Ashford 2: – Week 1 (Apr 02 – Apr 08)

Overview

Note: The online classroom is designed to time students out after 90 minutes of inactivity. Because of this, we strongly suggest that you compose your work in a word processing program and copy and paste it into the discussion post when you are ready to submit it.

Learning Outcomes

This week students will:

1. Describe the role of economic theory in economics.
2. Analyze the mechanics of the Circular Flow Model.
3. Explain how Supply and Demand interact to determine Market Equilibrium.

Introduction

In Week One, we are going to learn about the foundation of economics. We will learn that economics is the study of resources allocation in a given society to satisfy wants and needs of the people. The study of economics is that of unlimited wants with limited resources, which forces us to make choices.

The four factors of production include; labor, land, capital and entrepreneurial ability. Key questions in economics are: What to produce? Who to produce it for? How and where do we produce the goods and services?

This first week will discuss the supply and demand model, the factors that affect prices, and how prices will ration scarce goods and services. Economists use theories and models to make decisions and explain economic ideas and concepts.

Required Resources

Required Text

1. Amacher, R., & Pate, J. (2013). Microeconomics Principles and Policies. San Diego, CA: Bridgepoint Education, Inc.This text is a Constellation™ course digital materials (CDM) title.
   1. Chapter 1: Economics, Economic Methods, and Economic Policy
   2. Chapter 2: Markets, Governments, and Nations: The Organization of Economic Activity
   3. Chapter 3: Supply and Demand: The Basics of Economic Analysis

Recommended Resources

Articles

1. Bishop, J. A., & Yoo, J. H. (1985). “Health scare,” excise taxes and advertising ban in the cigarette demand and supply. Southern Economic Journal, 52(2), 402. Retrieved from ProQuest database.
2. Giesecke, L. & Jamieson, A. (2007, November 19). US gasoline supply deficit to more than halve by 2010. Oil & Gas Journal,105, 58-61. Retrieved from ProQuest database.

Multimedia

1. Baker, S. L. (2003).Supply and Demand. Economics Interactive Lecture. University of South Carolina, Arnold School of Public Health, Dept. of Health Services Policy and Management. Updated Monday, June 27, 2011 Retrieved January 26, 2013, from http://hspm.sph.sc.edu/courses/econ/SD/SD.html
2. Khan Academy (Producer) (n.d.).Law of Demand. The Demand Curve [Video file]. Retrieved from https://www.khanacademy.org/science/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/v/law-of-demand.
3. Khan Academy (Producer). (n.d.).Law of Supply. The Supply Curve [Video file]. Retrieved from https://www.khanacademy.org/science/microeconomics/supply-demand-equilibrium/supply-curve-tutorial/v/law-of-supply

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