Students will be able to:

Determine how comparison shopping can help in making different levels of purchasing decisions
Choose the best course of action in making a purchasing decision
Discuss how “must-have” features can vary from purchase to purchase

Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester.

Examines techniques and procedures relevant for project planning and implementation in developing countries, including project identification, feasibility analysis, design and implementation monitoring. Considers how to evaluate economic and distributive effects of completed or ongoing development projects. Specific attention given to how institutional setting and other practical influences affect the use of conventional analytical tools.

Lesson Objective: At the completion of this lesson, students will understand the meaning of scarcity and opportunity cost. Students will explain how scarcity and opportunity cost affects decisions made by households, businesses, and governments. Supplies NeededStudent Handout 1The Cost of Your Future (1 per student) (found in Task 3)Student Handout 2Scarcity and Opportunity Cost Quiz (1 per student) (found in Task 7)Student Handout Answer Key 2Scarcity and Opportunity Cost Quiz (found in "Resource Library")Teacher Resource 1Dingell hosts community round table on higher education (found in "Resouce Library")Video 1Gangnam Style (4:12) (found in Task 1)Video 2EconEdLink Opportunity Cost (found in Task 2)Video 3Four Years to Broke: The Real Cost of College (6:06) (found in Task 4)Video 4Production Possibilities Curve- Econ 1.1 (found in Task 5)  References “Dingell Hosts Community Round Table on Higher Education.” The Michigan Daily. N.p., 9 Apr. 2015. Web. 19 Apr. 2015. EconEdLink: Council for Economic Education. (n.d.). Economic Glossary. Retrieved from http://www.econedlink.org/economic-resources/glossary.php and http://www.econedlink.org/interactives/index.php?iid=190 EconEdLink: Council for Economic Education. (n.d.). "Opportunity Cost." Opportunity Cost. EconEdlink, n.d. Web. 19 Apr. 2015. Ferguson, Lisa. “4 Years to Broke: The Real Cost of College.” YouTube. YouTube, 30 Apr. 2014. Web. 19 Apr. 2015. G.S. and G.D. (2014, June 3). “The Hidden Cost of Gangnam Style.” Retrieved from http://www.economist.com/blogs/graphicdetail/2014/06/daily-chart-1 MBA dictionary. (n.d.). Retrieved November 15, 2014, from MBAResearch and Curriculum Center “PSY-Gangnam Style (Official Music Video).” YouTube. YouTube, 23 Oct. 2012. Web. 19 Apr. 2015.