ECN 222W - Principles of Microeconomics

Credits: 4

Studies the behavior of individual decision making units of the economy. Includes foundations of supply and demand, business behavior based on market structure, regulated business, international trade and finance, and selected current topics.

Prerequisite(s): Prerequisites: READING LEVEL 2 or WRITING LEVEL 2 and one of the following: MATH LEVEL 4 or MGT 110 or SKMA 111.
Corequisite(s): None
Lecture Hours: 60 Lab Hours: 0
Meets MTA Requirement: Social Science
Pass/NoCredit: Yes

Outcomes and Objectives

Demonstrate an understanding of the Supply and Demand model.
1. Recognize the difference between a change in quantity demanded and a change in demand.
2. Recognize the difference between a change in quantity supplied and a change in supply.
3. Recognize the following: market equilibrium, surplus and shortage.
4. Use the Supply and Demand model to analyze the impact of economic events on a market.
Demonstrate understanding of how elasticity shapes Supply and Demand.
1. Identify the following: Elastic, Inelastic, unit elastic, perfectly elastic and perfectly inelastic demand.
2. Identify the following: Elastic, Inelastic, unit elastic, perfectly elastic and perfectly inelastic supply.
3. Understand the relationship between total revenue and elasticity.
Analyze government intervention in a market.
1. Describe market failure, externalities.
2. Employ Price Control.
3. Analyze international trade.
Identify markets structure.
1. Explain perfect competition.
2. Explain imperfect competition.
Write effectively for a specific purpose.
1. Practice critical writing skills within the subject.
2. Analyze course content in written form.
3. Explain the subject matter in a coherent writing style.