Course Overview

Principles of Microeconomics (3 credits)

Instructor: Michael Greene

Need help: CLI Help Desk (helpdesk@christianleaders.net)

Overview: This course introduces economic analysis of individual, business, and industry choices in the market economy. Topics include the price mechanism, supply and demand, optimizing economic behavior, costs and revenue, market structures, factor markets, income distribution, market failure, and government intervention. Upon completion, students should be able to identify and evaluate consumer and business alternatives in order to achieve economic objectives efficiently.

Course Outcomes:

1. Understand that economics is about the allocation of scarce resources, that scarcity forces choice, trade-offs exist, and that every choice has an opportunity cost. Demonstrate these concepts using a production possibility frontier diagram.
2. Understand how comparative advantage provides the basis for gains through trade.
3. List the determinants of the demand and supply for a good in a competitive market and explain how that demand and supply together determine equilibrium price.
4. Understand the role of prices in allocating scarce resources in market economies and explain the consequences of price controls.
5. Define an externality and a public good and explain why the presence of externalities and public goods make markets inefficient. Analyze various government policies aimed at solving these inefficiencies.
6. Understand the costs of production and how profit-maximizing firms determine how much to produce. Be able to distinguish between long-run decisions and short-run decisions.
7. Distinguish between perfect competition and imperfect competition and be able to explain the welfare loss in non-competitive markets.

Introduction: Many students of the Bible have observed that God often refers to economic topics and concepts. For example, money, interest rates (usury), profit and loss, wages, entrepreneurship, and contractual obligations are used by Christ to make spiritual points in the parables of the pounds (Luke 19:12-26), of the talents (Matthew 25: 14-30), and of the workers in the vineyard (Matthew 20:1-16). Other scriptures deal with economic problems most 20th century individuals are still confronting: inflation and the debasement of money (Haggai 1:6; Isaiah l:22), creditor-debtor difficulties (Proverbs 22:7; Psalms 37:21), unemployment (Matthew 20:3), and even big government with its high taxes (I Samuel 8:11-18). 

Nevertheless, it seems clear that the Bible per se is not an economics textbook. God has not systematically expounded economic principles as one might expect to find in a modern-day text on economic principles. 

That leaves Christians with an intriguing dilemma. If we do not have our own unique understanding of economic principles - Biblical economics - does this mean we must rely on secular sources for economic knowledge? If so, which of the many competing traditions should we embrace? 

Thankfully, the answer is that there is a Christian perspective on economic matters. There is a science of Biblical economics, albeit an almost untouched field of study for academic economists today. It is not, however, a patchwork of Christian ethics combined with a preferred economic theory or applied to specific economic problems, as some have perceived it. Instead, it is a comprehensive, unified body of moral and economic principles that are inexorably interrelated. It is a body of knowledge without which humanity will never achieve its economic potential.

Resources: This course includes resources from many books and articles. All required material is included in the online course. No book purchases are needed.

1. View all online lectures and read all articles on each topic. Active engagement with course materials prior to attempting the quiz is required for each unit. If a resource is provided in multiple formats, simply choose whichever format best supports your learning. CLI’s system tracks your viewing history to determine meaningful engagement. Make sure you are logged into your student account when viewing or downloading the materials.
2. Take the online quiz for each unit. You will have 75 minutes to answer 20 multiple-choice questions for each quiz. Each quiz covers the readings and video lectures for that unit. Once a quiz has started, you must finish it, and you cannot retake it. 

Course Forum

Each course forum is located near the beginning of the course, immediately before the first course-content section. The forum allows students to post course-related questions and comments for other currently enrolled students to view and discuss. You can also search previous posts to see whether your question or topic has already been addressed. 

The forum is intended primarily for peer discussion and may not receive an immediate response. Questions or concerns requiring timely assistance should be directed to the Help Desk at helpdesk@christianleaders.net.

Grading Scale

A  93-100%   A- 90-92%   B+ 87-89%   B  83-86%   B- 80-82%   C+ 77-79%   C  73-76%   C- 70-72%   D+ 67-69%   D  63-66%   D- 60-62%   F  0-59%

Students' final grade is based on the average of all required quizzes and assignments. Each graded activity is weighted equally unless otherwise stated. The single lowest quiz score will be excluded from the overall grade.

Your average for the course must be at least 60%. Otherwise, you will fail the class and will receive no credit.

Deadline

You have 180 days to finish the course. If you have not received a final grade for the course before your enrollment ends, you will be automatically unenrolled, you will receive an “Administrative Withdrawal” for the course on your transcript, and all coursework will be removed. You will have to start over and take the class again to receive credit.

To avoid potential administrative delays or additional fees, please complete all assignments at least three weeks before your enrollment end date.

If you believe you qualify for a two-week extension, as outlined in our Catalog policies, please contact the Help Desk at helpdesk@christianleaders.net as soon as possible, ideally at least three weeks before your enrollment end date.