Principles of Microeconomics

I.     Course Prefix/Number: ECO 202

       Course Name: Principles of Microeconomics

       Credits: 3 (3 lecture; 0 lab)

II.    Prerequisite


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 and Student Conduct

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.

Please review the Code of Academic Conduct and the Code of Student Conduct, both located online at

VI.   Sequence of Topics

  1. Introduction
  2. Supply and Demand
  3. How Markets Work
  4. The Economics of the Public Sector
  5. Firm Behavior and Organization of Industry 
  6. The Economics of Labor Markets
  7. Advanced Microeconomics Topics

VII.  Methods of Instruction

Course may be taught as face-to-face, hybrid or online course.

VIII. Course Practices Required

  1. 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.)
  2. Writing clearly and correctly at a college level.
  3. Participation in class discussion.
  4. Mathematics at the high-school algebra level, solution of linear equations.
  5.  Graphical analysis.
  6. Course may be taught as face-to-face, hybrid or online course.

IX.   Instructional Materials

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

Books as assigned by instructor.

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.

Oakton Community College is committed to maintaining a campus environment emphasizing the dignity and worth of all members of the community, and complies with all federal and state Title IX requirements.

Resources and support for
  • pregnancy-related and parenting accommodations; and
  • victims of sexual misconduct
can be found at

Resources and support for LGBTQ+ students can be found at

Electronic video and/or audio recording is not permitted during class unless the student obtains written permission from the instructor. In cases where recordings are allowed, such content is restricted to personal use only. Any distribution of such recordings is strictly prohibited. Personal use is defined as use by an individual student for the purpose of studying or completing course assignments.

For students who have been approved for audio and/or video recording of lectures and other classroom activities as a reasonable accommodation by Oakton’s Access Disabilities Resource Center (ADRC), applicable federal law requires instructors to permit those recordings. Such recordings are also limited to personal use. Any distribution of such recordings is strictly prohibited.

Violation of this policy will result in disciplinary action through the Code of Student Conduct.