Course Outline - Business Administration Program: Year 1 ECON 186 Microeconomics

Brief Course Description

The question of how individuals and firms use their resources to attain certain economic goals is examined. The central problem of scarcity is introduced. A brief study of how different economic systems try to solve this problem is undertaken. The market system is investigated as to how supply, demand, and price determine what and how much is produced. Effective decision-making in the marketplace is also examined.

Course Prerequisites


Learning Objectives*

On completion of the Unit the candidate will be able to:
  1. Define scarcity and rational decision making.
  2. Explain the production possibility curve.
  3. Apply the concept of supply and demand to real world scenarios.
  4. Describe the concept of elasticity and the effect price changes have on demand and supply.
  5. Calculate and graph the costs of production for a firm.
  6. Describe the concepts of a variety of market structures.
  7. Describe the economic and political functions of government.
  8. Discuss how the firm/individual is affected by the taxation and spending by different levels of government in Canada.

Required course materials*

Mankiw, Kneebone, McKenzie. (2019). Principles of Micro Economics with Mindtap Access (8th Canadian Edition). Toronto, Ontario: Nelson Education Ltd.

Course Duration

The Course Duration is 64 Hours

Homework Hours

Course Homework Hours will be 10 hours per week approximately.

Delivery Methods

Indicate how the course is delivered: X In-class instruction
  • Distance education
  • Combined delivery (both in-class and distance)

Teaching Methods*

Teaching Methods will Involve Seminar Format, Lecture format and Laboratory Format depending upon the course demand

Method(s) of Student Evaluation*

Type of Assessment Value
Assignments 50%
Chapter Tests 20%
Final Exam 30%
Total 100%

Completion Requirements*

A Candidate has to attain a minimum score of 50% overall to ensure successful course completion