Introduction
Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester. This course has been designed for independent study. It includes all of the materials you will need to understand the concepts covered in this subject.
Task
- Complete the reading assignment for the Unit 1
- Intro to Microeconomics
- Applying Supply and Demand
- Elasticity
- Complete Problem Set 1 after reading the chapters.
- After reading 'Intro to Microeconomics' find an example of Economics in the News.
- Find an economics chart and write a brief explanation of the chart.
Process
To complete Unit 1 reading go to the Rittenberg, Libby, and Timothy Tregarthen. Principles of Microeconomics (PDF - 15.1MB). 2009. (Courtesy of Libby Rittenberg, Timothy Tregarthen, and the Saylor Foundation.) The book version is online and free. Read Chapters 1, 3, 4, and 5.
To find an example of 'Economics in the News' use the google research tool. An example can be a story about production, price change, international trade, etc. The story can be an article, video, cartoon, or any other format. Contact the online instruction in the case of any questions.
To find 'Supply and Demand Chart' use google research tool as well. Chart can show any of the following: price chage, international trade levels, quotas, production change, etc. The chart has to depict the situation that is happening in the country, private or state business, individual life, or any other chart showing the situation in question. Explaination needs to be brief, no more than 350 words.
Evaluation
Problems set 1 ___/115
Economics in the News ___/25
Example Chart ___/50
Conclusion
Book Resource:
Rittenberg, Libby, and Timothy Tregarthen. Principles of Microeconomics (PDF - 15.1MB). 2009. (Courtesy of Libby Rittenberg, Timothy Tregarthen, and the Saylor Foundation.)
Unit 1 preparation guide and problem sets:
https://ocw.mit.edu/courses/economics/14-01sc-principles-of-microeconom…
Credits
Jessica Leight
Is a Ph.D. student in Economics at MIT. She was a teaching assistant for Principles of Microeconomics in both semesters in the 2010-2011 year, and also served as the head TA. Introductory economics is an engaging subject and one that can serve as a foundation for a long academic career in economics or related fields, as it has for her. Her primary research interests are in development and health economics, and prior to coming to MIT, she studied at Yale and Oxford.
Nora Hagerman
She is a junior at Wellesley College, studying Economics. Ever since she took her first Econ class on a whim freshman year, she has been fascinated with studying how people make the decisions that shape country's economy. While she has focused on Macroeconomics and the global economy in school, she has really enjoyed reviewing Microeconomics while working with MIT OpenCourseWare!
Greg Hutko
Greg Hutko is a graduate of the MIT Department of Economics, and is currently teaching in a Boston public school through Teach for America and he has years of experience tutoring economics.
MIT's credits:
Jonathan Gruber. 14.01SC Principles of Microeconomics. Fall 2011. Massachusetts Institute of Technology: MIT OpenCourseWare, https://ocw.mit.edu. License: Creative Commons BY-NC-SA.
Teacher Page
Jadranka 'Yatza' Tramosljanin
This webquest is created for the purposes of ED524 Instructional Technology. I am using different reserouces such as MIT Open Coursewear and Thompson Rivers University Open Learning to help me create webquest pages.