ECON 200 - Principles of Microeconomics

Units: 3 ; Breadth Area: GE-4
Develop basic theories of individual economic agents - the consumer and the firm - and how their behavior is interwoven in the marketplace. Emphasis on the use of microeconomic theory to evaluate various economic policies, including taxation, minimum wages, and rent control.

Breadth Area(s) Satisfied: GE-4 - Lower Division Social and Behavioral Sciences
Strongly Recommended Preparation: Intermediate Algebra.
Possible Instructional Methods: On-ground or Online-Asynchronous.
Grading: A-F grading only.
Course Typically Offered: Fall & Spring

Student Learning Outcomes - Upon successful completion of this course students will be able to:

Understand how households (demand) and businesses (supply) interact in various market structures to determine price and quantity of a good produce;
Identify how different changes in the determinants of supply and demand affect price and quantity in a model of perfect competition;
Apply the model of perfect competition to predict the price, output, and welfare implications of several public policy interventions, including taxation, minimum wages, and rent control;
Interpret the meaning of marginal revenue and marginal cost and their relevance for firm profitability;
Understand the major characteristics of different market structures and the implications for the behavior of producers.

GE-4. Lower-division Social and Behavioral Sciences Electives Learning Outcomes

Explain how social, political, and economic institutions and/or principles intersect with each other.
Describe how people produce, resist, and/or transform social, political, and economic institutions/principles.
Investigate contemporary and/or historical events/issues from a social science perspective.