{"id":5594,"date":"2017-06-02T22:55:58","date_gmt":"2017-06-02T22:55:58","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/microeconomics\/?post_type=front-matter&p=5594"},"modified":"2017-06-05T17:42:51","modified_gmt":"2017-06-05T17:42:51","slug":"course-learning-outcomes","status":"web-only","type":"front-matter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/front-matter\/course-learning-outcomes\/","title":{"raw":"Course Learning Outcomes","rendered":"Course Learning Outcomes"},"content":{"raw":"

Microeconomics\u00a0Learning Outcomes<\/h2>\r\nThe Learning Outcomes covered by these\u00a0Microeconomics\u00a0course materials are:\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Module (Chapter)<\/th>\r\nLearning Outcomes<\/th>\r\n<\/tr>\r\n
Economic Thinking: Prepare for success in studying economics<\/td>\r\n\r\n
    \r\n \t
  • Explain what economics is and explain why it is important<\/li>\r\n \t
  • Explain how economists use economic models<\/li>\r\n \t
  • Use mathematics in common economic applications<\/li>\r\n \t
  • Use graphs in common economic applications<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Choice in a World of\u00a0Scarcity:\u00a0Use economic thinking to explain choice in a world of scarcity<\/td>\r\n\r\n
    \r\n \t
  • Explain the cost of choices and trade-offs<\/li>\r\n \t
  • Illustrate society's trade-offs by using a production possibilities frontier (or curve)<\/li>\r\n \t
  • Explain the assumption of rationality by individuals and firms<\/li>\r\n \t
  • Define marginal analysis<\/li>\r\n \t
  • Differentiate between positive and normative statements<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Supply and Demand: Analyze how buyers and sellers interact in a free and competitive market to determine prices and quantities of goods<\/td>\r\n\r\n
    \r\n \t
  • Describe and differentiate between major economic systems<\/li>\r\n \t
  • Explain the determinants of demand<\/li>\r\n \t
  • Explain the determinants of supply<\/li>\r\n \t
  • Explain\u00a0and graphically illustrate market equilibrium, surplus and shortage<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Elasticity: Measure how changes in price and income affect the behavior of buyers and sellers<\/td>\r\n\r\n
    \r\n \t
  • Explain\u00a0the concept of elasticity<\/li>\r\n \t
  • Explain the price elasticity of demand and price elasticity of supply, and compute both\u00a0using the midpoint\u00a0method<\/li>\r\n \t
  • Explain and calculate other elasticities using common economic variables<\/li>\r\n \t
  • Explain the relationship between a firm\u2019s price elasticity of demand and total revenue<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Government Action: Evaluate the consequences of government policies in markets<\/td>\r\n\r\n
    \r\n \t
  • Analyze the consequences of the government setting a binding price ceiling<\/li>\r\n \t
  • Analyze the consequences of the government setting a binding price floor<\/li>\r\n \t
  • Explain how the price elasticities of demand and supply affect the incidence of a sales tax<\/li>\r\n \t
  • Define progressive, proportional, and regressive taxes<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Surplus: Use the concept of producer, consumer surplus, and total surplus to explain the outcomes of markets for individuals, firms, and society<\/td>\r\n\r\n
    \r\n \t
  • Define and calculate consumer, producer and total surplus; graphically illustrate consumer, producer and total surplus<\/li>\r\n \t
  • Use the concepts of consumer, producer and total surplus to explain why markets typically lead to efficient outcomes<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Utility: Explain how consumer behavior shapes the demand curve with respect to utility and loss<\/td>\r\n\r\n
    \r\n \t
  • Define the concept of utility and satisfaction<\/li>\r\n \t
  • Differentiate between marginal utility and total utility<\/li>\r\n \t
  • Describe and calculate the concept of marginal utility<\/li>\r\n \t
  • Explain how consumers maximize total utility within a given income using the Utility Maximizing Rule<\/li>\r\n \t
  • Explain how consumer\u2019s utility changes when income or prices change<\/li>\r\n \t
  • Describe the behavioral economics approach to understanding decision making<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Production: Analyze the relationship between inputs used in production and\u00a0the resulting outputs and costs<\/td>\r\n\r\n
    \r\n \t
  • Define the term \u201cproduction\u201d and explain what a production function is; define the term \u201cproduction inputs,\u201d and differentiate between labor, land, capital, entrepreneurship, technology<\/li>\r\n \t
  • Define and differentiate between marginal, average, and total product; compute and graph marginal, average, and total product;\u00a0explain diminishing marginal product and diminishing marginal returns<\/li>\r\n \t
