ECO 102 PRINCIPLES OF ECONOMICS II (MICRO)
ECO 102 – Principle of Economics (Micro)
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:
- demonstrate knowledge of the fundamental concepts and theories of microeconomics;
- explain how elasticity (of demand and supply) decisions affect total revenue;
- use appropriate technology as a tool to collect and analyze data on basic microeconomic issues;
- identify and explain various market structures and how profit maximization decisions are taken in each structure; and
- differentiate between private and public goods and describe the process of making public choice.