Objectives for Economic Class

Topics: Supply and demand, Economics, Price elasticity of demand Pages: 3 (1167 words) Published: November 29, 2014
This list of learning objectives sets out what each student should be able to do at the end of the topic coverage. Student success at achieving the objectives depends on class attendance, diligent reading, study, and commitment to the material. Tests will be constructed on the basis of the stated learning objectives.

Topic 1: “What is microeconomics about?”
1.1 Understand the basic role of economics in human affairs
1.1.1 Understand the “basic economic problem” Define the scarcity problem Explain why economic systems are necessary
1.1.2 Understand the scope of economics as a field of study Define “economics” Define “microeconomics
1.2 Be familiar with the course syllabus and course policies 1.2.1 Know the names of your professor and graduate teaching assistant 1.2.2 Understand the course objectives and methods
1.2.3 Know the grading system
1.2.4 Identify the course text
1.2.5 Comprehend the Course Policies regarding respect, academic integrity, and tests Topic 2: “How do we model economic choices?”
2.1 Know the 3 Fundamental Economic Questions
2.1.1 List the 3 questions
2.1.2 Explain each question and give examples of how they arise in real world economies 2.1.3 Know 4 or 5 general categories of resources used in economic models 2.2 Gain a preliminary understanding of rational choice

2.2.1 Define and give examples of the concept of Opportunity Cost 2.2.2 Explain how “marginal” costs and “marginal” benefits enter rational decision-making 2.2.3 Briefly explain the importance of individual and social “objectives” for decision making 2.2.4 Understand how incentives are based on benefits and costs 2.2.5 Understand the Present Value concept used in making decisions about future events Explain why a future dollar is worth less than a current dollar State the formula for the Present Value of a future payment For a given future payment, time...
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