New Course OR Existing Course Instructor(s)/Author(s): Shalini Lugani Subject Area/Course No.: ECON-010 Units: 3 Course Name/Title: Principles of Microeconomics Discipline(s): Economics Pre-Requisite(s): MATH,-029, MATH-030 or equivalent Co-Requisite(s): None Advisories: Eligibility for ENGL-100 Catalog Description: This course introduces the beginning economics students to microeconomic principles. It includes an examination of the nature and method of economics, the economizing problem, individual markets - demand and supply, the market system and market failure; the microeconomics of product markets-elasticities, costs of production, market models, including pure competition and monopoly, the demand for resources and microeconomic issues and policy. Schedule Description: This course introduces the beginning economics students to microeconomic principles essential to understand the working of our economy. To be a "well rounded" citizen, enroll now to discover how to think and analyze like an economist. Learn about scarcity, demand and supply, price controls, costs, competition and monopoly and find out about "the invisible hand" and the "invisible foot"! Hours/Mode of Instruction: Lecture 54 Lab Composition Activity Total Hours 54 (Total for course) Credit Credit Degree Applicable (DA) Grading Pass/No Pass (P/NP) Repeatability 0 Credit Non-Degree (NDA) Letter (LR) 1 (If Non-Credit desired, contact Dean.) Student Choice (SC) 2 3 Please apply for: LMC General Education Requirement and/or Competency & Graduation Requirement(s): Social Science Transfer to: CSU UC IGETC LDTP Course is Baccalaureate Level: Yes No Page 1 of 7
Signatures: Department Chair Librarian Dean/Sr. Dean Curriculum Committee Chair President/Designee CCCCD Approval (Board or Chancellor's Office) For Curriculum Committee Use only: STAND ALONE COURSE: YES NO FOR OFFICE OF INSTRUCTION ONLY. DO NOT WRITE IN THE SECTION BELOW. Begin in Semester Catalog year 20 /20 Class Max: Dept. Code/Name: T.O.P.s Code: Crossover course 1/ 2: ESL Class: Yes / No DSPS Class: Yes / No Coop Work Exp: Yes / No Class Code A Liberal Arts & Sciences SAM Code A Apprenticeship Remediation Level B Basic Skills B Developmental Preparatory B Advanced Occupational NBS Not Basic Skills C Adult/Secondary Basic Education C Clearly Occupational D Personal Development/Survival D Possibly Occupational E For Substantially Handicapped E* Non-Occupational F Parenting/Family Support F Transfer, Non-Occupational G Community/Civic Development *Additional criteria needed H General and Cultural 1 One level below transfer I Career/Technical Education 2 Two levels below transfer J Workforce Preparation Enhanced 3 Three levels below transfer K Other non-credit enhanced Not eligible for enhanced Course approved by Curriculum Committee as Baccalaureate Level: _Yes / No_ LMC GE or Competency Requirement Approved by the Curriculum Committee: Distribution: Original: Office of Instruction Copies: Admissions Office, Department Chairperson Rev 09-17-2008 Page 2 of 7
Institutional Student Learning Outcomes General Education SLOs (Recommended by GE Committee) At the completion of the LMC general education program, a student will: 1. Read critically and communicate effectively as a writer and speaker. 2. Understand connections among disciplines and apply interdisciplinary approaches to problem solving. 3. Think critically and creatively 4. Consider the ethical implications inherent in knowledge, decision-making and action. 5. Possess a worldview informed by diverse social, multicultural and global perspectives. Occupational Education SLOs (Recommended by Occupational Education Committee) At the completion of the LMC occupational certificate or degree, a student will: 1. Be academically prepared to obtain an entry-level or a mid-level position in their industry. 2. Apply critical thinking to research, evaluate, analyze and synthesize information. 3. Demonstrate strong communication skills (written and/or oral) and interpersonal skills (customer service and team work). 4. Appropriately apply industry materials and technology. 5. Demonstrate the skills and knowledge necessary to take and pass certification exams for career advancement in their industry. Developmental Education SLOs (Recommended by Developmental Education Committee) At the completion of the LMC Developmental Education Program, a student will: 1. Demonstrate the skills necessary for the first transfer level courses in English and Math or for the English and Math competencies for the Certificate of Achievement. 2. Think critically to construct meaning and solve problems. 3. Read with comprehension. 4. Communicate effectively both in writing and orally. 5. Demonstrate the characteristics, habits, and attitudes of an effective learner. Student Services SLOs 1. LMC students will demonstrate proficiency in the use of college on-line services. 2. LMC students will demonstrate proficiency in self-advocacy. Library and Learning Support Services SLOs LMC students utilizing various Library and Learning Support Services will: 1. Access and effectively utilize available campus Library and Learning Support Services. 2. Apply knowledge learned and competencies gained from using Library and Learning Support Services to academic coursework and assignments. 3. Demonstrate information competency skills needed to meet the research demands of academic course work and life long learning. None of the Above Page 3 of 7
