ECN 130 - Principles of Microeconomics

Credit(s) 3.00
Lecture Hours: 3.00
This course examines how the market system resolves the economic problems of scarcity. Topics explored include, supply and demand theory, the varying degrees of competition and imperfection found in the market, consumer choice, firm’s production cost in the short run and the long run, and firm’s output and the pricing and employment of resources. The impact of international trade and finance will also be discussed. This course satisfies a general education requirement in the Social Sciences Area.

SLOs:
Upon successful completion of this course students will be able to:

Understand social science methods used in analyzing social phenomena and the diversity of human perspectives.
Explain the tools necessary to analyze the behavior and interaction of market participants and how the market helps to organize and allocates scarce resources, goods and services in the economy.
Explain the different market structures, the degrees of competition and market power that characterize them.
Explain how and why society uses government to modify the consequences of market power.
Explain how the basic laws of markets operate in resource markets and capital markets as opposed to output markets.
Explain how the economic analysis applies to current issues, such as income inequality or environmental damage.
Explain theories that explain the economic case for international trade.
Explain the concepts associated with microeconomics and the theoretical models that are developed from them and their application.
Understand how international trade impacts the domestic economy in the face of a changing global economy.