MICROECONOMICS (ECON 201)

OVERVIEW

1. COURSE DESCRIPTION

This course will focus on seven core economic principles:  scarcity, cost-benefit principle, incentive principle, comparative advantage, opportunity cost, efficiency, and equilibrium.  By focusing on these core principles, students will leave the course with a mastery of the foundations of microeconomics.

2. REASON FOR THE COURSE

This course will give students a foundation in the core principles of microeconomics.  By understanding and applying these principles, students will gain the ability to think like an economist.  Primarily, students will gain a deeper understanding of how and why individuals and organizations make the economic choices they do. 
Graduates from the bachelor of accounting and finance program are expected to take a wide range of roles in business, government, and nonprofit organizations.  In each of these roles, a general understanding of economic principles is important in order to understand why individuals and firms act the way they do.

3. STUDY HOURS

4. ROLE IN CURRICULUM


Prerequisites:
There are no prerequisites for this course.  This course will complement the Macroeconomics course. 

SKILLS

  • LEARNING OUTCOMES
  • ASSESSMENT AND GRADING
  • TEACHING METHODS
  • STUDY PLAN
  • TEXTBOOKS AND REFERENCES

5. COURSE LEARNING OUTCOMES (CLO)

On successful completion of this course, students will be able to:

Knowledge Level of
Learning		 Related PLO
Explain the principles of economics (CK1)
Explain the principles of economics and how individual choices are made given the limited resources of the world.		 Understand PK1
Discuss the markets and their functions (CK2)
Discuss the markets, their functions and the role of supply and demand in determining prices and outputs.		 Understand PK1
Explain economics and public policy (CK3)
Explain how economics applies to certain public policy issues, such as labor markets, taxes, and environmental regulations.		 Understand PK1
Cognitive Skills Level of
Learning		 Related PLO
Apply elasticity and market strategy (CC1)
Apply elasticity and market strategy in competitions.		 Apply PC1
Apply production and costing (CC2)
Apply the cost of production and the ways firms allocate the factors of production.		 Apply PC1
Communication, Information Technology, and Numerical Skills Level of
Learning		 Related PLO
Conduct cost analysis using spreadsheets (CCIT1)
Conduct cost analysis and game theory in market competitions using spreadsheets.		 Analyze PCIT1
Interpersonal Skills and Responsibilities Level of
Learning		 Related PLO
Work in a team (CIP1)
Work effectively in a team.		 Respond PIP1

6. ASSESSMENT AND GRADING

Grades will be determined based on a grading score, calculated using the following assessments and score allocations:

SKILL Assessment Weighting for Course Grade
Research Paper /Assignments In-class tests Midterm Case study Final Case study
Explain the principles of economics (CK1)   50% 50%   10%
Discuss the markets and their functions (CK2)   50% 40% 10% 10%
Explain economics and public policy (CK4)   50% 30% 20% 10%
Apply elasticity and market strategy (CC1) 30% 40% 20% 10% 20%
Apply production and costing (CC2) 50% 30% 10% 10% 20%
Conduct cost analysis using spreadsheets (CCIT1)   60% 20% 20%  
Work in a team (CIP1) 100%       10%

7. TEACHING METHODS

This course is primarily lecture and assignment based; assigned readings will support   learning and serve as a reference to material covered in class.  During class, approximately two-thirds of the class will be devoted to lecture, with the rest of the class reserved for working on problem sets and reviewing solutions.

During the term, there will be two assignments:

Assignment 1 – Productivity, Comparative Advantage, and Trade (CK1, CK2, CC1,
CC2, CCIT1, CIP1)
Work Group: Individual
Output format: APA Format Report
Language: Khmer (English allowed for non-Khmer speaking students)
Description: The first assignment requires each student to research individually on “ the way to apply opportunity cost and labor productivity in the comparative advantage model ”. This research is desk research in which the students should find the data from the internet and use the google sheet to calculate and analyze. As a result, students are able to apply economic principles to business and trade.
Assignment 2 – Cost Analysis of Perfect Competition/Imperfect Competition (CK3,
CK4, CC1, CC2, CCIT1, CIP1)
Work Group:   Group
Output format: APA Format Report, Presentation
Language: English
Description: 

