ECON 201 - Principles of Economics Micro

Description:
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).

Credits: (5)

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

Learner Outcomes:
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:
11/2/17

Anticipated Course Offering Terms and Locations: