Introductory Microeconomics

ECON 111/3.0

This microeconomics course is an introduction to macroeconomic analysis of the economy as a whole, including the determination of national income, the price level, interest rates, the money supply, and the balance of payments. The principles of monetary and fiscal policy are also examined. ECON 111/3.0 and ECON 112/3.0 are together equivalent to ECON 110/6.0.

Description

There are two main branches in Economics: Microeconomics and Macroeconomics. Economics courses are commonly divided into two sections to deal with "Micro" and "Macro" separately. Microeconomics (the subject of this course) by its name suggests that it is primarily concerned with the smaller economic agents - the consumer, the producer, the buyer, the seller, inputs, outputs, etc. Macroeconomics, on the other hand, is primarily concerned with the larger economic agents – governments, taxes, national income, inflation, monetary and fiscal policy.

Whether you take Micro or Macro as your first course in economics will not hinder your understanding of the material. However, it is generally accepted that if one has a strong understanding of the micro concepts, one will have a stronger appreciation and awareness of macroeconomics; because macroeconomics is in a sense, the "summation" of microeconomics.

Evaluation

You will be required to complete the three Online Quizzes and a formal, supervised final examination to receive credit for the course.

The distribution of marks is as follows:

  • Online Quizzes* (3 - 10% each) 30%
  • Group Written Assignments** (best 1 out of 2) 10%
  • Final Examination 60% (You must pass the final exam in order to pass the course.)

*The Online Quizzes will be posted to the course Moodle site.

** Students are encouraged to work in groups of up to 4 on the Written Assignments and to do a joint submission.  However, individual submissions are also allowed.  Details on group and individual submissions can be found on the course Moodle site.

50% (D-) is the passing grade

The formal, supervised final exam will consist of three parts: multiple choice, true/false/uncertain, and long answer questions.  You are permitted to bring a non-programmable calculator to the final exam.

Final Examination

Students must write their exam on the day and time scheduled by the University. The start time may vary slightly depending on the off-campus exam centre. Do not schedule vacations, appointments, etc., during the exam period.

Topics

Included with your textbook is a subscription to the MyEconLab site. This site contains many exciting features including self-testing facilities, video links, and a complete ebook.

PART I INTRODUCTION  
 Economic Issues and Concepts
 How Economists Work
 The Gains from International Trade
PART II SUPPLY AND DEMAND APPLICATIONS 
 Demand, Supply, and Price
 Elasticity
 Markets in Action
PART III HOUSEHOLD DECISIONS  
 Consumer Behaviour
 Supp Chapter Other Household Decisions
PART IV PRODUCER THEORY  
 Producers in the Short Run
 Producers in the Long Run (Omit the Appendix)
PART V OUTPUT MARKETS  
 Competitive Markets
 Monopoly
 Imperfect Competition and Strategic Behaviour
 Economic Efficiency and Public Policy
PART VI THE GAINS FROM TRADE REVISITED 
 The Gains from International Trade
 

Trade Policy

PART VII INPUT MARKETS 
 How Factor Markets Work

Instructor

Welcome to Econ 111!

My name is Andrea Craig and I will be your instructor for Introductory Microeconomics. I am a Ph.D. student at Queen's University with research interests in environmental economics and applied microeconomics.

Previously, I have taught International Trade Policy, and I have been a teaching assistant for a variety of economics courses including undergraduate and graduate level microeconomics.

Time Commitment

A course such as this on campus would have three lecture hours per week, usually with an assignment to follow. Students can expect to spend, on average, about 10 - 12 hours per week on the course.

Course Resources

About SOLUS

SOLUS is Queen’s Student On-Line University System. You’ll have access to a SOLUS account once you become a Queen’s student. You’ll use SOLUS to register for courses, add and drop courses, update your contact information, view financial and academic information, and pay your tuition.

About MOODLE

Moodle is Queen's online learning platform. You'll log into Moodle to access your course. All materials related to your course—notes, readings, videos, recordings, discussion forums, assignments, quizzes, groupwork, tutorials, and help—will be on the Moodle site.

About Credit Units

Queen’s courses are weighted in credit units. A typical one-term course is worth 3.0 units, and a typical two-term course is worth 6.0 units. You combine these units to create your degree. A general (three-year) BA requires a total of 90 credit units.

Computer Requirements

To take an online course, you’ll need a good-quality computer (Windows XP/Vista/7, Pentium III, or Mac OS X 10.5, G4 or G5 processor, 256 MB RAM) with a high-speed internet connection, soundcard, speakers, and microphone, and up-to-date versions of free software (Explorer/Firefox, Java, Flash, Adobe Reader). See also Preparing For Your Course.

Dates/Deadlines

The deadlines for new applications to Queen’s are 1 April (for May summer term), 1 June (for July summer term), 1 August (for fall term), and 1 December (for winter term). All documents must be received by the 15th of the month following the deadline. You can register for a course up to one week after the start of the course. See also Dates and Deadlines.

Tuition Fees

Tuition fees vary depending when you start, your year, faculty, and program. Fees for 2014-15 first-year Distance Career Arts & Science Canadian students are as follows: for a 3.0-unit course, $605.31; for a 6.0-unit course, $1210.62. See also Tuition and Payment.

Campus Bookstore

All textbooks can be purchased at Queen’s Campus Bookstore.

Non-Queen’s Students

All Queen’s Arts and Science Online courses are open to students at other universities. Before applying as a visiting student, request a Letter of Permission from your home university that states that you have permission to take the course and apply it to your degree. See also Apply.

Academic Integrity

Please see Queen’s policy statement on academic integrity for information on how to complete an online course honestly.