Catalog Course Description

Students study microeconomics with the main emphasis on the economic problems of allocation, distribution, and efficiency in the American economy. The course includes a study of the market system, supply and demand, the price system, the firm, and comparative economic systems. Emphasis is placed on specific segments of the American economy such as consumers, business, labor and agriculture. Environmental topics will include externalities, cap and trade, public goods and common resources.

Course Learning Outcomes

Upon completion of this course, students will be able to:

1. Demonstrate a knowledge and understanding of microeconomics and the laws of supply and demand and elasticity effects thereof.
2. Demonstrate knowledge of the U.S. tax system, Consumer and Producer Surplus, Monopolies, Oligopolies and the competitive market.
3. Demonstrate this knowledge and understanding through analysis and solutions to assigned problems.
4. Compare and contrast major systems of economic analysis, as represented by the views of prominent economists and theoretical frameworks.
5. Demonstrate an informed perspective from which to view and analyze the development and implementation of microeconomic theory in both the private and public sectors of the economy regarding externalities generated by both.

Attributes

GE Social Sciences
Liberal Arts