This course has an assignment that is due by 11:55 pm Central Standard Time on Wednesday night of the first week of class. Failure to complete this assignment will result in your removal from the course for non-participation.

Students can purchase Option 1 or Option 2:

Option 1: e-textbook and Aplia access: ISBN 13: 978-1-305-39248-9

Option 2: Loose-leaf version of book and Aplia access: ISBN 13: 978-1-305-61738-4

Online access to Aplia is required for this class.

Following an initial introduction to important general economic concepts, including demand and supply, the course examines the U.S. economy from a microeconomic perspective.  It includes an analysis of (1) the theory of consumer behavior, (2) elasticity, (3) costs and supply, (4) market structure, (5) anti-trust law and regulation, and (6) factor markets. Prerequisite: MA103 (or ACT Math subscore ≥ 22)

As a result of taking this course, the student will:

1. develop an understanding of the economic approach to looking at the world, especially the notions of scarcity and opportunity cost and the supply and demand model;
2. appreciate how a free-market economic system functions, as well as the benefits and problems that may arise under such a system;
3. apply the tools of economic analysis to a variety of real-world problems and discover the insights they can offer;
4. learn to think like economists.

This course addresses the following competencies required for beginning business teachers:

• 5.1: Identify the basic features of economic systems
• 5.2: Describe the role of competitive markets
• 5.3: Describe the role of government in the economy
• 5.5: Explain the function of domestic economic institutions and economic incentives