{"id":17,"date":"2020-03-24T04:51:21","date_gmt":"2020-03-24T04:51:21","guid":{"rendered":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/front-matter\/course-learning-outcomes\/"},"modified":"2023-09-26T15:58:54","modified_gmt":"2023-09-26T15:58:54","slug":"course-learning-outcomes","status":"publish","type":"front-matter","link":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/front-matter\/course-learning-outcomes\/","title":{"raw":"Course Learning Outcomes","rendered":"Course Learning Outcomes"},"content":{"raw":"<h2>Microeconomics\u00a0Learning Outcomes<\/h2>\r\nThe Learning Outcomes covered by these\u00a0Microeconomics\u00a0course materials are:\r\n<table style=\"height: 2325px\">\r\n<tbody>\r\n<tr style=\"height: 15px\">\r\n<th style=\"height: 15px;width: 229px\" scope=\"col\">Module<\/th>\r\n<th style=\"height: 15px;width: 657px\" scope=\"col\">Learning Outcomes<\/th>\r\n<\/tr>\r\n<tr style=\"height: 104px\">\r\n<td style=\"height: 104px;width: 229.5px\">What is Economics<\/td>\r\n<td style=\"height: 104px;width: 657.5px\">\r\n<ul>\r\n \t<li>Explain what economics is and explain why it is important<\/li>\r\n \t<li>Explain how economists use economic models<\/li>\r\n \t<li>Use graphs in common economic applications<\/li>\r\n \t<li>Explain the cost of choices and trade-offs<\/li>\r\n \t<li>Illustrate society's trade-offs by using a production possibilities frontier (or curve)<\/li>\r\n \t<li>Explain the assumption of rationality by individuals and firms<\/li>\r\n \t<li>Define marginal analysis<\/li>\r\n \t<li>Differentiate between positive and normative statements<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 104px\">\r\n<td style=\"height: 104px;width: 229.5px\">Supply and Demand: Analyze how buyers and sellers interact in a free and competitive market to determine prices and quantities of goods<\/td>\r\n<td style=\"height: 104px;width: 657.5px\">\r\n<ul>\r\n \t<li>Describe and differentiate between major economic systems<\/li>\r\n \t<li>Explain the determinants of demand<\/li>\r\n \t<li>Explain the determinants of supply<\/li>\r\n \t<li>Explain\u00a0and graphically illustrate market equilibrium, surplus and shortage<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 15px\">\r\n<td style=\"width: 229.5px;height: 15px\">Changes in both Supply and Demand ,Government Interaction in the Market and Economic Surplus<\/td>\r\n<td style=\"width: 657.5px;height: 15px\">\r\n<ul>\r\n \t<li>Analyze the impact of both buyer and seller behavior changes<\/li>\r\n \t<li>Analyze the consequences of the government setting a binding price ceiling<\/li>\r\n \t<li>Analyze the consequences of the government setting a binding price floor<\/li>\r\n \t<li>Explain how the price elasticities of demand and supply affect the incidence of a sales tax<\/li>\r\n \t<li>Define progressive, proportional, and regressive taxes<\/li>\r\n \t<li>Define and calculate consumer, producer and total surplus; graphically illustrate consumer, producer and total surplus<\/li>\r\n \t<li>Use the concepts of consumer, producer and total surplus to explain why markets typically lead to efficient outcomes<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 120px\">\r\n<td style=\"height: 120px;width: 229.5px\">Public Goods: Compare public goods and private goods and understand the role for them in the economy<\/td>\r\n<td style=\"height: 120px;width: 657.5px\">\r\n<ul>\r\n \t<li>Contrast between public and private goods<\/li>\r\n \t<li>Explain the concept of free riders<\/li>\r\n \t<li>Define and give examples of positive and negative externalities<\/li>\r\n \t<li>Analyze the efficacy of government policies to lessen negative externalities and analyze how the government promotes positive externalities<\/li>\r\n \t<li>Analyze the impact of market-based solutions to negative externalities<\/li>\r\n \t<li>Define progressive, proportional, and regressive taxes<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 104px\">\r\n<td style=\"height: 104px;width: 229.5px\">Consumer Choice: Explain how consumer behavior shapes the demand curve with respect to utility and loss<\/td>\r\n<td style=\"height: 104px;width: 657.5px\">\r\n<ul>\r\n \t<li>Define the concept of utility and satisfaction<\/li>\r\n \t<li>Differentiate between marginal utility and total utility<\/li>\r\n \t<li>Describe and calculate the concept of marginal utility<\/li>\r\n \t<li>Explain how consumers maximize total utility within a given income using the Utility Maximizing Rule<\/li>\r\n \t<li>Explain how consumer\u2019s utility changes when income or prices change<\/li>\r\n \t<li>Describe the behavioral economics approach to understanding decision making<\/li>\r\n \t<li>Analyze Indifference Theory<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 104px\">\r\n<td style=\"height: 104px;width: 229.5px\">Elasticity: Measure how changes in price and income affect the behavior of buyers and sellers<\/td>\r\n<td style=\"height: 104px;width: 657.5px\">\r\n<ul>\r\n \t<li>Explain\u00a0the concept of elasticity<\/li>\r\n \t<li>Explain the price elasticity of demand and price elasticity of supply, and compute both\u00a0using the midpoint\u00a0method<\/li>\r\n \t<li>Explain and calculate other elasticities using common economic variables<\/li>\r\n \t<li>Explain the relationship between a firm\u2019s price elasticity of demand and total revenue<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 151px\">\r\n<td style=\"height: 151px;width: 229.5px\">Economic Rent, Labor and Financial Markets<\/td>\r\n<td style=\"height: 151px;width: 657.5px\">\r\n<ul>\r\n \t<li>Explain economic rent and resources that have a fixed supply<\/li>\r\n \t<li>Analyze decisions about labor in a competitive marketplace<\/li>\r\n \t<li>Explain the difference between stock and bonds<\/li>\r\n \t<li>Calculate the impact of interest on the price of a capital instrument<\/li>\r\n \t<li>Explain the three major type of business organization<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 262px\">\r\n<td style=\"height: 262px;width: 229.5px\">Production: Analyze the relationship between inputs used in production and\u00a0the resulting outputs and costs<\/td>\r\n<td style=\"height: 262px;width: 657.5px\">\r\n<ul>\r\n \t<li>Define the term \u201cproduction\u201d and explain what a production function is; define the term \u201cproduction inputs,\u201d and differentiate between labor, land, capital, entrepreneurship, technology<\/li>\r\n \t<li>Define and differentiate between marginal, average, and total product; compute and graph marginal, average, and total product;\u00a0explain diminishing marginal product and diminishing marginal returns<\/li>\r\n \t<li>Differentiate between Explicit and Implicit Costs, Accounting and\u00a0Economic Profit<\/li>\r\n \t<li>Identify sunk costs<\/li>\r\n \t<li>Define and differentiate between marginal, average, and total cost; compute and graph marginal, average, and total cost; differentiate between variable and fixed costs<\/li>\r\n \t<li>Differentiate between short-run and long-run costs; interpret the relationship between short-run and long-run costs<\/li>\r\n \t<li>Define and explain long-run costs, economies of scale, diseconomies of scale, and constant returns to scale<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 294px\">\r\n<td style=\"height: 294px;width: 229.5px\">Perfect Competition: Analyze a firm's profit maximizing decisions under conditions of perfect competition<\/td>\r\n<td style=\"height: 294px;width: 657.5px\">\r\n<ul>\r\n \t<li>Define the characteristics of Perfect Competition<\/li>\r\n \t<li>Calculate and graph the firm\u2019s fixed, variable, average, marginal and total costs;\u00a0calculate and graph the firm\u2019s average, marginal and total revenues; determine the profit maximizing output level and price using graphs and demand schedules; is able to calculate and graphically illustrate where marginal revenue equals marginal costs<\/li>\r\n \t<li>Measure variable and total costs as the area under the average variable and average total cost curves;\u00a0measure total revenues as the area under the average revenue curves; calculate and graphically illustrate profit and losses for a perfectly competitive firm<\/li>\r\n \t<li>Determine the break-even, and the shutdown points of production for a perfectly competitive firm<\/li>\r\n \t<li>Explain the difference between short-run and long-run equilibrium; explain the concept of \"zero economic profit\"<\/li>\r\n \t<li>Discuss why perfectly competitive markets are efficient<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 215px\">\r\n<td style=\"height: 215px;width: 229.5px\">Monopoly: Analyze a firm's profit maximizing strategies under conditions of a monopoly<\/td>\r\n<td style=\"height: 215px;width: 657.5px\">\r\n<ul>\r\n \t<li>Define the characteristics of a monopoly<\/li>\r\n \t<li>Define and explain the sources of barriers to entry<\/li>\r\n \t<li>Calculate and graph a monopoly\u2019s fixed, variable, average, marginal and total costs;\u00a0measure variable and total costs as the area under the average variable and average total cost curves; calculate and graph the firm\u2019s average, marginal and total revenues; measure total revenues as the area under the average revenue curves; determine the profit maximizing output level and price; is able to calculate and graphically illustrate