ECN 130 - Principles of Microeconomics

AA Approved

STANDARD CREDIT TYPE
3 credit(s)

Theories of production and consumption, pricing and the market system, perfect and imperfect competition, factor markets (emphasis on the labor market). Issues within the capitalistic system such as problems of poverty, housing, and the environment. International trade.

Course Learning Outcomes

1. Describe consumer behavior based on the concepts of elasticity, utility, and marginal analysis.

2. Analyze the four basic types of output market structures (perfect competition, monopoly, oligopoly, and monopolistic completion).

3. Define the factor (input) markets (land, labor, capital, entrepreneurship) and discuss their market structures.

4. Interpret the distributional effects of economic policy by examining the relationship between equity and efficiency.

5. Illustrate the importance of international trade, finance, and economic development for the United States and throughout the world.