Course Description
The student will study the factors that determine the structure of resource and product markets and basic microeconomic theories used to determine the level of price and output in the product and resource markets under the various market structures. Selected contemporary economic problems also will be explored. IAI: S3 902.
Prerequisite(s)
ENGL 1422 with a grade of C or better or appropriate assessment score - Must be taken either prior to or at the same time as this course. MATH 1424 with a grade of C or better or appropriate assessment score, or STEM pathway of transitional math - Must be completed prior to taking this course.
At the end of this course, students will be able to:
- Define the features of the economic perspective
- Explain how changes in supply and demand affect equilibrium prices and quantities
- Describe how rational consumers maximize utility by comparing the marginal utility-to-price ratios of all the products they could possibly purchase
- Describe how producers determine optimal points of production to minimize costs and maximize profits
- Identify the different market structures and the characteristics of these markets
- Apply economic principles to identify optimal hiring (usage) points for factors of production
- Identify and evaluate key elements in social economic issues
- Analyze contemporary issues in economics