Spring 2024 - ECON 103 D900
Principles of Microeconomics (4)
Class Number: 5131
Delivery Method: In Person
The principal elements of theory concerning utility and value, price and costs, factor analysis, productivity, labor organization, competition and monopoly, and the theory of the firm. Students with credit for ECON 200 cannot take ECON 103 for further credit. Quantitative/Breadth-Soc.
This course is designed to introduce the fundamental principles of microeconomics. It covers a range of topics including individual behavior such as utility and preference; firm theories including an extensive discussion of costs, outputs and market structures; the concept of equilibrium and how economic activities are organized through supply and demand dynamics, along with the implications of externalities; examination of the factor markets; and discussion of public goods and common resource goods. Throughout this course, we will constantly apply economic concepts to real-life scenarios, to both enhance our understanding and to show the flexibility of economic theory.
Economics examines how we respond to scarcity. In particular, it discusses the choices and implications inherent in how different institutions manage scarce resources. Scarcity means that individuals and societies must make choices, determining how to allocate resources, what and how much gets produced, how it is produced, and who gets what is produced, which in turn affects our standard of living. ECON 103 is structured to develop an understanding of these decision-making processes, emphasizing how individual choices are shaped by each other and by institutional frameworks. The course places a special emphasis on the role of markets in resource allocation, aiming to deepen understanding of market mechanisms, their effectiveness, their limitations, and the interplay between government actions and non-market resource allocation.
Upon successful completion of ECON 103, students will have a robust understanding of introductory microeconomic theory, be proficient in solving basic microeconomic problems, and be able to apply these skills to think about policy questions affecting the economy. This will include being equipped to answer questions regarding how markets work and do not work well, and the role of government policy in resource allocation. It will provide students with a solid foundation in economic thinking that will be valuable in their professional careers.
- Class Participation/Quizzes/Assignments 20%
- Midterm Test 1 20%
- Midterm Test 2 20%
- Final exam (cumulative) 40%
- Further information regarding readings, quizzes, and exams will be discussed in the first class.
- The dates for the term tests will be announced in the first week of classes, but are subject to change in the event of unforeseen and unavoidable interruptions to class schedules, e.g., campus closures.
- If you show substantial improvement in your final exam, then more weight will be given to your final exam score when computing your final grades (this does not apply if you do not show up for the midterm exam).
- Your grades on the final exam may be adjusted using a linear transformation.
Mankiw, Kneebone and McKenzie, Principles of Microeconomics, 9th Canadian Edition or any former edition, Nelson.
Manouchehri and Fortura, Study Guide for Principles of Microeconomics (Mankiw, Kneebone and McKenzie), Nelson.
REQUIRED READING NOTES:
Your personalized Course Material list, including digital and physical textbooks, are available through the SFU Bookstore website by simply entering your Computing ID at: shop.sfu.ca/course-materials/my-personalized-course-materials.
Department Undergraduate Notes:
Please note that, as per Policy T20.01, the course requirements (and grading scheme) outlined here are subject to change up until the end of the first week of classes.
Final exam schedules will be released during the second month of classes. If your course has a final exam, please ensure that you are available during the entire final exam period until you receive confirmation of your exam dates.Students requiring accommodations as a result of a disability must contact the Centre for Accessible Learning (CAL) at 778-782-3112 or email@example.com.
***NO TUTORIALS DURING THE FIRST WEEK OF CLASSES***
ACADEMIC INTEGRITY: YOUR WORK, YOUR SUCCESS
SFU’s Academic Integrity website http://www.sfu.ca/students/academicintegrity.html is filled with information on what is meant by academic dishonesty, where you can find resources to help with your studies and the consequences of cheating. Check out the site for more information and videos that help explain the issues in plain English.
Each student is responsible for his or her conduct as it affects the university community. Academic dishonesty, in whatever form, is ultimately destructive of the values of the university. Furthermore, it is unfair and discouraging to the majority of students who pursue their studies honestly. Scholarly integrity is required of all members of the university. http://www.sfu.ca/policies/gazette/student/s10-01.html