ECN 130 - Prin of Microeconomics

Credit(s) 3.00
Lecture Hours: 3.00
This course examines how markets address the problem of scarcity and organize the production and distribution of goods and services. You will explore supply and demand, consumer choice, production costs in the short and long run, and the behavior of firms under different market structures. You will consider how resources are priced, employed, and analyze the role of international trade and finance in shaping economic outcomes. No This course satisfies a general education requirement in the Social Sciences Area.

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

Display understanding of 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.
Display understanding of how international trade impacts the domestic economy in the face of a changing global economy.