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ECON 111/3.0 Introductory Microeconomics

Course applicable to the following Majors / Medials/ Minors:    APEC (core) / ECON (core) / LIBS (specialisation) / MATH (specialisation) / PPEC (depending on sub-plan)
Course Instructor: TBC - Instructors from Department of Economics, Kingston Campus
This course is available in:   Fall term at the BISC
Course Prerequisites / Exclusions:   EXCLUSION: No more than 6.0 units from ECON 110/6.0; ECON 111/3.0; ECON 112/3.0.

This course introduces students to the basic analytical principles and tools of modern microeconomics. Students will examine and learn to appreciate the roles that various economic agents play in the modern market system.

 CHRISTIAN LLOYD, ACADEMIC DIRECTOR, BISC 

Course Highlights:

Analyze the behaviour of individual consumers and producers, using household names as examples.

Understand how the market prices for various commodities and resources are set.

Explore the role of government policy in the functioning of the market system and its impact. 

Undertake weekly exercises applying analytical principles and tools developed in the classroom to provide solutions to specific issues and problems.

2019 Laptops

ECON 111/3.0 Introductory Microeconomics

This course introduces students to the basic analytical principles and tools of modern microeconomics. It deals with the behavior of individual economic agents (households, firms and governments), the determination of prices and quantities in individual markets for commodities and resources and the role played by governments in the functioning of the market system.

Learning Outcomes

On completion of this course, successful students should be able to:

  • Understand the central problem of economics and the role played by markets and governments in addressing this problem.
  • Explain the consumption behavior of households and the output decisions of producers
  • Show how markets under different competitive conditions balance demand and supply.
  • Show how the same tools of economic analysis can be applied to the markets for factors of production (land, labor and capital) and the distribution of income.
  • Explain the role played by governments in addressing problems of market failure and the misallocation of resources.

Experiential Learning Opportunities

Previous eamples of ELOs for this course include a visit to the City of London, including a tour of Lloyds, the world’s leading specialist insurance market, and a visit to the Jaguar Land Rover car factory at Halewoood in Liverpool to observe the production of the Freelander using state-of-the-art technology.

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