Published Nov 30, 2022
This course provides an introduction to microeconomic analysis relevant for understanding the Canadian economy. The behaviour of individual consumers and producers, the determination of market prices for commodities and resources, and the role of government policy in the functioning of the market system are the main topics covered.
Prereq: Not open to Management Engineering students. Antireq: ECON 100/COMM 103
Course Description -- Additional Information
This is an introductory course in economics for students to grasp basic microeconomic concepts essential for understanding contemporary issues pertinent to the Canadian economy. You will learn about, among other topics, basic economic concepts such as scarcity, opportunity cost, economic efficiency and the behavior of individual consumers and producers and how decisions are made based on the allocation of limited resources. We will examine how these decisions and behaviours affect the supply and demand for goods and services, which determine the prices we pay. And how prices we pay, in turn, determine the quantity of goods supplied by producers and the quantity of goods demanded by consumers. We will further study impact of government policies on formation and functioning of the market place, as well as a range of different market structures like perfect competition, monopoly, oligopoly and others.
| The objectives of this course for students are: |
| • To understand the need for people to make choices and together work towards overcoming the universal problem of scarcity; |
| • To appreciate the relevance of economics in a dynamically changing world; |
| • To develop the capacity to routinely apply critical thinking to economic issues. |
| Upon completion of this course, students should be able to: |
| • apply microeconomic theory to understand how consumers and producers make purposeful decisions; |
| • be familiar with different market structures, production and costs, and the government role; |
| • analyze conceptual economic problems and describe them in a simple language; |
| • break down problems into their economic parts and describe them. |
Tentative Course Schedule*
Given intense nature of class schedule and topics covered, the instructor may modify and/or eliminate certain content. Any necessary modifications and/or eliminations to the course content will be communicated to you in the regular class period.
| Week | Dates | Chapter #/Text Sections | Theme and Topics (Required Reading) |
|---|---|---|---|
1 |
January 11 |
Chapter 1
Chapter 2 | Introduction to Economics: What is Economics?, pp. 1-27 (Omit Mathematical Note) – You are responsible for reading Chapter 1 on your own The Economic Problem, pp. 33-53 |
2 |
January 18
|
Chapter 3
| The Price System: Demand and Supply, pp. 59-83 (Omit Mathematical Note) |
3 |
January 25
|
Chapter 4
| The Price System: Elasticity, pp. 87-105
|
4 |
February 1
|
Chapter 5 | Resource Allocation: Efficiency and Equity, pp.109-127 |
5 |
February 8 |
IN CLASS – 90 minutes | MIDTERM EXAM 1, during class time on February 8 Covers Chapters 1, 2, 3, 4 and 5
|
6 |
February 15 |
Chapter 6 | Policy Analysis Government Actions in Markets, pp. 131-151 |
| 7 | February 22 | NO CLASSES | Reading week February 18-26. 2023 |
8
|
March 1
|
Chapter 8 Chapter 9 | Consumer Behaviour: Utility and Demand, pp. 181-201 Possibilities, Preferences and Choices, pp. 205-221
|
9 |
March 8 |
Chapter 10
| Producer Behaviour: Output and Costs, pp. 227-249
|
10 |
Match 15 |
IN CLASS – 90 MINUTES
|
MIDTERM EXAM 2, during class time on March 15 Covers Chapters 6, 8, 9 and 10
|
11
|
March 22 |
Chapter 11
| Market Structures: Perfect Competition, pp. 253-275 |
12 |
March 29
|
Chapter 12 Chapter 13
| Market Structures: Monopoly, pp. 279-301 Monopolistic Competition, pp. 305-321 |
13
|
April 5 |
Chapter 14
| Market Structures: Oligopoly, pp. 325-347 Review and Wrap up Final Exam is cumulative, i.e. covers all chapters covered during the term, including Midterm I and II materials.
|
*Subject to modification. The instructor may adjust course topics and dates as the term progresses. Any and all such potential adjustments will be announced during class and/or via LEARN in advance.
| Title / Name | Notes / Comments | Required |
|---|---|---|
| Required Textbook | Parkin, Michael and Robin Bade (2022). Microeconomics: Canada in the Global Environment, 11th Edition. Pearson Education Canada. | Yes |
| Optional MyLab Economics | The use of my MyLab Economics tests are optional but highly recommended. You may use them as a practice tool for midterm and final exams, but they will not be used for grading purposes. | No |
Required Textbook and Optional MyLab Economics -- Additional Information
All midterm and final examination questions are based on the material contained in the assigned textbook readings and presented during lectures (which are complements to the textbook, but not substitutes – see Policy on Class Attendance).
