Compiler Press'

Elemental Economics

Not Accounting, Not Business, Not Commerce, Not Mathematics  - Economics  






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Compiler Press

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Competitiveness of Nations

Cultural Econom


Elemental Economics

World Cultural Intelligence Network


Dr. Harry Hillman Chartrand, PhD

Cultural Economist & Publisher

Compiler Press


215 Lake Crescent

Saskatoon, Saskatchewan

Canada, S7H 3A1

Curriculum Vitae


Launched  1998







Instructor: Harry Hillman Chartrand, PhD

Time & Location:  

111.03 M/W/F 9:30-10:20 Arts 241

111.05 T/Th 8:30-9:50 Arts 143

111.07 T/Th 11:30-12:50 HS 1150

Phone: n.a.



Office Hours: by appointment

Tutorial: TBA

Course Description: How individual consumption and production decisions 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, 7th, 8th or 9th Canadian Edition, Nelson Education. 

E-edition, hardcopy & 2nd hand copies available at the USASK Bookstore.  Mindtap and other add ons are not required nor subject to grading.


Lecture Notes are cross-referenced to chapter, page and graphic in MKM (6th /7th/8th/9th editions)


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

Students must write exams in registered section: 03, 05 or 07. 



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?

In Class

111.03 Oct. 16

111.05 Oct. 17

111.07 Oct. 17

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?

In Class

111.03 Nov. 15

111.05 Nov. 16

111.07 Nov. 16


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?

In Class

111.03 Dec 4

111.05 Dec. 5

111.07 Dec. 5


Final Examination

Learning Outcome

The Standard Model of Market Economics: Strength & Weakness

111.03 Wednesday, December 13, 2:00 pm: Students with surname beginning with A to BIK EDUC 1004; Students with surname beginning with BIL to Z EDUC GYM Row 1 and Row 2 to 30 (EVEN)

111.05 Monday, Dec. 11, 2:00 pm: EDUC GYM - Row 1 and Row 2 to 24 (EVEN)

111.07 Monday, December 18, 9:00 am: Students with surname beginning with A to BAR EDUC 1004; Students with surname beginning with  BAS to Z EDUC GYM Row 1 and Row 2 to 30 (EVEN)



6 Practice Quizzes         0%

6 Online Assignments: 15%

3 Midterms:                  45%

1 Final Exam:               40%


     The lowest grade you can obtain will be calculated using the above formula.  However, I apply 'progressive marking' meaning I compare your calculated average using the formula with your Final Exam grade.  If the Final Exam grade is higher than the calculated average your final grade will be increased by half of the difference between your calculated average and the Final Exam grade.


Practice Quizzes (PTs)

There are also 6 Practice Quizzes (PQs) posted on Canvas: (1) Intro; (2) Demand; (3) Supply; (4) The Market; (5) Competition; and, (6) Market Failure.  These are not for credit but do provide immediate answers.  I recommend doing the PQs before the OAs.

Online Assignments (OAs)

Six Online Assignments (OAs) are posted on Canvas: (1) Intro; (2) Demand; (3) Supply; (4) The Market; (5) Competition; and, (6) Market Failure.  They are 45 minutes long consisting of 30 multiple choice questions. They can be done anywhere with Internet connexion. 

Four OAs (1-4 Intro, Demand, Supply, Markets) are due before Midterm 1;

OA 5 is due before Midterm 2 (Competition); and ,

OA 6 before Midterm 3 (Market Failure).

OAs must be completed 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 OA 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 OAs turn into review mode to help with the Final.

Midterms (MTs)

Midterms will be held in class.  For midterms and the final exam opscan sheets are used.  Read the instructions carefully.  Each Student must use a lead pencil 'to fill in the dots' and code 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 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. 

Each Midterm consist of 30 multiple choice questions answered in 45 minutes, i.e., identical in format to PQs and OAs.  Each Midterm is 'stand alone'.  Material from previous Midterms will not be asked in a subsequent Midterm.   There are no deferred midterms.  The weight of a missed midterm may be transferred to the Final Examination on condition documentation is provided for 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.  To repeat, there are no deferred midterms.

Students who have booked vacation trips before the start of classes and 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. 

Final Examination (FE)

The FE is comprehensive of all course material.  There will be 100 multiple choice questions to be answered within 180 minutes or 3 hours. 


Technical Difficulties

In general, you are responsible for your tech.  I am not a technician.  Accordingly, in the case of non-credit activities like accessing PAWS or reading Lecture Notes, it is on you and ICT at USASK -  They are there to help you.


Grade Scheme

Please see:

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.  “Student Academic Dishonesty Rules of the University of Saskatchewan Council" (September 2000) are posted at


















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