Microeconomics is a course designed to help beginning economics students comprehend the principles essential for understanding the basic economizing problems, behavior of individual households and firms in market economy, and how the complex forces of Demand and Supply determine the prices of goods and services in these markets. Students will also learn how to analyze several market structures: Perfect Competition, Monopoly, Oligopoly and Monopolistic Competition. They will study some key aspects of International Economics, its importance and impact on the domestic economy.
Upon successful completion of this course, students should be able to:
Explain how elasticity and utility modify goods allocations.
Relate short-run and long-run cost to the production decisions of firms.
Distinguish and comparatively evaluate perfect competition, monopoly, monopolistic competition and oligopoly in terms of cost curves, profit maximizing and economic goals.
Show how the factor markets are affected by supply, demand, economic rent, interest rate and profit.
Explain the market failure through the interaction of public and private sectors of the economy where externalities, public goods, poverty and growth are involved.
Assess the significance of international trade and finance for the U.S. and the world economics.
College Academic Learning Goal Designation: Global Understanding (GU)