ECON& 201: Micro Economics

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Class Program

Economics

Credits

Clinical Hours None

Weekly Contact Hours

Course ID

091565

Meets Degree Requirements For

Social Science

Description

Study of consumer behavior and the revenue concepts, firm behavior and the cost concepts, price and employment theory, industrial organization, labor, agricultural and international economics.

Grading Basis

Graded

Course Learning Outcomes

Seek, acquire and apply information and knowledge: Have and use quantitative data and a better understanding of economic concepts and reality as part of a rational decision process.

Apply a philosophical framework: Use a clearer and more consistent value set (A “Unifying Philosophy of Life”) as a part of a rational decision process.

Apply an analytical framework: Use the scientific method and the “Economic Way of Thinking” (Benefit-Opportunity Cost Analysis) in a rational decision process.

Reach more rational decisions (Problem Solve): As citizen/voters, make the high quality choices necessary for personal and collective goal achievement and responsible behavior.

Act in a more responsible manner: Behave in a way that contributes to civil and “free society”.

Core Topics

Introduction and the Syllabus
Economics in Perspective
The Role of Assumptions in Economic Models
Overview of Microeconomics
Opportunity Costs
Trade
Supply and Demand Concepts
Elasticity
Consumer Behavior
Utility Maximization
Firm Decision Making
Model of Firm Costs, Short Run and Long Run
Perfect Competition
Monopoly
Monopolistic Competition
Oligopoly/Game Theory