{"id":8551,"date":"2018-05-29T14:32:18","date_gmt":"2018-05-29T14:32:18","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/?post_type=chapter&#038;p=8551"},"modified":"2024-04-25T23:19:41","modified_gmt":"2024-04-25T23:19:41","slug":"learning-outcomes","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/learning-outcomes\/","title":{"raw":"Learning Outcomes","rendered":"Learning Outcomes"},"content":{"raw":"<img class=\"aligncenter wp-image-254\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/05\/29140556\/outcomes.jpg\" alt=\"icon of a magnifying glass over a list\" width=\"200\" height=\"201\" \/>\r\n\r\nThe content, assignments, and assessments for this course are aligned to the following learning outcomes. A full list of course learning outcomes can be viewed here: <a href=\"https:\/\/docs.google.com\/spreadsheets\/d\/1g4i4BP3WEtCa8ZjgteqLZ8ggaMRvHzcEfcnTS4NAX9w\/edit#gid=0\">Microeconomics Course Learning Outcomes<\/a>.\r\n<h2>Module 1: Economic Thinking<\/h2>\r\n<ul>\r\n \t<li>Explain what economics is and explain why it is important<\/li>\r\n \t<li>Use mathematics in common economic applications<\/li>\r\n \t<li>Use graphs in common economic applications<\/li>\r\n<\/ul>\r\n<h2>Module 2:\u00a0Choice in a World of Scarcity<\/h2>\r\n<ul>\r\n \t<li>Explain the cost of choices and trade-offs<\/li>\r\n \t<li>Illustrate society's trade-offs by using a production possibilities frontier, or curve<\/li>\r\n \t<li>Explain the assumption of rationality by individuals and firms<\/li>\r\n<\/ul>\r\n<h2>Module 3:\u00a0Supply and Demand<\/h2>\r\n<ul>\r\n \t<li>Describe and differentiate between major economic systems<\/li>\r\n \t<li>Explain the determinants of demand<\/li>\r\n \t<li>Explain the determinants of supply<\/li>\r\n \t<li>Explain and graphically illustrate market equilibrium, surplus and shortage<\/li>\r\n<\/ul>\r\n<h2>Module 4:\u00a0Applications of Supply and Demand<\/h2>\r\n<ul>\r\n \t<li>Analyze the economic effect of government setting price ceilings and floors<\/li>\r\n \t<li>Define, calculate, and illustrate consumer, producer, and total surplus<\/li>\r\n \t<li>Examine ways that supply and demand apply to labor and financial markets<\/li>\r\n<\/ul>\r\n<h2>Module 5:\u00a0Elasticity<\/h2>\r\n<ul>\r\n \t<li>Explain the concept of elasticity<\/li>\r\n \t<li>Explain the price elasticity of demand and price elasticity of supply, and compute both using the midpoint method<\/li>\r\n \t<li>Explain and calculate other elasticities using common economic variables<\/li>\r\n \t<li>Explain the relationship between a firm's price elasticity of demand and total revenue<\/li>\r\n<\/ul>\r\n<h2>Module 6: Utility<\/h2>\r\n<ul>\r\n \t<li>Describe the concept of utility and explain how consumers spend in order to maximize utility<\/li>\r\n \t<li>Explain how consumer utility changes when income or prices change<\/li>\r\n \t<li>Find consumer equilibrium using indifference curves and a budget constraint<\/li>\r\n \t<li>Describe the behavioral economics approach to understanding decision making<\/li>\r\n<\/ul>\r\n<h2>Module 7: Production and Costs<\/h2>\r\n<ul>\r\n \t<li>Explain production and the production function<\/li>\r\n \t<li>Calculate, graph and understand production costs in the short run<\/li>\r\n \t<li>Examine production choices in the long run<\/li>\r\n<\/ul>\r\n<h2>Module 8: Perfect Competition<\/h2>\r\n<ul>\r\n \t<li>Describe the characteristics of perfect competition and calculate costs, including fixed, variable, average, marginal, and total costs<\/li>\r\n \t<li>Analyze a firm's profit margin<\/li>\r\n \t<li>Describe how perfectly competitive markets adjust to long run equilibrium<\/li>\r\n<\/ul>\r\n<h2>Module 9: Monopoly<\/h2>\r\n<ul>\r\n \t<li>Describe characteristics of monopolies<\/li>\r\n \t<li>Calculate and graph a monopoly's costs, revenues, profit and losses<\/li>\r\n \t<li>Analyze strategies used to control monopolies<\/li>\r\n<\/ul>\r\n<h2>Module 10: Monopolistically Competition and Oligopoly<\/h2>\r\n<ul>\r\n \t<li>Describe the characteristics of a monopolistically competitive industry<\/li>\r\n \t<li>Calculate and graph a firm's fixed, variable, average, marginal and total costs in monopolistic competition<\/li>\r\n \t<li>Describe characteristics of oligopolies<\/li>\r\n<\/ul>\r\n<h2>Module 11: Public Goods<\/h2>\r\n<ul>\r\n \t<li>Define