LSC Microeconomics (Online Course Blackboard)

Topic 1 Introduction to Economics

Scarcity, Choice, and Rational Behavior

Perspectives in Economics

Topic 2 Supply and Demand

The Law of Demand

The Law of Supply

The Interaction of Supply and Demand

Topic 3 Elasticity of Supply and Demand

Elasticity of Demand

The Elasticity of Supply

Price Elasticity of Total Revenue

Topic 4 The Cost of Production

Economic Cost

Short- and Long-Term Production Costs

Economies and Diseconomies of Scale

Topic 5 Pure Competition and Monopolies

Pure Competition

Pure Monopoly

Barriers to Entry

Topic 6 Monopolistic Competition and Oligopoly

Monopolistic Competition

Oligopoly

Topic 7 Wage Determination

Supply of Labor

Wage Distribution

Wage Competition in Labor Markets

Topic 8 Government and Market Failures

Public Goods

Externalities

Topic 9 Taxation

Taxation

Price Controls

Topic 10 International Trade Policy

International Trade

The Principle of Comparative Advantage

Free Trade

Topic 11 Antitrust Policy and Regulation

Antitrust Policy and Laws

Regulating the Economy

Topic 12 Agricultural Economics and Politics

Agricultural Economy

Price Support Systems

Farm Policy

Topic 13 Economic Inequity and Poverty

Income Inequity

The Distribution of Income and Wealth

Social Insurance and Public Assistance Programs

Topic 14 Rent, Interest, and Profit

Economic Rent

Economic Interest

Economic Profit

Topic 15 Review

This course provides students with a comprehensive overview of the evolution of the United States economy and the ways in which people produce, consume, and exchange goods and services. Major economic principles are presented, including supply and demand, economies and diseconomies of scale, competition, and taxation. Students also explore the characteristics of a labor market; the regulatory restrictions of tariffs, quotas, and embargoes on trade; and how the optimal quantity of public good is determined. Inequity of wealth and the interaction of economic rent, interest, and profit are also discussed.

After completing this course, students will be able to:- Define economics and describe the ways people produce, consume and exchange goods and services.

- Summarize the evolution of the U.S. economy.

- Demonstrate an ability to understand the effect of supply and demand on a traditional macroeconomic model.

- Perform a cost-benefit analysis to measure the total consumer surplus received by all buyers who participate in a given market.

- Identify economies and diseconomies of scale and determine how economies of scale and diseconomies of scale shape cost curves.

- Define perfect competition and identify the conditions for perfectly competitive market.

- List the characteristics of monopolistic competition.

- Describe the characteristics of a labor market and identify the factors that control the supply of labor.

- Define public good and explain how the optimal quantity of a public good is determined.

- Explain the difference between the benefits-received and ability-to-pay principles of taxation.

- Define tariff, quota, and embargo as regulatory restrictions on trade.

- Define perfect competition and explain the nature of agricultural economics.

- Compare and contrast incomes of the world and describe the inequity of wealth.

- Describe the interaction of economic rent, interest, and profit and how to gain capital from properly managing this interaction.