Economic decisions of consumers and producers are studied, with
an emphasis on government policies such as taxes, subsidies,
trade barriers, and income redistribution. Efficiency vs.
equality and benefits vs. costs of government interventions are
common themes. Market failures and contemporary issues in
agricultural, energy, environmental, and international
economics are covered.
Athena Title
Appl Microeconomic Principles
Equivalent Courses
Not open to students with credit in AAEC 2580E
Semester Course Offered
Offered fall and spring
Grading System
A - F (Traditional)
Student Learning Outcomes
Students will explain core microeconomic principles, including supply and demand, market structures, and the role of government in the economy.
Students will apply economic reasoning to evaluate the effects of taxes, subsidies, and trade policies on consumers, producers, and overall market outcomes.
Students will analyze the causes and consequences of market failures, such as externalities and public goods, and assess potential policy solutions.
Students will use economic models to compare different market structures, including perfect competition, monopoly, and oligopoly, and their implications for efficiency and fairness.
Students will evaluate real-world economic issues related to agriculture, energy, the environment, and international trade using microeconomic tools and principles.
Topical Outline
1. Introduction to Economics
2. Gains from Trade
3. Supply and Demand
4. Elasticity
5. Taxes
6. Surplus
7. Effect of Taxes
8. Externalities
9. Public Goods
10. Production
11. Competitive Markets
12. Monopoly
13. Oligopoly
14. Special Topics in Agricultural and Environmental Economics
15. Game Theory
16. Behavioral Economics
General Education Core
CORE V: Social Sciences
Institutional Competencies
Analytical Thinking
The ability to reason, interpret, analyze, and solve problems from a wide array of authentic contexts.
Critical Thinking
The ability to pursue and comprehensively evaluate information before accepting or establishing a conclusion, decision, or action.
