ECO/365

PRINCIPLES OF MICROECONOMICS

The Latest Version A+ Study Guide

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ECO 365 All Participations Link

https://hwsell.com/category/eco-365-participations/

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ECO 365 Week 1 participation Principles of Microeconomics, Ch. 1: Ten Principles of Economics

Read Ch. 1 of Principles of Microeconomics:

• 1-1 How People Make Decisions, pp. 4-8
• 1-2 How People Interact, pp. 9-11
• 1-3 How the Economy as a Whole Works, pp. 12-15 

Consider the following as you read:

1. Methods of understanding and applying the Ten Principles of Economics.
2. Consider how economics are applied in a society of consumers.
3. Consider how limited resources apply to an expanding society.
4. Consider how the economy reflects the behavior of the individuals who make up the economy

ECO 365 Week 1 participation Principles of Microeconomics, Ch. 2: Thinking Like an Economist

Read Ch. 2 of Principles of Microeconomics:

• 2-1 The Economist as Scientist, pp. 20-26
• 2-2 The Economist as Policy Adviser, pp. 27-29
• 2-3 Why Economists Disagree, pp. 30-33 

Consider the following as you read:

1. Consider how to apply the economic terms, supply, demand, elasticity, comparative advantage, consumer surplus, deadweight loss to the consumer market.
2. Consider your personal experiences in theory, case studies, and examples of economics in the news and how you can apply it to refine your skills.
3. Consider what is distinctive about how economists confront a question.
4. Consider what it means to think like an economist.

ECO 365 Week 1 participation Principles of Microeconomics, Ch. 3: Interdependence and the Gains From Trade

Read Ch. 3 of Principles of Microeconomics:

• 3-1 A Parable for the Modern Economy, pp. 48-51
• 3-2 Comparative Advantage: The Driving Force of Specialization, pp. 52-54
• 3-3 Applications of Comparative Advantage, pp. 55-58 

Consider the following as you read:

1. Consider how an economy coordinates the activities of millions of people with varying tastes and abilities.
2. Consider the reasons for economic interdependence.
3. Consider exactly what people gain when they trade with one another.
4. Consider why people choose to become interdependent.

ECO 365 Week 1 participation Principles of Microeconomics, Ch. 4: The Market Forces of Supply and Demand

Read Ch. 4 of Principles of Microeconomics:

• 4-4 Supply and Demand Together, pp. 77-82 

Consider the following as you read:

1. Consider the combination of supply and demand and how together they make the market economies work.
2. Consider how supply and demand affects buyers and sellers behavior and how they interact with one another.
3. Consider how supply and demand determine prices in a market economy and how prices, in turn, allocate the economy’s scarce resources

ECO 365 Week 1 Most Challenging Concepts

Recall the readings and activities you have completed this week and describe the one or two points that were least clear to you. What questions do you have that would help you understand these points better?

ECO 365 Week 2 participation Principles of Microeconomics, Ch. 7: Consumers, Producers, and the Efficiency of Markets

Read Ch. 7 of Principles of Microeconomics:

• 7-1 Consumer Surplus, pp. 136-140
• 7-2 Producer Surplus, pp. 141-144
• 7-3 Market Efficiency, pp. 144-150
• 7-4 Conclusion: Market Efficiency and Market Failure, pp. 150-151 

Consider the following as you read:

1. Consider the term “welfare economics,” and apply it to the allocation of resources and its effects on today’s society.
2. Consider the benefits buyers and sellers receive from engaging in market transactions.
3. Consider how society can make these benefits as large as possible.
4. Consider the following statement: in any market, the equilibrium of supply and demand maximizes the total benefits received by all buyers and sellers combined.

ECO 365 Week 2 participation Principles of Microeconomics, Ch. 8: Application: The Costs of Taxation

Read Ch. 8 of Principles of Microeconomics:

• 8-1 The Deadweight Loss of Taxation, pp. 156-160
• 8-2 The Determinants of the Deadweight Loss, pp. 160-163
• 8-3 Deadweight Loss and Tax Revenue as Taxes Vary, pp. 163 

Consider the following as you read:

1. Consider how taxes affect welfare and the economic well-being of participants in a market.
2. Consider how taxes affect economic well-being by comparing the reduced welfare of buyers and sellers to the amount of revenue the government raises.

ECO 365 Week 2 participation Principles of Microeconomics, Ch. 9: Application: International Trade

Read Ch. 9 of Principles of Microeconomics:

• 9-2 The Winners and Losers from Trade, pp. 174-182 

Consider the following as you read:

1. Consider how international trade affect economic well-being.
2. Consider who gains and who loses from free trade among countries, and how do the gains compare to the losses

ECO 365 Week 2 participation Principles of Microeconomics, Ch. 10: Externalities

Read Ch. 10 of Principles of Microeconomics:

• 10-1 Externalities and Market Inefficiency, pp. 197-202 

Consider the following as you read:

1. Consider why markets sometimes fail to allocate resources efficiently, how government policies can potentially improve the market’s allocation, and what kinds of policies are likely to work best.
2. Consider the term externalities and how it relates to the consumer.
3. Consider the term negative externality and how it relates to the consumer.
4. Consider the term positive externality and how it relates to the consumer.

ECO 365 Week 2 Most Challenging Concepts

Recall the readings and activities you have completed this week and describe the one or two points that were least clear to you. What questions do you have that would help you understand these points better?

