Economics
Approved course information last updated: 2 years, 3 months ago
Pre-requisites: ECON 120
Requisite To: ECON 230 ECON 240 ECON 325 ECON 330
Lab Session:
Introduction to the fundamental concepts of microeconomics, using the supply and demand model as the workhorse for understanding the behavior of consumers and producers, resource allocation under different market structures, and government interventions in markets. Concepts examined include scarcity, opportunity cost, marginal analysis, market equilibrium, elasticity, market failure, utility and profit maximization, and market power.
- Develop economic intuition using the concepts of opportunity cost, cost-benefit analysis, marginal analysis, and interdependence.
- Describe the theoretical foundation of microeconomics as it applies to the analysis of consumption and production behavior.
- Use tables and diagrams to solve optimization problems of microeconomic models and derive their predictions.
- Explain the function of markets and their limitations in allocating resources efficiently.
- Utilize the supply—demand model in performing welfare analysis of different market structures, market failures, and policy interventions. students will be able to distinguish between the free market profit-maximizing outcome and the socially efficient outcome that maximizes society’s welfare in scenarios where market failures exist.