and give examples of public goods and externalities<\/li>\r\n \t<li>Define and give examples of positive and negative externalities<\/li>\r\n \t<li>Analyze the efficacy of government policies to lessen negative externalities<\/li>\r\n \t<li>Analyze how the government promotes positive externalities<\/li>\r\n<\/ul>\r\n<h2>Module 12: Labor Markets<\/h2>\r\n<ul>\r\n \t<li>Analyze labor markets and how supply and demand interact to determine the market wage rate<\/li>\r\n \t<li>Explain how wages are determined when employers or employees hold labor market power<\/li>\r\n \t<li>Analyze the economic implications of discrimination and immigration policies<\/li>\r\n<\/ul>\r\n<h2>Module 13: Income Distribution<\/h2>\r\n<ul>\r\n \t<li>Explain poverty and the poverty trap<\/li>\r\n \t<li>Analyze and measure economic inequality<\/li>\r\n<\/ul>\r\n<h2>Module 14: Globalization and Trade<\/h2>\r\n<ul>\r\n \t<li>Define and calculate comparative advantage, and understand how countries choose which goods and services to trade internationally<\/li>\r\n \t<li>Explain how barriers to trade (like tariffs, quotas and non-tariff barriers) affect businesses, consumers and workers in the economy<\/li>\r\n \t<li>Differentiate between alternative international trade regimes and how they impact global trade<\/li>\r\n<\/ul>\r\n<h2>Module 15: Exchange Rates and International Finance<\/h2>\r\n<ul>\r\n \t<li>Define currency exchange rates and explain how they influence trade balances<\/li>\r\n \t<li>Analyze how supply and demand affects foreign currencies and exchange rates<\/li>\r\n \t<li>Explain how the balance of trade (surplus or deficit) affects the domestic economy<\/li>\r\n<\/ul>","rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-254\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/05\/29140556\/outcomes.jpg\" alt=\"icon of a magnifying glass over a list\" width=\"200\" height=\"201\" \/><\/p>\n<p>The content, assignments, and assessments for this course are aligned to the following learning outcomes. A full list of course learning outcomes can be viewed here: <a href=\"https:\/\/docs.google.com\/spreadsheets\/d\/1g4i4BP3WEtCa8ZjgteqLZ8ggaMRvHzcEfcnTS4NAX9w\/edit#gid=0\">Microeconomics Course Learning Outcomes<\/a>.<\/p>\n<h2>Module 1: Economic Thinking<\/h2>\n<ul>\n<li>Explain what economics is and explain why it is important<\/li>\n<li>Use mathematics in common economic applications<\/li>\n<li>Use graphs in common economic applications<\/li>\n<\/ul>\n<h2>Module 2:\u00a0Choice in a World of Scarcity<\/h2>\n<ul>\n<li>Explain the cost of choices and trade-offs<\/li>\n<li>Illustrate society&#8217;s trade-offs by using a production possibilities frontier, or curve<\/li>\n<li>Explain the assumption of rationality by individuals and firms<\/li>\n<\/ul>\n<h2>Module 3:\u00a0Supply and Demand<\/h2>\n<ul>\n<li>Describe and differentiate between major economic systems<\/li>\n<li>Explain the determinants of demand<\/li>\n<li>Explain the determinants of supply<\/li>\n<li>Explain and graphically illustrate market equilibrium, surplus and shortage<\/li>\n<\/ul>\n<h2>Module 4:\u00a0Applications of Supply and Demand<\/h2>\n<ul>\n<li>Analyze the economic effect of government setting price ceilings and floors<\/li>\n<li>Define, calculate, and illustrate consumer, producer, and total surplus<\/li>\n<li>Examine ways that supply and demand apply to labor and financial markets<\/li>\n<\/ul>\n<h2>Module 5:\u00a0Elasticity<\/h2>\n<ul>\n<li>Explain the concept of elasticity<\/li>\n<li>Explain the price elasticity of demand and price elasticity of supply, and compute both using the midpoint method<\/li>\n<li>Explain and calculate other elasticities using common economic variables<\/li>\n<li>Explain the relationship between a firm&#8217;s price elasticity of demand and total revenue<\/li>\n<\/ul>\n<h2>Module 6: Utility<\/h2>\n<ul>\n<li>Describe the concept of utility and explain how consumers spend in order to maximize utility<\/li>\n<li>Explain how consumer utility changes when income or prices change<\/li>\n<li>Find consumer equilibrium using indifference curves and a budget constraint<\/li>\n<li>Describe the behavioral economics approach to understanding decision making<\/li>\n<\/ul>\n<h2>Module 7: Production and Costs<\/h2>\n<ul>\n<li>Explain production and the production function<\/li>\n<li>Calculate, graph