where marginal revenue equals marginal costs; calculate and graphically illustrate profit and losses for a monopolist<\/li>\r\n \t<li>Explain why a monopoly is inefficient using deadweight loss;\u00a0differentiate between a single price monopolist and a price discriminating monopolist<\/li>\r\n \t<li>Analyze different strategies to control monopolies, including natural monopolies<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 104px\">\r\n<td style=\"height: 104px;width: 229.5px\">Oligopoly: Analyze a firm's profit maximizing strategies under conditions of oligopoly<\/td>\r\n<td style=\"height: 104px;width: 657.5px\">\r\n<ul>\r\n \t<li>Define characteristics of oligopolies<\/li>\r\n \t<li>Explain why collusion can occur in oligopolistic industries<\/li>\r\n \t<li>Explain the role of game theory in understanding the behavior of oligopolies<\/li>\r\n \t<li>Explain why oligopolies are inefficient<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 278px\">\r\n<td style=\"height: 278px;width: 229.5px\">Monopolistically Competitive Industries: Analyze a firm's profit maximizing strategies under conditions of monopolistic competition<\/td>\r\n<td style=\"height: 278px;width: 657.5px\">\r\n<ul>\r\n \t<li>Define the characteristics of a monopolistically competitive industry; understand the difference between the firm and the industry<\/li>\r\n \t<li>Calculate and graph the firm\u2019s fixed, variable, average, marginal and total costs;\u00a0measure variable and total costs as the area under the average variable and average total cost curves; calculate and graph the firm\u2019s average, marginal and total revenues; measure total revenues as the area under the average revenue curves; determine the profit maximizing output level and price; is able to calculate and graphically illustrate where marginal revenue equals marginal costs; calculate and graphically illustrate profit and losses for a monopolistically competitive firm<\/li>\r\n \t<li>Explain the difference between short run and long run equilibrium in a monopolistically competitive industry<\/li>\r\n \t<li>Understand how product differentiation works in monopolistically competitive industries and how firms use advertising to differentiate their products, understanding impact on elasticity<\/li>\r\n \t<li>Discuss why monopolistically competitive markets are inefficient (including deadweight loss)<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 136px\">\r\n<td style=\"height: 136px;width: 229.5px\">Environment, Unions and Healthcare<\/td>\r\n<td style=\"height: 136px;width: 657.5px\">\r\n<ul>\r\n \t<li>Define and calculate private costs, external costs and social costs<\/li>\r\n \t<li>Describe the costs and benefits of pollution control<\/li>\r\n \t<li>Explain the effect of unions on worker's wages<\/li>\r\n \t<li>Explain the effect of a monopsonist on the labor market<\/li>\r\n \t<li>Explain the costs and benefits of the US healthcare system<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 229.5px\">Income Distribution: Assess how resource markets\/factors of production affect society's distribution of income<\/td>\r\n<td style=\"width: 657.5px\">\r\n<ul>\r\n \t<li>Describe the incomes earned by the factors of production (land, labor, capital, entrepreneurship) wages, interest, rents, and profit<\/li>\r\n \t<li>Analyze how perfect\/imperfect competition between buyers and sellers of factors can impact wages, interest, and rents<\/li>\r\n \t<li>Use the Lorenz Curve to analyze the distribution of income and wealth<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<tr style=\"height: 199px\">\r\n<td style=\"height: 199px;width: 229.5px\">Globalization, Trade, and Finance: Analyze the benefits and costs of international trade<\/td>\r\n<td style=\"height: 199px;width: 657.5px\">\r\n<ul>\r\n \t<li>Define and calculate comparative and absolute advantage<\/li>\r\n \t<li>Explain how a nation's workers and consumers are affected by impact of international trade<\/li>\r\n \t<li>Differentiate between alternative international trade regimes and how they impact global trade<\/li>\r\n \t<li>Define currency exchange rates and explain how they influence trade balances<\/li>\r\n \t<li>Explain how the balance of trade (surplus or deficit) affects the domestic economy, and how the domestic economy affects the balance of trade<\/li>\r\n \t<li>Connect globalization, international trade, and international finance<\/li>\r\n<\/ul>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>","rendered":"<h2>Microeconomics\u00a0Learning Outcomes<\/h2>\n<p>The Learning Outcomes covered by these\u00a0Microeconomics\u00a0course materials are:<\/p>\n<table style=\"height: 