The second assignment requires the student to do group research on cost analysis of perfect competition / imperfect competition. To do this, the students are required to choose a specific firm for data collection and analysis. This research require both desk research and in-person interviews with practitioners in which the students should find the data from the internet and use the google sheet to calculate and analyze. As a result, students are able to apply economic cost to business. Assignment Rubric:

8. STUDY PLAN

The course targets the 30 lessons in the study plan below. Each lesson is 1.5 class hours each; there are a total of 45 class hours. The study plan below describes the learning outcome for each lesson, described in terms of what the student should be able to do at the end of the lesson. Readings should be done by students as preparation before the start of each class. Implementation of this study plan may vary somewhat depending on the progress and needs of students.

Lesson Learning Outcomes Teaching and Assessment Methods
 1

Ten principles of economics

  1. How people make decision (CK1, CK2)
  2. How people interact (CK1, CK2)
 Lecture Discussion Reading: References: Textbook Chapter 1 pp 1-9
2

Ten principles of economics

  1. How people interact (CK1, CK2)
  2. How the economy as a whole works (CK1, CK2, CK3)
 Lecture Discussion Reading: References: Textbook Chapter 1 pp 9-12
3

Thinking like economist

  1. Economic Model: Circular-Flow Diagram (CK1, CK2)
  2. Economic Model: Production Possibility (CK1, CK2)
 Lecture Discussion Reading: References: Textbook Chapter 1 pp 9-12
4

Interdependence and the Gains from Trade

  1. Discuss a parable for the Modern Economy (CK1, CK2)
  2. Illustrate Comparative Advantage (CK1, CK2)
 Lecture Practice Reading: References: Textbook Chapter 2 pp 45-48
5

Interdependence and the Gains from Trade

  1. Illustrate Comparative Advantage
  2. Discuss Price of trade (CK1, CK2)
 Lecture Discussion Reading: References: Textbook Chapter 3 pp 48-51
6

Interdependence and the Gains from Trade

  1. Discuss Price of trade (CK1, CK2)
 Lecture Discussion Reading: References: Textbook Chapter 3 pp 52-53
7

The Market forces of Supply and Demand

  1. Describe the market and competition(CK4)
  2. Discuss the demand (CK3)
  3. Discuss the factors change in demand (CK3)
 Lecture Quiz1 Reading: References: Textbook Chapter 4 pp 62-63
8

The Market forces of Supply and Demand

  1. Discuss the supply (CK3, CC2)
  2. Discuss the factors change in supply (CK3, CC2)
  3. Describe the market equilibrium (CK3, CC2)
 Lecture Reading: References: Textbook Chapter 4 pp 64-73
9

The Market forces of Supply and Demand

  1. Illustrate the Market equilibrium (CK3, CC2)
  2. Describe the determinants of Demand and Supply on market equilibrium (CK3, CIP1)
 Lecture Discussion Reading: References: Textbook Chapter 4 pp 73-82
10

 Elasticity and Its Application

  1. Demonstrate the price elasticity of demand (CK3)
  2. Demonstrate the elasticity and total revenue  (CK3, CC1)
 Lecture Discussion Quiz 2 Reading: Chapter 5 pp 87-91
11

Elasticity and Its Application

  1. Demonstrate the price elasticity of supply (CK3, CC1)
  2. Illustrate the three applications of supply, demand, and elasticity (CK3, CC1, CCIT1)
 Lecture Practice Reading: References: Textbook Chapter 5 pp 91-105
12

Supply, Demand, and Government Policies

  1. Demonstrate the surprising effects of price control (CK3, CC1, CIP1)
 Lecture Group Discussion Reading: References: Textbook Chapter 6 pp 112-120
13

Supply, Demand, and Government Policies

  1.  Demonstrate the surprising effects of tax incidence (CK3, CC1, CIP1)
 Lecture Quiz 3 Reading: References: Textbook Chapter 6 pp 113-129
14

Consumers, Producers, and Efficiency of Markets

  1. Demonstrate the consumer surplus (CK3, CC1)
  2. Demonstrate the producer surplus (CK3, CC1)
 Lecture Reading: References: Textbook Chapter 7 pp 133-140
15

