Laws governing the use of scarce resources by producers and consumers in market economies, with emphasis on the role played by prices. The consequences of government involvement in the economy are studied, with examples taken from current policy issues.
Athena Title
Principles of Microeconomics
Equivalent Courses
Not open to students with credit in ECON 2106E, ECON 2106H
Semester Course Offered
Offered every year.
Grading System
A - F (Traditional)
Student Learning Outcomes
Students will be able to interpret economic models, such as supply and demand graphs, to assess relationships between policy interventions and market outcomes.
Students will be able to synthesize information about current economic news and events and produce well-reasoned analyses to explain observed market dynamics and outcomes.
Students will be able to analyze opposing viewpoints on market failures, such as externalities and public goods, by examining various corrective policy approaches.
Students will be able to support conclusions on market efficiency and welfare implications with sound economic reasoning.
Students will be able to interpret and manipulate supply and demand models to predict market outcomes when external shocks occur, such as changes in input costs or government regulations.
Students will be able to analyze elasticity concepts to evaluate the sensitivity of market demand and supply and understand their implications for pricing and tax incidence.
Students will be able to assess real-world examples of market failures, such as externalities and public goods, by evaluating their underlying causes and implications.
Students will be able to analyze the effects of policies like trade restrictions, zoning laws, price floors, and price ceilings considering both winners and losers.
Students will be able to recognize and discuss ethical issues in market structures, such as price discrimination and labor market practices.
Topical Outline
Overview of Economics
Specialization and Trade
Consumer Choice
Consumer Responsiveness - Elasticity
Supply and Demand - Markets
Restrictions on Markets
Firm Behavior
Marginal Analysis
Competition
Efficiency of Markets
Monopoly
Oligopoly and Strategic Behavior
Public Goods
Externalities
Labor and Resource Markets
International Trade
Government Behavior
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.
Social Awareness & Responsibility
The capacity to understand the interdependence of people, communities, and self in a global society.
