ECON 3 Principles of Microeconomics (3)
Credit, Degree Applicable
General principles and terminology of economics, with emphasis on microeconomics. Supply and demand theory, utility, elasticity, production, costs, revenues, market structures, income distribution, market failures and government policy, and international trade.
C-ID ECON 201
After successful completion of this course, students will be able to:
- Outcome 1: Utilize the concept of scarcity to explain economic trade-offs, opportunity costs, absolute advantage, comparative advantage and rational behavior.
- Outcome 2: Describe the institutional structure of a modem capitalist economy, including the public and private sectors, and the criteria used by economists to evaluate economic outcomes.
- Outcome 3: Analyze how markets function and what happens in the presence of market failures.
- Outcome 4: Calculate and interpret measures of elasticity.
- Outcome 5: Analyze production and costs of the firm and demonstrate how firms attempt to optimize their objectives in response to price signals under a variety of market structures in the short and long-run.
- Outcome 6: Analyze the nature of factor markets and show how factor markets are affected by product market structures.