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Principles of Microeconomics (ECON 2200)

Credits: 3
Lecture Credits: 3.00

Description: In this course, you will examine the classic economic problem of scarcity. You will focus on demand, supply, prices, elasticity, the firm and its costs, market structure and government.

Topical Outline:

1. Basic Concepts
2. Markets and Consumer Behavior
3. Market Failure and the Role of Government
4. Production Concepts, Theories of the Firm, & Market Structure
5. Factor Markets
6. International Trade and Comparative Advantage


Learning Outcomes:
1. Explain the basic economic problem (scarcity, opportunity cost, choice)
2. Explain markets and price determination (determinants of supply and demand, utility, elasticity, price ceilings and floors)
3. Apply theories of the firm (revenues, costs, marginal analysis, market structures)
4. Explain factor markets (revenues, costs, marginal analysis, market structures)
5. Explain the role of government in a market economy (public goods, maintaining competition, externalities, taxation, income redistribution, public choice)
6. Explain elements of International Economics (comparative advantage, trade barriers) 

Prerequisites:

Placement score into READ 0200 or placement score into ESOL 0052 or completion of READ 0100 or ESOL 0042 with faculty recommendation into ESOL 0052. It is highly recommended that students also complete ADED 0060.

MnTC:
  • Goal 5
  • Goal 8