ECON 107 Principles of Microeconomics usually taken following Economics 106 Principles of Macroeconomics. Topics covered include: supply and demand - price supports, the agricultural problem, value theory, theory of the firm - competition, pollution, industrial organization - monopoly, public utilities, advertising, income distribution - labour unions, productivity.
Prerequisites: English Studies 12 or English First Peoples 12 or ENGL 60 with a minimum grade of 60%
Accessibility Services Notice
Students who would like an academic accommodation and who have a documented disability should contact Accessibility Services, if they have not already done so.Course Details| Total number of weeks | 15 |
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| Total Credits | |
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| Total Hours | 60 |
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Typical hours per week breakdown| Lab (lab, field, computer) | 2.5 |
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| Seminar | 1.5 |
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Learning Outcomes
Upon successful completion of this course, the learner will be able to:
- Explain why scarcity, choice and cost are at the heart of economics and how each is illustrated by the production possibility frontier
- Describe how markets determine relative prices through the forces of demand and supply
- Apply the demand/supply model to real-life markets
- Illustrate the concept of elasticity and how it applies to markets
- Explain consumer behavior using economic-specific language
- Demonstrate an understanding of the relationship between productivity and costs of production
- Explain the difference between costs in the short run and in the long run
- Describe how a perfectly competitive market works
- Discuss how a monopoly market works and how it differs from perfect competition
- Differentiate how monopolistically competitive and oligopolistic markets work and how they differ from perfect competition
Teaching and Learning Approach
ECON107: Principles of Microeconomics usually taken following ECON106: Principles of Macroeconomics.
Topics covered include: supply and demand – price supports, the agricultural problem, value theory, theory of the
firm – competition, pollution, industrial organization – monopoly, public utilities, advertising, income distribution –
labour unions, productivity.
The lectures in this course focus on the introduction of concepts and theories. Students are encouraged to enrich
the class by asking questions and working through problem sets.Learning Resources
Sayre and Morris, Principles of Microeconomics, 11th Edition, McGraw-Hill Ryerson.
• Access to Connect (11th Edition, McGraw-Hill Ryerson) Purchase is necessary for weekly online assignments.Detailed Course Content, Topics, and Sequence Covered
1. Introduction
2. Supply & Demand
3. Consumer Problem
4. Elasticity
5. Consumer Demand & Utility
6. Cost of Production
7. Reading Week
8. Mid-Term Week
9. Long-Run Costs
10. Competitive Structures & Perfect Competition
11. Evaluation of Markets
12. Monopoly
13. Imperfect CompetitionAssessment
| Title | Learning Outcomes | Value |
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| Online Connect Assignments | All | 10% |
| Tests | All | 20% |
| Newspaper Analysis and Presentation | 1, 2, 3 | 20% |
| Mid-Term Examination | 1 - 5 | 25% |
| Final Examination | 6 - 11 | 25% |
| Total | 100% |
Grading Table
Standard Academic and Career Programs Grading Table
| Percentage |
Letter Grade |
GPA |
| 90-100 |
A+ |
4.33 |
| 85-89 |
A |
4.00 |
| 80-84 |
A- |
3.67 |
| 76-79 |
B+ |
3.33 |
| 72-75 |
B |
3.00 |
| 68-71 |
B- |
2.67 |
| 64-67 |
C+ |
2.33 |
| 60-63 |
C |
2.00 |
| 55-59 |
C- |
1.67 |
| 50-54 |
P |
1.00 |
| 0-49 |
F |
0.00 |
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DNW |
0.00 |
See the Academic Calendar for General Information including how to withdraw from course(s) and other regulations.
Disclaimer
Information contained in this course outline is correct at the time of publication. Content of the course is revised on an ongoing basis to ensure relevance to changing educational, employment and market needs. The instructor will endeavor to provide notice of changes to students as soon as possible. The instructor reserves the right to add or delete material from courses.