and understand production costs in the short run<\/li>\n<li>Examine production choices in the long run<\/li>\n<\/ul>\n<h2>Module 8: Perfect Competition<\/h2>\n<ul>\n<li>Describe the characteristics of perfect competition and calculate costs, including fixed, variable, average, marginal, and total costs<\/li>\n<li>Analyze a firm&#8217;s profit margin<\/li>\n<li>Describe how perfectly competitive markets adjust to long run equilibrium<\/li>\n<\/ul>\n<h2>Module 9: Monopoly<\/h2>\n<ul>\n<li>Describe characteristics of monopolies<\/li>\n<li>Calculate and graph a monopoly&#8217;s costs, revenues, profit and losses<\/li>\n<li>Analyze strategies used to control monopolies<\/li>\n<\/ul>\n<h2>Module 10: Monopolistically Competition and Oligopoly<\/h2>\n<ul>\n<li>Describe the characteristics of a monopolistically competitive industry<\/li>\n<li>Calculate and graph a firm&#8217;s fixed, variable, average, marginal and total costs in monopolistic competition<\/li>\n<li>Describe characteristics of oligopolies<\/li>\n<\/ul>\n<h2>Module 11: Public Goods<\/h2>\n<ul>\n<li>Define and give examples of public goods and externalities<\/li>\n<li>Define and give examples of positive and negative externalities<\/li>\n<li>Analyze the efficacy of government policies to lessen negative externalities<\/li>\n<li>Analyze how the government promotes positive externalities<\/li>\n<\/ul>\n<h2>Module 12: Labor Markets<\/h2>\n<ul>\n<li>Analyze labor markets and how supply and demand interact to determine the market wage rate<\/li>\n<li>Explain how wages are determined when employers or employees hold labor market power<\/li>\n<li>Analyze the economic implications of discrimination and immigration policies<\/li>\n<\/ul>\n<h2>Module 13: Income Distribution<\/h2>\n<ul>\n<li>Explain poverty and the poverty trap<\/li>\n<li>Analyze and measure economic inequality<\/li>\n<\/ul>\n<h2>Module 14: Globalization and Trade<\/h2>\n<ul>\n<li>Define and calculate comparative advantage, and understand how countries choose which goods and services to trade internationally<\/li>\n<li>Explain how barriers to trade (like tariffs, quotas and non-tariff barriers) affect businesses, consumers and workers in the economy<\/li>\n<li>Differentiate between alternative international trade regimes and how they impact global trade<\/li>\n<\/ul>\n<h2>Module 15: Exchange Rates and International Finance<\/h2>\n<ul>\n<li>Define currency exchange rates and explain how they influence trade balances<\/li>\n<li>Analyze how supply and demand affects foreign currencies and exchange rates<\/li>\n<li>Explain how the balance of trade (surplus or deficit) affects the domestic economy<\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-8551\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Learning Outcomes. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Magnify. <strong>Authored by<\/strong>: Eucalyp. <strong>Provided by<\/strong>: Noun Project. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/thenounproject.com\/term\/magnify\/1276779\/\">https:\/\/thenounproject.com\/term\/magnify\/1276779\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":29,"menu_order":3,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Magnify\",\"author\":\"Eucalyp\",\"organization\":\"Noun Project\",\"url\":\"https:\/\/thenounproject.com\/term\/magnify\/1276779\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Learning Outcomes\",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-8551","chapter","type-chapter","status-publish","hentry"],"part":8546,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/8551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/users\/29"}],"version-history":[{"count":4,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/8551\/revisions"}],"predecessor-version":[{"id":8977,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/8551\/revisions\/8977"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/parts\/8546"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/8551\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/media?parent=8551"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=8551"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/contributor?post=8551"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/license?post=8551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}