(ECON 200) Principles of Microeconomics
Introduction to microeconomic principles with focus on product and resource markets, profit maximization under various market structures, and international trade.
|Credit Hours||3.0 Lecture|
|Prerequisite||MATH 107 for non-ACCT majors and ACCT 186 for ACCT majors|
|Offered||Fall, Winter, Spring|
|Programs||Associate of Sciences - Business Management (ASBM), Accounting (BS), Business Education (BS), Business Management (BS), Economics Minor, History Education (BA), International Development Minor, Marketing Minor, Public Management Minor, Social Science Education (BA)|
Course Learning Outcomes
As a student in Econ 200, you will master basic microeconomic principles and use this understanding to interpret current events. Major learning goals are that students will:
- Demonstrate an understanding of the terminology, principles and forces associated with markets.
- Interpret production possibilities graphs and explain changes in the graphs.
- Identify comparative advantages.
- Demonstrate an understanding of consumer choice theory and how consumers make utility maximizing choices.
- Be able to calculate and interpret price elasticity of demand coefficients, and explain concept of other types of elasticity.
- Be able to compute and graph cost and production data and demonstrate an understanding of the interrelationships between cost and production measures faced by firms.
- Apply the profit-maximization/loss-minimization rule in making price and output decisions for firms in different market structures.
- Identify the market structure in which a firm operates and predict general outcomes of each market structure.
- Determine the cost-minimizing/profit maximizing mix of inputs for a firm in a given situation.
- Demonstrate a basic understanding of the terminology and issues associated with unions and government regulation of business.