ECON 100 - Principles of Micro Economics

Number of Credits: 3
Principles of Microeconomics introduces students to concepts, theories and issues impacting consumers, businesses and the government. Topics include: Scarcity, opportunity cost, marginal analysis, supply and demand and elasticity, production and costs, market structures, and government policy. Advanced Placement Exam (Micro Economics with a score of 3) and CLEP (Micro Economics with a score of 50) accepted (All Terms) Three hours lecture each week. Three Credits. Three billable hours.

GENERAL EDUCATION Category: Social and Behavioral Sciences

Pre-requisite(s): eligibility for ENGL 101.
Course Objectives: Upon successful completion of this course, students will be able to:

Communicate ideas in written, oral, and other modes through the application of modeling techniques and basic terminologies of microeconomics (GE1, GE2, GE3, GE4, GE5).
Discuss the importance of microeconomics to policy- and decision-making (GE1, GE2, GE3, GE4, GE6).
Explain price elasticities of demand and supply and their applications to policy formulation (GE1, GE2, GE3).
Describe the costs of production facing firms (GE1,GE2, GE3).
Examine market structures using verbal and graphic approaches (GE1, GE2, GE4, GE5).
Apply quantitative techniques to marginal analysis, concepts of scarcity, and opportunity cost, emphasizing their linkages to real-life business decision-making (GE2, GE3, GE4, GE5, GE6).
Identify solutions to inefficient or undesirable outcomes arising from markets and government policies (GE1, GE2, GE3, GE4, GE5, GE6).
Evaluate the concepts of resource economics and their applications to the land, labor, and capital markets through accurate, relevant, and reliable information (GE1,GE2, GE4, GE5, GE6).
Evaluate outcomes of and solutions to market and government failures(GE1, GE2, GE3,GE4, GE5, GE6, GE7)
Explain the theories and processes of regulations.(GE1,GE2,GE3,GE5,GE6,GE7)
Explain the distribution of income in a capitalistic system and why inequalities occur (GE1,GE2,GE3,GE7).