ECN 112 : Principles of Economics-Micro

Principles underlying the organization and function of the market economy, including supply and demand, the theory of the firm, resource allocation under conditions of perfect competition, monopolistic competition and oligopoly, the relationship of government and business, pricing, employment of resources, and wages, rents, interests, and profits. In addition, contemporary economic issues are presented to reinforce theoretical concepts. Competency met: Social Phenomenon (5.4) Fall, Spring, Summer

Prerequisites

A passing score on the College's reading and English placement tests or C or better or concurrent enrollment in  ENG 091 or ENG 092

  1. Define scarcity and show how it relates to the concepts of choice and cost.
  2. Identify the key elements of the demand and supply model and use the model to critically analyze real world examples.
  3. Explain the role of prices in allocating goods, services and factors of production.
  4. Explain the economic behavior of individual firms in the short run and long run.
  5. Use microeconomic models to illustrate how prices and output are determined in various market structures.
  6. Define economic efficiency and compare the implications for economic efficiency under different market structures.