ECON& 201: Micro Economics

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Class Program
Economics
Distribution
Social Science
Credits 5 Lecture Hours 55
Micro economic concepts are applied to business and household decision-making as well as public policy. Major topics include: scarcity and choice, production possibilities, supply and demand analysis, elasticity, consumer choice, production and costs, market structures, antitrust and regulation, and public micro economics..

Prerequisites

Strongly recommend completion of MATH 094/M AP 117 or a higher placement and completion of ENGL 098 or a higher placement..
Course Outcomes

Upon successful completion of the course, students should be able to demonstrate the following knowledge or skills:

  1. Think in a more objective and logical manner when dealing with issues that deal with issues of a particular industry, firm, or household.
  2. Read and comprehend current publications dealing with revenues, costs, environmental issues, and other factors that impact businesses and society.
  3. Correctly use the terminology of economics.
Course Content Outline
  1. Introduction to Economics and the Economy
    1. Nature and Method of Economics
    2. Economizing Problem
    3. Pure Capitalism and the Circular Flow
    4. Individual Markets: Demand and Supply
    5. Private Sectors and the Market System
    6. Public Sector
  2. Microeconomics of Product and Resource Markets
    1. Demand and Supply: Elasticities and Applications
    2. Consumer Behavior and Utility Maximization
    3. Costs of Production
    4. Price and Output Determination: Pure Competition
    5. Price and Output Determination: Pure Monopoly
    6. Price and Output Determination: Monopolistic Competition
    7. Price and Output Determination: Oligopoly
    8. Production and the Demand for Resources
    9. Pricing and Employment of Resources: Wage Determination
    10. Pricing and Employment of Resources: Rent, Interest, and Profits
    11. General Equilibrium: Market System and Its Operation
  3. Government and Current Economic Problems
    1. Government and Market Failure: Public Goods, the Environment, and Information Problems
    2. Public Choice Theory and Taxation
    3. Antitrust and Regulation
    4. Agriculture: Economics and Policy
    5. Income Inequality and Poverty
    6. Labor Market Issues: Unionism, Discrimination, and Immigration
  4. International Economics and the World Economy
    1. International Trade: Comparative Advantage and Protectionism
    2. Exchange Rates, the Balance of Payments, and Trade Deficits
Department Guidelines
The class syllabus must contain course learning outcomes, class environment/expectations/rules, evaluation/grading guidelines, and a disability services statement. A class schedule must be provided to students that contains content covered (text chapters, topics, etc.) and tentative test dates (to include final date/time). These documents should be reviewed with the ACCT/BUS Faculty at least one week prior to class start. If an LMS or software is used for the course, it must be approved by the ACCT/BUS Faculty.