2325px\">\n<tbody>\n<tr style=\"height: 15px\">\n<th style=\"height: 15px;width: 229px\" scope=\"col\">Module<\/th>\n<th style=\"height: 15px;width: 657px\" scope=\"col\">Learning Outcomes<\/th>\n<\/tr>\n<tr style=\"height: 104px\">\n<td style=\"height: 104px;width: 229.5px\">What is Economics<\/td>\n<td style=\"height: 104px;width: 657.5px\">\n<ul>\n<li>Explain what economics is and explain why it is important<\/li>\n<li>Explain how economists use economic models<\/li>\n<li>Use graphs in common economic applications<\/li>\n<li>Explain the cost of choices and trade-offs<\/li>\n<li>Illustrate society&#8217;s trade-offs by using a production possibilities frontier (or curve)<\/li>\n<li>Explain the assumption of rationality by individuals and firms<\/li>\n<li>Define marginal analysis<\/li>\n<li>Differentiate between positive and normative statements<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 104px\">\n<td style=\"height: 104px;width: 229.5px\">Supply and Demand: Analyze how buyers and sellers interact in a free and competitive market to determine prices and quantities of goods<\/td>\n<td style=\"height: 104px;width: 657.5px\">\n<ul>\n<li>Describe and differentiate between major economic systems<\/li>\n<li>Explain the determinants of demand<\/li>\n<li>Explain the determinants of supply<\/li>\n<li>Explain\u00a0and graphically illustrate market equilibrium, surplus and shortage<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 15px\">\n<td style=\"width: 229.5px;height: 15px\">Changes in both Supply and Demand ,Government Interaction in the Market and Economic Surplus<\/td>\n<td style=\"width: 657.5px;height: 15px\">\n<ul>\n<li>Analyze the impact of both buyer and seller behavior changes<\/li>\n<li>Analyze the consequences of the government setting a binding price ceiling<\/li>\n<li>Analyze the consequences of the government setting a binding price floor<\/li>\n<li>Explain how the price elasticities of demand and supply affect the incidence of a sales tax<\/li>\n<li>Define progressive, proportional, and regressive taxes<\/li>\n<li>Define and calculate consumer, producer and total surplus; graphically illustrate consumer, producer and total surplus<\/li>\n<li>Use the concepts of consumer, producer and total surplus to explain why markets typically lead to efficient outcomes<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 120px\">\n<td style=\"height: 120px;width: 229.5px\">Public Goods: Compare public goods and private goods and understand the role for them in the economy<\/td>\n<td style=\"height: 120px;width: 657.5px\">\n<ul>\n<li>Contrast between public and private goods<\/li>\n<li>Explain the concept of free riders<\/li>\n<li>Define and give examples of positive and negative externalities<\/li>\n<li>Analyze the efficacy of government policies to lessen negative externalities and analyze how the government promotes positive externalities<\/li>\n<li>Analyze the impact of market-based solutions to negative externalities<\/li>\n<li>Define progressive, proportional, and regressive taxes<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 104px\">\n<td style=\"height: 104px;width: 229.5px\">Consumer Choice: Explain how consumer behavior shapes the demand curve with respect to utility and loss<\/td>\n<td style=\"height: 104px;width: 657.5px\">\n<ul>\n<li>Define the concept of utility and satisfaction<\/li>\n<li>Differentiate between marginal utility and total utility<\/li>\n<li>Describe and calculate the concept of marginal utility<\/li>\n<li>Explain how consumers maximize total utility within a given income using the Utility Maximizing Rule<\/li>\n<li>Explain how consumer\u2019s utility changes when income or prices change<\/li>\n<li>Describe the behavioral economics approach to understanding decision making<\/li>\n<li>Analyze Indifference Theory<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 104px\">\n<td style=\"height: 104px;width: 229.5px\">Elasticity: Measure how changes in price and income affect the behavior of buyers and sellers<\/td>\n<td style=\"height: 104px;width: 657.5px\">\n<ul>\n<li>Explain\u00a0the concept of elasticity<\/li>\n<li>Explain the price elasticity of demand and price elasticity of supply, and compute both\u00a0using the midpoint\u00a0method<\/li>\n<li>Explain and calculate other elasticities using common economic variables<\/li>\n<li>Explain the relationship between a firm\u2019s price elasticity of demand and total revenue<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 151px\">\n<td style=\"height: 151px;width: 229.5px\">Economic Rent, Labor and Financial Markets<\/td>\n<td style=\"height: 151px;width: 657.5px\">\n<ul>\n<li>Explain economic rent and