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ECO 122 Microeconomics

This course introduces concepts related to scarcity, supply and demand, costs and benefits, and incentives while analyzing how individual and business decision-making impacts the economy.  

Credits

3

Prerequisite

Prerequisites: SSC 100 or concurrent

See Course Syllabus

Course Number and Title:

ECO 122 Microeconomics

Campus Location

  • Dover
  • Georgetown
  • Stanton
  • Wilmington

Effective Date

202451

Prerequisites

Prerequisites: SSC 100 or concurrent

Course Credits and Hours

3 credit(s)

3 lecture hours/week

0 lab hours/week

Course Description

This course introduces concepts related to scarcity, supply and demand, costs and benefits, and incentives while analyzing how individual and business decision-making impacts the economy.  

Additional Materials

None

Required Text(s)

Obtain current textbook information by viewing the campus bookstore - https://www.dtcc.edu/bookstores online or visit a campus bookstore. Check your course schedule for the course number and section.

Disclaimer

None

Core Course Performance Objectives (CCPOs)

  1. Explain the concept of scarcity and  how it impacts resource constraints and trade-offs.  (CCC 1, 2 )
  2. Describe how under certain conditions the interaction of consumers and producers in competitive markets determine market prices and result in the most efficient allocation of scarce resources. (CCC 1,2 )
  3. Demonstrate the impact and influence government policies have on consumer and producer behavior and market outcomes. (CCC 1,2,5)
  4. Examine the factors that impact profit maximizing decisions. (CCC 1,2,5)
  5. Explain the conditions when the self-interest of consumers and producers may not result in the most efficient allocation of scarce resources.(CCC 1,2,5,6)
  6. Discuss ethical and moral issues in economics. (CCC 1,2,4,5)
  7. Examine global trade and contemporary global economic issues. (CCC 1,2,5)

See Core Curriculum Competencies and Program Graduate Competencies at the end of the syllabus. CCPOs are linked to every competency they develop.

Measurable Performance Objectives (MPOs)

Upon completion of this course, the student will:

  1. Explain the concept of scarcity and how it impacts resource constraints and trade-offs.

    1. Define resources and the cause(s) of their scarcity.

    2. Describe how resource allocation is influenced by the economic system adopted by society.

    3. Explain how the PPC illustrates opportunity costs, trade-offs, inefficiency, efficiency, and economic growth or contractions.

    4. Determine opportunity cost using data from PPCs or tables.

    5. Explain how consumers allocate their limited income to purchase the combination of goods that maximizes utility.

  2. Describe how under certain conditions the interaction of consumers and producers in competitive markets determine market prices and result in the most efficient allocation of scarce resources. 

    1. Define key terms and factors related to supply and demand.

    2. Explain the relationship between price and quantity and shifts in supply and/or demand.

    3. Explain measures of elasticity and the impact of a given price change on total revenue and expenditure.

    4. Describe how equilibrium price, quantity, consumer and producer surplus are determined.

    5. Explain how changes in underlying conditions and shocks to a competitive market can alter price, quantity, consumer and producer surplus.

  3. Demonstrate the impact and influence government policies have on consumer and producer behavior and market outcomes.
    1. Define forms of government price and quantity intervention.
    2. Describe the impact of government price controls and taxes on markets.
  4. Examine the factors that impact profit maximizing decisions.
    1. Determine how businesses make short and long run decisions to enter or exit a market.
    2. Use different types of costs to determine economic profit or loss.
    3. Explain how different market structures impact allocative efficiency.
    4. Explain strategies and equilibria in simple games and the connections to theoretical behaviors in various oligopoly market and non-market settings.
  5. Explain the conditions when the self interest of consumers and producers may not result in the most efficient allocation of scarce resources.
    1. Explain how in the presence of externalities, private markets do not take into consideration social costs or social benefits.
    2. Describe how public policies can address positive or negative externalities.
    3. Explain how the nature of rival and/or excludable goods influences the behavior of individuals and groups.
  6. Discuss ethical and moral issues in economics. 
    1. Explain the differences among positive and normative economics.
    2. Define measures of economic inequality in income and wealth.
    3. Describe sources of income and wealth inequality, fairness, equitable treatment, distribution, and sources of exploitation.
  7. Examine global trade and contemporary global economic issues. 
    1. Use data from Production Possibility Curves (PPCs) or tables to express how trade leads to gains.
    2. Describe the arguments against international trade.
    3. Explain the impact international trade public policy has on a specific market.

Evaluation Criteria/Policies

The grade will be determined using the Delaware Tech grading system:

90-100 = A
80-89 = B
70-79 = C
0-69 = F
Students should refer to the Catalog/Student Handbook for information on the Academic Standing Policy, the Academic Integrity Policy, Student Rights and Responsibilities, and other policies relevant to their academic progress.

Final Course Grade

Calculated using the following weighted average

Evaluation Measure

Percentage of final grade

4 Exams (Summative) (Equally Weighted)

60%

Formative (Assignments and Discussion Boards) 

25%

Project/Paper (Summative)

15%

TOTAL

100%

Core Curriculum Competencies (CCCs are the competencies every graduate will develop)

  1. Apply clear and effective communication skills.
  2. Use critical thinking to solve problems.
  3. Collaborate to achieve a common goal.
  4. Demonstrate professional and ethical conduct.
  5. Use information literacy for effective vocational and/or academic research.
  6. Apply quantitative reasoning and/or scientific inquiry to solve practical problems.

Students in Need of Accommodations Due to a Disability

We value all individuals and provide an inclusive environment that fosters equity and student success. The College is committed to providing reasonable accommodations for students with disabilities. Students are encouraged to schedule an appointment with the campus Disabilities Support Counselor to request an accommodation needed due to a disability. The College's policy on accommodations for persons with disabilities can be found in the College's Guide to Requesting Academic Accommodations and/or Auxiliary Aids Students may also access the Guide and contact information for Disabilities Support Counselors through the Student Resources web page under Disabilities Support Services, or visit the campus Advising Center.

Minimum Technology Requirements

Minimum technology requirements for online, hybrid, video conferencing and web conferencing courses.

Academic Integrity

https://dtcc.smartcatalogiq.com/Current/Catalog/Academics/Academic-Integrity

Attendance

https://dtcc.smartcatalogiq.com/Current/Catalog/Search?q=attendance

Cell phone/Electronic Device

https://dtcc.smartcatalogiq.com/Current/Catalog/Student-Policy/Cell-Phone-and-Electronic-Device-Policy

Tuition Adjustment Policy

https://dtcc.smartcatalogiq.com/Current/Catalog/Financial/Tuition-Fee-Adjustment-Policy-Course-or-Semester-Withdrawal