Overview
This course introduces you to microeconomics—the area of economics that deals with the behaviour of specific economic units (households and firms). Microeconomics focuses on the operation of the economy at the level of the units in which basic choices are made in the face of scarcity; therefore, it is primarily concerned with markets and prices.
The course as a whole is designed to allow you to gain the knowledge and skills you will need to accomplish the following objectives:
- Describe how certain economic principles are derived.
- Explain specific economic principles, and give examples of their application.
- Select an appropriate principle and, given the relevant facts, apply it to derive a solution for an economic problem.
Learning outcomes
The course as a whole is designed to allow you to gain the knowledge and skills you will need to accomplish the following objectives.
- Describe how certain economic principles are derived.
- Explain specific economic principles and give examples of their application.
- Select an appropriate principle and, given the relevant facts, apply it to derive a solution for an economic problem.
Evaluation
To receive credit for ECON 247, you must receive a grade of D (50 percent) or better on the final examination, and achieve an overall grade of at least D (50 percent) for the entire course. Your final grade is determined by a weighted average of the grades you receive on the activities listed below. The weightings for each of these activities are as follows:
| Activity | Weight | Complete by |
| Quizzes (10 @ 3% each) | 30% of final grade | After each unit |
| Assignment 1 | 10% of final grade | After Unit 5 |
| Midterm Examination | 20% of final grade | After Unit 5 |
| Assignment 2 | 10% of final grade | After Unit 10 |
| Final Examination | 30% of final grade | After Unit 10 |
| Total | 100% | |
The midterm and final examinations for this course must be requested in advance and written under the supervision of an AU-approved exam invigilator. Invigilators include either ProctorU or an approved in-person invigilation centre that can accommodate online exams. Students are responsible for payment of any invigilation fees. Information on exam request deadlines, invigilators, and other exam-related questions, can be found at the Exams and grades section of the Calendar.
Materials
Digital course materials
Links to the following course materials will be made available in the course:
Mankiw, N. G., Kneebone, R. D., & McKenzie, K. J. (2024). Principles of microeconomics (9th Can. ed.). Cengage. ISBN-13: 978-1-77841-176-2
Other Resources
All other learning resources will be available online.
Challenge for credit
Overview
The challenge for credit process allows you to demonstrate that you have acquired a command of the general subject matter, knowledge, intellectual and/or other skills that would normally be found in a university-level course.
Full information about challenge for credit can be found in the Undergraduate Calendar.
Evaluation
To receive credit for the ECON 247 challenge registration, you must achieve a grade of at least D (50 percent) on the examination.
Online Exam (4 hours)
Challenge for credit course registration form