resources that have a fixed supply<\/li>\n<li>Analyze decisions about labor in a competitive marketplace<\/li>\n<li>Explain the difference between stock and bonds<\/li>\n<li>Calculate the impact of interest on the price of a capital instrument<\/li>\n<li>Explain the three major type of business organization<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 262px\">\n<td style=\"height: 262px;width: 229.5px\">Production: Analyze the relationship between inputs used in production and\u00a0the resulting outputs and costs<\/td>\n<td style=\"height: 262px;width: 657.5px\">\n<ul>\n<li>Define the term \u201cproduction\u201d and explain what a production function is; define the term \u201cproduction inputs,\u201d and differentiate between labor, land, capital, entrepreneurship, technology<\/li>\n<li>Define and differentiate between marginal, average, and total product; compute and graph marginal, average, and total product;\u00a0explain diminishing marginal product and diminishing marginal returns<\/li>\n<li>Differentiate between Explicit and Implicit Costs, Accounting and\u00a0Economic Profit<\/li>\n<li>Identify sunk costs<\/li>\n<li>Define and differentiate between marginal, average, and total cost; compute and graph marginal, average, and total cost; differentiate between variable and fixed costs<\/li>\n<li>Differentiate between short-run and long-run costs; interpret the relationship between short-run and long-run costs<\/li>\n<li>Define and explain long-run costs, economies of scale, diseconomies of scale, and constant returns to scale<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 294px\">\n<td style=\"height: 294px;width: 229.5px\">Perfect Competition: Analyze a firm&#8217;s profit maximizing decisions under conditions of perfect competition<\/td>\n<td style=\"height: 294px;width: 657.5px\">\n<ul>\n<li>Define the characteristics of Perfect Competition<\/li>\n<li>Calculate and graph the firm\u2019s fixed, variable, average, marginal and total costs;\u00a0calculate and graph the firm\u2019s average, marginal and total revenues; determine the profit maximizing output level and price using graphs and demand schedules; is able to calculate and graphically illustrate where marginal revenue equals marginal costs<\/li>\n<li>Measure variable and total costs as the area under the average variable and average total cost curves;\u00a0measure total revenues as the area under the average revenue curves; calculate and graphically illustrate profit and losses for a perfectly competitive firm<\/li>\n<li>Determine the break-even, and the shutdown points of production for a perfectly competitive firm<\/li>\n<li>Explain the difference between short-run and long-run equilibrium; explain the concept of &#8220;zero economic profit&#8221;<\/li>\n<li>Discuss why perfectly competitive markets are efficient<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 215px\">\n<td style=\"height: 215px;width: 229.5px\">Monopoly: Analyze a firm&#8217;s profit maximizing strategies under conditions of a monopoly<\/td>\n<td style=\"height: 215px;width: 657.5px\">\n<ul>\n<li>Define the characteristics of a monopoly<\/li>\n<li>Define and explain the sources of barriers to entry<\/li>\n<li>Calculate and graph a monopoly\u2019s fixed, variable, average, marginal and total costs;\u00a0measure variable and total costs as the area under the average variable and average total cost curves; calculate and graph the firm\u2019s average, marginal and total revenues; measure total revenues as the area under the average revenue curves; determine the profit maximizing output level and price; is able to calculate and graphically illustrate where marginal revenue equals marginal costs; calculate and graphically illustrate profit and losses for a monopolist<\/li>\n<li>Explain why a monopoly is inefficient using deadweight loss;\u00a0differentiate between a single price monopolist and a price discriminating monopolist<\/li>\n<li>Analyze different strategies to control monopolies, including natural monopolies<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 104px\">\n<td style=\"height: 104px;width: 229.5px\">Oligopoly: Analyze a firm&#8217;s profit maximizing strategies under conditions of oligopoly<\/td>\n<td style=\"height: 104px;width: 657.5px\">\n<ul>\n<li>Define characteristics of oligopolies<\/li>\n<li>Explain why collusion can occur in oligopolistic industries<\/li>\n<li>Explain the role of game theory in understanding the behavior of oligopolies<\/li>\n<li>Explain why oligopolies are inefficient<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 278px\">\n<td style=\"height: 278px;width: 229.5px\">Monopolistically Competitive Industries: