ECON& 201 Microeconomics (5 credits)

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.

Degree Outcomes
Social Sciences: Graduates analyze and interpret social phenomenon using social science theories and methods.

Critical, Creative, and Reflective Thinking: Graduates will evaluate, analyze, synthesize, and generate ideas; construct informed, meaningful, and justifiable conclusions; and process feelings, beliefs, biases, strengths, and weaknesses as they relate to their thinking, decisions, and creations.

Lecture Contact Hours 50
Lab Contact Hours 0
Clinical Contact Hours 0
Total Contact Hours 50