  • Differentiate between Explicit and Implicit Costs, Accounting and\u00a0Economic Profit<\/li>\r\n \t
  • Identify sunk costs<\/li>\r\n \t
  • Define and differentiate between marginal, average, and total cost; compute and graph marginal, average, and total cost; differentiate between variable and fixed costs<\/li>\r\n \t
  • Differentiate between short-run and long-run costs; interpret the relationship between short-run and long-run costs<\/li>\r\n \t
  • Define and explain long-run costs, economies of scale, diseconomies of scale, and constant returns to scale<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Perfect Competition: Analyze a firm's profit maximizing decisions under conditions of perfect competition<\/td>\r\n\r\n
    \r\n \t
  • Define the characteristics of Perfect Competition<\/li>\r\n \t
  • Understand the difference between the firm and the industry;\u00a0explain and illustrate the differences between the demand curve for a perfectly competitive firm and that for a perfectly competitive industry<\/li>\r\n \t
  • Calculate and graph the firm\u2019s fixed, variable, average, marginal and total costs;\u00a0calculate and graph the firm\u2019s average, marginal and total revenues; determine the profit maximizing output level and price using graphs and demand schedules; is able to calculate and graphically illustrate where marginal revenue equals marginal costs<\/li>\r\n \t
  • Measure variable and total costs as the area under the average variable and average total cost curves;\u00a0measure total revenues as the area under the average revenue curves; calculate and graphically illustrate profit and losses for a perfectly competitive firm<\/li>\r\n \t
  • Determine the break-even, and the shutdown points of production for a perfectly competitive firm<\/li>\r\n \t
  • Explain the difference between short-run and long-run equilibrium; explain the concept of \"zero economic profit\"<\/li>\r\n \t
  • Understand why perfectly competitive markets are efficient<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Monopoly: Analyze a firm's profit maximizing strategies under conditions of a monopoly<\/td>\r\n\r\n
    \r\n \t
  • Define the characteristics of a monopoly<\/li>\r\n \t
  • Define and explain the sources of barriers to entry<\/li>\r\n \t
  • Calculate and graph a monopoly\u2019s fixed, variable, average, marginal and total costs;\u00a0measure variable and total costs as the area under the average variable and average total cost curves; calculate and graph the firm\u2019s average, marginal and total revenues; measure total revenues as the area under the average revenue curves; determine the profit maximizing output level and price; is able to calculate and graphically illustrate where marginal revenue equals marginal costs; calculate and graphically illustrate profit and losses for a monopolist<\/li>\r\n \t
  • Explain why a monopoly is inefficient using deadweight loss;\u00a0differentiate between a single price monopolist and a price discriminating monopolist<\/li>\r\n \t
  • Analyze different strategies to control monopolies, including natural monopolies<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Oligopoly: Analyze a firm's profit maximizing strategies under conditions of oligopoly<\/td>\r\n\r\n
    \r\n \t
  • Define characteristics of oligopolies<\/li>\r\n \t
  • Explain why collusion can occur in oligopolistic industries<\/li>\r\n \t
  • Explain the role of game theory in understanding the behavior of oligopolies<\/li>\r\n \t
  • Explain why oligopolies are inefficient<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Monopolistically Competitive Industries: Analyze a firm's profit maximizing strategies under conditions of monopolistic competition<\/td>\r\n\r\n
    \r\n \t
  • Define the characteristics of a monopolistically competitive industry; understand the difference between the firm and the industry<\/li>\r\n \t
  • Calculate and graph the firm\u2019s fixed, variable, average, marginal and total costs;\u00a0measure variable and total costs as the area under the average variable and average total cost curves; calculate and graph the firm\u2019s average, marginal and total revenues; measure total revenues as the area under the average revenue curves; determine the profit maximizing output level and price; is able to calculate and graphically illustrate where marginal revenue equals marginal costs; calculate and graphically illustrate profit and losses for a monopolistically competitive firm<\/li>\r\n \t
  • Explain the difference between short run and long run equilibrium in a monopolistically competitive industry<\/li>\r\n \t
  • Understand how product differentiation works in monopolistically competitive industries and how firms use advertising to differentiate their products, understanding impact on elasticity<\/li>\r\n \t
