ECON112 Principles of Economics - Micro
Department of Social & Behavioral Science: Economics
- I. Course Number and Title
- ECON112 Principles of Economics - Micro
- II. Number of Credits
- 3 credits
- III. Number of Instructional Minutes
- 2250
- IV. Prerequisites
- None
- Corequisites
- None
- V. Other Pertinent Information
- This course meets the General Education requirement for Critical Thinking.
- VI. Catalog Course Description
- Students study basic economic principles with particular emphasis upon microeconomic theory and problems. Among topics considered are the economics of the firm, the price system and resource allocation, the distribution of income, domestic economic problems, international trade, economic development, and comparative economic systems.
- VII. Required Course Content and Direction
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Course Learning Goals
Students will:
- identify ways in which microeconomic concepts impact living standards; and
- analyze, synthesize, and apply microeconomic concepts and principles [Critical Thinking].
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Planned Sequence of Topics and/or Learning Activities
- Introduction to Microeconomics
- Scarcity and the Resource Allocation
- Production Possibilities
- Impact of International, gender and minority perspectives on labor
- Economic Systems
- The Market System
- Basic Model
- Origins of the Demand Curve
- Elasticity
- Product Markets
- Theory of the Firm
- Pure Competition
- Monopoly
- Monopolistic Competition
- Oligopoly
- Evaluating the Market: Successes and Failures
- Resource Markets
- Theory of the Firm
- Pure Competition
- Monopoly
- Monopolistic Competition
- Oligopoly
- Evaluating the Market: Successes and Failures
- Government and the Economy
- Economic Functions of Government
- Externalities and Environmental Protection
- Industry Regulation
- Antitrust Policy
- Design of the Tax System
- International Trade
- Basis for Trade
- Gains from Trade
- Trade Policy
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Assessment Methods for Course Learning Goals
Course learning goals are assessed with in-class exams, electronically administered exams, essays, written assignments, multi-media projects, and/or participation in classroom/online discussions. -
Reference, Resource, or Learning Materials to be used by Student:
See course syllabus.
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Review/Approval Date -2/99; Revised 6/2008; New Core 8/2015; Goals updated 11/2017