ECON150
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Economic Principles & Problems-Micro
Course Description
This introductory course in microeconomics studies the behavior of individual economic agents such as consumers and businesses in a market economy. Analytical tools are used to study the consumption and production decisions in an economy under perfect and imperfect market conditions.
Value
3
Grading Type
Letter Grade
Campus
Course Equivalencies
1. Illustrate how a market allocates resources through the interactions of demand and supply.
2. Estimate and interpret demand and supply responsiveness measures in real-world situations
3. Model different market structures (monopoly, monopolistic competition, oligopoly, competition) to assess their implications for efficiency, equity, and profitability.
4. Demonstrate the economic way of thinking in decision-making (i.e. Opportunity cost, scientific method, marginal analysis, scarcity, rationality, unintended consequences)
5. Demonstrate the impacts of market intervention and external forces on market outcomes. (i.e., externalities, public goods, and government intervention).