This course provides a strong foundation in microeconomic theory, whether preparing for further study in economics, the social sciences, business, or other disciplines. Designed to help students think like economists, course materials use engaging, real-world examples to explore how individuals and firms make economic choices. Key topics include supply and demand, elasticity, utility, production and costs, and an analysis of types of markets: perfect competition, monopoly, monopolistic competition, and oligopoly. Content coverage also includes public goods and externalities, labor markets, income distribution, globalization and trade, and exchange rates and international finance. An orientation module helps students refresh skills around modeling, graphing, and algebra for economic problem-solving.
This course, based on OpenStax Principles of Economics, was developed by the Lumen Learning team and Steve Greenlaw, Clark Aldrich, Jennifer Pakula, Veronika Dolar, Michael Fusillo, Sophie Haci, Shawn Kilpatrick, and Melissa Walker.
Several topics proved to be consistently difficult for the thousands of students who took a Waymaker Economics course during Fall 2017. We have made specific data-driven improvements to address these difficult topics, as well as general improvements to the course as a whole:
- Improved course organization
- Try It embedded practice questions
- “Learn By Doing” pages for even more practice
- “Watch It” embedded videos that explain and reiterate key concepts throughout the course
- Interactives that explain complicated graphs in a step-by-step process
- Discussions and Assignments for every module
- Problem Sets for every module
For more information on these improvements, please visit the About this Course page.
Microeconomics is available as a Waymaker course or as a Candela course.
- Waymaker: User-friendly digital courseware with data-driven learning design, personalization, and messaging tools that can increase student engagement, persistence, and passing rates.
- Candela: Lumen Learning’s low-cost Candela courses provide curated and outcome-aligned open educational resources (OER) in a convenient e-book format.
Why Teach with Lumen Course Materials?
- Replace expensive textbooks: Ready-to-adopt open educational resources (OER) include text, videos, simulations, self-checks, and other interactives.
- Choose affordability: Low cost to students.
- Use better content: Continuous, data-driven improvements make OER content more effective at supporting learning.
- Simplify access: Easy access to course materials in your LMS (Blackboard, Canvas, D2L, and Moodle) plus automatic grade return.
- Improve student outcomes: Research shows Lumen course materials can improve academic performance, passing rates, and course completion.
- Save time: Start with curated, outcome-aligned OER and supplemental instructor resources like quiz banks, assignments, slide decks, etc.
- Customize your course: Freedom to tailor course content to fit your learning outcomes and instructional approach.
- Enjoy awesome support: Faculty-friendly onboarding, training, and support.
- Learn by doing: Online homework, self-check activities, and other interactive tools strengthen learning.
- Engage from day one: Avoid falling behind with access course materials from the first day of class.
- Retain materials: Download a digital copy of course content to keep forever.
- Become a better learner: Real-time feedback guides students on where to focus and how to improve.