EC 201 Introduction to Microeconomics
Introduces the theory of relative prices in a market system, consumer choice, marginal analysis, and the allocation of productive resources among alternative uses in a market economy. Other topics may include market power and price discrimination, public finance, the labor market and environmental policy.
Prerequisite
Prerequisite:
MTH 111 with a grade of C or better.
Notes
Lower Division Transfer (LDT) Course
General Education Requirements
AGS Social Science, AS Social Process/Institution, AAOT Social Sciences, AS Liberal Arts Core 4
Outcomes
Upon successful completion of this course, students will be able to:
Discuss the role scarcity plays in defining economic choices and how individuals, companies and nations resolve these issues. Describe and apply marginal principle, principle of opportunity cost, principle of diminishing returns, comparative advantage, and elasticity. Analyze the relationships between production costs and cost curves. Explain the mechanics of supply and demand and apply the supply and demand model to evaluate markets. Discuss the efficiency and equity of both competitive and noncompetitive markets and how both are impacted by government intervention. Explain, compare and contrast, and apply in context each of the basic market structures - i.e. perfect competition, monopoly, oligopoly and monopolistic competition.