Description

Course introduces microeconomics, concentrating on the basic price theory of the firm; focus is on operation of supply, demand, cost and revenue functions in perfectly and imperfectly competitive markets; analysis of markets for both products and factors; examination of theory and practice of International trade and finance problems. Extensive use of graphical analysis.

IV.   Learning Objectives

1.    Explain economics, macro and micro, and how economic questions are posed.  Develop the baseline for the economic way of thinking.
2.    Explain the circular flow model and how households and firms interact in the US and global environment.
3.    Derive and graph the demand and supply curves.
4.    Compute elasticity of demand, supply and cross elasticity.
5.    Define and measure the impact of price ceilings, price floors, subsidies, taxes, quotas and tariffs, verbally and graphically.
6.    Identify public goods and common resources and prescribe a solution for their depletion.
7.    Describe externalities and their bearing on economic decisions.
8.    Evaluate markets with private information and their impact on pricing.
9.    Develop an economic naturalist question and assess its answer.

V.    Academic Integrity

Students and employees at Oakton Community College are required to demonstrate academic integrity and follow Oakton's Code of Academic Conduct. This code prohibits:

• cheating,
• plagiarism (turning in work not written by you, or lacking proper citation),
• falsification and fabrication (lying or distorting the truth),
• helping others to cheat,
• unauthorized changes on official documents,
• pretending to be someone else or having someone else pretend to be you,
• making or accepting bribes, special favors, or threats, and
• any other behavior that violates academic integrity.

There are serious consequences to violations of the academic integrity policy. Oakton's policies and procedures provide students a fair hearing if a complaint is made against you. If you are found to have violated the policy, the minimum penalty is failure on the assignment and, a disciplinary record will be established and kept on file in the office of the Vice President for Student Affairs for a period of 3 years.
Details of the Code of Academic Conduct can be found in the Student Handbook.

VI.   Sequence of Topics

A.    Introduction
B.    Supply and Demand
C.    How Markets Work
D.    The Economics of the Public Sector
E.    Firm Behavior and Organization of Industry  
F.    The Economics of Labor Markets
G.    Advanced Microeconomics Topics

VII.  Methods of Instruction

Lecture/Discussion
Course may be taught as face-to-face, media-based, hybrid or online course.

VIII. Course Practices Required

A.    Read and understand course material, including charts and graphs.  (Come to class prepared to ask questions that will help clarify the material for you; be prepared to participate in classroom discussion.)
B.    Writing clearly and correctly at a college level.
C.    Participation in class discussion.
D.    Mathematics at the high-school algebra level, solution of linear equations.
E.     Graphical analysis.
F.    Course may be taught as face-to-face, media-based, hybrid or online course.

IX.   Instructional Materials

Note: Current textbook information for each course and section is available on Oakton's Schedule of Classes.

X.    Methods of Evaluating Student Progress

Grades are based on factors that include exams, quizzes, written assignments, problem solving sets, classroom participation, and class presentations.

XI.   Other Course Information



If you have a documented learning, psychological, or physical disability you may be entitled to reasonable academic accommodations or services. To request accommodations or services, contact the Access and Disability Resource Center at the Des Plaines or Skokie campus. All students are expected to fulfill essential course requirements. The College will not waive any essential skill or requirement of a course or degree program.