Microeconomics
Introduces microeconomic theory, with emphasis upon the concepts of consumer and business firm behavior, demand and supply, value, production, distribution, general equilibrium and welfare. Focuses on problems of resource allocation, income distribution, labor unions and industrial organizations, and government regulation. It is recommended that the college’s reading and math requirements have been met.
Subject Code: ECO
Course Number: 101
Credits: 3
Lecture Hours 3
Course Learning Outcomes:
1. Define and differentiate the four basic market structures.
2. Discuss how regulations in labor markets impact the operation of a firm.
3. Create models from data sets to determine efficiency and optimality over various time periods.
4. Graph using the supply and demand models to analyze different markets outcomes.
5. Analyze and interpret computed graphs of a given supply and demand model.
6. Explain the concept of scarcity.
7. Differentiate the categories of price elasticity in terms of how each impacts demand and supply.
8. Identify and describe various types of externalities.
9. Develop well-reasoned arguments that explain consumer choices after evaluation of data and acknowledgement of personal perspectives or biases.
Effective Term: Fall 2020
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