Genesee Course Catalog

Official Course Information

Please select a Course Section from the List below or use the Search box on the right if you know the Title.

Economics Courses:

ECO101 - Microeconomics
Credits: 3 Catalog Description: Introduces microeconomic theory, with emphasis upon the concepts of consumer and business firm behavior, demand and supply, value, production, distribution, general equilibrium and welfare. Focuses on problems of resource allocation, income distribution, labor unions and industrial organizations, and government regulation. It is recommended that the college's reading and math requirements have been met. Lecture: 3 hrs. Student Performance Outcomes: Upon successful conclusion of the course, students will be able to demonstrate in writing, orally, or through unit tests the following knowledge and skills: 1. Summarize the economic concept of scarcity. 2. Define opportunity cost based upon the concept of scarcity.* 3. Define the three elements of the production function.* 4. Summarize consumer behavior as graphed by the demand curve. 5. Summarize business firm behavior as graphed by the supply curve. 6. Define the three categories of price elasticity and how each impacts demand and supply. 7. Define diminishing returns as represented in the graphs of marginal utility, and marginal product. 8. Derive economic efficiency, (cost minimization), from marginal cost set equal to average total cost. 9. Derive profit maximization from marginal revenue set equal to marginal cost. 10. Derive loss minimization from the analysis of average revenue and average variable cost. 11. Define perfect competition, monopolistic competition, oligopoly, and monopoly, and the role each plays in output market structure. 12. Derive the demand curve in the input market from the analysis of the demand curve in the output market. 13. Derive earnings maximization from the analysis of marginal revenue product and marginal factor cost. *This course objective has been identified as a student learning outcome that must be formally assessed as part of the College's Comprehensive Assessment Plan. All faculty teaching this course must collect the required data (see Assessing Student Learning Outcomes form) and submit the required analysis and documentation at the conclusion of the semester to the Office of Assessment and Special Projects. Content Outline: I. Unit I: Introduction to Microeconomics II. Unit II: Product Market Basics III. Unit III: Product Markets IV. Unit IV: Factor Markets V. Unit V: Microeconomic Applications Grading: The course is divided into five units. Each unit has a homework package consisting of sixty questions worth 1/2 point each, and a ten point bonus problem. Failure to submit the homework on the scheduled date will result in a five point per day late penalty. In addition, you will not be allowed the bonus points from the problem. These packages are worth 30% of the final grade. Each unit has a test consisting of fifty questions worth one point each. Failure to take the test on the scheduled date will result in a five point per day late penalty. These tests are worth 50% of the final grade. There is also a required research paper worth 20% of the final grade. Grading categories follow current college guidelines. THE PAPER: Choose an existing business firm in an industry of personal interest, an industry where you would like to establish your career, for example. Or if you are interested in starting your own business, research the industry from this perspective. The total score of the paper is 20 points, (20% of the final grade). This grading is broken down as follows: Research, (approximately 2 pages, double spaced), is worth 4 points and must include location (both domestic and global), history, and current events. Is there any kind of on-going investigation, or litigation, taking place; by whom, and why? Include any other items of interest affecting the industry. Internet Documented Facts, (approximately 1 page), is worth 4 points and must cover the production function: Land- typical raw materials needs, amounts, and issues; Labor- needs, amounts, and issues; Capital- needs, amounts, and issues. Include fluctuations and trends. Economic Recommendations, (approximately 3 pages, double spaced), is worth 5 points and must include a discussion of the economic strengths and weaknesses of your industry or firm. What are the economic issues, and/or issues affecting the industry or firm. Use your analysis of the production function as a guide. Is OPEC an issue affecting raw materials, or any other issue affecting this area? Are unions or other labor issues a factor? Are capacity utilization, technology, and/or interest rates a factor affecting capital? Other issues may include multi-national complications such as competition, price fixing, government and international market regulations, and/or exchange rates. Written Quality is worth 4 points. This is a college paper. Grading will cover spelling and grammar. Footnote your sources either from a text of from the internet in MLA format within the body of the document. Also include a Works Cited page as a footnote summary. Project Quality and Ability to Apply Economic Principles, (approximately 1 page), is worth 3 points and should focus on course principles addressing the issues raised above. These include market structure, cost minimization, and profit maximization. Effective Term: Summer 2006

ECO101 - Microeconomics

Credits: 3

Catalog Description: Introduces microeconomic theory, with emphasis upon the concepts of consumer and business firm behavior, demand and supply, value, production, distribution, general equilibrium and welfare. Focuses on problems of resource allocation, income distribution, labor unions and industrial organizations, and government regulation. It is recommended that the college's reading and math requirements have been met.

