EC 252 - Principles of Microeconomics

1. Use scarcity, opportunity cost and cost/benefit analysis to analyze how decisions are made.
2. Develop models and conduct analysis of consumer and producer behavior in markets. 
3. Model input markets, such as the labor market, and discuss how the outcomes can be impacted by market failures and public policies.
4. Compare the social consequences of perfectly competitive and imperfectly competitive market structures. (GELO7)
5. Articulate economic theories to explain the role of government in cases of market failure. (GELO1) 

A. Scarcity, choice, and opportunity cost

B. Comparative advantage and trade

C. Supply and demand model 

D. Producer and consumer surplus

E. Elasticity 

II. Analyzing how markets work and the societal implications of choices in different market structures.

A. Consumer choice theory

B. Production and costs

C. Perfect competition

D. Imperfectly competitive market structures

III. Introduction to factor markets and how data is used to analyze models.

IV. Examining market failure and the Role of Government

A. Externalities

B. Public Goods

C. Poverty and the income distribution

Facilitated Discussion: 10-40%

Group Work: 10-40%
Mandatory Course Components:
All sections of this course will include written assessments that constitute a minimum of 25% of the course grade.  All sections of this course will require student participation or group work (either in person or online) that constitute a minimum of 10% of the course grade.
Equivalent Courses:
None

Essential Abilities - Economics

The Grand Rapids Community College economics faculty has specified essential abilities (technical standards) critical to the success of students in any GRCC economics class. Students must demonstrate these essential abilities to succeed in their program of study. Qualified applicants are expected to meet all admission criteria and matriculating students are expected to meet all progression criteria, as well as these essential abilities (technical standards) with or without reasonable accommodations.

Essential judgment skills to include: ability to identify, assess, and comprehend economic assumptions, theory, models, and data for the purpose of problem solving and economic analysis.

I. Essential physical/neurological functions to include: ability to use the sense of sight to make correct judgments regarding graphs, charts, and written material. Behaviors that demonstrate essential neurological and physical functions include, but are not limited to observation, listening, understanding relationships, writing, graphing, calculations and psychomotor abilities consistent with economics course expectations.

II. Essential communication skills to include: ability to communicate effectively with fellow students, faculty, and all members of the economics programs. Skills include verbal, written, mathematical, and nonverbal abilities as well as information technology skills consistent with effective communication.

III. Essential emotional coping skills: ability to manage potential stressors that accompany tasks necessary to safely engage in the study of complex, technical economic models and a variety of economic issues. These may include but are not limited to discussions of poverty, inequality, wages, discrimination, the environment, and political debates around economic issues.

IV. Essential intellectual/conceptual skills to include: ability to calculate, analyze, synthesize, and evaluate to engage competently in the practice of economics.

V. Other essential behavioral attributes: The student must demonstrate responsibility and accountability for actions as a student in the economics department.

Grand Rapids Community College strives to be more than ADA compliant. We strive to be accessible and welcoming to all students of all abilities. After reviewing the Essential Abilities/Technical Standards for this program; your responsibilities as a student entail determining if you can complete all associated coursework either:

1. With Accommodation. I am otherwise qualified to meet the same academic standards as any other student entering the program. However, based on a medically documented condition or diagnosis, I would qualify for reasonable accommodation under the Americans with Disabilities Act (1990). I will meet with Disability Support Services on campus to arrange those accommodations in an interactive process with the department of economics.
    
2. Without Accommodation. I am able to complete the program without need for reasonable accommodation or modification. In the event my medical documentation reveals otherwise or a condition manifests that would necessitate an accommodation; it is my responsibility to inform a responsible authority figure within the department of economics and work with Disability Support Services to see if a reasonable accommodation or modification can be made.

If you have a medically documented condition or diagnosis, please contact the economics office, or contact Disability Support Services (DSS) at disability@grcc.edu or by phone at 616.234.4140 to arrange accommodations through our interactive process.