The Principles of Microeconomics course was developed through the Ohio Department of Higher Education OER Innovation Grant. This work was completed and the course was posted in December 2019. The course is part of the Ohio Transfer Assurance Guides and is also named OSS004. For more information about credit transfer between Ohio colleges and universities, please visit: www.ohiohighered.org/transfer.Content ContributorsKen Fah Ohio Dominican UniversityJohn Fiske Ohio Dominican UniversityJoe Nowakowski Muskingum UniversityLibrarianNathan Wolfe Kenyon CollegeReview TeamMolly Cooper Ohio State University Subbu Kumarappan Ohio State University ATI
This lesson discusses why and how consumers make certain choices. Based on standard neoclassical theory, students are introduced to the concept of utility, budget constraints, and indifference curves. Given market prices and utility information, students will understand the implicit thought processes that lead to total utility maximization. In cases when individual behaviors do not adhere to the predictions of standard economic theory, the lesson employs behavioral economics to explain how and when consumer choices might be different under certain conditions including limited information, psychological pricing, bounded rationality, nudges, and loss aversion.
In this opening topic, students will be introduced to the fundamentals of economics including some important concepts and terms that they’ll use throughout the course. They’ll begin by learning about the basic problem in economics and how that problem is solved under different economic systems, including the market system. They’ll also be introduced to the idea of an economic model.
In this topic, students will be introduced to the concept of market failure and learn about its two prime examples, the presence of externalities and the provision of public goods. The concept of externalities will be explained through the use of examples such as environmental protection and technological innovation. The resources identified below also include a brief coverage of market efficiency, which would usually be covered elsewhere, if the instructor wishes to review.
This topic introduces key concepts that form the foundation of much of microeconomic analysis. The material ranges from a discussion of model-building as a way to simplify complex relationships among economic variables to definitions and descriptions of key concepts such as scarcity, efficiency and inefficiency, opportunity cost, comparative advantage and the gains from trade.
An analysis of how the private and public sectors interact, the role of taxes and how the decisions regarding their disposition are made, as well as the role of special interests and voting procedures.
This topic presents an introduction to the economics of US healthcare, with a focus on the major players including consumers, providers, private insurance, and government. It covers the challenges and opportunities for the US healthcare system including quality, costs, and access. An application of supply and demand analysis to healthcare markets is discussed. It compares U.S. health outcomes to those of other countries. Students are introduced to various data sources on US and global healthcare.