Sep 28, 2021
ECON& 201 - Micro Economics Credits: 5
Continues the analysis of problems involving scarcity, choice, competition, and cost. Examines the basic principles and models of microeconomics and their application to contemporary issues and problems. Primarily for students who are taking additional courses requiring a working knowledge of microeconomic theory.
Prerequisite: ECON& 202 and eligible for ENGL& 101 ; or instructor’s permission.
Satisfies Requirement: Social Science
Students who successfully complete this class will be able to:
- Explain how demand theory is used to analyze consumer behavior.
- Explain how supply theory is used to analyze the behavior of producers and firms.
- Use marginal analysis to explain both consumer and producer choices in a free market.
- Analyze and evaluate the behavior of firms characterized as Price Takers.
- Analyze and evaluate the behavior of firms characterized as Price Searchers.
- Illustrate how changes in Supply and Demand influence market prices.
- Critical Thinking - Critical thinking finds expression in all disciplines and everyday life. It is characterized by an ability to reflect upon thinking patterns, including the role of emotions on thoughts, and to rigorously assess the quality of thought through its work products. Critical thinkers routinely evaluate thinking processes and alter them, as necessary, to facilitate an improvement in their thinking and potentially foster certain dispositions or intellectual traits over time.
- Responsibility - Responsibility encompasses those behaviors and dispositions necessary for students to be effective members of a community. This outcome is designed to help students recognize the value of a commitment to those responsibilities which will enable them to work successfully individually and with others.
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