Course Overview

Introduction to Microeconomics

This course introduces students to the basic principles of microeconomics, focusing on the study of the economy as a whole and the relevance of these principles for understanding current macroeconomic issues. Topics include measurement of macroeconomic indicators, aggregate demand and supply, economic growth, fluctuations, and government policies.

• Microeconomics is the branch of economics that studies individual agents and markets, but this course also covers macroeconomic principles.

• Macroeconomics focuses on the economy-wide phenomena such as inflation, unemployment, and economic growth.

• Key macroeconomic indicators include Gross Domestic Product (GDP), unemployment rate, and inflation rate.

Program Learning Goals

BComm Program Learning Goals

The course supports the following learning goals for business students:

• Business Knowledge and Competency: Understanding economic principles and their application in business contexts.

• Communication: Ability to communicate economic ideas effectively.

• Critical Thinking: Applying evidence-based approaches to economic problems.

• Digital Literacy and Fluency: Using technology to analyze economic data.

• Experiential Orientation: Applying economic concepts in real-world scenarios.

• Global Perspective: Understanding international economic issues.

• Social Responsibility and Sustainability: Evaluating the impact of economic decisions on society and the environment.

Course Objectives

Learning Outcomes

Upon successful completion, students will be able to:

• Describe the defining characteristics of economic problems and principles.

• Explain the measurement of major macroeconomic aggregates such as GDP, unemployment, and inflation.

• Analyze economic growth and fluctuations using aggregate demand and supply models.

• Apply macroeconomic models to real-world issues, including business cycles and policy impacts.

• Explain the causes and effects of inflation and unemployment.

• Discuss fiscal and monetary policy in open and closed economies.

• Explain how international trade works and the basics of trade policy.

Instructional Approach

Teaching Methods

Classes are held in person and may include problem sets, quizzes, midterm, and a final exam. Students are expected to read the textbook and participate in class activities.

• Lecture-based instruction with supplemental online materials.

• Assignments and tests designed to reinforce key concepts.

• Emphasis on critical thinking and application of economic models.

Required and Recommended Texts

Textbook Information

• Required Text: Ragan, C. Macroeconomics, 16th Canadian Edition. Pearson (2025).

• Digital edition available through campus bookstore.

• Recommended reading includes The Economist, Financial Times, The Globe and Mail, and other major news outlets for current macroeconomic issues.

Grading System

Grade Conversion Table

The following table shows how numeric grades convert to letter grades and ratings:

Evaluation

Assessment Components

• Problem Sets: 20% (3 sets, 6-7% each)

• Quizzes: 10% (1 for each lecture)

• Midterm Test: 30%

• Final Exam: 40%

Assignments must be completed individually. Use of generative AI is not permitted on assignments.

Grading Rubric

• Perfect (100%): All calculations and illustrations are correct and complete.

• Very Good (90%): Strong understanding with minor errors.

• Good (80%): Complete understanding with some errors or omissions.

• Acceptable (70%): Mostly correct, but several errors or omissions.

• Failed (25%): Incorrect or incoherent answer.

• Zero (0%): No attempt or completely incoherent.

Subjective interpretation questions rarely score perfect grades; effort and structure are rewarded.

Weekly Schedule

Topics by Week

Basic Skills Needed

• High school level algebra

• Using spreadsheets to collect and manipulate data, make charts and graphs

• Applying data, charts, and graphical illustrations to assess financial markets and monetary policy

• Preparing coherent essays using thesis statements, arguments, and evidence

Course Policies

Late/Missed Assignments and Deferred Exams

• Students must submit formal documentation for missed tests or assignments.

• Deferred exams require an official request and supporting documentation.

Academic Integrity

• All work must be original and prepared individually.

• Plagiarism and unauthorized collaboration are strictly prohibited.

Copyright

• Course materials are subject to Canadian copyright law.

• Further reproduction or dissemination is not allowed without permission.

Key Macroeconomic Concepts (Preview)

Gross Domestic Product (GDP)

GDP is the total market value of all final goods and services produced within a country in a given period.

• Formula:

• Where C = Consumption, I = Investment, G = Government Spending, X = Exports, M = Imports.

Unemployment Rate

The unemployment rate measures the percentage of the labor force that is unemployed and actively seeking work.

• Formula:

Inflation Rate

Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power.

• Formula:

• CPI = Consumer Price Index

Aggregate Demand and Supply

Aggregate demand is the total demand for goods and services in an economy. Aggregate supply is the total supply of goods and services.

• Used to analyze economic fluctuations and policy impacts.

Fiscal and Monetary Policy

Fiscal policy involves government spending and taxation to influence the economy. Monetary policy involves managing the money supply and interest rates.

• Central banks use monetary policy to control inflation and stabilize the economy.

International Trade

Trade between countries allows for specialization and can improve economic welfare. Trade policy includes tariffs, quotas, and agreements.

• Key concepts: comparative advantage, balance of payments.

Additional info: The syllabus provides a comprehensive overview of the course structure, expectations, and key macroeconomic concepts. Students are encouraged to read widely and apply critical thinking to current economic issues.