Course Abstract Details

ECON-101, Principles of Micro Economics

Credits: 3

Course Description

ECON-101, Principles of Micro Economics, is a study of micro-economic principles with regard to institutions, business firms, households, perfect and imperfect competition, price, output, and distribution. Related readings are required. Prerequisite: exemption/completion of READ-091. Note: This course may be taken separately or concurrently with ECON-102. Three hours lecture each week. Three credits. Three billable hours.

Course Objectives and Grading Information

COURSE OBJECTIVES:t By the conclusion of this course the student should be able to: 

1. Use the basic terminology of the discipline of economics as it is used by economists. (GE Goal 1) (GE Goal 6) (PG Goal 1) (PG Goal 2) (PG Goal 3) (PG Goal 4) 

2. Explain the concepts of Price elasticity of Demand and Utility. (GE Goal 1) (GE Goal 2) (GE Goal 3) (PG Goal 1) (PG Goal 2) (PG Goal 3) (PG Goal 4) 

3. Explain the costs of production facing the firm. (GE Goal 1) (GE Goal 2) (GE Goal 3) (GE Goal 6) (PG Goal 1) (PG Goal 2) (PG Goal 3) (PG Goal 4) 

4. Distinguish between different market structures through verbal and graphic approaches (GE Goal 1) (GE Goal 2) (GE Goal 3) (PG Goal 1) (PG Goal 2) (PG Goal 3) (PG Goal 4) 

5. Describe the operation of the major resources markets, including the labor market. (GE Goal 1) (GE Goal 2) (GE Goal 3) (GE Goal 6) (PG Goal 1) (PG Goal 2) (PG Goal 3) (PG Goal 4) 

6. Explain how income is distributed in a capitalist system and why inequalities occur. (GE Goal 1) (GE Goal 2) (GE Goal 6) (PG Goal 1) (PG Goal 2) (PG Goal 3) (PG Goal 4) 

7. Explain the theory and process of anti-trust regulation. (GE Goal 1) (GE Goal 2) (PG Goal 1) (PG Goal 2) (PG Goal 3) 

8. Analyze a current micro economic issue using the tools of the discipline. (GE Goal 1) (GE Goal 2) (GE Goal 3) (GE Goal 6) (PG Goal 1) (PG Goal 2) (PG Goal 3) (PG Goal 4) 

9. Research four Economic Philosophers and submit a written paper on their contributions to human development. (GE Goal 1) (GE Goal 2) (PG Goal 1) (PG Goal 2) (PG Goal 3) 

10. Participate in at least one Academic Communities Program. (GE Goal 5) (GE Goal 6) (GE Goal 7)

Learning Goals

The abbreviations in parentheses represent Learning Goals which have been identified for this course and program of study:

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