Consumers, Producers, and Efficiency of Markets

  1. Demonstrate the producer surplus (CK3, CC1)
  2. Demonstrate the Market efficiency (CK3, CC1)
 Lecture Reading: References: Textbook Chapter 7 pp 141-147
16

Application: The costs of taxation

  1. Describe the deadweight loss of taxation (CK3)
  2. Describe the determinants of deadweight loss (CK3)
 Lecture Quiz 4 Reading: References: Textbook Chapter 8 pp 154-165
17

 Application: International Trade

  1. Illustrate determinants of trade (CK1, CK2)
  2. Discuss the winners and losers from trade (CK1,CK2, CIP1)
 Lecture Discussion Reading: References: Textbook Chapter 9 pp 169-178
18

Application: International Trade

  1. Describe the arguments for restricting trade (CK1, CC1, CC2)
  2. In-class review exercises (CK3, CC1, CC2, CCIT1)
 Lecture Practice Reading: References: Textbook Chapter 9 pp 179-182
19

The costs of Production

  1. Describe the production and cost (CK2, CC1, CC2)
 Lecture Practice Reading: References: Textbook Chapter 14 pp 267-271
20

The costs of Production

  1.  Apply many measure of cost (CK2, CC1, CC2, CCIT1)
 Lecture Practice Reading: References: Textbook Chapter 14 pp 272-279
21

The costs of Production

  1. Describe the cost short-run and long run (CK2, CC1, CC2)
  2. In-class practice
 Lecture Practice Reading: References: Textbook Chapter 14 pp 280-281
22

Firms in Competitive Markets

  1. Demonstrate the profit maximizing output (CK3, CC1, CC2)
  2. Demonstrate firm’s decision in short-run (CK3, CC1, CC2, CCIT1)
 Lecture Practice Reading: Chapter 15 pp 287-295
23

Firms in Competitive Markets

  1. Demonstrate the profit maximizing output (CK3, CC1, CC2)
  2. Demonstrate firm’s decision in short-run (CK3, CC1, CC2, CCIT1)
 Lecture Practice Reading: Chapter 15 pp 287-295
24

Firms in Competitive Markets

  1. Demonstrate firm’s decision in long-run (CK3, CC1, CC2, CCIT1)
  2. Describe supply curve in a competitive market (CK3, CC1, CC2)
 Lecture Practice Reading: References: Textbook Chapter 15 pp 296-303
25

Monopoly

  1. Discuss how monopoly make production and pricing decisions (CK3, CC1, CC2, CCIT1)
 Lecture Practice Quiz 7 Reading: References: Textbook Chapter 16 pp 311-322
26

Monopoly

  1. Describe the welfare cost of monopolies (CK3, CC1, CC2)
  2. Discuss price discrimination (CK3, CC1, CC2, CCIT1)
  3. Describe the public policy toward monopolies (CK3, CC1, CC2)
 Lecture Practice Reading: References: Textbook Chapter 16 pp 323-233
27

Monopolistic competition

  1. Explain competition with differentiated products (CK2, CK3)
 Lecture Quiz 8 Reading: References: Textbook Chapter 17 pp 341-349
28

Monopolistic competition

  1. Describe advertising (CK1, CK3)
 Lecture Quiz 8 Reading: References: Textbook Chapter 17 pp 351-355
29

Oligopoly

  1. Illustrate market with only a few sellers (CK3, CC1, CC2)
 Lecture Practice Reading: References: Textbook Chapter 18 pp 359-364
30

Oligopoly

  1. Apply economics of cooperation (CK3, CC1, CC2)
  2. Apply policy toward oligopolies (CK4)
 Lecture Quiz 9 Reading: References: Textbook Chapter 18 pp 364-374
Total Hours: 45

 

9. TEXTBOOKS AND REFERENCES

Textbook

  1. Mankiw N. Gregory, Principles of Economics, 10th edition, Cengage.

References

  1. Paul Krugman, and Robin Well, Economics, 5th edition, MacMillan Learning, 2018.
  2. Selected articles from The FreshNews and Kampuchea Thmey newspapers.

Education Resources