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. Includes other topics such as market power and price discrimination, public finance, the labor market, and environmental policy.
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, AS Liberal Arts Core 4, AAOT Social Sciences
Outcomes
Upon successful completion of this course, students will be able to:
Demonstrate an understanding of the methods and principles of microeconomic theory, including elasticity, tradeoffs, opportunity costs, incentive effects, gains from exchange, and marginal decision-making. Explain how markets work and how market prices are determined. Show mastery of the theories of demand, supply, consumption, production and cost, perfect competition, monopoly, and imperfect competition. Assess the impact of externalities, price controls and market power on efficiency and welfare, and evaluate possible public policy remedies. Use theory to analyze economic policy issues.