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Fall 2021

Economics Courses:

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ECO101 - Microeconomics

Credits: 3

Catalog Description: Introduces microeconomic theory, with emphasis upon the concepts of consumer and business firm behavior, demand and supply, value, production, distribution, general equilibrium and welfare. Focuses on problems of resource allocation, income distribution, labor unions and industrial organizations, and government regulation. It is recommended that the college's reading and math requirements have been met.

Lecture: 3 hrs.

Course Learning Outcomes (CLOs):
Upon the successful completion of this course, a student will be able to:
1. Define and differentiate the four basic market structures.
2. Discuss how regulations in labor markets impact the operation of a firm.
3. Create models from data sets to determine efficiency and optimality over various time periods.
4. Graph using the supply and demand models to analyze different markets outcomes.
5. Analyze and interpret computed graphs of a given supply and demand model.
6. Explain the concept of scarcity.
7. Differentiate the categories of price elasticity in terms of how each impacts demand and supply.
8. Identify and describe various types of externalities.
9. Explain consumer choices based upon assumption of utility and risk.

Effective Term: Fall 2019