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ECO 102 PRINCIPLES OF ECONOMICS II (MICRO)

ECO 102 Principle of Economics (Micro)

Course Outline

Course Number & Name:  ECO 102 Principles of Economics (Micro)

Credit Hours:  3.0             Contact Hours:  3.0          Lecture:  3.0       Lab:  N/A             Other:  N/A

Prerequisites:  Grades of “C” or better in ECO 101 and ENG 096 and RDG 096

Co-requisites:  None                                                      Concurrent Courses:  None

Course Description: This course provides a comprehensive introduction to the Principles of Microeconomics that includes (i) the Basic Problems of Economics (Scarcity, Choice, Opportunity costs); (ii) Market Analysis (Demand & Supply), Elasticities and Consumer Behavior; (iii) Production, Cost and Market Structures (Pure Competition, Monopolistic Competition, Oligopoly and Pure Monopoly); (iv) US Economy and Public Sector Analysis; and (v) Resource Markets together with other relevant economic issues and policies.

General Education Goals: ECO 102 is affirmed in the following General Education Foundation Category:  Society and Human Behavior.  The corresponding General Education Goal is as follows:  Students will use social science theories and concepts to analyze human behavior and social and political institutions and to act as responsible citizens.

Course Goals: Upon successful completion of this course, students should be able to do the following:

  1. demonstrate knowledge of the fundamental concepts and theories of microeconomics;
  2. explain how elasticity (of demand and supply) decisions affect total revenue;
  3. use appropriate technology as a tool to collect and analyze data on basic microeconomic issues;
  4. identify and explain various market structures and how profit maximization decisions are taken in each structure; and
  5. differentiate between private and public goods and describe the process of making public choice.