EC 103 - Microeconomics
Credit Hours: 3
Traditional value theory on the pricing of products and factors of production to give insights into the nature of a market economy and the way it achieves both the allocation of resources and distribution of income.
Fulfills SUNY General Education -- Social Sciences.
Upon completion of this course, students will demonstrate an understanding of:
- supply and demand principles;
- the elasticity of demand and supply;
- consumer choice in a market economy;
- cost and producer choices;
- profit maximization;
- the four market structures;
- government regulations;
- positive and negative externalities;
- resource markets;
- competitive labor markets;
- the land market and natural resources;
- aging, social security, and health care; and
- income distribution, poverty, and government policy.
F/S (C, N, S)