Program-Level Student Learning Outcomes (PSLOs) Students who have completed the courses in the Social Science program will be able to: 1. Formulate, analyze and synthesize arguments on social, political and economic issues. (GE SLO 3). 2. Interpret information and communicate it effectively in writing and speech. (GE SLO 1) 3. Evaluate the implications of multicultural diversity and global interdependence. (GE SLO 5). 4. Recognize and appreciate the connections among the disciplines of history, economics, political science and ethnic studies. (GE SLO 2). 5. Apply standards of ethical inquiry to social, political and economic issues. (GE SLO 4). Course-Level Student Learning Outcomes (CSLOs): At the end of the course students will be able to: CSLO 1 Read critically and communicate effectively as a writer and speaker about the factors affecting demand and supply and predict the corresponding changes in equilibrium at the local or global level (PSLO 1, 2 and 3) CSLO 2 Explain connections among disciplines and apply interdisciplinary approaches to problem solving in order to calculate, interpret and apply economic concepts for practical and policy purposes (PSLO 1, 2 and 4) CSLO 3 Think critically and creatively about the assumptions and techniques used in economic models (PSLO 1 and 2) CSLO 4 Consider the ethical or normative implications involved in the allocation, production and distribution of resources and output or those underlying various economic policies. (PSLO 2 and 5) CSLO 5 Possess a worldview informed by diverse social, multicultural and global perspective regarding the underlying institutions in various economic systems across the world (PSLO 1, 2 and 3) Assessments: Homework Participation Tests Essays or Research Paper Oral Presentation Final Exam CSLO 1 x x x x x x CSLO 2 x x x x x x CSLO 3 x x x x x x CSLO 4 x x x x CSLO 5 x x x CSLO 1, 2, and 3 are covered in tandem through the Homework, Tests and Final exam. The textbook covers microeconomic topics and students through the homework, test, and final exam apply the microeconomic principles covered in CSLO 1, 2, and 3. Homework: Students read the textbook chapters and the homework asks students to apply their understanding and build upon previous concepts. Topics include allocation, production, distribution, supply and demand, elasticities, costs of production, price mechanism, market failure and market models such as pure competition and monopoly. The homework assignments ask students to apply concepts based upon microeconomic principles. Page 4 of 7
Tests: Students are given a test that covers the material from each chapter that allows them to demonstrate their understanding and problem solving skills related to the chapter topics. Final Exam: This course has a comprehensive final exam that covers the content from the textbook and lecture. Students need to synthesize the information covered in the course in order to answer an essay question or multiple and short answer questions that cover CSLO 1, 2 and 3. A possible short answer question might be: Using the data table, draw separate demand and supply curves for a given product. Use your diagram to answer a series of related questions such as the following: illustrate the effect and identify the new equilibrium resulting from the imposition of a tax or an improved technology or a change in the price of a substitute product etc. CSLO 1, 2, 3, 4, and 5 are covered by class participation, the essay and the oral presentation. Participation: In class students are given group or individual assignments where students get real life practical economic information and they have to apply the economic principles covered in the course to develop a position or an answer to the assignment that considers ethical and cultural views. A possible in class assignment might be bringing in a current news paper article citing a policy proposal to tax sodas in order to reduce the health costs associated with childhood diabetes and obesity. Students then would analyze the article, discuss the ethical, economic, social and policy implications of this proposed tax. These types of current issues allow students to apply economic principles within an interdisciplinary and ethical framework. Essays or Research Paper: Students are assigned multiple essays or one research paper that looks at an economic issue through an ethical and diverse/world cultural lens. Students can choose or are given a topic where they incorporate the economic principles to this complex interdisciplinary issue. Students need to tether apart the economic components as well as synthesize the information in order to develop a position or recommendation. A sample essay topic might be: Write a persuasive essay- an argument designed to convince the reader to agree with your position on a controversial topic such as legalizing the possession, use and sale of marijuana in the United States or allowing Wal-Mart to build a Supercenter Store at a defined location. The recommendation/report should include the reasons for their position, evidence