ECON 101 Textbook Purchase Options and where to buy (please only select one, you do not need all 5. NOTE: Before purchasing, compare prices for the same option at the bookstore and Pearson site as there might be price difference)
Purchase options 1 or 2 from the UW bookstore at the following links:
1.MyLab Economics with eText $95.00
2.eText only (Without MyLab) as a 180-day rental or full subscription $64.99
Purchase options 3, 4 or 5 direct from Pearson at the following links:
3. 12-months access eText without MyLab Economics $49.99
4. 6-months access MyLab with eText $95.00
5. Loose-leaf print text without MyLab $65.00
Readings Available on LEARN
I will be posting the course lecture slides on LEARN before each class. The course lectures will closely follow the course textbook in terms of content and progression – but not in terms of the style of presentation. It is your responsibility to keep yourself current with the assigned textbook readings as well as maintaining an understanding of the lecture content.
• Any additional course materials (news, updates, announcements) will be posted on the LEARN web site LEARN official site for additional materials like news and updates
• The LEARN site is down occasionally. Save the course materials to your computer as soon as they are posted. Always be prepared!
• Students writing tests and exams are responsible to save course materials on LEARN before the access to their courses is shut off (normally on the first day of classes of the next term).
| Component | Value |
|---|---|
| Midterm Exam 1** -- Held on February 8, 2023 in class | 20% |
| Midterm Exam 2 -- Held on March 15, 2023 in class | 20% |
| Final Exam -- Held during April 13 -- 28, 2023 RO exam period | 60% |
| Total | 100% |
Course Requirements and Assessment * -- Additional Information
* This assessment structure is designed for “in-person” delivery of classes and exams. However, should in person delivery be replaced with remote delivery for extended period of time, the instructor reserves the right to alter this assessment structure and associated weights as it is deemed appropriate. Any such potential changes will be communicated to students as soon as they become necessary.
** Midterms and Final Exam contents are NOT released publicly. However, students are welcome to review their exams afterwards during office hours or mutually agreed upon time, and free to take notes.
Please note: NO Calculators or electronic device of any sorts are allowed during Midterms and the Final Exam – NO EXCEPTIONS!
Midterms and Final Exam -- Additional Information:
The format for both midterms and the final exam will be multiple-choice questions.
• The midterm tests will be written during the class time.
• Midterm marks will be posted on LEARN.
• The final exam period for the Winter 2023 Term is April 13-28, 2023 inclusive. Students are expected to be available during this time. Travel plans are not acceptable grounds for granting an alternative final examination time. Please see: Registrar Office site exam regulations and related matters
• The exact date and time for the final exam for this class will be determined by the Registrar’s Office. The exam schedule is posted online, will be announced in class, and posted on LEARN.
• Only the Registrar’s Office can issue final grades.
This grading scheme will be implemented strictly for all students in the course (with the exception of verified illnesses – see below).
Alternative Arrangements -- In the event of cancellation of in-person classes due to reasons beyond the instructor’s control (UW-wide in-person class cancellations or course specific cancellation, government health authorities’ orders and such), either for a short-term or a long-term, alternative arrangements will be made available to students for missed classes or assessments. These alternative arrangements may include but not limited to: synchronous/asynchronous online classes or lectures; online exams offered via LEARN, Mobius, Teams, Zoom or other available platforms.
If a remote delivery mode adopted, we will most likely to meet online (via Teams) at the scheduled class time, e.g. Wednesdays 6:30PM-9:20PM.
Course Policies regarding missing exam
Missing a Midterm Due to Illness During the Term
• Missing a midterm will automatically result in a grade of zero for that midterm. If the illness can be documented with a UW Verification of Illness Form (VIF) (or self-declared sick or has submitted a self-declared absence on Quest), with approval you may transfer the weight of the missed midterm to the final exam. Alternatively, the instructor may offer a mutually acceptable date and time to complete the missed exam. This remedy is a privilege and not a right and will be used only in extreme cases.
• The midterm exam schedule has been set and will not be changed for whatever reason (no make-up midterm exams will be offered – absolutely no exceptions!).
Missing the Final Exam Due to Illness
• Missing the final exam is a very serious matter which automatically results in a grade of zero for the final exam and possibly a failing grade for the course. Please carefully read the Economics Department policy on deferred final exams for instructions.
• No deferred final exam will be provided for students who missed all the exams (including the final exam) in this course.
• Anything impacting the final exam, for any reason, are subject to the Economics Department Deferred Final Exam Policy.
Submission of Exam Papers
• Late submission of exam papers is not accepted and missed submissions will receive a zero mark for whatever reason.
• Exam papers must be submitted in whole and on time in the exam room. Exam paper
a) not submitted on time,
b) submitted with missing pages,
c) submitted elsewhere, with the exception of students with permission to write in the AS Office,
d) not received at all
will receive a grade of zero for whatever reason – No exceptions.
• It is the responsibility of students to ensure that they write exams in the location, date, and time assigned to their section. Students writing exams in the wrong section will be assessed a 20% penalty on the final exam grade. There will be no accommodation for possible differences in exam material or content.
Late Work
See above under Midterms and Final Exam, Missing the Final Exam Due to Illness, and Submission of Exam Papers.
No assignment screening will be used in this course.
Electronic Device Policy
• Laptop computers or other electronic devices (i.e., Apple or Android smartphones and tablets) may only be used to view lecture materials for this course.
