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.

Course Outcomes
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)