based on statistics, data, case studies as well as a refutation of the arguments on the other side. Oral Presentation: The oral presentation can be an individual or group presentation of the research paper or a separate topic that includes visual aids such as power point, video, graphs, bar charts, pie charts, tables, statistics etc. that tell an interdisciplinary story related to the topic being covered. The topic must include a cultural or world view perspective and the ethical issues related to the topic must be discussed. This allows the professor to assess the student s ability to orally communicate economic principles and explain the interrelatedness of the topic. Method of Evaluation/Grading: A level student work is characterized by: homework that integrates previous microeconomics concepts covered as well as the new material to answer questions accurately and solve problems related to the chapter readings at least 90% of the time; tests that apply microeconomic logic and principles to answer questions accurately and solve problems related to the chapter readings 90% of the time, research paper/essay that synthesizes multiple sources and applies microeconomic principles within an interdisciplinary context and creatively analyzes the ethical and cultural components related to the current issue while producing a well constructed and grammatically correct paper; oral presentation that effectively communicates and demonstrates the application of microeconomic principles within an interdisciplinary context and incorporates ethical and multicultural aspects; consistent participation and occasional leadership in individual and group assignments that analyzes, applies, and communicates microeconomic principles to theoretical and everyday economic, social, and political events considering the multicultural worldview and the social costs of the tradeoffs between ethical and profitable pursuits; final exam that includes integrated use of microeconomic principles and the application of multidisciplinary disciplines to solving economic problems accurately 90% of the time. Page 5 of 7
C level student work is characterized by: homework that integrates previous microeconomics concepts covered as well as the new material to answer questions accurately and solve problems related to the chapter readings at least 70% to 79% of the time; tests that integrate microeconomic logic and principles to answer questions accurately and problems related to the chapter readings 70% to 79%of the time, research paper/essay that synthesizes two sources and applies microeconomic principles to some of the interdisciplinary aspects and analyzes the ethical and cultural components related to the current issue ; oral presentation that communicates and demonstrates the application of some of the relevant microeconomic principles within a moderate interdisciplinary context and incorporates at least one ethical and multicultural aspect; somewhat consistent participation in individual and group assignments that accurately communicate microeconomic principles to theoretical and everyday economic, social, and political events considering some multicultural and ethical considerations; final exam that includes integrated use of microeconomic principles and the application of multidisciplinary disciplines to solving economic problems accurately 70%-79% of the time. Possible Grading Range: Homework, Participation 20%-30% Essays/RP & Oral Presentation 20%-30% Tests: 20%-30% Final: 20%-30% 100% CSLO are generally weighted: CSLO 1 25% CSLO 2 25% CSLO 3 25% CSLO 4 12.5% CSLO 5 12.5% Course Content: Topic An introduction to economics and the economy Why do we need to study economics The methodology and terminology of economics Pitfalls to objective thinking What models are and usefulness of economic models Graphs and usefulness of graphical analysis. The economizing problem Human wants, relative scarcity and choices. The economic questions: What, how and for whom to produce. Economic questions answered by different economic systems, brief historical digression. Circular flow model, production, possibility frontier, comparative advantage. Micro economic theory Understanding individual markets: Demand Supply Market equilibrium Elasticity of demand and supply Private sector and the market system, public sector Government in the market. Page 6 of 7
Economic functions of the government. Price ceilings and floors, taxes and subsidies. Government and market failures: public goods, externalities, maintaining environmental quality. The costs of production. Price and output determination under pure competition, monopoly and a brief consideration of monopolistic competition and oligopoly. Production and the demand for resources Economic problems such as: Antitrust and regulation Income inequalities Poverty Any other topic of current interest Some of the above topics may be expanded or condensed as per the individual instructor s discretion. Instructional Methods: Lecture Lab Activity Problem-based Learning/Case Studies Collaborative Learning/Peer Review Demonstration/Modeling Role-Playing Discussion Computer Assisted Instruction Other (explain) Textbooks: Principles of Microeconomics; McConnell and Brue, McGraw Hill, 2009 Page 7 of 7