ECON 101 - Principles of Economics (Micro)

This course examines the way that a mixed market economy allocates and distributes scarce resources.  Specific topics include the theory of consumer behaviour, market structure, production, production cost, price determination, allocation of resources, and the economics of income distribution.


Credits:  3


Hours: 45 (Lecture Hours: 45)




Non-Course Prerequisites: 




Course Content:
- What is Economics?
- The Economic Problem
- Demand and Supply
- Elasticity
- Efficiency and Equity
- Markets in Action
- Utility and Demand
- Organizing Production
- Output and Costs
- Perfect Competition
- Monopoly
- Monopolistic Competition and Oligopoly
- Demand and Supply in Factor Markets


Learning Outcomes: Upon successful completion of the course, the students will be able to:
- Define and explain basic economic terms, concepts and principles
- Explain the types of choices required because of the problem of scarcity
- Use graphs to demonstrate relationships between economic variables
- Explain how firms make production and pricing decisions
- Compare and contrast various Market Structures
- Explain resource allocation in the market economy
- Use the economic way of thinking to make real life decisions


Grading System: Letter Grades


Passing Grade:  D (50%)


Textbooks are subject to change.  Please contact the bookstore at your local campus for current book lists.