ECNS 201B - Principles of Microeconomics

Credit(s): 3

This course is an introduction to the fundamental principles and concepts of individual, business, and government behavior, including basic economic analysis of choice and its consequences, and supply and demand. Additional analysis of the costs of production and theories of business firm output and pricing decisions, labor and wage determination, income distribution, politics, health care and environmental issues will be addressed. (Fall and Spring Semesters)

Course Learning Outcomes

Describe scarcity, its effect on choices, and the great part economics plays in our everyday lives.
Demonstrate a working knowledge of the dynamics and elasticity of supply and demand.
Describe utility, and the theory of consumer maximization.
Discuss the organization of industry and describe how the costs of production, output, and price are determined in each of the four basic market structures.
Describe profit maximization in product and resource markets.
Describe income inequality and the distribution of wealth.
Explain American Capitalism and other forms of economic organization.
Explain market failure and its effects on natural resources and the environment.
Explain how comparative advantage and the role of exchange rates affect global trade.
Apply an appropriate reasoning framework for economic analysis.
Effectively use relevant, adequate support details, examples, reasons, logical arguments, facts, and/or statistics in analytical essays.
Evaluate multiple perspectives to arrive at and articulate their own conclusion.