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

Text: Arnold, Roger A. Microeconomics. 12th edition. Cengage, 2016.

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.

Aplia is an online website that provides an e-textbook as well as online homework assignments. NOTE: Aplia is NOT “optional:” the Aplia exercises make up 25% of the total course grade. It would be next to impossible to pass the course without Aplia access. Most students find the e-textbook adequate for the course. With the ebook, students can bookmark and print out as much of the textbook as they want. For an extra fee students can order a print copy of the textbook through Aplia.

The information needed to sign up for immediate access to Aplia is provided under handouts (on the Resources and Materials page of the course)