Mar 29, 2024  
2019-2020 Archived Catalog 
    
2019-2020 Archived Catalog

ECON-222 Principles of Economics (Microeconomics)

Credits 4 / 4 Contact Hours
Pre-requisite: Placement into ENGL-100 (ACSR-100), completion of ELAP-120 with a 2.0, or completion of RDNG-030, ACLT-075 or ACLT-076; ECON-221  
This course analyzes the behavior of individual decision-making units in the economy (particularly households resource suppliers and businesses) with an emphasis on how individual firms attempt to maximize profit under different competitive conditions. Additional topics include elasticity consumer behavior income distribution and poverty the demand for economic resources public choice theory international trade and finance and selected current topics.

Course Outcomes
1. Calculate and interpret elasticity coefficients and evaluate the factors that determine elasticities 2. Use indifference curves in conjunction with budget lines to establish a consumer’s optimal consumption combinations. 3. Calculate total, variable and marginal costs as they relate to business production. 4. Analyze the financial and competitive situation of a business operating in a perfectly competitive market structure in the short run. 5. Analyze the financial and competitive situation of a business operating in a perfectly competitive market structure in the long run. 6. Analyze the financial and competitive situation of a business operating in a purely monopolistic market structure. 7. Analyze the financial and competitive situation of a business operating in a monopolistically competitive market structure. 8. Analyze the financial and competitive situation of a business operating in a oligopolistic market structure. 9. Describe and analyze the demand for economic resources as well as the determinants that alter that demand. 10. Analyze how wages are determined in various market conditions. 11. Explain how rent, interest, and profit are determined, and the factors that cause them to change. 12. Identify and calculate the gains from international trade and articulate the various positions about the role of trade in a nation.