Honors Microeconomics

BCIT

Curriculum

Course Title: Honors Microeconomics

Department: BCIT

Units of Study:

• The Market System and Circular Flow

• Economic systems

• Five fundamental economic questions

• Supply, Demand, Market equilibrium

• The US Economy: Public and private sectors

• Households as income receivers and spenders

• Business population

• Legal forms of business

• Public sector: Government's role in the economy – redistribution of income

• Federal finances and influence on the economy

• Production and costs of production

• Economics costs

• Short run production relationships and costs

• Long run production costs

• Applications of information

• Pure competition

• Pure monopoly

• Monopolistic competition

• Oligopoly

• Role of entrepreneurs and innovation on an economy

• Research and development impact in an economy

• Profit Vs. innovation

• Technologies advances and efficiency

• Creative destruction

• Elasticity of resource demand

• Optimal use of resources

• Labor, wages and earnings

• Theory of income distribution

• Wage differentials

• Types of pay/income

• Minimum wage controversy

Curriculum-Based Assessments:

Standardized Assessments:

Description of Course:

Why has the price of gasoline and oil gone down? Why are income and wealth inequality such big issues today? Why doesn’t the government address some of the problems that exist today? What will happen to the economy and markets in the future? How will automation and robotic in business impact employment and the economy? These are just a few of the questions that are explored in microeconomics. Students will look at both public and private sectors in an economy, why prices for products go up or down, how most people cannot have everything they want and face trade-offs, and how government intervention or lack of intervention impacts an economy. The microeconomics course draws on current and past market conditions using current statistics and news such as fluctuating stock market prices and gas prices, how to interpret the news and conditions and develop a prediction of market and economic behavior.