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.

Credits

Prerequisite

MTH 111Z 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

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.