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Dec 17, 2024
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ECON 102 - Principles of Microeconomics (3 units) CO6
Introductory analysis of price determination, resource allocation, market structure, consumer behavior, producer behavior, market failure and government failure. Economic approaches to social issues and policy.
Corequisite(s): MATH 126 or higher.
Units of Lecture: 3
Offered: Every Fall, Spring, and Summer
Student Learning Outcomes
Upon completion of this course, students will be able to:
1. demonstrate an understanding of the methods and principles of microeconomic theory, including tradeoffs, opportunity costs, incentive effects, gains from exchange, and marginal decision making.
2. explain how markets work and how market prices are determined.
3. show mastery of the theories of demand, supply, consumption, production and cost, perfect competition, monopoly, and imperfect competition.
4. assess the impact of imperfect information, externalities, and public goods on efficiency and welfare, and evaluate possible public policy remedies.
5. use theory to analyze economic policy issues.
6. analyze social/human conditions by understanding how the interests of individuals both support and compete with the interests of groups such as firms, societies, and nations.
7. apply quantitative reasoning to understand and solve problems.
8. demonstrate ability to be critical consumers of information by explaining alternative perspectives and structuring hypotheses to evaluate evidence and distinguish between those alternatives.
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