Principles of Micro Economics ECON-205

Course Name:	Principles of Micro Economics
Course Number:	ECON-205
Category:	Accounting
Description	Principles of Microeconomics will serve as an introduction to the main concepts of this subject area. The course will look at some of the big ideas that recur throughout economics such as opportunity cost, marginal decision-making, the role of incentives and the efficiency of market allocations. It will also examine how prices are established by supply and demand conditions in the various types of market structures, and why it is sometimes necessary for government to become involved in the market. Lastly, the course will familiarize you with the behaviour of individual consumers and business firms as they try to deal with the fundamental economic problem of scarcity. During your time in the Principles of Microeconomics course, you will be taught through hands-on activities such as lab and class assignments, quizzes and a term paper. Your knowledge will then be tested on two major tests and a final comprehensive exam. Completion of the course will allow you to reliably demonstrate the ability to: •Define the nature of an economic problem; •Describe and illustrate basic economic concepts of scarcity, choice and opportunity cost; •Apply market principles of demand and supply; •Identify the major factors affecting demand for and supply of commodities; •Apply the concept of elasticity of demand and supply; •Describe various aspects of consumer demand, including consumer surplus and price discrimination; •Explain the factors that affect the production of an individual firm, and the relationship between a firm's productivity and its costs; •Describe the behaviour of the profit maximizing firm under various types of market structures: pure competition, monopoly, oligopoly and monopolistic competition; •Apply the model of competitive wage determination; •Analyze market failure and evaluate the role of government in the market.
Notes	For further information on OntarioLearn online learning email online@centennialcollege.ca.
Associated Programs	2308 - Business (Online) 7032 - Office Bookkeeping
Pre-requisities	No Prerequisites required for this course