ECON 201 Principles of Microeconomics

This course serves as an introduction to the principles of microeconomic analysis. The course examines the behavior of consumers, firms, and resource owners and the manner in which they interact to determine prices and outputs under a variety of market structures. 

Credits

3

Prerequisite

MATH 106 or MATH 111 or higher level math course (recommended)

Offered

Fall

Student Learning Outcomes

1. The students will have a basic understanding of economic foundation models.
2. The students will be able to explain shifts in the market equilibrium (supply and demand) and the effect on prices.
3. The students will have a basic understanding of the relationship between price elasticity and the demand and total revenue.
4. The students will be able to explain the role of healthcare and government intervention of the economy.
5. The student will be able to explain the potential general effects of international trade general advantages and disadvantages of trade policy.
6. The student will be able to understand the impact of how consumer behavior and consumer choice has on the economy and pricing.
7. The students will have an understanding of the role of technology and costs and impact on the economy.
8. The students will be able to explain monopolistic competition and oligopoly competition in varied markets.
9. The students will be able to explain the economic impact of labor markets, taxation, and the distribution of income.