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Apr 20, 2024
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ECON& 201 Microeconomics (5 credits)
Distribution Area Fulfilled Social Sciences; General Transfer Elective
Formerly ECON 212 - CCN
Course Description
The study of individual markets, looking at efficiency of the market system, scarcity, resources, supply and demand, price and output determination, the role of government in a market economy, international trade, and the distribution of income.
Student Outcomes
1. Describe the goals of an economic system and the advantages and disadvantages of the market system.
2. Explain scarcity as the foundation of economics, making use of the production possibilities curve framework.
3. Explain the importance of specialization and international trade using the concept of comparative advantage.
4. Use the supply and demand framework to explain how the competitive market system can allocate resources efficiently.
5. Compute elasticities and use them in analyzing the impact of a price change.
6. Calculate and graph costs in relationship to changes in the scale of production.
7. Describe and compare the characteristics and implications of competitive versus non-competitive market structures.
8. Describe the role of government in dealing with imperfections in the market system, including public goods and externalities.
9. Explain what has happened to the distribution of income and describe the reasons for the trends.
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