ECO 2023 - Principles of Microeconomics

College of Social and Behavioral Sciences

Credit(s): 3
Contact Hours: 47
Effective Term Spring 2024 (630)

Requisites

(Prerequisite ECO 2013 or
Prerequisite ECO 2013H) or
Permission of the Program

Course Description

Students explore the theory of the business firm, as well as comprehend consumer demand and behavior in the market economy. Students will have an opportunity to examine the theory of demand, supply, equilibrium, price, and output determination under the four main market structures – perfect competition, monopolistic competition, monopoly, and oligopoly – in the market economy. This course partially satisfies the writing requirements outlined in the General Education Requirements. (Note: Credit is only given for either ECO 2023 or ECO 2023H, but not both.

Learning Outcomes and Objectives

  1. The student will examine the basic theories of microeconomics by:
    1. Defining economic terminology.
    2. Labeling important components of graphs.
    3. Solving mathematical problems using basic microeconomic formulas.
  2. The student will investigate how the market economy operates by:
    1. Defining the relationship between demand and utility.
    2. Explaining the relationship between supply, production and cost.
    3. Illustrating changes in equilibrium price and output under given market situations
    4. Calculating important measures such as average variable cost, average fixed cost, average total cost, and marginal cost.
  3. The student will demonstrate how price and output is determined in the product markets by:
    1. Calculating the most profitable level of output and employment given revenue and cost information.
    2. Graphing the most profitable level of output.
  4. The student will analyze markets for factors of production by:
    1. Graphing the most profitable level of employment.
    2. Explaining changes in employment, prices and incomes under certain market conditions such as changes in international trade or finance.
    3. Determining price and quantity in capital, land, and natural resource markets.
  5. The student will interpret different types of markets, such as perfect competition, monopoly, monopolistic competition and oligopoly by:
    1. Defining various markets types.
    2. Explaining how firms in different types of markets determine output and price in the short run and long run.
    3. Predicting the theoretical outcome of changes in various markets.

Criteria Performance Standard

Upon successful completion of the course the student will, with a minimum of 70% accuracy, demonstrate mastery of each of the above stated objectives through classroom measures developed by individual course instructors.

History of Changes

Revised 7/6/83. Revised 8/84. DBT 11/15/84, Effective Session 19842. 3 YR C&I Review 1992-93. DBT 5/18/93 Effective Session 19931. DBT 1/24/96 Effective Session 19961. C&I 3/17/98; DBT 4/20/98, Effective Session 19981. TeleWeb, and online CD Rom Effective Session 20011 (I, 2001). 3yr review 2001. Effective 20022. 3 year review. 3-Year Review 2010: Acceptable As Is C&I Approval: 11/14/2006, BOT Approval: 12/19/2006, Effective Term: Fall 2007 (385).
C&I Approval: 07/21/2023, BOT Approval: 09/19/2023, Effective Term: Spring 2024 (630)

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