ECO 136 - Principles of Microeconomics

Offered FL
Lecture- 3
3 credit hrs/3 contact hrs
Survey of economics with particular emphasis on the market system. Discusses basic economic concepts and principles and then moves on to the micro‐economic description and analysis.

Student Learning Outcomes:

Define and apply the concept of opportunity cost.
Distinguish between positive and normative statements.
Utilize basic diagrams and graphs to demonstrate economic principles and models.
Describe the market equilibrium of supply and demand.
Describe the effect of price floors and price ceilings on supply and demand.
Identify and quantify elasticity in demand, price, and income.
Recognize the effect of government intervention on the market.
Describe the theory of consumer choice.
Distinguish fixed from variable cost.
Define economies of scale.
Recognize and define the characteristics of perfect competition, monopolistic competition and monopoly.
Discuss basic concepts in labor markets and human capital.
Identify capital resource markets.
Recognize and define types of firms (sole proprietors, partnerships and corporations).
Discuss the effects of information and uncertainty on decision making.
Describe the role of the entrepreneur.
Describe the theory of public choice.
Identify and discuss antitrust and government intervention.
Discuss the effects of public policy on labor markets.
Recognize and discuss economic inequality and poverty.
Discuss the effects of global trade and trade policy on the market.