EC 103 - Microeconomics

Credit Hours: 3

Traditional value theory on the pricing of products and factors of production gives insight into the nature of a market economy and the way it achieves both the allocation of resources and the distribution of income.

Course Outcomes
Upon completion of this course, the student will be able to:

demonstrate an understanding of supply and demand principles;
demonstrate an understanding of the elasticity of demand and supply;
demonstrate an understanding of consumer choice in a market economy;
demonstrate an understanding of cost and producer choices;
demonstrate an understanding of profit maximization;
demonstrate an understanding of the four market structures;
demonstrate an understanding of government regulations;
demonstrate an understanding of positive and negative externalities;
demonstrate an understanding of resource markets;
demonstrate an understanding of competitive labor markets;
demonstrate an understanding of the land market and natural resources;
demonstrate an understanding of aging, social security, and health care; and
demonstrate an understanding of income distribution, poverty, and government policy.

F/S (C, N, S)