Online Principles of Microeconomics

ECN 212 - Microeconomic Principles: Decision Making Under Scarcity

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Overview

This course will help you understand decisions that are made in the face of constraints, such as the everyday transactions you make in the marketplace. As a consumer, you must consider your overall income when making a purchase, but business managers must take into account the presence of competitors in the marketplace when deciding on the price to charge you for a product.The course is divided into four parts:

  • In part I, you’ll gain an understanding of how consumers make decisions on the types and quantities of goods to purchase.
  • In part II, you’ll learn how managers decide how much to produce, the price to set for their products, and the amounts and types of inputs to buy.
  • In part III, the focus will be on the interaction between consumers and producers and the concepts of equilibrium and efficiency.
  • The final part of this course focuses on market distortions that are introduced by governments, such as taxes and tariffs, or those that result from the nature of the products produced or consumed.

Course prerequisites and requirements

To be successful in this course, we recommend English language fluency and computer literacy. We also encourage you to make sure your laptop or desktop computer meets the technical requirements.

Knowledge of basic Excel functionality will be very helpful in setting you up for success in this course.

Quick facts

Next start date:

Mar. 15, 2022

  • Credits: 3
  • Length: 8 weeks
  • Cost: $25 + $400

What you’ll learn

  • Explain how consumers decide what products to purchase and how much to purchase.
  • Explain how producers decide how much to produce, how many inputs to use and what price to charge for their products.
  • Describe how the interaction of consumers and producers in competitive markets generates the market price and the quantity consumed and produced.
  • Explain the concept of efficiency and describe how markets often lead to efficient outcomes.
  • Explain how market distortions occur and their impact on the welfare of producers and consumers.

What to expect in class

Video and audio lectures, Readings, Interative elements, homework assignments, quizzes, midterm and final exams, content mastery exercises

Exams and grading

15%

Homework (13)

20%

Quizzes (7)

25%

Midterm Exam

35%

Final Exam

5%

Content Mastery (13)

Transcript

This course appears on your transcript identically to how it appears on the transcript of an enrolled ASU student who has taken the course on one of ASU’s campuses.

This course satisfies 3 credit hours toward the Social-Behavioral Sciences (SB) General Studies requirement at Arizona State University. It is strongly encouraged that you consult with your institution of choice to determine how these credits will be applied to their degree requirements prior to transferring your credit.

Faculty and course staff

Cara

Cara

McDaniel

Faculty,

Economics Department

Arizona State University

Fernando

Fernando

Leiva Bertran

Faculty,

Economics Department

Arizona State University

Jose

Jose

Mendez

Faculty,

Economics Department

Arizona State University

Why take ASU Universal Learner Courses

  1. Credit you receive is from a regionally accredited university
  2. Your credit is highly transferable
  3. You only pay the $400 course cost if you pass

Related degrees

Online BS Economics - Business

Online BS Economics - Liberal Arts