Jul 06, 2022
ECON 201 - Principles of Economics Micro
Introduction to standard economic models used to examine how individuals and firms make decisions under different market structures; role of government in the economy in addressing market failure and efficiency equity tradeoff. SB-Perspectives on Cultures and Experiences of U.S. Course will be offered every year (Fall, Winter, Spring, Summer).
General Education Category: SB-Perspectives on Cultures and Experiences of U.S. K6 - Individual & Society
General Education Pathways: P3 Perspectives on Current Issues, P5 Sustainability, P6 Ways of Knowing
Upon successful completion of this course, the student will be able to:
- Describe how individuals and businesses interact in various market structures to determine price and quantity of a good produced
- Identify major characteristics of different market structures and the implications for the behavior of the firm.
- Articulate the difference between efficiency and equity, and implications of this tradeoff on government policy such as social welfare, environmental policy, health insurance, retirement.
- Analyze the difference between economic systems such as capitalism and socialism.
- Apply both theoretical and empirical economic reasoning to individual and firm behavior.
Learner Outcomes Approval Date:
Anticipated Course Offering Terms and Locations:
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