• Photographic devices are not permitted in class due to copyright and privacy issues.
• Audio or video recording devices are not permitted in class due to copyright and privacy issues.
Attendance Policy
Class attendance is an integral part of your educational experience and strongly encouraged. It is an important factor in ensuring your complete understanding of the material presented. You are responsible for all material presented in the scheduled lecture periods whether you choose to attend lectures or not.
• I do NOT lend my lecture notes to students for any reason.
• In order to maintain a productive learning environment in the classroom, we all need to show the highest level of courtesy and professional behaviour. In particular, please be punctual and turn off all audible ringers on all devices during class.
• As a courtesy to the custodial staff, if you have coffee, water, etc., please dispose of your garbage when you leave the classroom.
• Please leave your private conversations for after the class.
All deferred Final Exam requests for economics courses are administered by the Economics Undergraduate Office. Please consult the Deferred Exam Policy at
https://uwaterloo.ca/economics/undergraduate/resources-and-policies/deferred-final-exam-policy.
Please note that a cross-listed course will count in all respective averages no matter under which subject code it has been taken. For example, a PHIL/PSCI cross-list will count in a Philosophy major average, even if the course was taken under the Political Science subject code.
Students should be aware that this course contains the intellectual property of their instructor, TA, and/or the University of Waterloo.
Intellectual property includes items such as:
Course materials and the intellectual property contained therein, are used to enhance a student’s educational experience. However, sharing this intellectual property without the intellectual property owner’s permission is a violation of intellectual property rights. For this reason, it is necessary to ask the instructor, TA and/or the University of Waterloo for permission before uploading and sharing the intellectual property of others online (e.g., to an online repository).
Permission from an instructor, TA or the University is also necessary before sharing the intellectual property of others from completed courses with students taking the same/similar courses in subsequent terms/years. In many cases, instructors might be happy to allow distribution of certain materials. However, doing so without expressed permission is considered a violation of intellectual property rights.
Please alert the instructor if you become aware of intellectual property belonging to others (past or present) circulating, either through the student body or online. The intellectual property rights owner deserves to know (and may have already given their consent).
All of us need a support system. The faculty and staff in Arts encourage students to seek out mental health support if they are needed.
On Campus
Counselling Services: counselling.services@uwaterloo.ca / 519-888-4567 ext. 32655
Off campus, 24/7
Full details can be found online on the Faculty of Arts website
Download UWaterloo and regional mental health resources (PDF)
Download the WatSafe app to your phone to quickly access mental health support information.
We acknowledge that we are living and working on the traditional territory of the Attawandaron (also known as Neutral), Anishinaabe and Haudenosaunee peoples. The University of Waterloo is situated on the Haldimand Tract, the land promised to the Six Nations that includes ten kilometres on each side of the Grand River.
For more information about the purpose of territorial acknowledgements, please see the CAUT Guide to Acknowledging Traditional Territory.
Academic integrity: In order to maintain a culture of academic integrity, members of the University of Waterloo community are expected to promote honesty, trust, fairness, respect and responsibility. [Check the Office of Academic Integrity for more information.]
Grievance: A student who believes that a decision affecting some aspect of their university life has been unfair or unreasonable may have grounds for initiating a grievance. Read Policy 70, Student Petitions and Grievances, Section 4. When in doubt, please be certain to contact the department’s administrative assistant who will provide further assistance.
Discipline: A student is expected to know what constitutes academic integrity to avoid committing an academic offence, and to take responsibility for their actions. [Check the Office of Academic Integrity for more information.] A student who is unsure whether an action constitutes an offence, or who needs help in learning how to avoid offences (e.g., plagiarism, cheating) or about “rules” for group work/collaboration should seek guidance from the course instructor, academic advisor, or the undergraduate associate dean. For information on categories of offences and types of penalties, students should refer to Policy 71, Student Discipline. For typical penalties, check Guidelines for the Assessment of Penalties.
Appeals: A decision made or penalty imposed under Policy 70, Student Petitions and Grievances (other than a petition) or Policy 71, Student Discipline may be appealed if there is a ground. A student who believes they have a ground for an appeal should refer to Policy 72, Student Appeals.
Note for students with disabilities: AccessAbility Services, located in Needles Hall, Room 1401, collaborates with all academic departments to arrange appropriate accommodations for students with disabilities without compromising the academic integrity of the curriculum. If you require academic accommodations to lessen the impact of your disability, please register with AccessAbility Services at the beginning of each academic term.
Turnitin.com: Text matching software (Turnitin®) may be used to screen assignments in this course. Turnitin® is used to verify that all materials and sources in assignments are documented. Students' submissions are stored on a U.S. server, therefore students must be given an alternative (e.g., scaffolded assignment or annotated bibliography), if they are concerned about their privacy and/or security. Students will be given due notice, in the first week of the term and/or at the time assignment details are provided, about arrangements and alternatives for the use of Turnitin in this course.
It is the responsibility of the student to notify the instructor if they, in the first week of term or at the time assignment details are provided, wish to submit alternate assignment.