ECON 102 Principles of Economics (Micro)

Micro economics introduces students to economic decision-making at the individual firm, consumer and industry level. Topics include demand and supply theory; elasticity; cost and production functions; profit maximization analysis; government regulation and anti-trust; and international trade. It is not necessary to take ECON 101 prior to ECON 102.

Credits

3

Prerequisite

Eligible to enroll in ENGL 121

Hours Weekly

3 hours weekly

Course Objectives

1. Identify two approaches, perfectly competitive and imperfectly competitive, that firms use to determine the most profitable quantity of output, and demonstrate how you would use each approach given revenue and cost data.
2. Compare alternative ways of making decisions about the allocation of resources to different uses, and demonstrate why the economic way of thinking is the socially preferred approach.
3. Analyze and evaluate the consequences of price controls in a competitive product market using consumer surplus, producer surplus, and total surplus.
4. Apply the model of the competitive market to analyzing non-competitive markets to compare the differences in product prices, quantities of output produced, and the size of the deadweight loss to society.
5. Make a coherent economic argument or presentation that reflects different economic perspectives about resolving a current microeconomic issue or problem.
6. Evaluate the impact of trade restriction (tariffs and quotas) on consumers, firms, and society.

Course Objectives

1. Identify two approaches, perfectly competitive and imperfectly competitive, that firms use to determine the most profitable quantity of output, and demonstrate how you would use each approach given revenue and cost data.

   Learning Activity Artifact

   • Other (please fill out box below)
   • quizzes

   Procedure for Assessing Student Learning

   • Critical and Creative Thinking Rubric

   Critical Thinking

   • CT1
2. Compare alternative ways of making decisions about the allocation of resources to different uses, and demonstrate why the economic way of thinking is the socially preferred approach.

   Learning Activity Artifact

   • Other (please fill out box below)
   • quizzes

   Procedure for Assessing Student Learning

   • Critical and Creative Thinking Rubric

   Critical Thinking

   • CT2
3. Analyze and evaluate the consequences of price controls in a competitive product market using consumer surplus, producer surplus, and total surplus.

   Learning Activity Artifact

   • Other (please fill out box below)
   • quizzes

   Procedure for Assessing Student Learning

   • Critical and Creative Thinking Rubric

   Critical Thinking

   • CT3
4. Apply the model of the competitive market to analyzing non-competitive markets to compare the differences in product prices, quantities of output produced, and the size of the deadweight loss to society.

   Learning Activity Artifact

   • Other (please fill out box below)
   • quizzes

   Procedure for Assessing Student Learning

   • Critical and Creative Thinking Rubric

   Critical Thinking

   • CT4
5. Make a coherent economic argument or presentation that reflects different economic perspectives about resolving a current microeconomic issue or problem.

   This objective is a course Goal Only

   Learning Activity Artifact

   • Other (please fill out box below)
   • Student presentations

   Procedure for Assessing Student Learning

   • Other (please fill out box below)
   • Discipline designed rubric
6. Evaluate the impact of trade restriction (tariffs and quotas) on consumers, firms, and society.

   This objective is a course Goal Only

   Learning Activity Artifact

   • Other (please fill out box below)
   • Quizzes

   Procedure for Assessing Student Learning

   • Other (please fill out box below)
   • Discipline Designed Rubric