Updated in Summer 2018, this course provides a strong foundation in microeconomic theory, whether preparing for further study in economics, the social sciences, business, or other disciplines. Designed to help students think like economists, course materials use engaging, real-world examples to explore how individuals and firms make economic choices. Key topics include supply and demand, elasticity, utility, production and costs, and an analysis of types of markets: perfect competition, monopoly, monopolistic competition, and oligopoly. Content coverage also includes public goods and externalities, labor markets, income distribution, globalization and trade, and exchange rates and international finance. An orientation module helps students refresh skills around modeling, graphing, and algebra for economic problem-solving.<\/p>\r\n\r\n
Updated in Summer 2018, this course provides a strong foundation in microeconomic theory, whether preparing for further study in economics, the social sciences, business, or other disciplines. Designed to help students think like economists, course materials use engaging, real-world examples to explore how individuals and firms make economic choices. Key topics include supply and demand, elasticity, utility, production and costs, and an analysis of types of markets: perfect competition, monopoly, monopolistic competition, and oligopoly. Content coverage also includes public goods and externalities, labor markets, income distribution, globalization and trade, and exchange rates and international finance. An orientation module helps students refresh skills around modeling, graphing, and algebra for economic problem-solving.<\/p>\n
We believe in making continuous improvements to our courses in order to enhance and facilitate student learning. This newest version of the course includes a vast number of data-driven improvements to assessment questions and text content in order to better illustrate, clarify, and evaluate concepts.<\/p>\n
This new edition of Waymaker Microeconomics includes significant improvements and enhancements:<\/p>\n
Several topics proved to be consistently difficult for the thousands of students who took a Waymaker Economics course during Fall 2017. We have made specific improvements to address these difficult topics, several of which are explained below:<\/p>\n
This course, based on OpenStax Principles of Economics<\/a>, includes additional noteworthy contributions by the Lumen Learning team and:<\/p>\n Primary Content Authors<\/strong> Acknowledgments<\/strong> Lumen Learning courseware is based on open educational resources (OER). When we can find well designed, effective OER that are appropriately licensed, we use them in our courseware. When we can\u2019t find pre-existing OER, we create original content and license it as OER (under a Creative Commons Attribution license).<\/p>\n Lumen\u2019s authoring process doesn\u2019t end when our courseware is released. Our choice to adopt open educational resources means that we have the copyright permissions necessary to engage in continuous improvement of our learning content. Consequently, our courses are continually being revised and updated. Errata reported for our courseware are fixed in a matter of days, as opposed to the traditional model in which errors persist until the next \u201cedition\u201d is printed (often a year or more). Students and faculty can suggest improvements to our courses directly from within the courseware as they use it. And we conduct regular analyses to determine where students are struggling the most in our courseware, and make improvements that specifically target these areas.<\/p>\n Given our unique approach, our list of authors and other contributors may look different than the lists you are used to seeing. We provide both a list of the primary content authors (the people involved in the initial creation of the course) and a list of everyone who has contributed suggestions and other improvements to the course since it was first released. We invite you to join us as we create courseware that supports student learning more effectively each semester.<\/p>\n If you\u2019d like to connect with us to learn more about adopting this course, please\u00a0Contact Us<\/a>.<\/p>\n You can also make an appointment<\/a>\u00a0for OER Office Hours<\/a> to connect virtually with a live Lumen expert about any question you may have.<\/p>\n\n\t\t\t
\nSteve Greenlaw, University of Mary Washington
\nSophie Haci, Houston Community College
\nMelissa Walker, Nashville State Community College
\nVeronika Dolar, SUNY Old Westbury
\nMichael Fusillo, Tufts University
\nShawn Kilpatrick, Northeastern University
\nJennifer Pakula, Saddleback College
\nClark Aldrich, Contributor<\/p>\n
\nThis book has benefited from the contributions of many people, including David Alexander, Trisha Anne, Karen Arnesen, Shanna Babbitt,\u00a0Steven Ballou,\u00a0Tomi Barker, Liz Carrera, Maria Cristina, Amy Cutts,\u00a0Naomi Davidson,\u00a0Jacob Dehart,\u00a0Paul Dorman,\u00a0Eleah Flockhart,\u00a0Therese Grijalva,\u00a0Ryan Halagan,\u00a0Debbie Huber,\u00a0Nicholas Looper,\u00a0Ericastilla Lopez,\u00a0Matthew Lorne,\u00a0Bilal Parise,\u00a0Anthony Ramirez,\u00a0Chanae M. Smith, Olivia Smaldone, Pamela Stuart,\u00a0Amanda Swenson,\u00a0Eva Tyannikov,\u00a0Allyn Underwood,\u00a0Brooke Walker,\u00a0Heather Walker, Riley Weppner,\u00a0Darrick Whitmer<\/span>,\u00a0<\/span>Jacob Williams, and Emily Witko.<\/span><\/p>\nAbout Lumen<\/h2>\n
Candela Citations<\/h3>\n\t\t\t\t\t