  • Understand why monopolistically competitive markets are inefficient (including deadweight loss)<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Public Goods: Compare public goods and private goods and understand the role for them in the economy<\/td>\r\n\r\n
    \r\n \t
  • Contrast between public and private goods<\/li>\r\n \t
  • Explain the concept of free riders<\/li>\r\n \t
  • Define and give examples of positive and negative externalities<\/li>\r\n \t
  • Analyze the efficacy of government policies to lessen negative externalities and analyze how the government promotes positive externalities<\/li>\r\n \t
  • Analyze the impact of market-based solutions to negative externalities<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Globalization, Trade, and Finance: Analyze the benefits and costs of international trade<\/td>\r\n\r\n
    \r\n \t
  • Define and calculate comparative and absolute advantage<\/li>\r\n \t
  • Explain how a nation's workers and consumers are affected by impact of international trade<\/li>\r\n \t
  • Understand the way government regulations (e.g. tariffs, quotas and non-tariff barriers) affect business, consumers and workers in the economy<\/li>\r\n \t
  • Differentiate between alternative international trade regimes and how they impact global trade<\/li>\r\n \t
  • Define currency exchange rates and explain how they influence trade balances<\/li>\r\n \t
  • Explain how the balance of trade (surplus or deficit) affects the domestic economy, and how the domestic economy affects the balance of trade<\/li>\r\n \t
  • Connect globalization, international trade, and international finance<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n
Income Distribution: Assess how resource markets\/factors of production affect society's distribution of income<\/td>\r\n\r\n
    \r\n \t
  • Describe the incomes earned by the factors of production (land, labor, capital, entrepreneurship) wages, interest, rents, and profit<\/li>\r\n \t
  • Analyze how perfect\/imperfect competition between buyers and sellers of factors can impact wages, interest, and rents<\/li>\r\n \t
  • Use the Lorenz Curve to analyze the distribution of income and wealth<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>","rendered":"

    Microeconomics\u00a0Learning Outcomes<\/h2>\n

    The Learning Outcomes covered by these\u00a0Microeconomics\u00a0course materials are:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    Module (Chapter)<\/th>\nLearning Outcomes<\/th>\n<\/tr>\n
    Economic Thinking: Prepare for success in studying economics<\/td>\n\n
      \n
    • Explain what economics is and explain why it is important<\/li>\n
    • Explain how economists use economic models<\/li>\n
    • Use mathematics in common economic applications<\/li>\n
    • Use graphs in common economic applications<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Choice in a World of\u00a0Scarcity:\u00a0Use economic thinking to explain choice in a world of scarcity<\/td>\n\n
      \n
    • Explain the cost of choices and trade-offs<\/li>\n
    • Illustrate society’s trade-offs by using a production possibilities frontier (or curve)<\/li>\n
    • Explain the assumption of rationality by individuals and firms<\/li>\n
    • Define marginal analysis<\/li>\n
    • Differentiate between positive and normative statements<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Supply and Demand: Analyze how buyers and sellers interact in a free and competitive market to determine prices and quantities of goods<\/td>\n\n
      \n
    • Describe and differentiate between major economic systems<\/li>\n
    • Explain the determinants of demand<\/li>\n
    • Explain the determinants of supply<\/li>\n
    • Explain\u00a0and graphically illustrate market equilibrium, surplus and shortage<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Elasticity: Measure how changes in price and income affect the behavior of buyers and sellers<\/td>\n\n
      \n
    • Explain\u00a0the concept of elasticity<\/li>\n
    • Explain the price elasticity of demand and price elasticity of supply, and compute both\u00a0using the midpoint\u00a0method<\/li>\n
    • Explain and calculate other elasticities using common economic variables<\/li>\n
    • Explain the relationship between a firm\u2019s price elasticity of demand and total revenue<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Government Action: Evaluate the consequences of government policies in markets<\/td>\n\n
      \n
    • Analyze the consequences of the government setting a binding price ceiling<\/li>\n
    • Analyze the consequences of the government setting a binding price floor<\/li>\n
    • Explain how the price elasticities of demand and supply affect the incidence of a sales tax<\/li>\n
    • Define progressive, proportional, and regressive taxes<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Surplus: Use the concept of producer, consumer surplus, and total surplus to explain the outcomes of markets for individuals, firms, and society<\/td>\n\n
