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Elemental Economics

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Competitiveness of Nations

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Elemental Economics

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Dr. Harry Hillman Chartrand, PhD

Cultural Economist & Publisher

Compiler Press


215 Lake Crescent

Saskatoon, Saskatchewan

Canada, S7H 3A1

Curriculum Vitae


Launched  1998





ECONOMICS 111.01 & .03

USASK Fall 2019

Instructor: Dr. Harry Hillman Chartrand, PhD

Class Time & Location:

Econ 111.01, T/Th, 8:30-9:50 am, Arts 241

Econ 11.03, M/W/F, 2:30-3:20 pm, Arts 143

Phone: n.a.



Office Hours: By Appointment

Tutorial: TBA

Course Description: Shows the student how to understand the individual consumption and production decisions which are made within a market economy, guided by prices and costs.  Economic concepts of supply, demand, cost, response to price changes, production, equilibrium and income distribution are analyzed.

Required Text: principles of micro economics,

Mankiw, Kneebone & McKenzie (MKM), 6th or 7th Canadian Edition, Nelson Education. 

2nd hand copies may be available at the Bookstore

E-edition available at: Course Link URL:

  Course Key: MTPN-7SCN-JX0J

Lecture Notes are cross-referenced to chapter, page and graphic in MKM (6th /7th)


All Emails MUST include: Student Name & #, Course & Section #. 

Students are expected to review the Lecture Notes before each Class and be prepared to question.


The Standard Model of Market Economics: Demand, Supply, Markets, Competition & Market Failure

1. Introduction: Concepts

Ch. 1: Ten Principles of Economics

Ch. 2: Thinking like an Economist


2. Demand

Ch. 21: Theory of Consumer Choice


3. Supply (Theory of the Firm)

Ch. 13: The Costs of Production


4. The Market

Ch. 4: The Market Forces of Supply & Demand

Ch. 7: Consumers, Producers and the Efficiency of Markets

Ch. 6: Supply, Demand and Government Policies

1st Midterm Test

Learning Outcome

What is the Standard Model of Market Economics?

Econ 111.01, Thursday Oct. 10, 2019

Econ 111.03, Wednesday Oct. 9, 2019


5. Competition

Ch. 14: Firms in Competitive Markets

Ch. 15: Monopoly

Ch. 16: Monopolistic Competition

Ch. 17: Oligopoly

2nd Midterm Test

Learning Outcome

What are the different forms of market competition?

Econ 111.01, Thursday November 7, 2019

Econ 111.03, Friday November 8, 2019

6. Market Failure

Ch. 10: Externalities

Ch. 11: Public Goods and Common Resources

Ch. 22: Frontiers of Microeconomics

3rd Midterm

Learning Outcome

What is Market Failure?

Econ 111.01, Tuesday Dec. 3, 2019

Econ 111.03, Monday Dec. 2, 2019


Final Examination

Learning Outcome

What is the Standard Model of Market Economics: Its Strength & Weakness

Econ 111.01 December 18 2:00 PM  EDUC GYM - Rows 1 to 20 (ALL ROWS)

Econ 111.03 December 13 2:00 PM  PAC GYM - Rows 1 to 18 (ALL ROWS)




5 Online Tests - 15%

3 Midterms - 45%

1 Final Exam - 40%


Online Tests (OTs)

Five Online Tests (OTs) are posted on Blackboard: (1) Demand; (2) Supply; (3) The Market; (4) Competition; and, (5) Market Failure.  They are 45 minutes long consisting of 30 multiple choice questions. They can be done anywhere with Internet connexion.  Three OTs (Demand, Supply, Markets) are due before the first Midterm.  One OT is due before Midterm 2 (Competition) and one OT before Midterm 3 (Market Failure).

OTs must be completed by 11:59 pm the night before each midterm.  Ensure, however, that you set aside sufficient time (45 minutes) for the Test.  There is no pause.  Once started they must be completed.  Students will have five attempts for each OT with the highest mark counting towards the Final Grade.  The five attempts are intended to negate any technical disruptions.  DO NOT WAIT UNTIL THE LAST MINUTE!  After each midterm OTs turn into review mode to help with the Final.

Practice Tests (PTs)

There are also 5 corresponding Practice Tests (PTs) posted on Blackboard.  These are not for credit but do provide immediate answers.  I recommend doing the PTs before the OTs.

Midterms & Final Examination

For midterms and the final exam op scan sheets are used.  Exams (A/B) are the same but the questions are scrambled.  It is the student's responsibility to place their opscan in the correct pile (A/B) when signing out of the exam. 

Read the Covering Sheet instructions carefully. 

Each Student must use a lead HB pencil 'to fill in the dots' coding their Student NSID correctly.  Each Student is responsible for the legibility of their opscan sheet.  Fresh sheets will be issued any time during an exam.  No additional time, however, will be allowed to copy a sheet or make corrections after the testing period.  Failure to correctly code a Student's NSID will result in delay of results. 

The weight of a missed midterm may be transferred to the Final Examination on condition that appropriate documentation is provided for an acceptable cause such as sickness, family emergency, jury duty, etc.  Students engaged in university or professional events including sports also qualify, with documentation, for a transfer of a missed midterm's mark to the Final Examination.  There are no deferred midterms.

Students who have booked vacation trips before the start of class that conflict with the midterm exam schedule must contact me during the first week of classes to qualify for a transfer of midterm grades to the final exam. 

Midterms will be held in class: 30 questions, 45 minutes, covering each of the 3 parts of the course, separately, i.e., questions concerning MT 1 will not be asked in MT 2 or MT 3 .  The three hour (180 minute) Final Examination will include 100 multiple choice questions comprehensive of the entire Course.


Grade Scheme

Please see:  system.php#GradingSystem USASK Policy on Academic Dishonesty

Please take note that plagiarism and other forms of academic dishonesty is subject to severe penalty at the University of Saskatchewan.   Please see “Student Academic Dishonesty Rules of the University of Saskatchewan Council" (September 2000) are posted at  99.shtml



















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