This course will provide the student with the principal elements of theory concerning the functioning of the price system, utility theory and consumer behaviour, production and costs, market structure, factor pricing and government microeconomic policy.
- The nature of economics.
- An overview of the economy.
- The price system: demand, supply and price.
- Barriers to trade.
- Elasticity of demand and supply.
- Price controls.
- Household consumption behaviour: marginal utility and/or indifference curve approaches.
- Production and cost: short-run and long-run.
- Comparison of firms operating in different market structures.
- Factor pricing and the distribution of national income.
- Market failure and government intervention.
Methods of Instruction
Lecture and seminar.
Means of Assessment
||30% - 40%
||30% - 70%
|| 0% - 30%
|Participation and/or Quizzes
|| 0% - 10%
THERE WILL BE A MINIMUM OF THREE (3) EVALUATIONS.
At the end of the course, the successful student should be able to:
- apply the economic concepts of supply and demand to the process of price determination in both perfect and imperfect markets;
- explain household market behaviour and the derivation of an industry demand curve;
- evaluate the price and output implications of profit maximizing (loss minimizing) behaviour of firms under different demand, cost and market structure conditions, including the derivation of an industry supply curve;
- demonstrate the reasons for, and economic consequences of, various forms of government intervention in different markets.
BC Principles of Math 11 OR currently active in the
PDD Accounting or
PDD Accounting Studies or
PDD Global Banking and Economics or
ECON 1101 recommended.
Course Guidelines for previous years are viewable by selecting the version desired. If you took this course and do not see a listing for the starting semester/year of the course, consider the previous version as the applicable version.
Below shows how this course and its credits transfer within the BC transfer system.
A course is considered university-transferable (UT) if it transfers to at least one of the five research universities in British Columbia: University of British Columbia; University of British Columbia-Okanagan; Simon Fraser University; University of Victoria; and the University of Northern British Columbia.
For more information on transfer visit the BC Transfer Guide and BCCAT websites.
If your course prerequisites indicate that you need an assessment, please see our Assessment page for more information.