      \n
    • Define and calculate consumer, producer and total surplus; graphically illustrate consumer, producer and total surplus<\/li>\n
    • Use the concepts of consumer, producer and total surplus to explain why markets typically lead to efficient outcomes<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Utility: Explain how consumer behavior shapes the demand curve with respect to utility and loss<\/td>\n\n
      \n
    • Define the concept of utility and satisfaction<\/li>\n
    • Differentiate between marginal utility and total utility<\/li>\n
    • Describe and calculate the concept of marginal utility<\/li>\n
    • Explain how consumers maximize total utility within a given income using the Utility Maximizing Rule<\/li>\n
    • Explain how consumer\u2019s utility changes when income or prices change<\/li>\n
    • Describe the behavioral economics approach to understanding decision making<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Production: Analyze the relationship between inputs used in production and\u00a0the resulting outputs and costs<\/td>\n\n
      \n
    • Define the term \u201cproduction\u201d and explain what a production function is; define the term \u201cproduction inputs,\u201d and differentiate between labor, land, capital, entrepreneurship, technology<\/li>\n
    • Define and differentiate between marginal, average, and total product; compute and graph marginal, average, and total product;\u00a0explain diminishing marginal product and diminishing marginal returns<\/li>\n
    • Differentiate between Explicit and Implicit Costs, Accounting and\u00a0Economic Profit<\/li>\n
    • Identify sunk costs<\/li>\n
    • Define and differentiate between marginal, average, and total cost; compute and graph marginal, average, and total cost; differentiate between variable and fixed costs<\/li>\n
    • Differentiate between short-run and long-run costs; interpret the relationship between short-run and long-run costs<\/li>\n
    • Define and explain long-run costs, economies of scale, diseconomies of scale, and constant returns to scale<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Perfect Competition: Analyze a firm’s profit maximizing decisions under conditions of perfect competition<\/td>\n\n
      \n
    • Define the characteristics of Perfect Competition<\/li>\n
    • Understand the difference between the firm and the industry;\u00a0explain and illustrate the differences between the demand curve for a perfectly competitive firm and that for a perfectly competitive industry<\/li>\n
    • Calculate and graph the firm\u2019s fixed, variable, average, marginal and total costs;\u00a0calculate and graph the firm\u2019s average, marginal and total revenues; determine the profit maximizing output level and price using graphs and demand schedules; is able to calculate and graphically illustrate where marginal revenue equals marginal costs<\/li>\n
    • Measure variable and total costs as the area under the average variable and average total cost curves;\u00a0measure total revenues as the area under the average revenue curves; calculate and graphically illustrate profit and losses for a perfectly competitive firm<\/li>\n
    • Determine the break-even, and the shutdown points of production for a perfectly competitive firm<\/li>\n
    • Explain the difference between short-run and long-run equilibrium; explain the concept of “zero economic profit”<\/li>\n
    • Understand why perfectly competitive markets are efficient<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Monopoly: Analyze a firm’s profit maximizing strategies under conditions of a monopoly<\/td>\n\n
      \n
    • Define the characteristics of a monopoly<\/li>\n
    • Define and explain the sources of barriers to entry<\/li>\n
    • Calculate and graph a monopoly\u2019s fixed, variable, average, marginal and total costs;\u00a0measure variable and total costs as the area under the average variable and average total cost curves; calculate and graph the firm\u2019s average, marginal and total revenues; measure total revenues as the area under the average revenue curves; determine the profit maximizing output level and price; is able to calculate and graphically illustrate where marginal revenue equals marginal costs; calculate and graphically illustrate profit and losses for a monopolist<\/li>\n
    • Explain why a monopoly is inefficient using deadweight loss;\u00a0differentiate between a single price monopolist and a price discriminating monopolist<\/li>\n
    • Analyze different strategies to control monopolies, including natural monopolies<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Oligopoly: Analyze a firm’s profit maximizing strategies under conditions of oligopoly<\/td>\n\n
      \n
    • Define characteristics of oligopolies<\/li>\n