ECO 365 Week 3 participation Principles of Microeconomics, Ch. 13: The Costs of Production

Read Ch. 13 of Principles of Microeconomics:

• 13-1 What Are Costs?, pp. 260-262
• 13-2 Production and Costs, pp. 263-265
• 13-3 The Various Measures of Cost, pp. 265-271
• 13-4 Costs in the Short Run and in the Long Run, pp. 271-273

Consider the following as you read:

1. Understand the supply curve.
2. Understand how to apply the law of supply.
3. Understand the study of how firms’ decisions about prices and quantities depend on the market conditions they face.
4. Understand the field of industrial organization.
5. Understand cost of production.

ECO 365 Week 3 participation Principles of Microeconomics, Ch. 14: Firms in Competitive Markets

Read Ch. 14 of Principles of Microeconomics:

• 14-1 What Is a Competitive Market?, pp. 280-282
• 14-2 Profit Maximization and the Competitive Firm’s Supply Curve, pp. 282-289
• 14-3 The Supply Curve in a Competitive Market, pp. 289-295

Consider the following as you read:

1. Understand how consumers influence the market price of goods it sells.
2. Understand the term market power.
3. Understand the types of cost: fixed, variable, and marginal.

ECO 365 Week 3 participation Principles of Microeconomics, Ch. 15: Monopoly

Read Ch. 15 of Principles of Microeconomics:

• 15-1 Why Monopolies Arise, pp. 300-303
• 15-2 How Monopolies Make Production and Pricing Decisions, pp. 303-310
• 15-3 The Welfare Cost of Monopolies, pp. 310-313
• 15-4 Price Discrimination, pp. 314-318

Consider the following as you read:

1. Understand the terms price taker and price maker and how it relates to the consumer.
2. Consider methods to examine the implications of market power.
3. Understand methods that market power alters the relationship between a firm’s costs and the price at which it sells its product.
4. Understand methods to examine the production and pricing decisions of monopolies.

ECO 365 Week 3 participation Principles of Microeconomics, Ch. 16: Monopolistic Competition

• 16-1 Between Monopoly and Perfect Competition, pp. 330-332
• 16-2 Competition with Differentiated Products, pp. 332-338
• 16-3 Advertising, pp. 338-343

Consider the following as you read:

1. Understand the term, “monopolistic competition.”

ECO 365 Week 3 Most Challenging Concepts

Recall the readings and activities you have completed this week and describe the one or two points that were least clear to you. What questions do you have that would help you understand these points better?

ECO 365 Week 4 participation Principles of Microeconomics, Ch. 18: The Markets for the Factors of Production

Read Ch. 18 of Principles of Microeconomics:

• 18-1 The Demand for Labor, pp. 374-380
• 18-3 Equilibrium in the Labor Market, pp. 381-386

Consider the following as you read:

1. Understand the economy’s stock of equipment and structures.
2. Consider how much capital goes to employees.
3. Consider how much capital goes to property owners.
4. Consider why some workers earn higher wages than others, some landowners higher rental income than others, and some capital owners greater profit than others? Why, in particular, do computer programmers earn more than gas station attendants?
5. Understand the basic theory for the analysis of factor markets.
6. Understand the term factors of production and the three most important factors of production.
7. Understand the term derived demand.

ECO 365 Week 4 participation Principles of Microeconomics, Ch. 20: Income Inequality and Poverty

Read Ch. 20 of Principles of Microeconomics:

• 20-2 The Political Philosophy of Redistributing Income, pp. 421-424
• 20-3 Policies to Reduce Poverty, pp. 424-428

Consider the following as you read:

1. Understand the factors that determine wages which are largely responsible for determining how the economy’s total income is distributed among the various members of society.
2. Understand distribution of income.

ECO 365 Week 4 participation Education, Employment, & Class Mobility

Watch the “Education, Employment, & Class Mobility” video located in the Week 4 Electronic Reserve Readings

ECO 365 Week 5 participation Principles of Microeconomics, Ch. 21: The Theory of Consumer Choice

Read Ch. 21 of Principles of Microeconomics:

• 21-1 The Budget Constraint: What the Consumer Can Afford, pp. 436-437
• 21-2 Preferences: What the Consumer Wants, pp. 437-441
• 21-3 Optimization: What the Consumer Chooses, pp. 442-449
• 21-4 Three Applications, pp. 449-456
• 21-5 Conclusion: Do People Really Think This Way?, pp. 456-457

Consider the following as you read:

1. The theory of consumer choice.
2. Consider the term the Ten Principles of Economics and how it’s applied to the consumer buying trends.
3. Consider the theory of consumer choice and how it consumers facing trade-offs make decisions and how they respond to changes in their environment.
4. Consider for thought the following questions:

   • Do all demand curves slope downward?
   • How do wages affect labor supply?
   • How do interest rates affect household savings?

ECO 365 Week 5 participation Principles of Microeconomics, Ch. 22: Frontiers of Microeconomics

Read Ch. 22 of Principles of Microeconomics:

• 22-1 Asymmetric Information, pp. 462-467
• 22-2 Political Economy, pp. 467-471
• 22-3 Behavioral Economics, pp. 471-476

Consider the following as you read:

1. Consider the term asymmetric information in order to understand why some people are better informed than others, and the imbalance in information affects the choices they make and how they deal with one another.
2. Consider the term political economy, and how it’s applied to the field of political economy uses the tool.
3. Consider the term behavioral economics and how it’s applied to consumer into the study of economics.

ECO 365 Week 5 participation Applied Economics, Contrast Explanation and Asymmetric Information

Read “Applied Economics, Contrast Explanation and Asymmetric Information” located in the Week 5 Electronic Reserve Readings.

ECO 365 Week 5 participation Week 5 Electronic Reserve Readings Videos

Watch the videos located in the Week 5 Electronic Reserve Readings