ECO 150 - Principles Of Microeconomics
Course Description: Microeconomics explores how individuals and businesses make economic decisions with respect to consumption, production, and pricing in market systems. The course examines specific economic structures and factors that determine market equilibriums and failures. The microeconomic aspects of public policy issues such as the minimum wage and environmental externalities will be discussed. This course is primarily designed for students in business-related disciplines.
ISLOs: This course supports student development of Critical Thinking, Quantitative Literacy, and Social Responsibility.
Prerequisite(s): Completion of ECO 140 or permission of instructor
General Education Elective(s): Social Science
Note(s): This course has been approved to meet the Core Curriculum General Education requirement.
Course Student Learning Outcomes:
- Apply the economic principles of supply, demand, elasticity, and market equilibrium through graphical expression.
- Explain the principles of comparative advantage and how they apply to trade.
- Determine profit, loss or breakeven production levels for various market structures.
- Analyze how consumer behavior is both influenced by and is responsible for market forces and societal outcomes.
- Distinguish among private goods, public goods, and common resources, along with the appropriate roles for businesses, non-profit organizations, and governments.
- Evaluate the strengths and weaknesses of market systems with respect to efficiency, equity, and externalities and how governments address market failures.
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