Course Overview:

This introductory course examines how individuals, households, and firms make choices under conditions of scarcity. Students explore supply and demand, price determination, consumer choice, elasticity, production and costs, and firm behaviour under perfect competition, monopolistic competition, oligopoly, and monopoly. Using graphs, numerical exercises, and practical examples, students analyze market efficiency, government intervention, factor markets, and the gains from specialization and international trade. The course emphasizes applying microeconomic concepts and models to business decisions and contemporary economic issues.

Prerequisite:

  • The students must have completed grade 12 or equivalent education, or mature student status (19 years or older).
  • All applicants must meet one of the following Language Proficiency Requirements (LPR):
    • Completion of 2 years of secondary education (including English 10 and 11 with grade of ‘C’ or higher) from a country where English is one of the principal languages, or
    • Completion of 2 years of full-time post-secondary education at an accredited institution where English is the language of instruction, or
    • Students from non-English speaking countries must have completed grade 12 or equivalent education and provide verified results for one of the English Language Proficiency tests with minimum scores listed below:
      • IELTS 6.0, TOEFL 50, CAEL 45, CELPIP 6.5, DET 105, PTE 47, PCE 175, CAMBRIDGE B2 Level, LANGUAGECERT B2 Level, MET B2 Level, ITEP 3.8, EIKEN Grade Pre-1. or
    • Provide proof of achieving at least 65% in Grade 12 English (or equivalent) from a recognized institution.
  • Mature Student Applicants
    • Applicants who are 19 years of age or older at the start of the program, are Canadian citizens or permanent residents, and are unable to provide official secondary or post-secondary education records may demonstrate English proficiency by:
      • Submitting a signed attestation confirming they have completed at least three years of full-time education in English in a country where English is one of the primary languages and
      • Completing the Accuplacer English Assessment (Next Generation: Reading, Writing, and WritePlacer) with the following minimum scores:
        • Reading: 235
        • Writing: 235
        • WritePlacer: 4

Learning Outcomes:

Upon successful completion of this course, students will be able to:

  • Explain the fundamental economic concepts of scarcity, choice, opportunity cost, incentives, and marginal decision-making.
  • Construct and interpret graphs, tables, and basic economic models used to analyze consumer, firm, and market behaviour.
  • Apply supply-and-demand analysis to explain price determination, market equilibrium, and changes in market conditions.
  • Calculate and interpret elasticity, total revenue, production costs, profit, consumer surplus, and producer surplus.
  • Apply utility and consumer-choice models to explain how prices, income, and preferences influence consumption decisions and demand.
  • Analyze production decisions and evaluate firm behaviour under perfect competition, monopolistic competition, oligopoly, and monopoly.
  • Evaluate market efficiency, market failure, and the effects of taxes, subsidies, price controls, externalities, public goods, and government regulation.
  • Explain how labour, land, and capital markets influence wages, rent, interest, and other forms of income.
  • Apply the principles of comparative advantage and gains from trade to assess the effects of international trade on consumers, producers, and markets.

Course Content & Topics:

Class 1: Introduction to Operations Management
Class 2: Operations Strategy & Competitive Advantage
Class 3: Process Design and Mapping
Class 4: Capacity Planning & Resource Management
Class 5: Forecasting Demand
Class 6: Scheduling and Workflow Optimization
Class 7: Quality Management and Assurance
Class 8: Lean Systems and Waste Elimination
Class 9: Six Sigma and Continuous Improvement
Class 10: Performance Measurement and KPIs
Class 11: Technology in Operations
Class 12: Operations and Supply Chain Integration
Class 13: Sustainable Operations Management
Class 14: Case Studies and Real-World Application

Credit Information:

  • Credits: 3

Duration:

  • 14 Weeks: 3 hrs/week

Course & Related Fees:

  • Domestic & International: $700 (Seven hundred dollars)

For a detailed breakdown, please refer to Policy #S-005 Programs & Course Fee Schedule

Non-Refundable Fees:

  • Application Fee: $50.00/course (payable online and non-refundable)