ECO 2180 Principles of Microeconomics
Microeconomic theory including price theory, the theory of the firm, resource demand and wage determination. Also includes public policy toward business, economic inequality, labor, trade, balance of payments and the economics of third-world nations. Traditional testing (proctored or in Testing Center) is used in all online sections.
Division: Business and Public Services
Department: Economics and Finance
Repeatable Credit: No
Offered Online: Yes
Prereqs: DEV 0035 AND MAT 0050
- Differentiate firm behavior in competitive markets and imperfect markets.
- Define basic microeconomics terms and concepts, including resource allocation, scarcity and choice, equilibrium, efficiency, positive and normative economics, comparative advantage, and specialization.
- Describe supply and demand, the function of prices in markets, and how markets work and sometimes don’t work, for example market failure and externalities.
- Explain the concepts of opportunity cost and the production possibility frontier.
- Identify the effects of government intervention in markets.
- Identify the costs of production and describe production theory.
- Explain how consumers make choices.
Credit Hours: 3
Classroom Hours: 3