PRINCIPLES OF MICROECONOMICS (ALSO KNOWN AS ECO 1021)

Textbook Information:

OER text book titled Principles of Microeconomics (non AP version)—freely available at Openstax.org

(https://openstax.org/details/books/principles-microeconomics-2e)

 

Supplemental Readings:

 

Unit 1: Fundamentals of Economics

Readings:

https://core-econ.org/the-economy/book/text/01.html#great-economists-adam-smith

Please Read the above article on Adam Smith from another Open Source Text book called Core-Econ. This should be used as a supplemental reading to enhance the understanding of the principle of a free market economy.

Unit 2: Demand and Supply

 

Supplemental Reading for this Unit.

https://www.bbc.com/news/business-44885983

(A reading on how a popular brand ensures demand for it's high-end product).

Additionally, I would encourage you watching, and discussing, the following short documentary:

https://www.youtube.com/watch?v=bOOI5LbQ9B8

 

Unit 3: Elasticity

Readings:

The following refresher reading on the concept of elasticity comes from the Harvard Business Review, and is interesting because in addition to explaining what elasticity is, it also illustrates some common ways in which managers can use the concept.

https://hbr.org/2015/08/a-refresher-on-price-elasticity

I encourage you to read the article and use it in our discussions.

CSLO 1,2

 

Unit 4: The Production Theory

Readings:

Let us look at the cost break-down of an Apple I-phone: 

https://www.digitaltrends.com/mobile/iphone-cost-what-apple-is-paying/

 

Unit 5:  Pure Competition

No Readings

Unit 6: Pure Monopoly

Readings: https://www.latimes.com/business/la-fi-monopoly-utilities-california-20190207-story.html

Utility Monopolies

Unit 7:  Monopolistic Competition

 Unit 8: Basics of Game Theory

Readings: Imperfect cartelization in OPEC (https://doi.org/10.1016/j.eneco.2016.10.010)

Unit 9: Models of Oligopoly

Readings: Ch 10, part3

Unit 10: Monopoly and Antitrust Policy

Readings: Ch 11

Unit 11: Environmental Protection and Negative Externalities

Readings: Ch 12

Unit 12: Positive Externalities and Public Goods

Readings: None

Unit 13: Labor Markets and Income

Readings: Ch 14

Unit 14: Poverty and Economic Inequality

Reading (A reference read on the ways Income figures are reported in the U.S.)

www.thebalance.com/what-is-average-income-in-usa-family-household-history-3306189

Readings: Ch 15

Unit 15: Information, Risk, and Insurance

Readings: Ch 16