Lecture: 3 hrs.

Student Performance Outcomes:
Upon successful conclusion of the course, students will be able to demonstrate in writing, orally, or through unit tests the following knowledge and skills:

1. Summarize the economic concept of scarcity.
2. Define opportunity cost based upon the concept of scarcity.*
3. Define the three elements of the production function.*
4. Summarize consumer behavior as graphed by the demand curve.
5. Summarize business firm behavior as graphed by the supply curve.
6. Define the three categories of price elasticity and how each impacts demand
and supply.
7. Define diminishing returns as represented in the graphs of marginal utility,
and marginal product.
8. Derive economic efficiency, (cost minimization), from marginal cost set equal
to average total cost.
9. Derive profit maximization from marginal revenue set equal to marginal cost.
10. Derive loss minimization from the analysis of average revenue and average
variable cost.
11. Define perfect competition, monopolistic competition, oligopoly, and
monopoly, and the role each plays in output market structure.
12. Derive the demand curve in the input market from the analysis of the demand
curve in the output market.
13. Derive earnings maximization from the analysis of marginal revenue product
and marginal factor cost.

*This course objective has been identified as a student learning outcome that must be formally assessed as part of the College's Comprehensive Assessment Plan. All faculty teaching this course must collect the required data (see Assessing Student Learning Outcomes form) and submit the required analysis and documentation at the conclusion of the semester to the Office of Assessment and Special Projects.

Content Outline:
I. Unit I: Introduction to Microeconomics
II. Unit II: Product Market Basics
III. Unit III: Product Markets
IV. Unit IV: Factor Markets
V. Unit V: Microeconomic Applications

Grading:
The course is divided into five units. Each unit has a homework package consisting of sixty questions worth 1/2 point each, and a ten point bonus problem. Failure to submit the homework on the scheduled date will result in a five point per day late penalty. In addition, you will not be allowed the bonus points from the problem. These packages are worth 30% of the final grade. Each unit has a test consisting of fifty questions worth one point each. Failure to take the test on the scheduled date will result in a five point per day late penalty. These tests are worth 50% of the final grade. There is also a required research paper worth 20% of the final grade. Grading categories follow current college guidelines.

THE PAPER: Choose an existing business firm in an industry of personal interest, an industry where you would like to establish your career, for example. Or if you are interested in starting your own business, research the industry from this perspective. The total score of the paper is 20 points, (20% of the final grade). This grading is broken down as follows:
Research, (approximately 2 pages, double spaced), is worth 4 points and must include location (both domestic and global), history, and current events. Is there any kind of on-going investigation, or litigation, taking place; by whom, and why? Include any other items of interest affecting the industry.
Internet Documented Facts, (approximately 1 page), is worth 4 points and must cover the production function: Land- typical raw materials needs, amounts, and issues; Labor- needs, amounts, and issues; Capital- needs, amounts, and issues. Include fluctuations and trends.
Economic Recommendations, (approximately 3 pages, double spaced), is worth 5 points and must include a discussion of the economic strengths and weaknesses of your industry or firm. What are the economic issues, and/or issues affecting the industry or firm. Use your analysis of the production function as a guide. Is OPEC an issue affecting raw materials, or any other issue affecting this area? Are unions or other labor issues a factor? Are capacity utilization, technology, and/or interest rates a factor affecting capital? Other issues may include multi-national complications such as competition, price fixing, government and international market regulations, and/or exchange rates.
Written Quality is worth 4 points. This is a college paper. Grading will cover spelling and grammar. Footnote your sources either from a text of from the internet in MLA format within the body of the document. Also include a Works Cited page as a footnote summary.
Project Quality and Ability to Apply Economic Principles, (approximately 1 page), is worth 3 points and should focus on course principles addressing the issues raised above. These include market structure, cost minimization, and profit maximization.

Effective Term: Summer 2006