ECO 251 Principles of Microeconomics

Lecture: 3 Lab: 0 Clinic: 0 Credits: 3

This course introduces economic analysis of individual, business, and industry in the market economy. Topics include the price mechanism, supply and demand, optimizing economic behavior, costs and revenue, market structures, factor markets, income distribution, market failure, and government intervention. Upon completion, students should be able to identify and evaluate consumer and business alternatives in order to efficiently achieve economic objectives.

This course has been approved for transfer under the CAA as a general education course in Social/Behavioral Sciences. This is a Universal General Education Transfer Component (UGETC) course.

Pre-requisite(s): DRE 098 or ENG 002 (P2 grade) and MAT 003 (P2 grade)
Course is typically offered in Fall, Spring, and Summer.
Student Learning Outcomes (SLOs)
At completion of the course, the student should be able to do the following:

Illustrate economic growth, opportunity cost, and efficient use of resources, using a production possibilities model.
Graphically demonstrate the changes in market equilibrium due to changes in demand and supply.
Interpret elasticities of demand.
Determine the price and output that will maximize profit for a perfectly competitive firm and for a monopoly.
Discriminate between different market structures (perfect competition, monopoly, oligopoly, and monopoly.)