This principles level course analyzes microeconomic theory and concepts; and applies them to contemporary economic issues, problems, and policies. Topics include supply and demand analysis, productivity and the firm's costs of production, price and output determination under various market structures, government interventions in markets, factor allocation and pricing, and international trade. Group 1 course.
Recommended Prerequisites or Skills Competencies MTH 23
, placement into ENG 111
. It is recommended that students take ECO 201
before ECO 202
General Education Outcomes supported by this course
Critical Thinking - Direct
Course Learning Outcomes Knowledge:
- Identify and explain the basic theoretical framework of microeconomics, from the concepts of the forces of demand/supply to understanding price elasticities and the cost of production of goods/services.
- Demonstrate how to investigate, critically analyze, and quantify the various variables of market structures, from monopoly to oligopoly to perfect competition and govt intervention.
- Further, illustrate how to compare the degrees of competitiveness, as well as the production, pricing, and profit strategies adopted by individual companies; and their consequent impacts on the welfare of producers, consumers, and society.
- To evaluate the quantitative outcomes of the applications of microeconomic theories used by market forces and regulatory institutions.
- Further, establish their managerial goals of, for instance, profit maximization, factor utilization, and production or marketing strategy for operations of firms.
- Also, demonstrate how to analyze, evaluate, forecast, and adjust the measurable outcomes of the models of microeconomic theory.
Caring - Civic Learning:
- The illustration of how to become an effective team members by improving the skills of understanding regarding personal interactions, collaboration, motivation, self- reflection, and communication.
Learning How to Learn:
- Microeconomics deals with the management practices and regulations of local, national, and multinational.
- Identify high standards of professionalism, wisdom, humbleness, rationality, emotional stability, and an unbiased approach to managing resources and/or imposing regulations.
- Examine the skills of independently exploring, evaluating, and analyzing the complexity of market structures and competitiveness, govt interventions in markets, global mobility and interdependence of product and resource markets.