Dec 01, 2021
ECON 1020 - Microeconomics
This course is an introductory course covering a variety of economic concepts. It focuses on model building, production possibilities, scarcity and choices, opportunity costs and trade-offs, the market system, supply and demand, resource allocation in the market, government intervention and its consequences, elasticity, cost, market model (pure competition), monopoly, oligopoly, and monopolistic competition. It explores economic issues including market power, labor, positive and negative externalities and public choice.
Instructional Method Lecture
General Education Requirement: Social and Behavioral Sciences
Minimum Student Competencies
Upon completion of ECON 1020 Microeconomics , the student will be able to:
- Examine the terms, concepts, and points of view used in basic economic inquiry.
- Assess the nature and function of the product market.
- Analyze consumer demand using elasticity and utility.
- Examine the firm’s production, cost and revenue.
- Assess profit maximization under perfect competition, or imperfect competition.
- Evaluate the uniquely American experiment in legislative control of monopoly with antitrust policy.
- Analyze market failures and the rate of government intervention with externalities and public goods.
- Explain the changing international role of the United States as a debtor nation.
- Evaluate the usage of exchange rates, comparative advantage, and trade policy tools.
PO#5 Analyze the basic features of domestic and international economic systems.
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