Analyze a firm&#8217;s profit maximizing strategies under conditions of monopolistic competition<\/td>\n<td style=\"height: 278px;width: 657.5px\">\n<ul>\n<li>Define the characteristics of a monopolistically competitive industry; understand the difference between the firm and the industry<\/li>\n<li>Calculate and graph the firm\u2019s fixed, variable, average, marginal and total costs;\u00a0measure variable and total costs as the area under the average variable and average total cost curves; calculate and graph the firm\u2019s average, marginal and total revenues; measure total revenues as the area under the average revenue curves; determine the profit maximizing output level and price; is able to calculate and graphically illustrate where marginal revenue equals marginal costs; calculate and graphically illustrate profit and losses for a monopolistically competitive firm<\/li>\n<li>Explain the difference between short run and long run equilibrium in a monopolistically competitive industry<\/li>\n<li>Understand how product differentiation works in monopolistically competitive industries and how firms use advertising to differentiate their products, understanding impact on elasticity<\/li>\n<li>Discuss why monopolistically competitive markets are inefficient (including deadweight loss)<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 136px\">\n<td style=\"height: 136px;width: 229.5px\">Environment, Unions and Healthcare<\/td>\n<td style=\"height: 136px;width: 657.5px\">\n<ul>\n<li>Define and calculate private costs, external costs and social costs<\/li>\n<li>Describe the costs and benefits of pollution control<\/li>\n<li>Explain the effect of unions on worker&#8217;s wages<\/li>\n<li>Explain the effect of a monopsonist on the labor market<\/li>\n<li>Explain the costs and benefits of the US healthcare system<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 229.5px\">Income Distribution: Assess how resource markets\/factors of production affect society&#8217;s distribution of income<\/td>\n<td style=\"width: 657.5px\">\n<ul>\n<li>Describe the incomes earned by the factors of production (land, labor, capital, entrepreneurship) wages, interest, rents, and profit<\/li>\n<li>Analyze how perfect\/imperfect competition between buyers and sellers of factors can impact wages, interest, and rents<\/li>\n<li>Use the Lorenz Curve to analyze the distribution of income and wealth<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr style=\"height: 199px\">\n<td style=\"height: 199px;width: 229.5px\">Globalization, Trade, and Finance: Analyze the benefits and costs of international trade<\/td>\n<td style=\"height: 199px;width: 657.5px\">\n<ul>\n<li>Define and calculate comparative and absolute advantage<\/li>\n<li>Explain how a nation&#8217;s workers and consumers are affected by impact of international trade<\/li>\n<li>Differentiate between alternative international trade regimes and how they impact global trade<\/li>\n<li>Define currency exchange rates and explain how they influence trade balances<\/li>\n<li>Explain how the balance of trade (surplus or deficit) affects the domestic economy, and how the domestic economy affects the balance of trade<\/li>\n<li>Connect globalization, international trade, and international finance<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"author":107,"menu_order":1,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":["peter-turner","s00009660"],"pb_section_license":""},"front-matter-type":[],"contributor":[62,60],"license":[],"class_list":["post-17","front-matter","type-front-matter","status-publish","hentry","contributor-s00009660","contributor-peter-turner"],"_links":{"self":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/front-matter\/17","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/front-matter"}],"about":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/types\/front-matter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/users\/107"}],"version-history":[{"count":2,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/front-matter\/17\/revisions"}],"predecessor-version":[{"id":812,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/front-matter\/17\/revisions\/812"}],"metadata":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/front-matter\/17\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/media?parent=17"}],"wp:term":[{"taxonomy":"front-matter-type","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/front-matter-type?post=17"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/contributor?post=17"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/license?post=17"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}