    • Explain why collusion can occur in oligopolistic industries<\/li>\n
    • Explain the role of game theory in understanding the behavior of oligopolies<\/li>\n
    • Explain why oligopolies are inefficient<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Monopolistically Competitive Industries: Analyze a firm’s profit maximizing strategies under conditions of monopolistic competition<\/td>\n\n
      \n
    • Define the characteristics of a monopolistically competitive industry; understand the difference between the firm and the industry<\/li>\n
    • Calculate and graph the firm\u2019s fixed, variable, average, marginal and total costs;\u00a0measure variable and total costs as the area under the average variable and average total cost curves; calculate and graph the firm\u2019s average, marginal and total revenues; measure total revenues as the area under the average revenue curves; determine the profit maximizing output level and price; is able to calculate and graphically illustrate where marginal revenue equals marginal costs; calculate and graphically illustrate profit and losses for a monopolistically competitive firm<\/li>\n
    • Explain the difference between short run and long run equilibrium in a monopolistically competitive industry<\/li>\n
    • Understand how product differentiation works in monopolistically competitive industries and how firms use advertising to differentiate their products, understanding impact on elasticity<\/li>\n
    • Understand why monopolistically competitive markets are inefficient (including deadweight loss)<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Public Goods: Compare public goods and private goods and understand the role for them in the economy<\/td>\n\n
      \n
    • Contrast between public and private goods<\/li>\n
    • Explain the concept of free riders<\/li>\n
    • Define and give examples of positive and negative externalities<\/li>\n
    • Analyze the efficacy of government policies to lessen negative externalities and analyze how the government promotes positive externalities<\/li>\n
    • Analyze the impact of market-based solutions to negative externalities<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Globalization, Trade, and Finance: Analyze the benefits and costs of international trade<\/td>\n\n
      \n
    • Define and calculate comparative and absolute advantage<\/li>\n
    • Explain how a nation’s workers and consumers are affected by impact of international trade<\/li>\n
    • Understand the way government regulations (e.g. tariffs, quotas and non-tariff barriers) affect business, consumers and workers in the economy<\/li>\n
    • Differentiate between alternative international trade regimes and how they impact global trade<\/li>\n
    • Define currency exchange rates and explain how they influence trade balances<\/li>\n
    • Explain how the balance of trade (surplus or deficit) affects the domestic economy, and how the domestic economy affects the balance of trade<\/li>\n
    • Connect globalization, international trade, and international finance<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    Income Distribution: Assess how resource markets\/factors of production affect society’s distribution of income<\/td>\n\n
      \n
    • Describe the incomes earned by the factors of production (land, labor, capital, entrepreneurship) wages, interest, rents, and profit<\/li>\n
    • Analyze how perfect\/imperfect competition between buyers and sellers of factors can impact wages, interest, and rents<\/li>\n
    • Use the Lorenz Curve to analyze the distribution of income and wealth<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"author":31,"menu_order":1,"template":"","meta":{"_candela_citation":"[]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"front-matter-type":[],"contributor":[],"license":[],"class_list":["post-5594","front-matter","type-front-matter","status-web-only","hentry"],"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/front-matter\/5594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/front-matter"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/types\/front-matter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/users\/31"}],"version-history":[{"count":3,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/front-matter\/5594\/revisions"}],"predecessor-version":[{"id":5597,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/front-matter\/5594\/revisions\/5597"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/front-matter\/5594\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/media?parent=5594"}],"wp:term":[{"taxonomy":"front-matter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/front-matter-type?post=5594"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/contributor?post=5594"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/license?post=5594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}